How to close a Folio Investing account on mobile app or with customer service. Fee to close Folio Investing brokerage account and delete app.

Folio Investing Account Closing Fee

Folio Investing does not charge account termination fees on brokerage accounts unless you are using account transfer (see below).


Folio Investing ACAT Fees

If you decide to move your Folio Investing account to a different firm through ACAT, Folio Investing will charge you a $100 fee for a full account transfer and $5 per security and cash transfer ($25 min / $75 max) for a partial account transfer. If you move your account to Ally Invest, they will reimburse Folio Investing's ACAT fee.


How To Close Folio Investing Account

To cancel Folio Investing account, you first move your cash to your bank or another broker. If you have investments you can either sell them or transfer to another broker. Then you call Folio Investing customer service and ask them to cancel your account.


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Commission-Free NTF Mutual Funds Brokers

Unlike Motif Investing and RobinHood, most other online brokers do offer investing in mutual funds. Moreover, many brokers offer NTF (No-Transaction Fee) funds - funds where customers pay no commission to buy or sell. As you see from the table below, the companies that do offer these funds tend to be large and well known names.

The five largest brokerage houses in the U.S. - TD Ameritrade, Charles Schwab, Etrade, Fidelity Investments, and Scottrade - do offer NTF funds. A few small, little known brokers also provide NTF funds - Cobra Trading and Firstrade.

Surprisingly, the sixth largest brokerage house, Ally Invest, does not offer NTF mutual funds right now.

It's very important to understand that No-Transaction Fee, No-Load mutual fund is not free. Every mutual fund has an expense ratio which is the total of the few following two components:

The Investment Advisory Fee or Management Fee is the money necessary to pay the manager(s) of the mutual fund. On average, this fee is about 0.50% of the fund's assets.

Administrative Costs are the costs of record keeping, mailings, maintaining a customer service line, etc. These are all necessary costs, though they vary in size from fund to fund. This fee is between 0.05% and 0.40% of fund's assets.

These fees are much more important than the transaction costs. As an example, a mutual fund with Management Fee of 1.00% and Administrative Costs of 0.40% will cost you $90 EVERY YEAR on a $5,000 investment!

Studies have shown that more expensive mutual funds do not perform better than the cheaper ones. Therefore it makes sense to invest in the lowest expense ratio NTF, no-load mutual fund that performed well over the years.



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