Acorns is a popular investment app that helps users grow their savings by automatically investing spare change. While it’s an excellent tool for many people, you may want to close your Acorns account. We’ll show you the steps to delete your account effectively.
Why Delete Your Acorns Account?
Before we dive into the process, let’s briefly discuss why someone might want to delete their Acorns account. Personal circumstances can change, and you might find it necessary to part ways with the platform. Here are some common reasons:
Financial Goals Shift
Your financial goals may evolve. You might have started using Acorns for short-term savings, but now you’re focused on different investment strategies.
Changing Financial Priorities
Life is full of surprises. You may need to reallocate your funds to address more immediate financial priorities, such as paying off debt or covering unexpected expenses.
Exploring Other Options
There are numerous investment platforms available, each with its unique features. Consider exploring alternatives to Acorns that align with your current financial needs.
How to Delete Acorns Account – Simple Steps
Before proceeding, ensure you’ve used up all your spare change investments and withdrawn your remaining balance. Once your account balance is zero, follow these steps:
Step 1: Log In
Log in to your Acorns account using your email address and password.
Step 2: Navigate to Settings
Click on the “Settings” tab.
Step 3: Close Account
Scroll down to find the “Close Account” option. Click on it.
Step 4: Confirm Closure
The platform will ask you to confirm to close your account. Click “Continue.”
Step 5: Verify Identity
To ensure security, Acorns may ask you to verify your identity. Follow the on-screen instructions to complete this step.
Step 6: Final Confirmation
Once your identity is verified, you’ll receive a confirmation that your account has been closed successfully.
Things to Consider Before Deleting Acorns Account
Familiarize yourself with these policies and considerations before deleting your Acorns to avoid any surprises during the closure process.
Withdrawing Your Funds
Ensure that you have withdrawn all your funds from your Acorns account. This step is critical to avoid any investment loss when closing your account.
Consideration of Tax Implications
Closing your Acorns account may have tax implications, such as capital gains or losses. Consult with a tax professional to understand the tax consequences of your decision.
People Also Ask
How long does it take to delete my Acorns account?
The account closure process usually takes a few business days. It may take longer if there are pending transactions or if additional verification is needed.
Can I reopen my Acorns account after closing it?
Yes, you can reopen your Acorns account at any time. However, you must repeat the sign-up process and re-link your bank account.
What happens to my investments when I close my Acorns account?
When you close your Acorns account, your investments will sold, and the proceeds will be transferred to your linked bank account.
Is there a fee for closing my Acorns account?
Acorns does not charge a fee for closing your account. However, tax implications may depend on your investments, so it’s advisable to consult a tax professional.
Can I delete my Acorns account via the mobile app?
Yes, you can delete your Acorns account through the mobile app by following the steps outlined in this guide.
What should I do if I encounter issues while closing my account?
If you encounter any issues during the account closure process, contact Acorns customer support for assistance.
Conclusion
Following these steps is essential to ensure a smooth Acorns account closure process. If you have any further questions or need assistance, don’t hesitate to contact customer support.