How to Close an Account at Webull
If you are ready to close your Webull account, you might wonder what the best way to delete your account is.
There are two main ways to close your Webull account. You can use an automated account transfer tool or close your account manually. The ‘best’ option depends on various factors.
Manual Webull Account Closure – Process
When you are ready to close your account, you can either close your account manually or use an account transfer (ACATS). The manual method gives you more control over your asset sale prices and timing. Here is how to close your account once the account is ready.
To close your account on the website, navigate to ‘My Account.’
Then, select ‘Manage My Account.’
From there, you will see the link to ‘Delete [your] Account.’ If there is anything that needs to be taken care of before closing your account, Webull lets you know with a convenient checklist.
Closing an account on the mobile app is similar, but the menu navigation is slightly different. First, go to ‘Settings,’ then ‘Account & Security.’ Then Delete Account.’
Manual Webull Account Closure – Prerequisites
Before you can close your account using the manual method, there are a few things to consider.
The first thing to know is that your account must be at a zero balance before it can be closed. That means all your securities must be liquidated, and your cash balance must be transferred to your bank account.
Another consideration is the settlement period for your transactions. When you sell your securities, it takes three days (T+2) for the funds to settle. You cannot withdraw unsettled funds. Settlement also affects new deposits, bonus payouts, dividends, and all other transactions.
Finally, you’ll need to ensure that your account is in good standing. You cannot close an account if you are carrying a negative balance. If you are in a margin call, you’ll need to meet whichever requirements the call dictates. If you have borrowed on margin, you’ll need to pay your loan (unless you are using an ACATS transfer to close your account, in which case the margin and related positions can often be transferred with the rest of your account).
Alternatives to Webull
Close Webull Account With ACATS Transfer
If you don’t want to deal with closing your account manually, using an ACATS transfer can be an easier option. Once your account is transferred to a new broker, Webull automatically closes and deletes your account.
The ‘other’ broker initiates brokerage account transfers. That means you will apply for the transfer from the broker you are moving to.
As an example, see how to Transfer a Webull Account to TD Ameritrade.
Broker Promotions
If you are transferring your Webull account to another broker, make sure to check whether that company offers promotions for opening a new account.
Here is the list of current incentives - Broker Promotions »
Webull Account Closure Timeline
Once everything is ready, closing your account is very fast. Webull deactivates accounts within three business days. That said, your timeline may differ depending on the process you use to close your account.
Using the manual method, you will need to wait for trades to settle and funds to transfer. If you use an automated account transfer, the outgoing brokerage account transfer can take up to 7 business days.
Are There any Fees for Closing a Webull Account?
Webull does not directly charge for closing an account, but there are some fees you will run into while going through the account closing process.
If you use the automatic account transfer method to close your account, you will have an outgoing ACAT fee of $75.
You may have to pay money transfer fees if you close your account manually. ACH transfers are free, but wires are not. Domestic wires are $25, and international wires are $45.
Getting Info from a Closed Webull Account
Even after you close your brokerage account, you will likely need to access your personal information, especially during tax season.
Webull makes it easy to access your information, even after you have deleted your account.
First, navigate to the Webull document center (https://www.webull.com/edocs). Webull will ask you for some personal information to confirm your identity. You can then get access to your documents.
Do Dormant Accounts Close Automatically?
Yes and no. Webull does not have a policy for deleting customer accounts based on inactivity. However, there are laws in each U.S. state that govern a process called escheatment.
Escheatment laws require financial institutions to ‘turn in’ money to the local government if that money appears to be left behind or abandoned. The amount of time it takes for the account to ‘seem’ abandoned is not dependent on the broker. It ranges from 3-5 years, depending on the state the investor is registered from.
While you can just leave your account to ‘close itself,’ getting your funds back from the state can be cumbersome. It is easier just to close your account yourself.
Updated on 9/20/2022.
Ben Wright is an investor, a trader, an educator, and something of an explorer. He spends his days in the markets when he is not teaching or spending time with his family. Ben writes about stockbrokers, markets, investment vehicles, promotional offers, and tools that help investors make the most of their time in the markets.
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