Fee To Cancel Wells Fargo Brokerage Account
Wellstrade does not charge account closure fees for both brokerage non-IRA joint or individual accounts.
Wells Fargo IRA Account Closing Fee
However, at Wells Fargo for non-taxable (or IRA) accounts there is a steep $95 charge to terminate an account.
Popular Transfer Destinations from Wells Fargo
Wellstrade ACAT Fees
If you decide to move your Wellstrade account to a different firm, Wellstrade will charge you $95 fee for a full account transfer
and the same rate applies to a partial account transfer. If you move your account to
TD Ameritrade,
they will reimburse this ACAT fee.
How To Close Wellstrade Account
If you’re thinking about closing your WellsTrade securities account, don’t worry—this tutorial will show you how to do it. The broker does not charge anything for closing a regular brokerage account, although there is a fee to close an IRA.
When you’re ready to close your WellsTrade account, just give the broker a call at 1-800-872-3377 and request that your account be closed. There are customer service reps on the phone 24 hours a day, 7 days a week. Unfortunately, the WellsTrade site doesn’t have an internal messaging system or an on-line chat function. Other brokers, such as Firstrade and Schwab, can be contacted using these methods.
Before you close your account, you might want to liquidate your securities first and withdraw the cash balance. This method isn’t the only way to close an account. You could, for example, allow the broker to sell your securities for you. But most traders prefer to sell their holdings first. After your account has been closed, you can remove it from your Wells Fargo login under the website’s customer service tab.
Keep in mind that any mutual funds in a WellsTrade account could have short-term redemption fees. The broker itself does not charge any redemption fees for mutual funds, and it’s one of the few in the industry not to have a fee. Many other brokerage houses do have one, including TD Ameritrade, Fidelity, and Scottrade. Besides the broker, an individual fund may impose a fee for selling too quickly. Make sure you have verified a mutual fund’s redemption policy in its prospectus before selling it.
Closing a Wells Fargo Retirement Account
If you have an IRA that you no longer need, keep in mind that the broker does charge $95 to close it.
This fee is quite a bit more expensive than the closeout fees of several other brokers. TD Ameritrade,
for example, charges nothing. TradeStation clients must pay $50, and Ally Invest is at $25.
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Transferring a Wells Fargo Brokerage Account
If you want to transfer an account rather than simply closing it, there will be a $95 fee for doing
so. This charge applies to both full and partial transfers. Most brokerage houses don’t charge this
much for outgoing transfers.
Many brokerage firms offer incentives for you to transfer your brokerage to them. You start by clicking on their
promotion link and at some point of account opening process you will be able to specify that a new
account should be funded by account transfer, also called ACAT, from another brokerage - Wells Fargo (go to
Broker Promotions for the list of current incentives.)
You’ll need your WellsTrade account number and a list of securities you want moved if you’re just doing a partial transfer.
After submitting the required information, the move should be completed within a few weeks. If you have any questions or need any assistance, be sure to contact either WellsTrade or the new firm.
Wellstrade Closing Fees Disclaimer
For the most recent information on broker fees, including Wellstrade closing fees (charge to leave Wells Fargo brokerage), visit their website.
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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