You need to open an account to conduct transactions on TD Ameritrade. It can either be a savings, checking or brokerage account. To close your account, you first need to withdraw all funds from your account. You will need to contact the company directly by calling them, visiting a local branch or via written correspondence to close your account.
How Do I Close My TD Ameritrade Account?
TD Ameritrade is a large online trading and investment platform through which you can purchase and sell financial assets. You need an account to use the TD Ameritrade platform. It can be a savings, checking or brokerage account.
Opening an account with TD Ameritrade is easy and straightforward. However, closing an account with the company is slightly more complex.
TD Ameritrade requires that your account be completely empty before you can close it. However, the company's policies might be different in some special cases.
Therefore, you will need to completely drain your account before you can close it. You can do so by either transferring the funds to another account or asking them to write you a check.
What that means is that before you close your TD Ameritrade account, you should search for another company to hold your funds. Otherwise, TD Ameritrade will have nowhere to send your funds. On the other hand, you can turn all your money into cash, though that would be ill advised.
The good news is that there is no charge for closing a TD Ameritrade account. This policy applies for all types of accounts you might have with the company.
However, that does not mean that you should leave your account open after withdrawing your money. There will be charges to pay as long as your account is still active.
Withdrawing Funds
First, you'll need to transfer the money in your account to another bank or brokerage account. If you have any investments in your brokerage account, you will have to sell them.
If you do sell anything in your account or transfer any funds, you should know that there will be tax implications. This is particularly true if you are withdrawing funds from an IRA account because you will have to fill the IRA Distribution Request Form. Therefore, it is wise to get advice from a certified financial advisor, especially if you are making an early withdrawal.
Ask for a Check
One way to withdraw funds from your TD Ameritrade account is to request a check from the company. You can withdraw your funds in person by going to a TD bank branch, call the bank directly or do it online.
If you do it online, you will have to submit a request to the company using the Check Request Form. You can also request a check by sending a written letter to the company headquarters in Omaha, Nebraska. The address is on the company website.
TD Ameritrade will charge you nothing for a check withdrawal unless you want an overnight delivery. You will also be charged a fee if you want to send the check send to a different address than the one that's on file. In that case, a fee of $5 will apply.
Ask for a Wire Transfer
You can also withdraw funds from your TD Ameritrade account using an online wire transfer before closing your account. You can do so using the Wire Transfer Form, calling the bank, visiting a branch in person or sending a written request to company headquarters.
You will need to provide your bank's ABA number, your account number and the name on the account. TD Ameritrade will charge you $25 for both domestic and international wire transfers. You will be charged $75 to transfer the full amount of your account.
Closing Your Account
Once your account is completely empty, you can close it. You will have to contact the bank directly. You can contact TD Ameritrade's Client Services, go to your local branch or send a written letter to headquarters.
You should be prepared to meet resistance when trying to close your account. You can find TD Ameritrade's contact information here.
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