How to delete your Robinhood account
Ready to close out your Robinhood account? Here’s what you need to know.
Much like the character in the popular story, Robinhood has been at the center of one too many controversies and uncharacteristically, not because of being on the side of the poor.
Perhaps you can remember them making headlines for the short squeeze event that happened a while ago and subsequently for limiting the shares that its users could buy following the said event.
Recent events, like the data breach that exposed the information of over 7 million Robinhood users, are a valid reason not to want to be on the platform anymore.
The truth is, the ease of access that Robinhood offers combined with the lack of robust research tools can spell doom for uninformed individual investors especially if you are prone to making risky investments.
What you should do before closing your Robinhood account
The first thing you have to do is get your balance to $0 either by selling your assets and withdrawing your funds or transferring them to another account for which you will be charged a fee of $75.
To transfer your assets, choose where you want it to go and submit your Robinhood Securities (RHS) account number to the other brokerage the assets are going to and have them initiate an ACATS (Automated Customer Account Transfer Service) transfer. However, initiating a full transfer will automatically get your account closed.
Steps to deleting your Robinhood account
If you are ready to delete your Robinhood account, you have two different options. First, you can do so from your account:
Go to Account then press the three-line menu
Click on Account information
Hit Deactivate Account
Confirm Account Deactivation Request
- You can also email a request to email@example.com to get your account closed.
Once it is done, you will only be able to view your trade confirmations, historical account statements, and tax documents. Also, Robinhood does not charge an account closure fee and will only charge you for transferring your account to another broker.
When your account is closed, you will have to start the whole process of registering for a new Robinhood account later in the future. Also, you can not have two Robinhood account, so you either close one to open a new one or try to recover the old one you have.
At the end of the day, the entire process of closing your Robinhood account is straightforward but remember you have to close your positions first either by selling or transferring them.
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