How to Cancel Charles Schwab Account in 2026 (Close + Transfer Guide)

Updated 2026-03-03 · 7 min read

Schwab Accounts You Might Have

• Schwab One Brokerage: Standard taxable investment account
• Schwab Intelligent Portfolios: Robo-advisor service (free, but requires $5,000 minimum)
• Schwab IRA/Roth IRA: Retirement accounts
• Schwab Bank High Yield Checking: No-fee checking with unlimited ATM rebates worldwide
• Schwab Bank Savings: Standard savings account
• thinkorswim (TD Ameritrade): Advanced trading platform — now part of Schwab

Option 1: Transfer Assets via ACATS (Recommended)

1. Open an account at your new broker (Fidelity, Vanguard, Interactive Brokers, etc.)
2. Contact your new broker to initiate an ACATS transfer — they do the paperwork
3. Provide your Schwab account number
4. Choose full transfer (everything) or partial transfer (specific positions)
5. Wait 5-7 business days for the transfer to complete
6. Schwab charges $0 for outgoing ACATS transfers — no transfer fee
7. Call 1-800-435-4000 to officially close the empty account

Option 2: Sell and Withdraw

1. Log into schwab.com or the Schwab app
2. Sell all positions — trades settle T+1 for most securities
3. Wait for settlement (1 business day)
4. Withdraw cash via wire transfer ($0 for first wire) or ACH to your bank (1-3 business days)
5. Call 1-800-435-4000 to close the account

Close Schwab Checking Account

1. Move direct deposit to your new bank (wait for one paycheck to confirm)
2. Update all automatic payments and linked services
3. Transfer remaining balance via ACH
4. Wait for pending transactions to clear
5. Call 1-800-435-4000 or visit a Schwab branch to close
6. Destroy your Schwab debit card

Close Schwab IRA

• Trustee-to-trustee transfer (best): Move IRA to another broker — no taxes, no penalties, no paperwork beyond the transfer form
• 60-day rollover: Schwab sends you a check, you deposit it at new broker within 60 days — risky if you miss the deadline
• Cash out (worst): 10% early withdrawal penalty if under 59½ + income taxes. Almost never worth it.
• Call Schwab to initiate: 1-800-435-4000

Cancel Schwab Intelligent Portfolios

1. Log into schwab.com → Intelligent Portfolios
2. Click Manage Account
3. Select Unenroll from Intelligent Portfolios
4. Your investments become a regular brokerage account — you can then sell, transfer, or keep them
5. No cancellation fee — the robo-advisor service is free (they make money on cash allocation)

What Schwab Won't Charge You

• $0 account closure fee
• $0 ACATS transfer fee (outgoing)
• $0 for the first wire transfer
• $0 commissions on stocks and ETFs
• No account inactivity fees

Alternatives to Schwab

• Fidelity: Zero-expense-ratio index funds, slightly better mobile app, free CMA
• Vanguard: Lowest-cost fund provider, best for passive long-term investors
• Interactive Brokers: Best for active/advanced traders, lowest margin rates, global markets
• Robinhood: Simplest UI, best for beginners — but limited research and no phone support

Bottom line: Schwab is one of the easiest major brokerages to leave. No fees, no guilt trips, no retention games. If you're switching, ACATS is the way — your investments move seamlessly with zero tax impact.