How to Delete Acorns Account
Acorns is a popular micro-investing app that allows users to effortlessly invest their spare change from everyday purchases. By rounding up purchases and automatically investing the differences, Acorns makes it simple for anyone to start building an investment portfolio.
However, there may come a time when you decide you no longer want or need your Acorns account. Perhaps you want to consolidate your investments elsewhere or feel Acorns no longer fits your financial strategy. Regardless of the reason, deleting your Acorns account is a relatively straightforward process.
In this post, I’ll walk through the steps for permanently deleting your Acorns account so you can close it for good.
Steps to Permanently Deleting Acorns Account
Step 1: Open the Acorns App and Log In
Begin by opening the Acorns app on your mobile device. Ensure that you are logged into your account.
Step 2: Navigate to Settings
Locate the profile icon in the top left corner of the screen. Tap on the profile icon, and then navigate to the ‘Settings’ option.
Step 3: Access My Subscription
Under ‘Personal Settings,’ find the ‘My Subscription’ option. Tap on it to view your current subscription details.
Step 4: Initiate the Subscription Cancellation
Scroll down until you find the ‘Cancel Subscription’ option under ‘Manage.’ Tap on ‘Cancel Subscription’ to proceed.
Step 5: Confirm Cancellation
A prompt will appear, indicating that canceling the subscription will close your account, and any remaining funds need to be withdrawn. Tap on ‘Continue’ to confirm your decision.
Step 6: Choose Your Next Step
You’ll be presented with options to switch to Acorns Assist or proceed with canceling your subscription. If you’re certain about closing your account, tap on ‘No Thanks, Cancel My Subscription.’
Step 7: Provide a Reason (Optional)
You may be prompted to provide a reason for closing your account. Select a reason from the list and, if desired, provide additional details about your situation.
Step 8: Confirm Account Closure
Tap on ‘Next,’ and then proceed to ‘Close Invest Account.’ After reviewing the terms and conditions, tap on ‘Continue Anyway.’
Step 9: Final Confirmation
You may be asked to confirm the closure of your account. Read through the details and agree to the terms. Tap on ‘Close Account’ to finalize the process.
FAQs
Q: How much does it cost to close an Acorns account?
A: Closing an Acorns account is free. There are no fees associated with closing or deactivating your Acorns account.
Q: What happens when you close an Acorns account?
A: When you close your Acorns account, all automated transfers and recurring investments will be stopped. Any money remaining in your Acorns portfolios will be sold and the resulting cash balance will be transferred to your linked bank account. Your account will then be closed.
Q: Can I liquidate my Acorns account?
A: Yes, you can liquidate or withdraw the money from your Acorns account at any time without penalty. To do so, you simply need to initiate a full or partial withdrawal from your account, which will sell the investments in your Acorns portfolios and transfer the money to your linked bank account.
Q: How do I unlink my Acorns account?
A: You can unlink your bank account or debit card from your Acorns account by logging into your account, clicking on “Settings”, selecting the “Linked Accounts” sections, choosing the account you want to unlink, and confirming you want to disconnect the linked account. This will prevent any further automated transactions, but will not close your Acorns account.
Conclusion
By following these steps, you have successfully deleted your Acorns account. With your funds withdrawn, recurring transfers disabled, bank accounts disconnected, and closure request submitted, there is nothing left connecting you to Acorns.
Within approximately one week of submitting your closure request, Acorns will email you to confirm the irreversible deletion of your account. While you wait for account termination to finalize, your remaining balances, transaction history, and other personal data will be inaccessible to you.