Overview of Closing a Schwab Account
If you’ve decided to close your Charles Schwab investment account, there are several ways to do it. The first step is to contact the broker, and Schwab offers various methods for this.
Fee To Close Charles Schwab Account
Charles Schwab does not charge any fees to close its taxable and IRA accounts.
How to Close a Schwab Account Online
When you’re ready to close your Schwab account online, it’s best to notify the broker in writing. One way to do this is by logging on to Schwab’s website and sending a message through the online messaging system. To find it, go to ‘Service’ in the top menu and select ‘Message Center’ from the drop-down menu. A new page will appear with three tabs. Click on ‘Messages,’ and then you’ll see a link for ‘Compose New Message.’ Click on this link, and a pop-up window will appear with some information already filled in.
One of the fields is the account number, and if you have multiple accounts, they will all appear in a drop-down menu. Make sure to choose the one you want to close. Type your message and click ‘Send’ when you’re done. You can also attach a file if needed, but note that messages with attachments may take longer to process.
If you prefer not to write a message, you can use the broker’s online chat function instead. It’s available on the website 24/7. To find it, go to the messaging area mentioned above. A link that says ‘Live Chat’ will appear on the right side of the screen. A pop-up window will open, and a Schwab representative will assist you in real time.
Top Charles Schwab Alternatives
Close a Schwab Account at a Local Branch
If you prefer in-person communication, Schwab has over 300 branch locations across the U.S. They are found in most states, and even smaller towns often have a Schwab office. For example, Franklin, Tennessee, has one. The downside of this option is that branch locations are not open 24/7, unlike some other methods.
Close a Schwab Account With App
If visiting a branch isn’t convenient, but you have your mobile device handy, you can use one of Schwab’s apps to communicate with the company. Apps are available for Android, Apple, and Kindle Fire devices, and they can be downloaded for free. You can also visit schwab.com using a mobile browser to access the broker’s mobile site.
After logging into the app or website, there are several customer options you can choose from. One option is the messaging area, where you can send a message to a company associate. Another option is a list of phone numbers that you can tap on to dial directly from your smartphone. The app also includes a branch locator.
Submitting a Closure Request Via Fax
If you prefer using a fax machine, you can write out an account closure request and send it to Schwab via fax. Schwab offers a toll-free fax number (1-888-526-7252), so this method won’t cost you anything.
Snail Mail
Schwab also accepts account closure requests through snail mail. This will be the slowest option. Each state has its own mailing address, so you’ll need to find the correct one. To do this, click on ‘Service’ at the top of the website, and then choose ‘Contact Us.’ You’ll see a drop-down menu with all 50 states. Select your state, and the correct mailing address will appear. There is a standard mailing address and an overnight address for urgent closures. Most states should send documents to either Florida or El Paso.
Charles Schwab & Co., Inc.
Orlando Operations Center
P.O. Box 628291
Orlando, FL 32862-8291
Charles Schwab & Co., Inc.
El Paso Operations Center
P.O. Box 982600
El Paso, TX 79998-2600
Closing a Schwab Account by Phone
Another option is to call Schwab and request your account be closed. However, this might not be the best option if you want a written record of your request. Schwab has agents available by phone 24/7. You can reach a representative at 1-800-435-9050. If you’re outside the U.S., you can dial +1-317-596-4501.
Closing a Charles Schwab Account via Transfer
One effective way to close a Schwab account without contacting the broker directly is to transfer the account to another firm. This will automatically close the Schwab account. To use the Automated Customer Account Transfer Service (ACAT), go to the broker where you want to open a new account. Most firms have an online transfer form. Open a new account, log in, find the transfer form, and start the process from there. You’ll need your Schwab account number and the name on the account. This process can take a couple of weeks, so plan accordingly.
How To Close Charles Schwab Account Recap
Closing a Schwab account is straightforward. There are several methods available, and you can choose the one that’s most convenient for you. Before submitting your closure request, it’s a good idea to sell all securities in your account and transfer the cash out. This will leave a zero balance, making the closure process smoother.
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Updated on 8/31/2024.
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