Many brokerage houses also still have a fax machine. TD Ameritrade, Schwab, Fidelity, and E*Trade are examples of broker-dealers that have physical locations. Some brokerage firms have brick-and-mortar locations, and you could visit one of these branches and request your account be closed. Don’t forget to include your account number on your correspondence. Virtually all brokers still have a snail mail address, and you can simply write a letter requesting your account be closed. Some brokers also have an on-line chat function where you can submit a request to a representative in real-time. This is a good option that will produce a response in most cases within one or two business days. Many brokerage firms have online messaging within their websites. You could call, and many broker-dealers have 24/7 phone service, but using this method won’t give you a record of your request. Ideally, this will be a written request so that you have a record of it. Once your account has a $0.00 balance, it’s time to send a request to the brokerage firm to close the account. Step 3: Submit a Written Request to Your Broker You could also request a paper check be mailed to you, and there may be a charge for this as well. For example, you could wire funds from your brokerage account to an external bank account, although there’s often a fee for this service. Other methods of money transfer are available. Choosing this method makes the process quick and easy, and usually there is no charge for the service. Most brokerage houses today have an on-line ACH withdrawal service that will allow you to quickly transfer cash to an external bank account or a brokerage account that has banking features. This could be a bank account, like a checking or a savings account or it could be a brokerage account with a different firm or even the same firm. Step 2: Transfer Cash Out of Your AccountĪfter you have sold all your holdings, it’s time to move the proceeds to an external account. It’s better for you to decide when to sell and at what price. It’s possible to close a brokerage account without doing this, but then the broker-dealer will be forced to liquidate all positions at its own choosing. The first thing you want to do when you’re ready to close your investment account is to sell all assets. Here is the lowdown on how to (properly) close your securities account. ![]() Hopefully you’re closing the account because you have found a better brokerage firm, and not because you have given up on investing. ![]() If you need to close an investment account, the process isn’t that complicated. How to Delete a Merrill Edge account on mobile app or with customer service help. How to Delete a Merrill Edge Account in 2023
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