If you don’t know where to spend your extra money, it’s very wise to invest somewhere. It’s much more rational than just keeping money in the bank. That way you do nothing and your money grows. There are many different platforms for this. One of the most famous and successful companies for this is Robinhood Markets.
Robinhood Markets is known for offering its customers the ability to trade stocks and exchange-traded funds for free via a mobile app. It is a popular choice for beginning stock market investors. But it may also happen that you want to delete the app, close your account, and remove yourself from the platform.
What should you do with your stocks before you delete your account
Before you permanently delete your account you need to do something with your shares so you don’t lose money. You have several options :
- You can close all your positions and sell all your stocks. Alternatively, you can simply transfer them to another brokerage account by using the Automated Customer Account Transfer Service (ACATS)
- You can also close your debit card if you have signed up for one
- You will also need to transfer all money from your account to other accounts. The balance must be $0
Also, keep in mind that if you sell all of your shares cheaper than you bought them, you will lose money on it. On top of that, you might also pay capital gains tax, so the best solution is to transfer the funds. That way you can preserve your investment. In the future, you can determine the best strategy for selling stocks and diversification if that is your goal.
Before you sell your holdings, calculate the taxes you may owe. The exact amount of taxes will depend on how long you have held the investment and your level of income.
How to delete your Robinhood account on iOS
- Open the Robinhood app on your phone
- On your home screen, tap the Account icon in the bottom right corner of your screen
- Then tap the three lines located in the top right corner
- Swipe down and tap Settings
- Tap Account Information
- Scroll down and select Deactivate Account. You’ll find this button at the bottom of your Account Information page
- Select Close Account
- Then you’ll be asked if you’re sure you want to close the account.
- Closing an account can take up to 5 business days
How to delete your Robinhood account on Android
- Open the Robinhood app on your phone and sign in to your account
- Click on the icon that has three horizontal lines
- Click on Settings
- Click on Account Information
- Scroll down and click on Deactivate your account
How much does it cost to cancel your Robinhood account
If you sell your stock and transfer the funds to your bank, closing your account is free. If you choose to transfer your assets through ACATS, there is a $75 fee.
