How to Close a TIAA Account in 2024
How to Close or Transfer a TIAA Account
If you’ve tried TIAA’s brokerage services and decided they’re not for you, you can close or transfer your account. Here are your options:
TIAA Automated Customer Account Transfer (ACAT)
The easiest way to close a TIAA brokerage account is to transfer it to another company using the electronic ACAT system. Once the transfer is complete, your old brokerage account will automatically close.
The downside to this service is that it’s usually the most expensive. TIAA charges $50 to transfer an account through the ACAT system.
To start an ACAT transfer, download a transfer form from your new brokerage firm. Many brokers offer an e-form that you can complete online in just a few minutes (you’ll need your TIAA account number), and you’ll be ready to go.
Closing TIAA Account With a Wire Transfer
If $50 is too much, you can send a wire instead. The downside of this option is that you need to sell your securities first since only cash can be sent via wire. With an ACAT transfer, you don’t have to sell anything, and securities can be transferred along with cash, allowing you to keep all your positions.
TIAA charges $25 for outgoing wires, which is half the ACAT fee. This is the main advantage of using a wire service, and there’s no limit to the amount you can transfer.
Once you receive the wire at the other financial institution, you’ll need to contact TIAA to request that your brokerage account be closed. Unlike an ACAT transfer, a wire transfer won’t automatically close the account.
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Closing With an ACH
If the wire fee is still too much, another option is to send funds using the broker’s ACH service, which is free of charge. The downside here is that there are usually limits on the amount that can be transferred. TIAA’s cutoff time for ACH transfers is 1:30 pm, EST.
Closing TIAA Account by Check
TIAA also allows withdrawals by paper check. To request this, click on ‘Actions’ in the top menu of the broker’s website, then select ‘Transfer money’ under the ‘Brokerage’ heading. On the new page, choose the TIAA brokerage account you want to close, and then select ‘check’ in the drop-down menu. You can request your entire balance be sent to you through the postal service. Make sure to sell all securities first.
How to Contact TIAA
If you choose any method other than ACAT, you’ll need to send a request to TIAA to close your account. We recommend doing this instead of leaving your account open with a $0 balance because of the risks of cybercrime today.
The brokerage arm of TIAA can be reached at 800-927-3059, and the website also has an online messaging system.
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Updated on 8/31/2024.
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