How to Close an Ameriprise Account: Key Points
• You can close any type of account at Ameriprise Financial.
• Closing an account at Ameriprise might cost a fee in some situations.
To close a brokerage, managed, or bank account at Ameriprise Financial, follow this easy guide.
Investment and Bank Accounts
Ameriprise offers many account types, from banking to investing accounts. The investing group includes brokerage and advisor-run categories. The specific arrangement affects how the account should be closed.
Also, consider the tax situation before closing the account. Keep in mind that selling stocks in a taxable account or withdrawing cash from a tax-friendly account can trigger an IRS form the following April. You should consult a qualified tax expert before taking either step.
Closing an Ameriprise Account by ACAT Transfer
The easiest way to close an investment account at Ameriprise is to move it completely to a different firm. This can be done with a self-directed or managed account (but not a bank account). Both cash and investments can be moved through the Automated Customer Account Transfer (ACAT) system, making it an easy way to move all your assets to another firm. Once the assets at Ameriprise appear at the new firm, the Ameriprise account will close on its own.
First, open a matching account at the new investment firm. After that, ask for an ACAT transfer from Ameriprise into the new account. This request must be sent to the new firm. Many firms now have easy online ACAT forms, so it’s often simple. Be sure to choose a full transfer instead of a partial one; only a full transfer will close the old account.
Some assets might not be transferable. For example, Ameriprise offers certain asset classes that other brokerage firms won’t accept, like hedge funds and private equity.
Also note that Ameriprise charges $125 for an outgoing ACAT transfer.
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Closing by Internal Transfer
If the $125 ACAT fee is too high, you can perform an internal transfer from the account you want to close to a second Ameriprise account. This is like the ACAT method, except it doesn’t automatically close the first account. You’ll have to request the first account be closed and make sure it really closes. You can close a bank account this way, which is one advantage. An internal transfer can also be used for assets that can’t be moved in an ACAT transfer. For this method, you’ll need to contact your Ameriprise advisor.
Traditional Method to Close an Ameriprise Account
The third way to close an account at Ameriprise is to just liquidate the account, move out the cash, and then ask for it to be closed. For a bank account, the cash is already there, so it just needs to be taken out.
To sell assets in a brokerage account, log into the website and sell all holdings. Keep in mind that selling positions in a brokerage account may come with commissions. If you don’t want to sell everything, you could do a partial transfer for some assets and sell the rest. In any case, once the account is all cash, you need a withdrawal to get a $0 balance.
After the brokerage account reaches a zero balance, contact your Ameriprise advisor and ask to close it. Ameriprise doesn’t charge for ACH transfers, though there is a $30 wire fee ($35 for foreign banks). Investment and bank accounts face the same withdrawal fees once they are all cash.
For a managed account, the advisor handles selling the assets. You must request the account be closed before anything is transferred or sold in this case.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Ameriprise Review
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Updated on 8/28/2025.
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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