How To Delete Your Robinhood Account

Robinhood is a US-based broker-dealer service that’s primarily useful for individuals who need to carry out smartphone-based buying and selling. The service is obtainable on iPhone, Android, and the online and permits its customers to position trades instantly from their smartphones with advantages like zero fee, cryptocurrency buying and selling, and more. 

Like all the things else on-line, there are a handful of shortcomings that gained’t please you when using Robinhood. Some of those embody the dearth of superior buying and selling instruments, the power to solely commerce in ETFs, commerce shares, and choices, software program glitches, blackouts, and more. If for any of those causes, you’re planning to delete your Robinhood account, the next publish ought to allow you to accomplish that. 

How to shut your Robinhood account

At any given time, you may deactivate your Robinhood account from throughout the app or on the net. You can shut your Robinhood account in two other ways relying on the way you need to deal with your out there funds.

If you need to Close your positions

If you want to withdraw your whole funds after closing your positions on Robinhood, you request to deactivate your Robinhood account by opening the Robinhood app in your cellphone after which tapping on the Account possibility. 

To get to the deactivation possibility, go to Settings > Account Information and choose the ‘Deactivate Account’ possibility on the display screen.

You must comply with by with all the directions you might be offered with on the display screen for closing all of your positions and withdrawing your excellent stability. Once that’s achieved, your account stability ought to present $0.00 and your positions on Robinhood must be closed. You can then verify your request for account deactivation. 

If this doesn’t work out, you may sort a request to shut your account and ship them an e-mail at [email protected]. 

If you need to switch your account to a different brokerage

If your goal of closing your Robinhood account is simply since you need to switch shares and money to different brokerages, then your first step must be to resolve the place you need to switch your account. Some of the well-known choices for low-cost brokerage are WeBull, AllyInvest, TD Ameritrade, M1 Finance, and Firstrade. 

Before you proceed to switch your account out of Robinhood, it’s best to know that there’s a $75 price that’s charged by Robinhood no matter whether or not you select a partial or full switch. This price will likely be debited out of your Robinhood account’s stability and if not, then out of your exterior brokerage account. 

Once you may have sorted out the brokerage you need to swap your account to, you may provoke the switch course of in order that they switch over your property and funds.

For the switch course of to go easily, you’ll have to share your Robinhood Securities (RHS) account quantity. To see this quantity, open the Robinhood app, faucet on the Account possibility, choose ‘Investing’, after which your RHS account quantity ought to seem on the high of your display screen. 

What occurs if you Deactivate your Robinhood account

The penalties of your Robinhood account closure will rely extensively on the way you closed your account. 

• If you may have closed all your positions on Robinhood, then you’ll now not management trades and choices on the Robinhood app. However, it is possible for you to to browse your tax paperwork,  account statements, and commerce confirmations from throughout the app. 
• If you transferred your account to a different brokerage, your account will now not be accessible. During the switch processing interval, you gained’t be capable of make trades, handle your choices or cryptocurrencies. After the switch is full, you may carry out all trades and choices in your new brokerage account. 

How to Unlink your Bank account from Robinhood 

Robinhood lets customers hyperlink their checking account for direct trades on the platform. If you now not need to commerce with Robinhood otherwise you don’t need it to have entry to your checking account, you may unlink it from Robinhood by following the directions under. The means to unlink your checking account from Robinhood is obtainable on Android, iOS, and the online. 

To unlink your checking account from Robinhood, open the Robinhood app in your cellphone and faucet on the Account icon on the backside proper nook of the app’s Home Screen. Now, go to Transfers > Linked Accounts, and choose the checking account you need to unlink from Robinhood. 

You can go forward and take away your checking account from the service by tapping on the pink ‘Unlink’ button on the display screen. Confirm the method by inexperienced ‘Unlink’ possibility from the dialog that seems. The further affirmation dialog seems solely on iOS gadgets. For the Robinhood app on Android, your checking account will likely be unlinked with out additional affirmation if you faucet on the “Unlink” possibility. 

You can even unlink your checking account in your pc by logging in to your Robinhood account on the net. When you’re signed in, click on on the ‘Account’ possibility within the high proper nook of the webpage, after which choose the ‘Banking’ possibility from the menu that seems. 

Locate the part named “Linked account”, and click on on the ‘Remove’ button adjoining to the checking account you want to unlink from Robinhood. 

Can’t delete Robinhood account. Why?

When you shut your Robinhood account, you’ll be prevented from investing or buying and selling on the brokerage platform. However, your account gained’t stop to exist from Robinhood and can live on of their system as a result of the service must protect sure books and data. Robinhood clarifies that your whole information that was generated if you had an account within the service will stay for the “fulfillment of its regulatory requirements” and nothing else. 

Robinhood deactivated my account. Why?

There have been a number of cases the place Robinhood customers have discovered their accounts getting deactivated and there are a whole lot of the explanation why which may occur. 

Your account might need gotten deactivated for transferring trades and choices from or to a different brokerage due to inadequate account stability prefer it occurred for this consumer. 

Here is one other instance of what could occur if you switch shares to a different brokerage. 

Another motive on your account deactivation might be since you’ve gone past a sure day-trading restrict. 

You would possibly run into the account deactivated problem if a scheduled switch will get canceled resulting in a financial institution reversal. This could occur for any of those causes – improper account sort, inadequate funds, declined switch, or duplicate transaction. You can check out this Robinhood help web page to verify your funds all the time make it to your account. 

That’s all it’s good to learn about deleting your account from Robinhood.