You can close a Charles Schwab account by phone, online, or in person at a branch

Charles Schwab lets you close an account through three routes: calling their customer service line, submitting a request through your online account, or visiting a local branch in person. The fastest method is usually a phone call, which takes about 10 to 15 minutes. Before you close, you need to settle any outstanding balances, transfer out any remaining investments or cash, and decide what to do with any certificates of deposit or retirement accounts tied to that account number.

Schwab does not charge a fee to close an account. However, if you have a margin account with an outstanding loan balance, you must pay that balance in full before the account closes. If you hold mutual funds with surrender periods or early redemption fees, those charges may explore when you sell them — that is a fund rule, not a Schwab rule, and varies by fund.

Key Takeaways

  • Call Schwab at 1-800-435-4000 to close an account by phone, or log into your account online and look for the account settings or profile section to find a closure option.
  • You must withdraw or transfer all cash and investments out of the account before it can close, and you must pay off any margin loan balance in full.
  • If you have a retirement account (IRA, Roth IRA, SEP-IRA) or a certificate of deposit with Schwab, closing your brokerage account does not automatically close those accounts — you must close them separately if you want to.
  • After you request closure, Schwab typically processes it within 5 to 10 business days, though the exact timeline depends on whether there are pending transactions or transfers.
  • If you are closing because you want to move your investments elsewhere, Schwab can help you transfer securities to another brokerage through an ACAT (Automated Customer Account Transfer) request.

Closing your account by phone

Call Schwab's main customer service line at 1-800-435-4000. Tell the representative you want to close your account and have your account number ready. They will ask you to verify your identity by answering security questions or providing personal information. The call usually takes 10 to 15 minutes.

During the call, the representative will review your account to make sure there are no pending transactions, outstanding balances, or investments still held. If you have cash or securities in the account, they will walk you through your options: you can sell the securities and withdraw the cash, or transfer them to another brokerage. If you have a margin loan, they will tell you the exact payoff amount and how to send payment.

After you confirm all balances are settled, the representative will process the closure request. Schwab will send you a confirmation email or letter within a few business days. Your account will be fully closed within 5 to 10 business days, depending on whether there are any pending transfers or transactions still processing.

Closing your account online

Log into your Schwab account at schwab.com. Look for "Account Settings" or "Profile" — the exact location varies depending on whether you use the standard website or the Schwab mobile app. In Account Settings, you should see an option labeled "Close Account" or "Account Closure." Click it and follow the prompts.

The online closure tool will show you a summary of your account balance, any open positions, and any outstanding balances. You cannot proceed with closure if there is cash or securities still in the account or if you have an unpaid margin loan. The system will tell you what needs to be settled before you can move forward.

If the online tool does not show a closure option, or if you run into an error, call customer service instead. Some account types (such as certain retirement accounts or accounts with special restrictions) may not be closable through the online portal and require a phone call.

Closing your account in person at a branch

If you have a Charles Schwab branch near you, you can walk in and ask to close your account. Bring a photo ID and your account number. A branch representative will verify your identity and review your account balance with you. They will discuss what to do with any remaining cash or investments and will process the closure request on the spot.

In-person closure can be useful if you want to discuss your options face-to-face or if you have a complex account with multiple positions. However, branch hours are limited, and you may need to wait for an available representative. Calling ahead to schedule an appointment can save you time.

What happens to retirement accounts and CDs when you close

Closing your brokerage account does not automatically close any retirement accounts (IRA, Roth IRA, SEP-IRA, or Solo 401(k)) or certificates of deposit that you hold with Schwab. These are separate accounts with their own account numbers. If you want to close a retirement account, you must request that separately.

For retirement accounts, you have options: you can leave the account open and keep your investments there, transfer the balance to another brokerage or financial institution, or take a distribution. The rules for distributions vary by account type and your age, so contact Schwab before you move money out of a retirement account.

For certificates of deposit, if you close the CD before its maturity date, you will typically pay an early withdrawal penalty. The penalty amount depends on the CD's term and the interest rate. Ask Schwab for the exact penalty before you close the CD.

Transferring your investments to another brokerage

If you are closing your Schwab account because you want to move your investments to another brokerage, you can request an ACAT (Automated Customer Account Transfer). This is a standard process that moves your securities from Schwab to your new brokerage without forcing you to sell them.

To start an ACAT, contact the brokerage you are moving to and ask them to initiate the transfer. They will request your Schwab account information and will handle most of the paperwork. Schwab will receive the transfer request and typically processes it within 5 to 10 business days. You do not need to call Schwab separately to approve the transfer — the receiving brokerage coordinates with Schwab directly.

Cash in your Schwab account will not transfer through ACAT; you must withdraw it separately. If you have mutual funds or other investments that cannot be transferred (such as certain Schwab proprietary funds), you will need to sell them and withdraw the proceeds.

Settling balances before closure

Before Schwab will close your account, you must have a zero balance. This means:

  • All cash must be withdrawn (either to your bank account or kept in a money market fund if you are transferring to another brokerage).
  • All stocks, bonds, mutual funds, and other securities must be either sold or transferred out.
  • Any margin loan balance must be paid in full.
  • Any outstanding fees or charges must be settled.

If you have a pending deposit or a check that has not cleared, wait for it to process before you close the account. If you have a pending trade or transfer, wait for it to settle. Schwab will not close an account with pending transactions.

If you are unsure whether your account is fully settled, call customer service and ask them to review your account. They can tell you exactly what needs to be done before closure can proceed.

Frequently Asked Questions

How long does it take to close a Schwab account after I request it?

Schwab typically closes an account within 5 to 10 business days after you submit your closure request, assuming all balances are settled and there are no pending transactions. If you have pending transfers or trades, the timeline may be longer. You will receive a confirmation email or letter when the closure is complete.

Will I get a refund if I close my account?

Schwab does not charge a fee to close an account, so there is no refund. However, if you have cash in the account, you can withdraw it to your linked bank account. If you have investments, you can sell them and withdraw the proceeds, or transfer them to another brokerage.

What if I have a margin loan when I close my account?

You must pay off the entire margin loan balance before Schwab will close your account. Call customer service to find out the exact payoff amount, then send payment by wire transfer, check, or electronic transfer. Once the payment clears and your balance is zero, you can proceed with closure.

Can I reopen a closed Schwab account?

Once an account is closed, you cannot reopen it under the same account number. However, you can open a new account with Schwab at any time. The process is the same as opening your first account — you will need to provide personal information and fund the new account.

What happens to my tax documents after I close my account?

Schwab will still send you tax documents (1099 forms) for the year in which you close your account, because you may have had taxable transactions or income before closure. These documents are typically mailed in January or February of the following year. You can also read them from your account online if you keep your login active for a period after closure.