To deactivate your Robinhood debit card, users must first close their Robinhood account, which you can do through the mobile app. Even if your Robinhood account is closed, you can still access your trade verifications, historical financial records, tax documents, and other documents. Following the simple steps outlined above, you can also unlink a bank account. Look no further if you want to know how to cancel your Robinhood credit card. This article contains all of the answers you seek and more.
How to Deactivate Your Robinhood Credit Card
You must first close your Robinhood account to deactivate your Robinhood credit card. Close your Robinhood account directly from the mobile app. You can still access some of your data after your account has been closed, such as trade confirmations, historical account statements, tax documents, and more.
The rationale for considering Closing Your Robinhood Account
There are three broad categories of Robinhood complaints, which may explain why you want to know how to close a Robinhood account:
You’d like to do more day trading
Robinhood makes trading simple by providing a trading platform devoid of frills. You can only trade stocks, ETFs, and options, so many advanced-day trading platforms, and tools are unavailable.
If you want to experiment with day trading, you should close your Robinhood account.
You prefer less risky and more conventional brokerages
As a retail trader, Robinhood makes it simple to trade. This means you are entire to blame for your investment portfolio — there is no broker or financial advisor in the Robinhood ecosystem who can provide you with personalized advice.
You can lose a lot of money if you don’t know what you’re doing. Close your Robinhood account if you want to transfer your account to a more traditional, institutional investment broker.
You prefer riskier, less conventional brokerages
Robinhood isolated a large portion of its userbase by taking the extreme step of prohibiting its users from purchasing specific stocks in early 2021. Individual investors who used Robinhood to avoid conventional, institutional brokerages saw this move as “stealing from the poor to give to the rich.”
If you want to transfer your account to another stock trading app that hasn’t barred users from purchasing these stocks, you should close your Robinhood account.
Procedures to Follow Before Closing Your Account
First, you must decide whether you want to close or deactivate your account. If you close your account, you will only be able to use the Robinhood app to view your historical account statements, tax documents, and trade confirmations.
If you decide to trade with Robinhood again, you will have to go through the application process again.
Even if you deactivate your account, you can still access all of your documentation.
You are not required to leave any funds in your account.
However, if you want to resume trading on the app later, you can easily reactivate your account.
Regardless of whether you close or disconnect your account, your Robinhood account balance must be $0.
This means that you must either sell all of your positions and transfer the proceeds to your bank account, or transfer all of your assets from Robinhood to another brokerage.
How to Close Your Robinhood Account
Close your Robinhood positions using the mobile app as follows:
- Select the “Account Person” icon.
- Select “Settings.”
- Select “Account Information.”
- Click on “Deactivate Account” at the bottom of the page.
- After closing your positions, proceed with the steps below to withdraw your account balance.
- You can affirm your application to deactivate your Robinhood account once your positions are closed and your balance is $0.00.
If you require any additional assistance in deactivating your Robinhood account, please contact us.
To Disconnect A Bank Account From Robinhood
Robinhood advises connecting checking accounts rather than savings accounts to avoid potential transfer reversals.
Unlinking a Banking Account from Robinhood on iOS
- In the app’s right-hand bottom corner, tap the “Account” icon.
- Select “Transfers.”
- Select “Linked Accounts” at the bottom of the page.
- Tap the bank account you want to disconnect.
- Select the red “Unlink” button.
- Tap the green “Unlink” button to confirm the removal of your bank account.
Unlinking a Banking Account from Robinhood Using Android
- In the app’s right-hand bottom corner, tap the “Account” icon.
- Select “Linked Accounts” at the bottom of the page.
- Tap and hold the account you want to disconnect.
- Tap the “Unlink” option when it appears to unlink the bank account (no further confirmation is required).
Unlinking a Banking Account from Robinhood via the Internet
- Click “Account” in the upper right corner.
- A menu will appear; choose “Banking.”
- Click the “Remove” button for the bank account you want to unlink under “Linked Accounts.”
Bank accounts that are under investigation cannot be disconnected.
In this case, please visit https://robinhood.com/us/en/support/ to speak with a customer service representative about unlinking your credit card from Robinhood.
How Do I Move My Robinhood Account to a Different Broker?
You can transfer your positions to another brokerage if you don’t want to sell them. If you transfer out all of your assets, Robinhood will automatically close your account.
The transfer procedure starts with your newly selected brokerage firm.
You must initiate an ACATS (Automated Customer Account Transfer Service) request and complete any paperwork required by your new brokerage firm. Following that, they will submit transfer instructions so that your assets and funds can be transferred to the new brokerage firm. You may be required to provide your Robinhood Securities (RHS) account number to the other brokerage.
This data can be found in your mobile app:
- In the bottom right corner, tap the Account icon.
- Investing on Tap
- Your account number will be displayed at the top of the screen.
You may also need to include a DTC number in your transfer.
The DTC for Robinhood is 6769. If you require assistance during the account transfer process, please contact Robinhood at 1-650-940-2700.
How to Move Your Robinhood Account to a New Brokerage
Just choose the finance company to which you want to transfer your account, then send them a request to have your assets transferred from your Robinhood account to them. If you transfer all of your assets to the new brokerage, your Robinhood account will be closed automatically.
Locating Account Records
Even if your Robinhood account is closed, you can still use the mobile app to access your trade confirmations, historical account statements, tax documents, and other documents.
