Complete the following steps to close your account at IB. Note that for USD-based accounts, IB will initiate an ACH transfer based on an ACH bank instruction you have on file. If you have more than one ACH bank instruction on file, you will have the opportunity to select one. If you do not have any ACH bank instructions, IB will issue a check to your U.S. mailing address on file. For all non-USD based accounts, IB will issue a wire based on the banking instruction on file.
|Step 1.||Liquidate or Transfer Positions
Accounts with positions cannot be closed. You must either liquidate, or transfer all positions to another brokerage firm. Please contact your broker for transfer instructions. To check your positions, log into Account Management and in the Report Management menu, click Activity Statements. Elect to View Statements to verify that all positions have been liquidated or transferred.
|Step 2.||Convert Foreign Currencies
Closing withdrawals may only be made in your base currency. You must convert any foreign currency you may hold back to your account's base currency. The conversion can be processed using the Trader Workstation FXTrader. If you need assistance with the conversion process please contact our Trade Desk.
|Step 3.||Verify Bank Wire Instructions
For all non-USD based accounts, IB will issue a wire based on the banking instruction on file. To create or change banking instructions, Log in to Account Management, open the Funds Management menu and click Cash Transfers. Select Withdraw Cash as the transaction, then Wire as the method. To create a new instruction, select Add New Instruction and fill in the necessary fields. To modify an existing instruction, select an existing wire instruction and click the Edit Instructions button at the bottom of the page.
|Step 4.||Cancel Market Data Subscriptions
You need to cancel your market data subscriptions when you close your account. To cancel subscriptions, log in to Account Management, open the Trading Access menu and click Market Data Subscriptions. Deselect checkboxes to cancel your subscriptions.
|Step 5.||Return Secure Login Device
If you participate in the Secure Login System, you must return your secure login device. Cash balances will be reduced by the cost of the device (between USD 20 and USD 150 depending on device) until the secure login device is returned. For more information regarding how to return the device please contact our Technical Assistance Department or visit our web site: http://ibkb.interactivebrokers.com/node/975
|Step 6.||IRA Accounts Withdrawals
IRA account holders will need to complete the IRA Withdrawal Instructions in Account Management and specify the type of withdrawal for government tax reporting purposes.
|Step 7.||Ensure Recent Deposits Have Cleared
All recent deposits, such as ACH, check and wire transfers, must have time to clear according to the Customer Deposit Credit and Hold Periods policy before your request to close your account can be honored.
Please refer to the attached link for more details: http://www.interactivebrokers.com/en/p.php?f=funding
|Step 8.||Check Statements and Tax forms
To access activity statements and tax forms, log in to Account Management and open the Report Management menu. Click an entry to view your Activity Statements or Tax Forms.
This information will only be available for a limited time after your account is closed. You will need to save your username and password for future access to statements.
|Step 9.||Close Account
After all of the above has been completed, log in to Account Management, open the Account Administration menu and click Close Account.
For USD-based accounts only, IB will initiate an ACH transfer if you have an existing ACH bank instruction. If you have more than one ACH bank instruction, select the ACH bank instruction you wish to use from the drop-down list on the Close Account page.
For USD-based accounts only, if you do not have an existing ACH bank instruction, you can either create one in Account Management on the Cash Transfers page (in the Funds Management menu), or IB will issue a check to your U.S. mailing address on file. In the latter case, confirm that IB has your correct U.S. mailing address by checking the address displayed on the Close Account page. To make changes,open the Account Information page in the Account Administration menu, then click Modify.
Specify the reason you are closing your account by clicking the appropriate check boxes.
Click the Submit button to submit your request.
Your account will be held open for three months after you receive your closing withdrawal to collect any possible future fees, dividends, interest, or corporate actions. After that time, your account will be closed permanently. Check back to see if any balance has been created on future statements, and check the Close Account page to view the status of your request to close your account..
Please note that if the above criteria are not met our system will not be able to process your account closure request. Inactivity fees will continue to be deducted from an account until the above steps are completed, including the return of any Secure Login System device. Also note that funds held to secure the return of the security device may not be withdrawn until the device has been returned, and will be applied to meet any inactivity or market data fees.