Shareholders' Frequently Asked Questions
- How do I open a new account?
- Can I get electronic delivery of my statements and fund documents?
- What are the minimum initial investments?
- How do I make additional purchases?
- How do I start or update an automatic investment plan?
- How do I redeem my shares?
- Can I have my redemption proceeds in the form of a check sent by overnight mail to me?
- How do I wire money to my bank account?
- What is a Signature Guarantee Medallion Stamp?
- How do I change my address?
- How do I change my name on my account?
- How do I split a joint account?
- How do I change the beneficiaries on my IRA account?
- Can I assign beneficiaries for my non-IRA account?
- How can I transfer my account to a new owner or donate shares to a charity?
- What do I do when the account holder is deceased?
- What are the requirements to use this website, and what can I do if experiencing problems?
- How can I speak to a representative in person?
What kind of accounts do you offer?
We offer Individual, Joint, Traditional IRA, Roth IRA, SEP-IRA, Uniform Gift to a Minor (UGMA), Trust, Corporation, and Partnership/Other Entity accounts.
How do I open a new account?
You can open an Individual, Joint, Traditional IRA, Roth IRA, SEP-IRA or Uniform Gift to a Minor (UGMA) account online through our online process. Or you can download our account application and mail it to Parnassus Investments. Currently we do not accept new Trust, Corporation, and Partnership/Other Entity accounts online. For these accounts please download and complete our Investment Account Application [pdf] then mail it to Parnassus Investments. You will be able to have online access for these accounts once they are open.
Can I get electronic delivery of my statements and fund documents?
Parnassus Investments is pleased to offer electronic delivery of fund documents. By delivering documents electronically, we'll be able to deliver documents by email and save some trees. Shareholders will be able to choose to receive mail from Parnassus either through email or by postal mail. These include statements, transaction confirmations, shareholder reports, prospectuses and tax forms. Shareholders can choose a different type of delivery method for each type of document. For example, shareholders who like receiving mailed shareholder reports can continue to choose to receive them by postal mail while receiving their quarterly statements and prospectuses electronically.
To sign up for electronic delivery, shareholders can go to their Document Delivery Preferences after logging into their account.
What are the minimum initial investments?
The minimum investment per fund is $2,000 for non-IRA accounts and $500 for IRA and UGMA accounts. For non-IRA accounts, this amount is reduced to $500 if the account owner signs up for the Parnassus Automatic Investment Plan. IRA minimums are waived for accounts that sign up for the Parnassus Automatic Investment Plan.
How do I make additional purchases?
You can make additional purchases by accessing your account online. You may also mail your check to Parnassus Investment at One Market - Steuart Tower, Suite 1600 San Francisco, CA 94105. When mailing in your check please make sure to reference your account number and Fund selection for your investment. For more information on purchasing additional shares, please refer to a prospectus, which you can download from our Forms & Documents section.
You may also sign up for our Parnassus Automatic Investment Plan, where you can have your bank account automatically debited to make automatic monthly or quarterly investments to your Parnassus account.
How do I start or update an automatic investment plan?
You may sign up for our Parnassus Automatic Investment Plan, where you can have your bank account automatically debited to make automatic monthly or quarterly investments to your Parnassus account. Start an automatic investment plan online or you may download our Parnassus Automatic Investment Plan [pdf] form.
Can I have my redemption proceeds in the form of a check sent by overnight mail to me?
Yes. There is a $20 charge to send a check to you by overnight delivery. We can send your check to your address on record by United Parcel Services (UPS). For example, if Parnassus Investments receives your completed redemption request on Monday prior to 4:00 pm Eastern time, we will send the check out on Tuesday, and you will receive your check by 10:30 am your local time Wednesday.
How do I wire money to my bank account?
You can have a redemption made electronically to your bank account by a wire or by ACH (Automated Clearing House). A wire will take place the same business day if the order is received before 4:00 Eastern time, and an ACH will take place over 2 to 3 business days.
Wiring funds will require a signed redemption request with all registered owner's signatures and stamped with a Signature Guarantee Medallion Stamp unless wiring instructions were previously filed with the Funds. Your bank account will receive the wire the next business day after the trade date. There is also a $20 charge per transaction to wire funds.
If you choose a redemption by ACH, your bank account will receive the redemption proceeds 2 to 3 business days after the trade date. There is no fee for this option, but we must have your bank account information on file with us previously.
What is a Signature Guarantee Medallion Stamp?
A "signature guarantee," also called a medallion signature guarantee, means a written guarantee of a signature by a financial institution, confirming the identity of the individual signing the document. A signature guarantee is a stamp provided by a financial institution that verifies a signature. The shareholder will sign their request letter and have the signature guaranteed by an eligible guarantor institution such as a commercial bank, trust company, security broker or dealer, credit union, or a savings association participating in the Medallion Signature Guarantee Program approved by the Securities Transfer Association, Inc.
Certain types of transactions at Parnassus require a signature guarantee:
- a redemption check sent to an address that is not the address of record or has not been on our records for at least 30 days;
- redemption proceeds sent to a bank account that is not the original bank account of record;
- a redemption check made payable to someone other than the named account owner; and
- changing the shareholder of record on an account, including a transfer-on-death request.
How do I change my address?
You can change your address online by first logging into your and then selecting update your mailing address under the Update Your Info tab. You can also change your address by downloading the Change of Address Request Form and mailing it back to Parnassus Investments or faxing it in to (415) 778-0228 or by calling us at (800) 999-3505 between 8:30 am to 5:00 pm, Pacific Time, Monday through Friday.
How do I change my name on my account?
You can change your name on your account by mailing to Parnassus Investments a letter of instruction and a copy of your driver license, marriage certificate, name change certificate, or Social Security Card that reflects your new name, for verification purposes.
How do I split a joint account?
You can split a joint account by mailing to Parnassus Investments a letter of instruction signed by both account owners and a completed and signed new account application for the second person listed on the account. You can download a new account application [pdf] from our Forms & Documents page.
How do I change the beneficiaries on my IRA account?
You can download an IRA Beneficiary Form [pdf] and returning the completed form to us by mail.
Can I assign beneficiaries for my non-IRA account?
Yes. Most accounts, like normal financial assets, become part of the estate upon a shareholder's death. Non-IRA accounts at Parnassus can be registered under a Transfer on Death (TOD) Registration that designates beneficiaries for your account. Fill out the Transfer on Death Registration [pdf] from and mail it back to us. Be sure to consult your tax adviser regarding the consequences of registering your account as a TOD.
What do I do when the account holder is deceased?
If an account holder is deceased, you must submit a certified death certificate, a copy of the court appointment of the estate administrator and written instructions from the estate administrator on how to re-register the account or liquidation instructions.
If the account is an IRA or a Roth IRA and you are the account beneficiary, it is recommended that you contact Parnassus Shareholder Services for additional instructions due to the complexity of the tax consequences. In all cases, we will require a certified death certificate, a new IRA Application [pdf] for the beneficiary, and an IRA Transfer Request Form [pdf] if you are planning on moving the IRA to another institution. In most cases that the spouse is the sole designated beneficiary, the spouse may 1) assume the IRA as her or his own, 2) withdraw the entire amount within five years, or 3) receive payments over the beneficiary's life expectancy. In most cases, a non-spouse beneficiary may 1) withdraw the entire amount within five years, or 2) receive payments over the beneficiary's life expectancy. Depending on the age of the IRA holder and other factors, there are other rules that may apply, so it's important to contact your tax adviser before making a decision. You can find more detailed information from the Internal Revenue Service (IRS) Publication 590, which discusses IRAs.
How can I speak to a representative in person?
You are welcome to visit our offices to speak to a representative between the hours of 9:00 am and 4:00 pm, Pacific time. Our offices are located at One Market - Steuart Tower, Suite 1600, San Francisco, CA, 94105. You do not need to make an appointment to visit our offices. You can reach us by phone at Parnassus Shareholder Services at (800) 999-3505. We're open 8:30 am to 5:00 pm, Pacific time, Monday through Friday.