Transferring Funds: Acorn To Other Investment Accounts

If you want to transfer funds from your Acorns account to another investment account, there are a few things you should know. Firstly, Acorns can transfer funds to another brokerage firm, but they can only transfer whole shares, and any partial shares will be sold, with the balance transferred to your linked primary checking account. There is also a fee per ETF for processing transfer requests. To initiate the transfer, you need to contact the receiving brokerage firm and complete the necessary paperwork, which can then be submitted to Acorns via email or physical mail. Alternatively, you can withdraw funds from your Acorns account by selling your assets and transferring the balance to your linked primary checking account, without any fees. However, withdrawing funds may have tax implications and could result in locking in a loss if you sell during a market dip.

Transferring funds from Acorns to another brokerage firm

If you want to transfer funds from your Acorns Invest account to another brokerage firm, you can do so, but Acorns can only transfer whole shares. Any partial shares that are left over will be sold, and the balance will be transferred to your linked primary checking account. Acorns charges a fee per ETF to process requests to transfer assets.

• Contact the brokerage firm you are transferring your shares to and ask them to send you the paperwork to initiate the transfer.
• Once you have the paperwork, you can email it to Acorns at [email protected], or send it by physical mail to: Acorns Securities, LLC ATTN: Account Transfers 5300 California Ave, Bldg 1 Irvine CA 92617.
• After Acorns receives the paperwork, they will send you a "Receipt of Transfer Request" email. You must respond to this email to confirm the transfer.
• The processing time for the transfer is about 2-3 business days. Any dividends paid out during this time might delay the transfer.
• After your whole shares are transferred, Acorns will sell any remaining assets and send them to your linked primary checking account.

Alternatively, you can withdraw the money from your Acorns account. Withdrawing funds means Acorns will sell your assets and transfer the balance to your linked primary checking account. There is no fee to withdraw money, and you can then re-invest that money in a different brokerage account. However, withdrawing funds may have tax implications, so it is recommended that you speak to your new firm and/or a tax advisor about your best option.

Viewing your whole shares

To view your whole shares, log in to your Acorns account from your app or acorns.com. From your home screen, tap or click "Invest". Tap or click on the performance graph to see your Account Value and details of your investments. Tap or click on the "view by" icon to filter the list of your investments (the icon is just to the right of "Your investments"). Finally, tap or click "Shares" to see how many whole shares can be transferred.

• Log in to your account: Open the Acorns app or go to acorns.com and log in to your account.
• Navigate to "Invest": From your home screen, locate and tap or click on the "Invest" option.
• View account value and investment details: Tap or click on the performance graph to see an overview of your Account Value, along with details about your current investments.
• Filter your investments: To the right of "Your investments," you'll find the "view by" icon. Tap or click on this icon to filter the list of your investments and customise what information you see.
• View whole shares: By tapping or clicking on "Shares," you will be able to see the number of whole shares you hold and are transferable.

Remember, Acorns can only transfer whole shares to another brokerage firm. Any partial shares that remain after the transfer will be sold, and the balance will be transferred to your linked primary checking account.

Understanding the transfer process

If you want to transfer funds from your Acorns Invest account to another brokerage firm, you can do so, but there are a few important things to note. Firstly, Acorns can only transfer whole shares, so any partial shares will be sold, and the balance will be transferred to your linked primary checking account. Secondly, Acorns charges a fee for processing asset transfer requests; it's $35 per ETF, but this fee may vary, so check with Acorns for the most up-to-date information.

To initiate the transfer process, you'll need to contact the brokerage firm you're transferring your shares to and complete the necessary paperwork. Once you have the paperwork, you can submit it to Acorns via email or physical mail. After they receive the paperwork, they will send you a "Receipt of Transfer Request" email, to which you must respond to confirm the transfer. The processing time for the transfer is typically 2-3 business days, although any dividends paid out during this time may cause a delay.

It's important to be aware of the potential tax implications of transferring funds. Withdrawing funds from your Acorns account means selling assets, which can result in capital gains or losses, depending on whether you sell at a profit or loss. Consult a tax advisor or relevant tax resources to understand the specific tax consequences for your situation.

Additionally, consider the potential impact on your investments. Withdrawing during a market dip can "lock in a loss," as you won't give your investments the chance to recover. Historically, US market downturns have eventually led to upturns, so long-term investors who stick it out may give their money a better opportunity to recover and grow.

Withdrawing funds from Acorns

To withdraw funds from your Acorns Invest account, you must first ensure that you have a verified checking account linked to your Acorns account. This is necessary so that Acorns can transfer your money.

Once you have a linked account, you can initiate the withdrawal process either through the Acorns app or on the Acorns website. Here are the steps to follow:

• Sign in to your Acorns account.
• Tap or click on "Invest."
• Choose the "Withdraw" option.
• Enter the dollar amount you would like to withdraw.
• Select the bank account you'd like your funds to be transferred to.
• Tap or click on "Review."
• Follow the prompts to confirm your selection.

It's important to note that withdrawing funds means Acorns will sell your assets, and there may be potential tax implications. Additionally, a withdrawal can lock in a loss. This means that if you sell your investments during a market dip, you may not give them the opportunity to recover.

After you make a withdrawal request, Acorns will sell your shares. This process can take 3-6 business days to be fully reflected in your bank account. If you submit your request before 11 am PT on a day the stock market is open, it will typically be processed the same day. Requests made after 11 am PT or on a day the market is closed will be processed the following market day.

There is also a mandatory 2-day settlement period required by federal regulations before Acorns can start processing your request. Keep in mind that withdrawing funds from your Acorns account does not close your account or cancel your subscription.

For more detailed information on withdrawal processing times and tax implications, be sure to consult the Acorns Help Center or a tax advisor.

Avoiding tax implications

If you are looking to transfer funds from your Acorns Invest account to another brokerage firm, there are a few steps you can take to avoid potential tax implications. Firstly, it is important to understand that transferring funds between investment accounts can trigger taxable events, such as capital gains or capital losses. Therefore, it is advisable to consult with a tax advisor or visit the IRS website to understand the tax consequences before initiating any transactions.

One way to potentially avoid tax implications is to transfer your assets directly between custodians without selling them. This can be done by contacting your new custodian, such as TD Ameritrade, and requesting the transfer paperwork. Typically, the outgoing custodian (Acorns) will charge a transfer fee, and the new custodian may reimburse this fee. By transferring assets directly, you can avoid realising gains or losses, which could trigger tax liabilities.

Another option to consider is pausing your investments instead of withdrawing funds. Withdrawing funds from your Acorns Invest account will trigger the sale of assets, which can have tax implications. If you sell investments at a profit, you may owe capital gains tax. On the other hand, selling investments at a loss can also result in tax consequences, as you may incur a capital loss. Therefore, by pausing your investments, you can avoid these potential tax implications.

Additionally, it is important to be mindful of the type of investment accounts you are transferring funds between. If you are transferring funds from a tax-advantaged account, such as an IRA, there may be restrictions on cashing out, even when transferring to a new broker. In such cases, it is advisable to contact both the outgoing and incoming custodians to understand the specific rules and regulations surrounding the transfer of funds.

Lastly, it is worth noting that Acorns charges a $35 fee per ETF to process requests to transfer assets. However, this fee may be negotiable, and you could potentially get the new custodian to waive or reimburse it. By carefully considering these steps and seeking professional tax advice, you can help minimise the tax implications when transferring funds from your Acorns account to another investment account.

Frequently asked questions