Overview of Closing a Schwab Account
If you’ve decided that it’s time to close your Charles Schwab investment account (hopefully because you no longer need the account and not because you’ve given up on the world of securities trading), there are several methods to do so. The first step is to contact the broker, and Schwab provides several avenues for this.
Fee To Close Charles Schwab Account
Charles Schwab does not charge any fees to cancel its taxable and IRA accounts.
How to Close a Schwab Account Online
When you’re ready to close your Schwab account online, you need to notify the broker, preferably in writing. One way to do this is to logon to Schwab’s website and send a message using the online messaging system. This can be found by going to ‘Service’ in the top menu and choosing ‘Message Center’ in the drop-down menu. A new page will appear with three selections in a row of tabs. Click on ‘Messages’ and ‘Compose New Message’ will appear as a link on the page. Click on this link and a pop-up window will appear with information already pre-populated.
One data point is the account number, and if you have more than one account, they will all appear in a drop-down menu. Make sure you choose the one you want to close. Type your message and click on ‘Send’ when you’re finished. You can also attach a file if you need to, although the messaging form says that messages with attachments take more time to process.
If you don’t want to compose a message, you can use the broker’s on-line chat function instead. It is available on the website 24 hours a day, 7 days a week. To find it, simply go to the messaging area we just looked at. A link that says ‘Live Chat’ will appear in the right-hand side of the screen. A pop-up window will appear and a Schwab representative will be able to take your request in real time.
Top Charles Schwab Alternatives
Close a Schwab Account at a Local Branch
If you don’t like to type or simply prefer in-person communication, Schwab operates a network of over 300 brick-and-mortar locations throughout America. They are scattered throughout most states. Many smaller towns have a Schwab location. Franklin, Tennessee, for example, has one. The disadvantage of choosing this option is that none of the branch locations are open 24/7, a luxury that is available with other choices.
Close a Schwab Account With App
If you’re too busy to visit one of the broker’s local offices, but have your mobile device handy, there are several Schwab apps that can be used to communicate with the company. Android, Apple, and Kindle Fire devices can all download a Schwab app for free. Visiting schwab.com using a mobile browser will also produce the broker’s mobile web site.
After logging into the app or website, there are several customer options that can be selected. One is a messaging area where you can send a message to a company associate. Another is a list of phone numbers. You can tap on one of them, and your smartphone should automatically dial the number. There is also a branch locator on the app.
Submitting a Closure Request Via Fax
If you still live in the 1990’s, and don’t yet have a smartphone, but your fax machine is still in top shape, you can write out an account closure request and send it to Schwab using the lovely dial tone that is so nostalgic. Conveniently, Schwab offers a toll-free fax number (1-888-526-7252), so choosing this method won’t cost a dime.
Snail Mail
Schwab also accepts correspondence the very old fashioned way, through snail mail. Obviously, this will be the slowest option. Each state has its own mailing address, so you need to find the correct address to send your letter to. To do so, just click on ‘Service’ at the top of the website, and then choose ‘Contact Us.’ Next you will see a drop-down menu with all 50 states. Select your state of address, and the correct mailing address will then appear. There is a standard mailing address and an overnight address if your closure is urgent. Most states are instructed to send documents to either Florida or El Paso.
Charles Schwab & Co., Inc.
Orlando Operations Center
P.O. Box 628291
Orlando, FL 32862-8291
Charles Schwab & Co., Inc.
El Paso Operations Center
P.O. Box 982600
El Paso, TX 79998-2600
Closing a Schwab Account by Phone
Another available option is simply to call the broker over the phone and request your account be closed. This is not necessarily the best option, as you may want a written record of your request. The broker has agents on the phone around the clock. A representative can be reached at 1-800-435-9050. Clients outside the U.S. can dial +1-317-596-4501.
Closing a Charles Schwab Account via Transfer
One very effective way to close a Schwab brokerage account without contacting the broker is simply to transfer the account to another firm. Doing so will automatically close the account. You don’t need to contact Schwab to start the move. To use the Automated Customer Account Transfer Service (ACAT), simply go to the broker you wish to open an account with. Most firms today have a convenient online transfer form. You simply need to open a new account, then login, find the broker’s e-form, and start the transfer from that end. You’ll need your Schwab account number and the name on the account. This process takes a couple of weeks to finish, so be sure to take a break from trading during this time.
How To Close Charles Schwab Account Recap
Closing a Schwab account isn’t that complicated. There are several methods available to you, and you can select the avenue that is most
convenient. Before submitting your closure request, it is recommended to sell all securities in your account and move the cash out. This
produces a zero balance, so Schwab doesn’t have to be concerned with any remaining balance.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor.
Try Wiser Advisor
|