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How to Close a Scottrade Account
Scottrade is a popular online brokerage firm that offers a wide range of investment services. While many individuals find value in using Scottrade, some may decide to close their accounts for various reasons. If you have made the decision to close your Scottrade account, here is a step-by-step guide to help you through the process.
1. Review your account: Before closing your account, it is important to review your current holdings, outstanding orders, and any pending transactions. Make sure you have taken care of any necessary trades or transfers before proceeding with the account closure.
2. Contact Scottrade: Reach out to Scottrade’s customer service department to notify them of your intention to close your account. This can typically be done through their website, phone, or by visiting a local branch if available in your area. Provide them with the necessary information to identify your account, such as your account number or social security number.
3. Complete necessary paperwork: Scottrade may require you to complete certain paperwork to initiate the account closure process. This could include signing a closure request form or providing a written request stating your intention to close the account. Follow their instructions carefully and provide any additional information they may require.
4. Liquidate your investments: If you have any remaining investments in your Scottrade account, you will need to liquidate them before closing the account. This can be done by placing sell orders for your securities. Make sure to consider any potential tax implications or fees associated with selling your investments.
5. Transfer funds: Once your investments have been sold and the proceeds are available, you will need to transfer the funds out of your Scottrade account. You can typically choose to have the funds sent via check or electronic transfer to another bank or brokerage account of your choice. Provide Scottrade with the necessary information to initiate the transfer.
6. Confirm closure: After completing the necessary steps, it is important to follow up with Scottrade to confirm that your account has been closed successfully. Ensure that all funds have been transferred out of the account and that there are no remaining outstanding balances or obligations.
FAQs
Q: Are there any fees associated with closing a Scottrade account?
A: Scottrade may charge an account closure fee, which can vary depending on the type of account you hold and the specific circumstances. It is advisable to check their fee schedule or contact their customer service for more information.
Q: Can I transfer my Scottrade account to another brokerage instead of closing it?
A: Yes, you have the option to transfer your Scottrade account to another brokerage firm instead of closing it. Contact the receiving brokerage to initiate the transfer process and ensure a smooth transition of your investments.
Q: How long does it take to close a Scottrade account?
A: The time it takes to close a Scottrade account can vary depending on various factors, such as the completion of paperwork, liquidation of investments, and the transfer of funds. It is best to contact Scottrade directly for an estimated timeframe.
Q: Can I reopen a closed Scottrade account?
A: It is generally possible to reopen a closed Scottrade account. However, it is important to note that Scottrade may have specific requirements or procedures for reopening an account. Contact their customer service for more information on the process.
Closing a Scottrade account requires careful consideration and a series of steps to ensure a smooth transition. By following the above guide and consulting with Scottrade’s customer service, you can successfully close your account and move on to your next investment endeavor.
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