How to Delete a Public.com Account
If you have a Public.com brokerage account that you don’t use, it’s a good idea to close it to prevent unauthorized access. Here’s how to close the account:
Closing Public Account by Liquidation
There are two ways to close an account at Public.com. The first involves selling everything in the account, withdrawing the cash, and then requesting the account closure.
Start by logging into your account and selling all your assets—stocks, cryptocurrencies, fine art—everything must go. You can transfer stocks (but not cryptocurrencies or alternative assets) in a partial transfer and leave the cash. The goal is to convert everything to cash.
Once only cash remains in the account, withdraw the balance. You can withdraw cash by ACH, paper check, or wire transfer. To link a bank account for ACH or wire transfers, go to the website and click on your account name in the upper-right corner. In the drop-down menu, choose the settings and privacy link. On the next page, click on funding methods under the Account tab. Here, you can add an external bank account.
The Transfers tab is located just below the Account tab. Click on the withdraw link under Transfers to move cash out of the account.
You can also do this on the mobile app. After logging in, tap the icon with three horizontal lines in the upper-left corner, then select account settings. You’ll find the same links here as on the website.
Now that the account has a zero balance, double-check to ensure there are no pending deposits. If everything is clear, you can proceed to close the account.
Under the account settings menu on both the website and mobile app, there is a link to close the account. Click or tap on this link to close the account. The next page will verify that all assets are sold and no pending deposits or funds are left in the account. If everything checks out, go ahead and close the account.
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Closing Public Account by Full ACATS Transfer
A partial transfer to move securities out of the account won’t actually close it. You would still need to request a closure. If you want to skip that step, you can do a full transfer to another investment firm, which will move everything in the account to the new firm and automatically close the Public account. This method requires opening an account at the other firm, but it has the advantage of not needing to sell your holdings.
Only securities and cash can be transferred through the ACATS system used here. If you have cryptocurrencies or alternative investments, they need to be moved to a different Public account.
To perform a full outgoing ACATS transfer from Public to another firm, contact the receiving firm to request the transfer.
For example, see
How to Transfer a Public Account to Robinhood.
Cost of Closing Public Account
Public.com charges a $75 fee for outgoing ACATS transfers, whether partial or full. The first method could also incur costs. While there’s no fee to close an account, Public charges for instant cash withdrawals, outgoing wires, and overnight check delivery.
Charles Schwab will reimburse this fee if you transfer an account of $7,500 or more to them.
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Updated on 1/1/2025.
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