Banking has significantly reduced many of the difficulties that come with managing finances. The effectiveness with which many banks operate has made it easy for their customers to manage, spend, and grow their money.
Wells Fargo is undoubtedly one of the top banks in the United States. It’s also one of the banks credited with making managing finances a breeze. With the wide range of quality banking services, Wells Fargo has earned the trust of a large fraction of its customers.
As satisfying as any banking service may be, customers come and go. People open accounts and choose to close them or move to better options.
So let’s answer the following question.
How To Close A Wells Fargo Brokerage Account
Here is a guide to closing your wells Fargo brokerage account:
Step 1: – Prepare for closing
- Have your $95 fee in hand if you have a Wells Fargo IRA account.
- If you have a regular brokerage account, you don’t have to pay for anything. Move to step 2.
Step 2: – call the broker
- Call the broker at 1-800-872-3377
- Request for the closing of your account.
- Visit the nearest Wells Fargo branch.
- If you’re outside the United States, fill the account closure form and send it to the bank via mail.
It might be challenging to reach the customer representative of Wells Fargo without going through any of the means mentioned above. That is, calling the bank, visiting the bank, or sending an email. This difficulty is because the bank doesn’t have an online chat platform for their customers.
Before taking the above steps to close your account, you should consider liquidating your securities. After liquidating, have the cash balance withdrawn. Note that this isn’t the only way to liquidate your security. You could ask the broker to do the selling for you. Or, you could, like many traders, choose to sell first. And remove it from the customer service tab with your Wells Fargo login after they close your account.
What Is A Wells Fargo Brokerage Account?
A brokerage account is also called a security account. It is an account that allows the owner to buy or sell financial assets. These assets are also securities like mutual funds, bonds, stocks, etc. The management of this fund is usually by the bank, a custodian, or a broker.
With the brokerage account, you can transfer money and carry out transactions like people with regular deposit accounts. The brokerage account allows you to experience the stock exchange market firsthand.
How To Open A Wells Fargo Brokerage Account
You can either open the Wells Fargo account.
- In-person: You can visit a Wells Fargo bank close to you.
- Online: Through the Wells Fargo website. It is a straightforward process.
- Via a phone call: In this case, call 1-800-869-3557
Automated Customer Account Transfer (ACAT) Fees
If you decide to transfer your WellsTrade account to another institution, WellsTrade will bill you $95 for a complete account transfer and the same fee for a partial account transfer. Wells trade will reimburse this ACAT fee if you transfer your account to Ally Invest.
Is There A Charge For Closing A Wells Cargo Retirement Account?
To close an IRA, the broker would charge $95. This fee is significantly higher than the closeout fees charged by several other brokers. For instance, TD Ameritrade closes your account without any payments. Ally Invest charges $25 while TradeStation must pay $50.
Transferring A Wells Fargo Account
There will be a $95 fee if you want to transfer an account rather than close it. This fee is for both full and partial transfers. The majority of brokerage firms do not charge this much for transfers.
Many brokerage firms will offer you many incentives to transfer your brokerage account to them. They would move heaven and earth to market their services to you. What do you do next? Start by clicking on an offered promotion link. And as you go further into the process of opening an account, you will be able to specify that you want your new account funded by an account transfer, also known as ACAT, from Wells Fargo (another brokerage).
For a partial transfer, you’ll need your WellsTrade account number and a list of assets you want moving to another account. It would take some weeks for the whole transaction to be complete. If you have questions about the process, you can contact either the people at WellsTrade or the new institution.
How To Transfer A Brokerage Account
Whether transferring from or to Wells Fargo or transferring to or from another bank, the steps are straightforward.
Set up your new account
Login to your new account
Go to the page for the transfer, where the page is dependent on the banks/broker website layout.
Click the option that would take you to a transfer form.
Fill out the form correctly.
The transfer process is primarily out of your hands after the submission of your form. The main job, which involves your new broker making contact with your old broker to transfer your assets, happens without active participation.
It takes about six business days for the transfer to be complete. It takes three days for validation by your former broker, then another three to send them to your new bank/broker. This process will take a long time if there are issues detected during the validation process.
How Much Does It Cost To Transfer Brokerage Assets?
Almost all brokers charge you for transferring financial assets from account to account. The typical fee ranges from $50 and $100. Some brokers do not charge a fee for the transfer. You can find out how much the broker is charging for the transfer. You need to look at their fee schedule or contact customer service.
However, to win you and your business over, the new broker may cover the transfer charges. If the broker you’re transferring from has a fee, it is OK to discuss it with your new broker.
Please don’t get discouraged when your new broker doesn’t take up the extra charge. it may still be an excellent action to transfer a brokerage account. The potential benefits are more significant than the transfer fee. These benefits include new account bonuses, free trades, etc.
When Is The Best Time To Transfer Brokerage?
It is not common for people to transfer brokerage, but it isn’t as common as you might think. So, here is the best time:
There is a special offer:
Brokers sought after clients with significant assets. Many brokers run and make irresistible offers, usually in cash, for fresh investors with enough assets.
You got a job:
While a 401(k) is not particularly a brokerage account, it is possible that when you get a new job, you would want to transfer your 401(k) (k). You could move it to your new employer’s 401(k) or an IRA with an online broker.
Paying unnecessary fees:
The majority of the major brokers now offer no-commission trading. If your broker still charges trade fees, it’s time to find one that doesn’t so you can save money on every investment.
Transferring your assets is simple once you’ve found a new broker and opened an account with them. To move the brokerage account, fill out the form. The brokers handle the rest. They’ll notify you if any issues require your attention, but transfers are usually routine and quick.
What Do You Do Before You Transfer Brokerage?
Transferring brokerage is not a decision you make on a whim. Before you move your brokerage account, here are a few things you should do to prepare and protect yourself:
Write down your investment opportunities:
No one needs to tell you to keep a close on your investment. It’s necessary to keep track of all your assets. Keep track of the number of shares you have and the price you paid for each investment. You do all this so that you can know whether you’re making a profit or losses.
All of this should transfer over, but it’s always a good thing to have these details.
Prepare your mind to lose some assets:
You should expect to lose access to your assets during the transfer: As previously stated, the transfer process typically takes six business days. You won’t be able to sell any of the investments you’re transferring during that time.
Have your tax documents:
You can download your copy of the tax document. If you file your taxes with a free program then there should be an option to download previous tax documents. If a tax professional filed for you, then they likely gave you a copy of everything or have it on file.
Financial assets are a goldmine, and Investors should handle them as such. You have an obligation to yourself to make the best decision for your finances. Whether this decision involves Well Fargo or any other banking institution is entirely up to you.
To maximize the financial assets, you have to know what you want out of your finances and choose what broker/bank would give you what you want.
This post is an overview of what using a Wells Fargo brokerage account and transferring brokerage entails.