Fee To Cancel Wells Fargo Brokerage Account
If you have a WellsTrade account or any other investment account with Wells Fargo Advisors and need to close it, you’ve come to the right place. We’ll show you how to close the account and suggest some alternatives.
First, You Need to Sell Everything
To close an investment account at WellsTrade, all positions need to be liquidated. Short positions must be covered, and long positions must be sold. All securities should be converted to cash, which leads to the next step.
Second, You Need to Withdraw the Cash Balance
Once your WellsTrade account is reduced to cash, the balance needs to be withdrawn. You can do this via wire, ACH, or bill pay. To make a withdrawal, click on the Transfer & Pay tab at the top of the Wells Fargo site and choose your preferred method. You may need to set up an external account, so just follow the on-screen prompts.
In some cases, there may be a minimum withdrawal amount. If this happens, Wells Fargo can send a paper check for the account balance to the address on file. To request this, you’ll need to call Wells Fargo, as there isn’t an online tool for this request. When you call, you can also request that the account be closed. Once closed, the account cannot be reopened.
Third, It’s Time to Close the Account
If you didn’t already request a paper check, now is the time to close the investment account. Although there is a link on the mobile app and website to close an account, it can’t be used to close an investment account.
To close a WellsTrade account with a zero balance, call 1-800-266-6263. To close an Intuitive Investor account (a robo account), call 1-855-283-5567.
Remember the Internal Revenue Service
Be sure to consult a licensed tax professional before withdrawing cash from an IRA or selling securities in a taxable account, as either event could trigger a tax form in April.
Popular Transfer Destinations from Wells Fargo
Close Wells Fargo Brokerage by Transfer
If the above steps seem too daunting, there’s another way to close an investment account. Performing a full outgoing ACATS transfer will close the account. The ACATS electronic network will transfer the account from Wells Fargo to another investment firm, and when it arrives at the receiving firm, the Wells Fargo account will automatically be closed.
If your goal is to convert everything to cash and withdraw it, the first method is the way to go. If you don’t want to sell your positions, the second method might be better.
To request a transfer through ACATS to another investment firm, you’ll need to contact that firm and request the transfer. Most broker-dealers today offer digital tools to submit a request online, and they’re simple to use. You’ll need the Wells Fargo account number and account type (e.g., joint or IRA). The ACATS transfer must be a full transfer, meaning everything is moved out. A partial transfer won’t close the Wells Fargo account.
There may be a few tasks to complete before submitting the full ACATS transfer request. For example, some mutual funds at WellsTrade or Wells Fargo Advisors may not be accepted by the receiving firm. It’s best to check with the new firm before attempting the transfer. Option positions that expire in less than a week should be liquidated before submitting the request.
Closing Other Accounts with Wells Fargo
Besides a self-directed WellsTrade account, you can also close a robo account or a full-service brokerage or advisory account through Wells Fargo Advisors using either method described above. The same rules apply. The account must be closed over the phone if using the first method.
A checking or savings account with Wells Fargo Bank can be closed through the app or website. Like an investment account, the deposit account must have a $0.00 balance with no accrued interest. The link to close a bank account can be found under the Accounts tab on the website (look in the section to manage accounts). On the mobile app, the link is found under Menu settings in Account Services.
Wells Fargo Brokerage Closing Fee
There may be fees for closing or transferring a Wells Fargo account. For example, the investment branch of the company charges $49.95 to close an IRA. Performing a full outgoing transfer costs the same amount.
Updated on 2/13/2025.
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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