How to Close a JP Morgan Investing Account
• You can close a J.P. Morgan securities account using different methods.
• In some situations, there may be a fee for closing the account.
• The IRS might be involved in certain cases, so be prepared.
An inactive investing account can be risky in today’s world, with issues like fraud and cybercrime. If you no longer need your J.P. Morgan Investing account, here’s how to close it:
Close Chase Investment Account With Liquidation
The most common way to close a securities account is by selling all the holdings, withdrawing the money, and then requesting account closure. Since all J.P. Morgan Automated Investing robo accounts have been turned into brokerage accounts, we only need to focus on one account type here. Below are the steps for closing a J.P. Morgan Investing account.
Step 1:
Selling securities in a J.P. Morgan Investing account is simple. Log into the website, go to the section of the account you want to close, click the Menu button, and select Positions from the dropdown. You’ll see all your holdings here, and you can sell them.
Step 2:
Once your account balance is zero, it’s time to withdraw the money. The sales from Step 1 take a full business day to settle. After that, go to the Pay & Transfer tab in the top menu, and choose the link to transfer money from the dropdown.
From here, you can transfer the money to an external checking or savings account (or to a Chase Bank account) using the ACH network. If you need to add a bank, you can do that on this transfer page. You can also use a wire transfer.
Step 3:
Now, you need to close the account. Even though it has a zero balance, it won’t close automatically. To close the account, call the broker-dealer at 800-392-5749 and request the closure.
You can also send a message through the website to request account closure. To do this, go to the settings menu (the three horizontal bars in the upper-left corner), click on the secure messages link, and on the next page, select contact client services. Choose your account (if you have more than one with J.P. Morgan), and then select account closure as the topic.
You can follow these same steps on the Chase mobile app. The secure message center is under the icon in the upper-right corner that looks like a little person. To sell positions, tap the account tile, then the More icon in the lower-right corner. The Pay & Transfer button is in the main menu at the bottom of the screen.
Close Chase Investment Account With ACATS
If selling and withdrawing seem like too much trouble, or if you want to keep your investments, there’s another option. You can transfer everything through the Automated Customer Account Transfer Service (ACATS) to another investment firm. When you do a full transfer, the J.P. Morgan Investing account will automatically close.
Step 1:
Open an investment account at a new firm and make sure they will accept the assets in your J.P. Morgan Investing account. This is important because some firms might not accept certain assets, like mutual funds or bonds. Don’t transfer option contracts that expire in less than 7 days.
Step 2:
Request a full ACATS transfer to the new account. This request needs to be sent to the new firm.
As an example, see
How to Transfer From JP Morgan to Robinhood.
Internal Method
Similar to ACATS, there’s an internal transfer option. Instead of sending your account to another firm, it’s transferred to a second account within J.P. Morgan. This method doesn’t close the original account automatically, so make sure to request the closure after the transfer.
The new account must be of the same type (for example, a joint account transferred to another joint account). Like ACATS, the benefit (or drawback) is that nothing is sold.
Remember the Tax Man
If you sell securities or withdraw money from an investment account, you might owe taxes (depending on the account type). It’s a good idea to consult with a CPA before doing either.
Alternatives to J.P. Morgan Chase
If you’re considering switching from J.P. Morgan Chase, there are other good options.
Charles Schwab has a better website
and more products.
Webull
offers a trading platform and a better mobile app.
Beware of Closeout Fees
J.P. Morgan Investing charges a $75 fee for outgoing ACATS transfers. There’s also a $75 fee to close an IRA. Wire transfers cost $25 unless sent to a Chase account (Private Client accounts get free wires to any bank).
Closing Other Investment Accounts with J.P. Morgan
J.P. Morgan Chase has other investment divisions that offer both advisory and brokerage accounts. These accounts can be closed in the same ways described above. You can use internal and ACATS transfers or sell, withdraw, and close. For other divisions, you might need to contact an investment advisor representative to make trades or withdraw money. An ACATS transfer can be done without contacting the advisor if all assets can be transferred to the new firm.
Updated on 1/1/2025.
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