Updated
Why can't I close my Cash account?
You’re welcome to close your Cash Account whenever you’d like without any fees or penalties. With that being said, sometimes closing your Cash Account will require a few extra steps. If you're unable to close your Cash Account online after selecting Manage it's most likely due to one of the following three issues. Please review these common issues and follow the steps to resolve them so you can close your Cash Account online.
#1 You have an incoming deposit (or withdrawal) to/from Wealthfront which is actively being processed but hasn't been completed yet
To solve this issue, simply wait roughly 1 business day (in most scenarios) for your transfer(s) to complete, and don't schedule any other transfers using this account. You can monitor the status of your transfer(s) under Transfer money in the Transfers in progress section. Once your deposit has arrived or your withdrawal has been completed, you can then start the standard account closure process online.
#2 You're holding some or all of your funds in your Cash Account in a money market fund
Your Cash Account can't be closed if you're holding funds in a money market. To move funds out of a money market and back into your account select Manage. Then go to the money market information card and select Continue. Select Continue again and then select Clear allocation and complete the subsequent prompts.
Once submitted, it typically takes 1-2 business days for your money market shares to be sold and your cash to arrive back into your account. Once it has arrived and you no longer hold any money market shares you can then start the standard Cash Account closure process online.
#3 You currently have an open and/or funded Stock Investing account
At this time, you must maintain a Cash Account if you have a Stock Investing account. If you want to close both your Stock Investing account and your Cash Account please follow the steps in the FAQ below to ensure that all of your stock(s) are sold in your Stock Investing account:
How do I sell stocks that I hold in my Stock Investing Account?
Once your Stock Investing account is empty and you’re not expecting any residual dividends or interest, please send us a message requesting for your Stock Investing account to be closed. Once your Stock Investing account is closed you can then start the standard Cash Account closure process online.
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If you've reviewed these three issues and are confident that none of them apply to you and you're still unable to close your Cash Account, please send us a message so we can help you close your account.
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Wealthfront offers a free software-based financial advice engine that delivers automated financial planning tools to help users achieve better outcomes. Investment management and advisory services are provided by Wealthfront Advisers LLC, an SEC registered investment adviser, and brokerage related products are provided by Wealthfront Brokerage LLC, a member of FINRA/SIPC.
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© 2020 Wealthfront Corporation. All rights reserved.
We’ve partnered with Green Dot Bank, Member FDIC, to bring you checking features.
Checking features for the Cash Account are subject to Green Dot Bank’s application and approval. Debit Card is optional and must be requested. Wealthfront Cash Account Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Wealthfront products and services are not provided by Green Dot Bank. Green Dot is a registered trademark of Green Dot Corporation. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. ©2020 Green Dot Corporation. All rights reserved.
Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. Interest does not begin accruing until funds arrive at the program banks, which may take up to one business day.
Other fees apply to the debit account. Fee-free ATM access applies to in-network ATMs only. Each calendar month, current eligible clients with ATM Transactions will receive a reimbursement of certain fees associated with their first two domestic out-of-network ATM Transactions. Wealthfront Brokerage will utilize its best efforts to reimburse Green Dot’s $2.50 “out-of-network fee” and up to $5.00 of any operator or owner’s fee for your domestic ATM Transactions, up to a maximum reimbursement of $7.50 per ATM Transaction (the “Reimbursement”). Your maximum total monthly Reimbursement shall be $15.00 ($7.50 + $7.50). If an ATM operator charges fees other than out-of-network fees and/or owner’s fees, Wealthfront Brokerage will not reimburse any portion of those fees. Once the maximum total monthly Reimbursement has been reached, no subsequent out-of-network ATM fees or charges that occur that calendar month will be reimbursed. For full details please review the Out-of-Network ATM Fee Reimbursement Terms and Conditions.
Other eligibility requirements for mobile check deposit and to send a check may apply.
Apple Pay, Face ID and Touch ID are trademarks of Apple Inc. Google Pay is a trademark of Google LLC.
The Cash Account Annual Percentage Yield (APY) is as of September 27, 2024. The APY may change at any time, before or after the Cash Account is opened. The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. Deposit balances are not allocated equally among the participating program banks.
Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to institutions accepting and maintaining deposits. Investment management and advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC (“Wealthfront”).
The cash balance in the Cash Account is swept to one or more banks (the “program banks”) where it earns a variable rate of interest and is eligible for FDIC insurance. FDIC insurance is not provided until the funds arrive at the program banks. Wealthfront uses more than one program bank to ensure FDIC coverage of up to $8 million for your cash deposits. FDIC insurance coverage is limited to $250,000 per qualified customer account per banking institution. For more information on FDIC insurance coverage, please visit www.FDIC.gov. Customers are responsible for monitoring their total assets at each of the program banks to determine the extent of available FDIC insurance coverage in accordance with FDIC rules. The deposits at program banks are not covered by SIPC.
Nothing in this communication should be construed as tax advice, a solicitation or offer, or recommendation, to buy or sell any security. Any links provided to other server sites are offered as a matter of convenience and are not intended to imply that Wealthfront Advisers or its affiliates endorses, sponsors, promotes and/or is affiliated with the owners of or participants in those sites, or endorses any information contained on those sites, unless expressly stated otherwise.
Wealthfront, Wealthfront Advisers and Wealthfront Brokerage are wholly owned subsidiaries of Wealthfront Corporation.
© 2020 Wealthfront Corporation. All rights reserved.
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