How to Close a Raymond James Account: Points
• You can close an IRA at Raymond James by a full ACATS transfer or by directly requesting the account closure.
• Raymond James charges a fee to close an IRA.
• Withdrawing cash from a Raymond James IRA could result in tax consequences, depending on the situation.
Closing your Raymond James IRA or other types of accounts doesn’t have to be difficult. Just follow our straightforward guide below to ensure a smooth process.
Raymond James Closing Fee
The fee for closing a retirement account through distribution at Raymond James is $100.
Raymond James Transfer Fee
The fee for closing an account at Raymond James via an external transfer (ACAT fee) is $125.
Using the ACATS Network to Close a Raymond James Account
One effective method to close an account at Raymond James is by transferring it to another firm using the ACATS (Automated Customer Account Transfer Service) network. Completing a full-account transfer through ACATS will automatically close the original account.
IRAs and most other account types can be transferred via the ACATS electronic network, making it a practical option for Raymond James account holders. Both brokerage and investment-advisory accounts qualify for this type of transfer.
To start the transfer from Raymond James to another firm, you need to request a full ACATS transfer from the new firm. Remember, only a full transfer will close your Raymond James account. Set up the new IRA (or other account type) at the new firm, fill out their online ACATS form with your Raymond James account number, and they will coordinate with Raymond James to complete the transfer.
There’s no need to get permission from Raymond James for this transfer. Once you've opened the new account and submitted the ACATS request, the new firm will handle the rest.
Be aware that not all investment types, like annuities or structured products, can be transferred. It’s smart to confirm with the new firm whether all your investments at Raymond James can be moved.
Closing Raymond James Account by Selling and Withdrawing
If transferring isn’t suitable for you, you can always go the traditional route: sell everything in the account, withdraw the cash, and then close the account. You might need your financial advisor’s help to sell the investments. Once everything is sold and the cash is withdrawn, reaching a $0 balance, you can ask for the account to be closed.
Consider Tax Implications
Be aware that selling off and withdrawing from an IRA can trigger tax implications. Factors like the age of the account holder, the account's age, and whether it’s a Roth or traditional IRA affect how these withdrawals are taxed. Always consult with a tax professional before proceeding.
Raymond James Closure Fees
Closing an IRA at Raymond James isn’t free. The firm charges $100 for account closure via cash withdrawal. If you withdraw cash by wire or check instead of ACH, additional fees of $25 or $40 might apply, though some accounts are exempt. Closing the account through an ACAT transfer costs $125.
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Updated on 7/4/2024.
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