Scottrade is an online brokerage and trading service that allows clients to buy, sell and trade stocks, mutual funds and other assets from the comfort of home. The company also offers banking services for customers with at least $500 in a Scottrade brokerage account. If clients want face-to-face interaction, they can use one of the 500 Scottrade retail branches nationwide. Closing a Scottrade account requires a call or letter to the company.
Contact Customer Service
To close a brokerage or bank account, the customer can visit any Scottrade retail branch or call customer service at 1-800-619-7283. She can also submit, either through the mail or at a retail branch, the Authorization to Transfer Cash document found on the Scottrade website. This document lets the client transfer any remaining money in the account to another outside account and includes a check box for closing the Scottrade account. For individual retirement accounts, the customer mails in the IRA Distribution Request, which moves any remaining money to another account and has a check box for closing that account.
Penalties and Fees
When a customer closes a banking account, she loses any interest that Scottrade did not yet credit in that statement period, as well as any automatic teller machine fee refunds not yet posted for that statement period. Scottrade does not charge any penalties for closing an IRA, but the federal and state governments do impose early withdrawal penalties, which vary depending on the state, date of withdrawal and amount withdrawn.