Can I close my acorns account at any time? [Solved] 2023

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Can I close my acorns account at any time?

Best Answer:
  1. To cancel your Acorns subscription and close your Invest account.
  2. Go to the settings in your Acorns app and tap My Subscription.
  3. Just so you know, any pending investments that haven’t begun processing will be cancelled when your account is closed.

Yes. Thank you for being thoughtful about the environmental impact of your acorns account. You can close an acorns account at any time, for any reason, without charge. Simply email [email protected] or call 888-232-7586 to request that we close your acorns account, and we’ll make it happen right away. There is no minimum holding period for closing an acorns account or a minimum amount needed in the account to do so. Please note that if you leave money outside of your acorns portfolio while maintaining a connected bank account and/or credit card, you will continue to incur fees as described on our Fees page, except for those fees specifically exempted by law (such as purchase transaction fees on our Starter Checklist).

If you close your acorns account, any pending recurring payments will be cancelled and we’ll send a final statement. Any outstanding credit card charges will be removed from your bank account or charged to the credit card associated with your acorns account as applicable. We may keep one (1) month’s worth of data after closing an acorns account; however, after that period of time has passed, all information gathered through your use of the Acorns platform will be purged except for aggregated transaction information used in compliance with applicable law. If you have linked a financial institution account to your acorns account and have money remaining outside of the Acorns portfolio at the time it is closed, we may transfer that money to your linked financial institution account.

Keep in mind that if you close an acorns account, you’ll lose the ability to earn or redeem acorns. If you change your mind and want to reopen an acorns account in the future.

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Please note that when you close a company 401(k) plan connected to an Acorns Core Account, any automatic payroll contributions will cease until (a) such time as you elect for them to continue or (b) up to one year from the date of cancellation in which case they will resume with net pay deductions being made available on the first day of each month unless otherwise directed by you.

If you decide to close your acorns account, your financial data may be retained for up to one (1) year unless otherwise directed by you in accordance with our Privacy Policy . We may retain a portion of your information in accordance with tax and other regulatory requirements (e.g., we will continue to hold the balance of any open investment accounts that are less than $0.01 so that such small balances can be rolled over into an IRA or transferred directly to another financial institution). Any data remaining after this retention period may be purged from our systems in accordance with applicable law.

Can I get my money out before it’s time?

No matter what happens, you’re able to take full advantage of our trading platform during the first 30 days. After that, you’ll be able to withdraw your money, subject to any fees that may apply due to account inactivity. Please note that while we offer a wide array of investment selections, whether or not they’re available to trade may change at any time without notice and is subject to market availability. Fees on certain investments are subject to regulatory requirements (e.g., sale transaction fees as described on our Starter Checklist).

To get money out early, you can log into your acorns account and use the Withdraw Funds feature under “Account Tools.” This will allow you to transfer funds from your portfolio into an external bank account or request a check for withdrawal from your linked checking account via mail.

In addition to your ability to transfer funds out of your account, you can also redeem your acorns for cash at any time by pressing the “Redeem Acorns” button in the app or going to . When you redeem acorns, we’ll need to charge a $25 fee because we want to make sure that you received value from them while they were invested on our platform and we want your money back so that it can go toward fees for future transactions. If you have redeemed all of the available acorns in your account, please contact [email protected] so we can help process a redemption and send a check via mail. However, please note that as stated above, we do not consider the $25 fee as earnings for tax purposes. Please consult a tax advisor for more information regarding the tax consequences of redeeming acorns.

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Yes! If you have linked a bank account to your acorns account and have money remaining outside of the Acorns portfolio at the time it is closed, we may transfer that money to your linked bank account (it’s important to note that once this happens, there will be no way to request termination of an IRA). However, if you’ve chosen an IRA option or are invested in our Traditional or Roth Portfolio product(s) and would like to withdraw those funds from your linked bank account at the time your acorns account is closed, please visit our Help Center article, “How do I withdraw my money from an IRA?”.

After your acorns account is closed, we’ll sell any remaining securities in a process known as “liquidation.” Any proceeds that we receive will be sent to you via check and may include taxable gains or losses. If any of your matched investments have been transferred out of Acorns Core to one of our other portfolios, they will remain under management by Acorns.

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How do I close my acorns account early?

Log into your Acorns account.
Tap the menu in the top left corner.
Tap on “Settings”
Tap on “My Subscription”
Scroll down to the bottom of your subscription and select “Close Account
Select Early from the dropdown.
Proceed with the prompts to close out the Early account.

How do I cancel my acorns account?

To close your account, click “Settings” and then tap the “My Subscription” option. After selecting this menu item you will be prompted to select a reason for your termination from Lifelock’s services.

Can you withdraw money from acorns at any time?

You can transfer money from your Spend account to an external primary checking any time without penalty. In order to transfer the funds, please log in and follow the directions below:
Tap or click “Spend Smarter”
Select a link that says “Transfer Funds Out”
Enter either the amount of dollars you want transferred or tap or click on one of the recommended amounts listed under Transfer.

Is there a penalty for withdrawing money from acorns?

If you withdraw your money early from the app there is no penalty. The only cost is any taxes owed due to earnings while in the Acorns account.

What happens if I close my acorns account?

Once you request to close your account, your money will be liquidated and returned to your linked checking account in 3-6 business days. Please keep in mind that we may send you a 1099 form for any investment activity during the year.


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