Can I roll 401k into two seperate IRA's?

Eventually. In my experience, however, the 401k Direct Rollover paperwork usually has a spot for only one IRA custodian and account number. To keep it simple, choose one. Once the account is funded with the $$$, complete the transfer forms at the new trustee to effect the direct transfer of (a portion of the) assets from Fidelity to Schwab, for example.

Add'l info based on other responses: If they make the check payable to you, they are required to withhold 20% for taxes. You'd have to make up the 20% from other funds, and then get it back in a refund at tax time. Not the best idea.

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The only way you could have done this was if you had left the money in the old 401Ks. A 401K can be rolled to another 401K (if the new plan allows it) or an IRA. What you want to do is roll the IRA to a 401K. See IRS pub 590, page 23. A 401K is *not* on the list of targets for rollovers. The list is TSPs, 457 and 403s.

Yes - people do it all the time

You'll have to go through a bit of trouble and get the check directly sent to you

You have 60 days before the amount is considered a distribution

Better idea:

Roll it all over to Fidelity, then contact Schwab, and get 20% to be put into that IRA

They will not charge you for this

Even better idea:

Roll over the entire amount to Fidelity

And start a ROTH ira with Schwab

You probably can, but I seriously doubt it would be worth all the effort to do so. Easier to just roll the 401k to Fidelity and then open a new IRA with Schwab. A whole lot less paperwork.

Yes, and of course you can. This is not a guess, it is factual. Call both companies, and tell them the amount you want then to pull, and they will have you sign a form. Then they will do the leg work for you.