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How To Close Charles Schwab Account?

How to cancel Charles Schwab account. Close and transfer Charles Schwab trading account/stocks/investing portfolio/money/funds to another broker.

How To Close Charles Schwab Account

To cancel Charles Schwab account, you first move your cash to your bank or another broker. If you have investments you can either sell them or transfer to another broker. Then you call Charles Schwab customer service and ask them to cancel your account.

Charles Schwab Account Cancel Fee

Charles Schwab does not charge account closure fees for both regular brokerage joint or individual accounts.


If you have decided to move your Charles Schwab account to another company, check if that company offers promotions for opening new account. Here is the list of current offers - Online broker deals.

Charles Schwab IRA Account Closing Fee

All Charles Schwab IRA accounts (traditional, ROTH, SEP and SIMPLE) don't have closure fee either.

Charles Schwab ACAT Fees

If you decide to move your Charles Schwab account to a different firm, Charles Schwab will charge you $50 for full account transfer and $25 for partial account transfer.

Charles Schwab vs Competitors

Broker Fees Stocks/ETFs
Mutual Funds
IRA Setup
and Annual Fees
Ally Invest Fees $4.95 ($3.95) $9.95 $4.95 + $0.65 per contract $0 $0
Ameritrade Fees $6.95 $49.95 $6.95 + $0.75 per contract $0 $0
Etrade Fees $6.95 $19.99 $6.95 + $0.75 per contract $0 $0
Schwab Fees $4.95 $76 ($0 to sell) $4.95 + $0.65 per contract $0 $0

Broker Review Investment Products Trading Tools Customer Service Research Overall Rating
Ally Invest
TD Ameritrade
Charles Schwab

How To Close OptionsXpress by Charles Schwab Account

If you have an optionsXpress by Charles Schwab account and you want to close it, the process is fairly painless. You simply need to contact the firm and ask them to close your account. A company associate can be reached by phone at 1-888-280-8020 during the week from 9 o'clock in the morning until 8 in the evening, EST.

The broker's website also has an on-line chat service where you can submit your request. The chat service opens an hour earlier than phone service. Unfortunately, optionsXpress does not have any weekend hours. It does have an internal messaging system on its website, if you prefer to e-mail your request. The broker will also accept fax and snail mail communications.

The optionsXpress website has an on-line form to transfer an account to itself, but there is no form to transfer from optionsXpress to another brokerage house. To complete such a transfer, you will need to contact the broker you wish to transfer to and begin the transfer process there.

Closing a regular brokerage account at optionsXpress costs nothing. The broker does, however, impose a $50 termination fee for IRA's. This is competitive with other firms. Merrill Edge, for example, charges $49.95.

optionsXpress also charges a fee to transfer an account. The charge applies to both a regular brokerage account and an IRA. The charge is $60. It applies only to a full account transfer. A partial transfer is free.

For example, you could transfer some assets in an IRA, and leave just $200 in it to avoid both the full transfer fee and IRA closeout fee. Transferring everything in the account except $200 would cost nothing.

Before closing or transferring an OX account, you might want to first decide what you're going to do with the securities in your account, if you have any. For transfers, leaving securities in the account is perfectly acceptable. Be sure not to do any trading in the account during the transfer process.

Updated on 8/23/2017.

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