When you decide to close your Acorns account, it’s important to understand what exactly happens in the process. Closing your account does not automatically cancel your subscription. This means that you will continue to be billed for your monthly subscription until you take the necessary steps to cancel it.
It’s worth noting that if you have any transactions that are processing into or out of your Acorns account, you will need to wait for those transactions to finish processing before closing the account(s). This is to ensure that all transactions are properly accounted for and settled before you close your account.
To provide a more detailed explanation, let’s break down the steps involved in closing your Acorns account:
1. Assess your account status: Before closing your account, it’s important to review your account status. Take a look at any pending transactions, pending investments, and outstanding fees. Make sure that you have enough funds available to cover any outstanding fees or pending transactions.
2. Cancel your subscription: As mentioned earlier, closing your account does not automatically cancel your subscription. To cancel your subscription, you will need to go into your Acorns account settings and follow the steps to cancel. This will ensure that you are no longer billed for the monthly subscription fee.
3. Wait for transactions to process: If you have any pending transactions, such as deposits or withdrawals, it’s important to wait for them to process before closing your account. This is to avoid any disruptions or complications in the transaction process. Once all pending transactions have been completed, you can proceed with closing your account.
4. Close your account: Once you have canceled your subscription and all pending transactions have processed, you can proceed with closing your Acorns account. To close your account, you will generally need to reach out to Acorns customer support or follow the specific instructions provided by Acorns. They will guide you through the process of closing your account and ensure that all necessary steps are taken.
It’s important to keep in mind that closing your Acorns account will result in the permanent deletion of your account information, investment portfolio, and any associated data. This means that you will not be able to access your account or retrieve any historical information once the account is closed.
Closing your Acorns account does not automatically cancel your subscription. You will continue to be billed for your monthly subscription until you specifically cancel it. It’s important to wait for any pending transactions to process before closing your account, and to follow the necessary steps provided by Acorns to ensure a smooth account closure process.