How To Close Ally Invest Account

How To Close Ally Invest Account in 2024


Ally Invest account closing fee and account transfer cost. How to close Ally investment or IRA accounts online. Ally brokerage account deletion fee.


How to Close an Ally Invest Account


If you need to close your Ally Invest account, just follow our user-friendly guide.


Ally Invest Account Closeout Options


Whether you need to close a brokerage, robo, or Personal Advice account, the process is the same. Liquidate all positions, withdraw the cash balance, and then request the account be closed. That’s the first option.

The second way to close an Ally Invest account is through what’s called a full ACATS transfer. You move the account to a second investment firm, which automatically closes it at Ally Invest.

The first method should be used if you want to receive the account as cash, while the second technique is better if you want to hang onto your investments.


Don’t Forget Taxes


Before going down either route, be sure to consult with a tax advisor to understand the potential implications of selling or withdrawing anything.


First Method: Closing Ally Invest by Liquidation


There are three steps in the first method:

(1) Liquidate everything.
(2) Withdraw the cash.
(3) Request the account to be closed.

In the first step, you need to be sure to cover short positions and sell long positions. Option positions should be closed out. Any forex positions in the account must be closed as well. Positions that are held in a second account don’t need to be closed. Only positions in the account to be closed need to be eliminated.

After turning the account into nothing but cash, this free-cash balance needs to be withdrawn. This task can be accomplished in one of several ways, including wire, ACH, or Zelle transfer.

Once the account has a $0.00 balance, it’s time to close it. You’ll need to contact Ally Invest for this step. If you’re trying to close a managed account, you can skip the first two steps and come straight to this task.


How To Close Ally Invest Account


Reach out to Ally Invest and request the account be closed. The investment firm can be contacted through email (support@invest.ally.com), phone (855-880-2559), or online chat. For the last option, look for the chat icon on the website in the upper-right corner. It’s also on the mobile app (with the same icon in the shape of a dialogue box). Ally Invest is available around the clock.


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Second Method: Closing Ally Invest by ACATS


To close an Ally Invest account by transferring it, you need to open a new account with a second investment firm and request an ACATS transfer out of Ally. Be sure to specify full transfer and not partial transfer. The request should be made with the incoming firm. It will contact Ally Invest and the two firms will take over from that point. All securities and cash will be moved from Ally to the new firm, and the account at Ally will be closed.

It’s important to point out that only cash and securities can be moved in an ACATS transfer. Any forex positions held at Ally Invest cannot be moved.

Most investment firms nowadays have user-friendly online tools to submit ACATS transfer requests. They take just a few minutes to fill out. Expect about a week for the Ally Invest account to be closed and about two weeks for the assets to show up in the new account.

As an example, see How to Transfer Ally Invest to Charles Schwab.


Cost of Moving


Ally Invest charges $25 to close an IRA without transferring it. The investment firm also charges $50 to transfer an IRA through the ACATS network. A taxable Personal Advice account can be transferred at no cost, although the other two programs (self-directed and robo) do charge $50 for any transfer. Some investment firms, but not all, will reimburse transfer fees. Robinhood reimburses the fee if you transfer at least $7,500 in account balance to them.


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Updated on 12/7/2023.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.