How to Close Robinhood Account, in 24 hrs.
- Complete Guide On: How to close Robinhood account, Unlink bank accounts from Robinhood account, and cancellation fee to close robinhood account
I remember, when a recruiter asked me, “what is my financial goal?”.
I was stunned by this odd question. She did not ask me about my expected salary, but my financial goal.
I had no idea, what the heck she was talking about. Anything around 10-15% raise on my present salary was awesome to me.
But, then she told me about how to calculate the financial goals, and how to set them for yourself. About, the same time I learned that investment is never going to give you anything in the short term, they can give astonishing results, but if you nurture them for at least 10-20 years.
And learn, as much as you can about money, without getting emotions involved.
I’m telling you this just to remind you that if you are moving on to some better brokerage platform Robinhood, then good for you.
But, if you are quitting it because you are utterly shattered then my friend, you have learned the best lesson of investment, which is, “to not lose yourself in excitement”. And you are on the verge of being a decent investment if you affirm to start reading investment guides and do some courses, before making any investment.
So, go ahead & delete your Robinhood account, and invest better.
Does Robinhood Have a Cancellation Fee?
In case you are deactivating your account with Robinhood, then Robinhood won’t charge any fee.
But, if you are to transfer your account from Robinhood to another brokerage, then you will be charged a fee of 75$
How to close Robinhood account?
Step 1: Open up your app, and tap on the account icon visible at the bottom of the homepage.
Step 2: Now navigate to “Settings”, and then to, “Account Information”
Step 3: Look for the ‘Deactivate Account’ option on the screen, and select it to deactivate the Robinhood Account.
Step 4: Follow the prompted queries and confirm your decision to close your account, when asked.
📺 Video on how to close your Robinhood account:
How to delete the Robinhood account via email?
Step 1: Write an email at firstname.lastname@example.org, with a clear subject line indicating that you wanna close the account.
For Example: Immediate: Account closing request.
Step 2: Mention all the details about your account, and ask the representative to delete the account asap.
What happens when you Deactivate your Robinhood account?
There are different outcomes for different choices:
- In case you closed all of your positions:
- You will not be able to control trade in any way.
- Though, you will be able to seek your tax documents, account statements, and trade confirmations from within the app.
B. In case you transferred your Robinhood account to another App:
- You will not be able to do anything on your app or even access it for that matter.
How to Unlink your Bank Account from Robinhood?
Step 1: Open up the Robinhood app on your device. The process to unlink your account is the same for iOS, Windows, and Android devices.
Step 2: Check if you are logged in with the right account. In case you are managing more than one account.
Step 3:Now, click on the account icon, visible at the bottom right corner of the screen.
Step 4: Then, navigate to Transfers > Linked Accounts, and select your bank account that you wish to unlink from Robinhood.
Step 5: Click the red-colored option “Unlink” to unlink the bank account.
Step 6: A dialogue box will pop up on your screen, you are required to confirm your decision to unlink your selected bank account.
How to unlink a bank account from the Robinhood account by Robinhood website?
Step 1: The usual, open up the Robinhood website and log in to your account.
Step 2: Click on the ‘Account’ option, visible near the top right corner of your screen, this will trigger a drop-down menu.
Step 3: From the drop-down menu select, “Banking”.
Step 4: Look for the “Linked account” section, and hit the “Remove” button along to the bank account you want to unlink from the Robinhood account.
Can’t delete the Robinhood account. Why?
Because you cannot delete it!
Robinhood allows you to close your account with them and unlink your bank account from the Robinhood account.
And after closing your account, you will find yourself unable to invest or trade on Robinhood using your account. As, when you close your account, you declare that you are closed for “Business”, and will not utilize the app or account.
But, as Robinhood has to maintain books, they cannot delete any account or data related to it.
In the online document, https://robinhood.com/us/en/support/articles/close-my-account/ Robinhood clearly states that every account with them will be preserved for the “fulfillment of its regulatory requirement”.
In short, you can only close your account but cannot delete it from Robinhood.