How to Close My Robinhood Account Permanently? To close your Robinhood account permanently, you must first sell or transfer all your investment positions, withdraw your entire cash balance to bring the account to a $0.00 balance, and then submit an account deactivation request through the app or website.
Deciding to move on from a brokerage platform is a significant financial step. Whether you’re consolidating your investments, switching to a different broker that better suits your needs, or simply exiting the market, understanding the correct procedure for account termination is crucial. This comprehensive guide, brought to you by Live Agent Help, will walk you through every step of how to close my Robinhood account permanently, ensuring a smooth and hassle-free process while adhering to all necessary regulatory guidelines.
If you encounter any difficulty during the process or require immediate expert assistance, you can always reach out to a customer service specialist at +1 866 654 0069. The team at Live Agent Help is dedicated to providing swift and reliable support for all your account closure needs.
I. Essential Prerequisites Before You Close Your Robinhood Account
Before you can permanently delete or close your Robinhood account, there are several non-negotiable prerequisites. Failing to meet these requirements will block the deactivation process.
1. Liquidate or Transfer All Investment Positions
You cannot close your Robinhood account if you hold any securities, including stocks, ETFs, options, or cryptocurrency.
- Option A: Sell All Assets: The most common method is to sell all your positions. Remember that stock sales typically take two business days (T+2) to settle, meaning the cash will not be immediately available for withdrawal.
- Option B: Transfer to Another Broker (ACATS): If you wish to keep your investments, you can initiate a transfer to a different brokerage firm using the Automated Customer Account Transfer Service (ACATS). While Robinhood does not charge an account closure fee, be aware that there is typically a fee (historically around $100) for an outbound ACATS transfer of your entire portfolio. Initiating an ACATS transfer through your new broker will automatically trigger +1 866 654 0069 the closure of your Robinhood account once the transfer is complete.
2. Achieve a Zero Balance
Your account balance must be exactly $0.00 to close your Robinhood account permanently.
- Withdraw All Cash: Once your asset sales have settled, you must withdraw all remaining cash to your linked bank account. This can take several business days.
- Resolve Outstanding Balances: Check for any unsettled trades, pending dividend payments, or negative balances (e.g., from a margin call). All activity must be cleared. If you have any issues with this step, call +1 866 654 0069 for assistance.
3. Cancel Optional Programs and Features
Make sure you have disabled all extra features to ensure a clean exit.
- Cancel Robinhood Gold: If you subscribe to Robinhood Gold, you must cancel the subscription.
- Disable Cash Sweep and Stock Lending: Ensure that the Brokerage Cash Sweep Program and any Stock Lending programs are disabled or canceled.
- Settle Fractional Shares: Any remaining fractional shares must be sold or converted to cash.
4. Download and Save All Documents
Before you proceed, it is vital to download and save all necessary records for tax and personal archival purposes.
- Tax Documents: Download all historical tax forms (1099, etc.).
- Account Statements: Save monthly statements and trade confirmations. Access to these documents may be limited or require contacting support after you permanently close your Robinhood account.
II. Step-by-Step Guide on How to Close My Robinhood Account Permanently
Once you’ve completed the essential preparations, you can initiate the final Robinhood account termination process. The final step is typically referred to as “deactivation” within the Robinhood platform, which leads to permanent closure once all criteria are met.
Step 1: Access the Deactivate Account Option
Log in to your Robinhood account, either via the mobile app or the website.
- Tap on the Account icon (usually a person icon or your profile photo).
- Go to Settings or Account Information.
- Look for the option labeled Deactivate Account or Close Account.
Step 2: Follow the On-Screen Prompts
Robinhood’s system will guide you through a checklist to confirm you have met all the prerequisites.
- It will verify that all positions are closed and the cash balance is zero.
- If you still have outstanding items, the system will instruct you on how to resolve them before proceeding. This is where many users get stuck, but the experts at Live Agent Help can guide you past any roadblocks.
Step 3: Confirm the Account Deactivation Request
Once the system confirms your balance is $0.00 and all positions are closed, you will be able to confirm your request.
- Confirm your identity and your intention to close your Robinhood account permanently.
- Submit the deactivation request.
Step 4: Final Closure Confirmation
After submission, Robinhood will process the final closure, which can take a few days. You should receive a final email confirmation that your account has been successfully closed. Even after closure, regulations require brokers to retain certain account data. You may still be able to log in to view historical statements and tax documents, but you will not be able to trade.
IV. What Happens After You Close Your Robinhood Account? | Also Learn How to Close My Robinhood Account Permanently
Understanding the consequences of account closure is just as important as the process itself.
Loss of Trading Access
Once the account is closed, you will immediately lose the ability to place trades, make deposits, or access any investing features. All linked bank accounts will be severed, and you cannot reactivate a permanently closed account. If you wish to invest with Robinhood again, you must open a new account.
Tax Reporting Obligations Remain
Robinhood, like all brokerages, is legally required to retain certain records. You will still receive tax documents (1099s) for any tax events that occurred during the year of closure or any past years. This is why downloading your records beforehand is crucial. If you have any difficulty accessing past documents, contact Live Agent Help at +1 866 654 0069.
No Account Closure Fees (Generally)
Robinhood does not typically charge a fee for the standard process of selling all assets and withdrawing cash to close your Robinhood account. However, you may incur the aforementioned ACATS transfer fee if you move your entire portfolio to another broker. There may also be minimal SEC and FINRA regulatory fees incurred from selling your assets, which is standard practice across the industry. This no-fee policy for standard closure is one of the reasons many opt to simply delete their Robinhood account rather than pay a transfer fee. Live Agent Help advises carefully weighing the cost of the transfer fee against the cost and hassle of selling and repurchasing all positions.
V. Final Thoughts on How to Close My Robinhood Account Permanently
Closing a brokerage account requires patience and attention to detail. The structured, step-by-step process outlined by Live Agent Help ensures that you meet all of Robinhood’s requirements, from liquidating assets to achieving a zero balance. Remember, the key to successfully navigating How to Close My Robinhood Account Permanently lies in thorough preparation—specifically, clearing out all holdings and funds.
If at any point you feel overwhelmed by pending transactions or required documentation, do not hesitate to seek professional support. The financial support team at Live Agent Help is available to assist you in finalizing your Robinhood account termination. For direct support in closing your account, call +1 866 654 0069.
VI. Frequently Asked Questions (How to Close My Robinhood Account Permanently)
Q: How to Close My Robinhood Account Permanently?
A: You permanently close your Robinhood account by selling or transferring all your holdings, withdrawing your cash to reach a $0.00 balance, and then submitting a deactivation request through the mobile app or website +1 866 654 0069.
Q: Does Robinhood charge a fee to delete my account?
A: Robinhood does not charge a fee to delete your account if you choose to sell all assets and withdraw the cash; however, an outbound ACATS transfer of securities to another broker typically incurs a transfer fee.
Q: Can I reactivate my account after I close my Robinhood account permanently?
A: No, once you permanently close your Robinhood account, you cannot reactivate it; you would need to apply and open a brand new account if you wished to use the platform again in the future.
Q: How long does it take to permanently close my Robinhood account?
A: After you submit the final closure request, the permanent closure can take a few business days to a week, largely dependent on the T+2 settlement period for stock sales and the time it takes for final funds to transfer out +1 866 654 0069.
Q: What should I do if I am having trouble with the Robinhood account termination process?
A: If you are having trouble with the Robinhood account termination process, you can call for expert assistance at +1 866 654 0069 and the specialists at Live Agent Help will provide step-by-step guidance.
Q: How do I permanently close my Robinhood account if I have crypto holdings?
A: To permanently close your Robinhood account, you must sell your cryptocurrency holdings for cash and then withdraw that cash, as crypto assets cannot be transferred out via the ACATS system like stocks.
