Close Wells Fargo Investment Account

Close Wells Fargo Brokerage Account (2024)


Wellstrade account closing fee. How to close Wells Fargo investment account. Wells Fargo ACAT transfer and canceling fees.


Fee To Cancel Wells Fargo Brokerage Account


If you have a WellsTrade account or any other investment account with Wells Fargo Advisors and you need to close it, you have come to the right place. We’ll show you exactly how to shut down the account and give you some alternatives.


First, You Need to Sell Everything


In the default method to close an investment account at WellsTrade, all positions need to be liquidated. Short positions need to be covered, and long positions need to be sold. All securities must be converted to cash, and this brings us to the next step.


Second, You Need to Withdraw the Cash Balance


When the WellsTrade account has been reduced to cash, this cash balance needs to be withdrawn. There are multiple choices to accomplish this task. A free cash balance can be withdrawn via wire, ACH, or bill pay. To make a withdrawal with any method, click on the Transfer & Pay tab at the top of the Wells Fargo site and choose the method you want to use. You may need to set up an external account in some situations. Just follow the on-screen prompts to do so.

In some cases, there may be a minimum withdrawal amount. In this situation, Wells Fargo can send a paper check for the account’s balance to the address on file. To request this paper check, you’ll need to call in and request it. There is not an online tool to request it. When you phone in, you can request the account be closed. When an account at Wells Fargo is closed, it can’t be reopened.


how to close wells fargo brokerage account


Third, It’s Time to Close the Account


If you didn’t call in to 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 talk with a licensed tax professional before withdrawing cash from an IRA or selling securities in a taxable account. 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 for you, there is a second method to close an investment account. Performing a full outgoing ACATS transfer will close it. The ACATS electronic network will send the account from Wells Fargo to another investment firm. When it shows up at the receiving firm, it will automatically be closed at Wells Fargo.

If your goal is to turn everything to cash and withdraw it, then obviously the first method is the one you want. If you don’t want to sell your positions, this second method might be a better option.

To request a transfer through ACATS to another investment firm, you’ll need to contact that second firm and request the transfer. Most broker-dealers today have digital tools to submit a request online, and they are pretty simple to use. You’ll need the account number from Wells and the account type (such as 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 perform before submitting the full ACATS transfer request. Some mutual funds at WellsTrade or Wells Fargo Advisors, for example, may not be accepted at the incoming firm. It’s best to check on this issue with the incoming firm before trying to send them over. 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, a robo account or a full-service brokerage or advisory account through Wells Fargo Advisors can be closed using either method described above. The same rules apply. The account will need to be closed over the phone if opting for 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 will be found under the Accounts tab on the website (look in the section to manage accounts). On the mobile app, the link can be found by going into the Menu settings and selecting Account Services.


Wells Fargo Brokerage Closing Fee


There could be fees in some situations 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 11/9/2023.


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.