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How to Close a Sharebuilder Account

As I mentioned in my post about the Sharebuilder five free trades promotion code [3], I recently sold a small position in IYT [4] in my Sharebuilder account. I opened it because I was taking advantage of a $50 Sharebuilder promotion code [5] and not the account just another one of the million I’ve been closing recently.

Fortunately, Sharebuilder is part of ING Direct and ING Direct is easily the king of online banking when it comes to interfaces. Closing a sharebuilder account is really simple, just log in, click on the Account Profile tab:

Then scroll down to Account Preferences and click on “Close this account.”

When click the link, you’re asked to provide a reason along with links to counter them. I chose the second option – “I need to use money in my ShareBuilder account to pay bills or make a purchase” since it was most accurate. From here they give you a checklist of things you need to do before you can close your account:

Once you complete the checklist, and all the boxes are now orange checkmarks, clicking Next brings you to this final page with a “Close account” button.

After that, you’re done! When I closed my E*Trade account [6], they closed the brokerage account but left my username active for 30 days. This was so I could collect any outstanding dividends or other transfers I may have forgotten about. Sharebuilder does something similar, except the username will be active, theoretically, forever. Statements will be generated if any dividends are posted, which is a nice feature because it means I won’t need to periodically check the account.

Finances are so easy to complicate but with Sharebuilder, simplifying was almost as easy! 🙂