How To Delete a Public Account
If you have a Public.com account that you’re not using, it’s better to delete it rather than let it sit unused. Be sure to read our guide before you start.
Avoiding Public.com’s Inactivity Fee
Public charges a $5 inactivity fee every 6 months for any account with less than $20 that hasn’t had any activity for more than 90 days. If you don’t plan to meet these minimums, it’s best to close the account before the fee is charged.
Avoiding Public.com’s Premium Fee
A Premium subscription at Public.com will cost $10 per month once the service is launched. If you try it out and decide you no longer want the service, you can cancel it without closing the account.
Delete Public Account With ACATS Transfer
If you still need to close a Public.com account after considering the Premium service and the inactivity fee, you have two options: the easy way and the slightly harder way. Let’s start with the easier option.
The simplest way to close a brokerage account at Public is by transferring the account to another investment firm through the ACATS network. This will automatically close the account at Public.
The only downside is Public’s $75 outgoing ACATS transfer fee. There’s no way to avoid this fee at Public, but some broker-dealers, like Webull, will reimburse other firms’ ACATS fees. So, check with the new brokerage firm about this.
If the transfer fee is acceptable, the rest of the process is straightforward. You’ll need to open an account with the new brokerage firm. The new account must have the same name and be of the same account type (individual in this case) as your Public account. If either of these conditions isn’t met, the electronic transfer won’t go through.
With the receiving account open, it’s time to prepare the Public account. Cryptocurrencies can’t be moved through the ACATS system, so you’ll need to deal with any crypto positions separately. You can move them to another Public account or sell them. Remember, a partial transfer won’t close the Public account; it must be a full transfer.
Another issue is fractional shares. Because Public uses whole-dollar investing, there will likely be fractional shares, which can’t be moved through the ACATS network. These must be sold, either by Public or by you. Public will liquidate them if necessary when they receive the transfer request.
Since Public.com doesn’t offer margin trading or options contracts, there won’t be much prep work in the receiving account. Just ensure it’s an individual taxable account with the same name as the Public.com account.
Now it’s time to submit the transfer request with the receiving firm, not Public. Most investment firms have user-friendly transfer tools online, so reach out to your new broker. Once the request is made, Public will be notified, and the account will be closed as the assets are transferred over.
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Second Method: Sell, Withdraw, Close
If an account transfer isn’t feasible, you can always use the traditional method of draining the account and then closing it. Make sure the Public.com account has a $0.00 balance before attempting to close it.
First, sell all securities and cryptocurrencies in the account. Once these trades have settled, withdraw the entire cash balance. This can be done easily on the website or mobile app. On the app, tap the icon in the upper-left corner, go to Account Settings, and then tap Withdraw funds.
Once the account is empty, send a closure request to Public. This can be done through the mobile app. Go back to Account Settings, scroll down to find the link to close the account, tap it, and follow the instructions. You can also email a closure request to support@public.com.
Cancel Public Account Fee
Public.com does not charge account closing fees for brokerage accounts.
Public ACAT Fee (Transferring OUT)
Public’s account transfer fee (also known as ACAT fee) is $75. If you move your account to Webull, they will reimburse this ACAT fee (must be at least $2,500).
Public Wire Transfer Fee
Domestic wire transfers at Public.com have a $30 fee.
Updated on 8/26/2024.
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.
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