SoFi Money is an online financial company that offers banking and investment services. However, there might be various reasons why users may want to close their account such as opening another account in a different financial institution or just needing to take a break from banking. In this article, we will provide you with a brief overview of the steps to close a SoFi account.
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Contents
Step 1: Evaluate Your Reasons for Leaving
If you are considering to close your SoFi account, evaluate your reasons for leaving. Common reasons include dissatisfaction with services, lack of need for the account, and tax implications. It is important to weigh the pros and cons of each option. Dissatisfaction with services, for instance, may be addressed by contacting SoFi’s customer support team, while tax implications should be consulted with a professional tax advisor.
Step 2: Sell or Transfer Your Investments
If you have investments with SoFi, there are multiple options to sell or transfer them. Before making a decision, it is important to understand the limitations and fees associated with each option.
If you decide to sell your investments, you can do so by logging in to your SoFi account and selecting the ‘Invest’ tab. From there, choose the investment you want to sell, and click ‘Sell.’ It’s important to note that you may be subject to capital gains taxes on any gains you’ve earned, and SoFi may charge a small fee for the sale.
If you decide to transfer your investments to another brokerage, the process is slightly more involved. Log in to your account and click on the ‘Invest’ tab. If you’re using the app, then click on the “Transfer Account” button; if you’re using the SoFi.com dashboard, then click on the “Begin transfer” button. You will then follow the steps to complete the transfer request. It’s important to note that SoFi may charge a fee for transferring your investments, and there may be restrictions or limitations involved, such as a minimum transfer amount or a limited selection of eligible transfer destinations.
It’s important to carefully consider your options before selling or transferring your investments. If you’re unsure about which option is best for you, consider seeking advice from a financial advisor.
Step 3: Close Your SoFi Account
If you are no longer in need of a SoFi account, it’s important to properly close the account. Here’s how to do it:
- Log in to your SoFi Money account
- Click on the “More” icon
- Select “Close Account”
- Provide a reason for closing the account
- Confirm the cancellation of your account
It is important to note that once your account is closed, you will not be able to reopen it. In addition, make sure there are no pending transactions or outstanding balances before closing your account. If you’re having any difficulty closing the account, please email [email protected] for further assistance.
Step 4: Consider Alternatives to SoFi
When considering closing your SoFi account, it may be helpful to look into alternative online brokers to fit your needs and goals. One popular alternative to SoFi is Robinhood, which offers commission-free trading and a user-friendly mobile app. Another option is Charles Schwab, which offers a wider variety of investment options and a robust trading platform. It’s important to evaluate your investment preferences and research each option thoroughly before making a decision.
Step 5: Address Potential Tax Implications
Before closing your SoFi account, it is important to consider any potential tax implications. Capital gains and losses may arise from selling any assets within your account, which must be reported on your taxes. It is recommended to consult with a tax expert or use applicable resources to ensure proper reporting.
You can find any generated tax documents for your Invest account in the Tax Document Center. If you have any further questions or concerns about tax implications, please contact SoFi support at [email protected].
FAQs
If you’re looking to close your SoFi account, there are a few things to keep in mind. Here are some common questions users may have:
What is the timeline for closing a SoFi account?
The timeline for closing a SoFi account can vary depending on the account and the reason for closure. Typically, it takes between 1 to 5 business days for SoFi to process your account closure request. After that, it can take an additional 2 to 10 business days for your remaining funds to be sent to your external bank account.
Are there any fees associated with closing a SoFi account?
No, closing a SoFi account does not come with any fees. However, if you have any outstanding balances or positions, you may need to address those before you can fully close your account.
What should I do if there are remaining funds or investments in my account?
If there are remaining funds or investments in your account, SoFi will usually initiate a one-time transfer to your external bank account once your account closure request has been processed. If you have any questions or concerns about your remaining funds or investments, you can contact SoFi’s customer support team.
What steps do I need to take to close my SoFi account?
To close your SoFi account, simply log in to your account, go to the “More” icon, and select “Close Account.” From there, follow the steps provided by SoFi to complete your account closure request.
Conclusion
Closing a SoFi account can be done by logging in and selecting the ‘More’ icon then ‘Close Account’. It is important to consider any tax implications and carefully evaluate the reasons for leaving. Alternatively, transferring funds to another account or contacting customer support may be options to explore.
References
If you need to change your proxy settings while using SoFi, follow these steps: click on Settings, scroll to the bottom and click the Show Advanced Settings link. Click on Change proxy settings (under Network) Click the Security tab > Trusted Sites icon, then click Sites. Enter the URL of your Trusted Site, then click Add. Click Close > OK.