How to Close Robinhood Account? Stepwise Process
Robinhood is a great trading platform. But sometimes, you may want to shift from it or focus on other things. So, learning how to close Robinhood account is crucial. Before closing your account, ensure that there are no pending deposits and upcoming dividends. After that, use the Settings section to close your account. This will also permanently deactivate it. If you are ready for it, check out this complete post.
How to Close Robinhood Account of a Single User?
You can close or deactivate an individual Robinhood account with the following steps:
- Sign into your Robinhood account.
- Select the person icon of account.
- Choose Menu, followed by Settings.
- Select Deactivate Account
- Choose the account you’d like to deactivate.
- Follow the on-screen instructions.
- Close out anything that is outstanding.
- Confirm the request to deactivate the account.
How to Close a Joint Robinhood Account?
Before closing a joint Robinhood account, ensure that there are no pending deposits or open positions. Similarly, there should be no upcoming dividends, cash sweep payments, or Stock Lending payments.
- Select Account, followed by Menu in Robinhood.
- Select Settings and then Deactivate Account.
- Select the joint account you want to close.
- It is optional but you can share any information you want Robinhood to know, such as feedback on the reason for account closure.
- Select Send to create a support ticket
- You’ll get an email from Robinhood within 5-7 days to confirm your account deactivation.
How to Sell or Transfer Crypto Before Closing Robinhood Account?
You have the option to move your bitcoin to another blockchain if you have enabled Robinhood’s wallet. Tap the Account icon (the person), select Crypto from the menu, and then follow the on-screen directions to activate your bitcoin wallet. It might take up to five days.
Once the wallet has been activated, navigate to the information page of the currency, select Send, input the amount and wallet address, and then select Review > Submit to move the cryptocurrency to a different place. A wallet address that is written improperly will result in lost cash, so be sure to enter it carefully.
What Happens After Closing Robinhood Account?
If you cannot sell your stocks and ETFs, Robinhood will not let you close the account. So, even if you think you’ve closed it, the account will be open. After the account has been closed, your transaction history will not be easily available. Make it a point to download it before closing the account. The account will remain recoverable for at least seven days after you confirm the closure request. Act fast to get it reopened. You will be charged a small fee if you choose to transfer your assets to another brokerage.
Concluding Words
You now know how to close a Robinhood account. The process is easy, but more important is ensuring that it has zero balance and that you have transferred your assets. If you require more assistance, speak with Robinhood support.
Frequently Asked Questions
There are no charges to close a Robinhood account. However, you will need to pay fee when you transfer your data into another brokerage.
Inactive accounts shut down eventually. You can also you can request to reactivate it directly within the app or on the web. If you don’t want to use the account, transfer your assets to another brokerage.
When Robinhood closes your account, it automatically transfers your balance to your individual investing account. If you don’t have such an account, it is transferred to your bank account linked to your spending account.
Bank transfer reversals, incorrect or outdated account information, and fraud inquiries are some major causes for Robinhood deactivating your account. If you are unsure about the cause, contact customer service team.
