How Do I Close My Account with Robinhood?

If you want to close your Robinhood account, the first thing you need to do is get any account restrictions lifted. Next, you need to withdraw all of the money out of your Robinhood account. You can either send it to your bank or to another brokerage. Finally, you can close the account with a simple procedure online.

If the time has come to close your Robinhood account, there are a couple of different things you need to do first. This article will teach you what you need to know.

Step 1: Remove all Restrictions from Your Account

Before you can close your account, you need to get any restrictions on your account removed and pay off any money owe to the company. You can find the instructions for doing these things in the communications Robinhood sent you informing you of them.

Step 2: Transfer Your Balance to Your Bank

Next, transfer the money out of your Robinhood account and into a linked bank account. Use this procedure to do so:

Log into your account.
Go to Cash.
Click or tap on Transfer.
Select the Transfer to Your Bank option.
Choose the bank account you're sending the money to.
Enter the full account balance.
Review all of the transfer information and finalize it.

Your bank should receive the money in 3 to 5 business days.

If you have not yet linked a bank account to your Robinhood account, you can use the Robinhood app to do it with this procedure:

Tap Account.
Tap the menu icon.
Tap Transfers.
Tap Linked Accounts.
Tap Add Account.
Find your bank in the list or use the search bar.
Tap your bank.
Enter your login information for that bank.
Tap the account you want linked.

You can also use the website:

Click Account.
Click Add New Account.
Locate your bank on the list or use the search bar.
Click your bank.
Enter your login information.
Click on the account you want linked.

Step 2 (Alternate): Transfer Your Balance to another Brokerage

You can also choose to send your Robinhood balance to a different brokerage using ACATS, or the Automated Customer Account Transfer Service. Contact the brokerage you want to receive the money and tell a representative that you want to make an ACATS transfer. Robinhood can't start the transfer by itself.

Step 3: Close Your Account

To close the account, follow these steps:

Select Account.
Select Settings.
Choose Account Information.
Select Deactivate Account.
Follow the prompts to close your brokerage positions.
Confirm that you want to deactivate your account.

Contacting Robinhood

If you need assistance closing your Robinhood account, get it from a Robinhood representative. You will have to use the Robinhood help forum to do it, though. There is no other online customer service contact options, and no customer service phone line either.

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