How Do I Close My Account with Charles Schwab?
Whether you are closing your Charles Schwab account because you need the funds or you are moving it to another firm, it is easy to start the process. You can call Charles Schwab customer support, use the firm's online human chat program or visit a branch location and request a form to close your account or move it.
People switch banks, brokerage firms and investment firms for several reasons, and knowing how to close an account to move it is essential. How do you close your account with Charles Schwab to move your money to a new firm or account? You can learn more about account closure by contacting customer service here, and below are the steps to closing your account.
Exploring Your Options
When you are ready to close your Charles Schwab account, you have a couple of options. You can transfer your account to another brokerage firm or close it outright and withdraw the funds. It is important to under the difference between the two so you make the decision that best suits your needs. Whatever you decide, your account at Charles Schwab will no longer be active.
Transferring Your Account
The first option is transferring your account from Charles Schwab to another brokerage firm. Be aware there is a transfer fee of $50 to move your account, but your new brokerage firm can help negotiate this fee for you and, in some cases, will absorb the fee to get your business. You will need to open an account with the new firm, authorize the transfer, and wait for the process to complete. Your account transfer will take a few weeks to complete, and your new brokerage firm will keep you updated if there are any delays or issues.
Closing the Account
The second option is simply closing the account and withdrawing the funds. You must give notice to Charles Schwab that you want to close the account. This notice can be submitted via telephone, in person, or using the online chat feature (which is manned by a human, not a bot). You must complete a form and make sure all pending transactions have been cleared before closing your account and receiving your funds. You have the option to receive a paper check in the mail, or you can request a wire transfer to your bank account on file.
Things To Consider
Before you close or transfer your account, make sure you are aware of all fees and penalties associated with early closure. In some cases, you may incur tax penalties or other fees to receive your balance. Also, be aware that you can only request closing the account through the means mentioned above. There is no automated system for account closure at this time; it must be done by speaking with a human.
Closing your account can take time if you have transactions that have not cleared, but the process can be started with a simple phone call. For more information or assistance in closing your Charles Schwab account, contact customer support here.
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