How to Close or Transfer a Chase You Invest Account
If you have tried Chase’s new brokerage firm You Invest and have decided it’s not for you, then it’s time to move your assets to another financial institution. Keep reading; we’re going to describe all the available options to you for transferring or closing your account.
Chase Automated Customer Account Transfer (ACAT)
If you don’t want to sell any of your holdings, the best way to close your Chase brokerage account is to transfer it using the ACAT network. The process does take some time (typically a week or two) and there’s usually a charge on the sending side, but not the receiving end. You Invest clients must pay $75.
To begin the transfer service, you’ll need to fill out a form at the new brokerage firm. Normally an e-form is available nowadays. That new broker will forward the form onto You Invest, who will send all your securities to the new firm, creating a new account. Your Chase You Invest account will be automatically closed.
It’s also possible to do a partial transfer using the ACAT system. Going this route, however, won’t close your You Invest account.
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Closing With an ACH or Wire Transfer
Because the $75 ACAT charge is a little high, you may want to send a wire, which is faster and cheaper. You Invest charges only $30 for each wire sent. The process is usually done the same day or next day. To take this route, you will have to liquidate all positions in your account, and this could incur commissions.
If $30 is still too expensive for you, you could use the ACH system, which is completely free of charge. However, transfers do take longer (3 to 5 business days), and You Invest could place a limit on the amount you can move per day.
To submit a wire or ACH transfer, go to the You Invest website (a request cannot be submitted via the broker’s trading platforms) and click on ‘Pay & transfer’ in the top menu. You’ll see options for ‘Wire money’ and ‘Transfer money.’ This second option is the broker’s ACH service.
Other options in the drop-down list include Chase QuickPay with Zelle. This will allow you to send funds quickly to another participating bank. Chase Global Transfer is for international wires, and the ACH Payment Services option will let you pay bills via ACH.
Once you have drained your You Invest account down to a zero balance, remember to contact the brokerage house and submit an account closure request. While it is possible to zero an account and walk away, leaving it open like this creates the possibility of unauthorized use. This is why we advise closing the account.
How to Contact You Invest
You Invest customer service is available from 8 o’clock in the morning till 9 o’clock in the evening (Eastern Standard Time). These hours are weekday hours. On Saturday, the broker-dealer is open from 9 till 5. There are no Sunday hours. The broker’s phone number is 1-800-392-5749. Be sure to have your account number handy when you call to request the account closure.
Unfortunately, You Invest does not offer online chat. There is an internal messaging system, however. To access it, click on the menu icon (three horizontal bars) in the upper-left portion of the website. Doing so will generate a pop-up window where you’ll be able to compose a message. You won’t need to worry about your account number with this option because it’s automatically included in the message.
Alternatives to You Invest
If you’re looking for a replacement for You Invest, there are a few good choices. Firstrade has a better website and lower
commissions. Ally Invest has slightly higher commissions, but offers a trading platform and a list of commission-free ETF’s. Lastly,
just as You Invest offers free trades to certain Chase customers, Merrill Edge offers free trades to some Bank of America clients.
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