Stash is a simplified investment platform for beginning investors. Though it has higher fees than similar competitors, Stash makes investing approachable and accessible to all. However, there might come a time when you need to close your Stash account for good.
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Whether you’re closing an account on behalf of a loved one or you’re closing your own Stash account, it’s not always easy to understand how to close your account. Because you’re closing investment accounts, you’ll want to make sure your funds and investment profile are both secure and transferred during this process.
How do you close a Stash account? Read on for a step-by-step guide.
Tip: The other aspects of handling a loved one's unfinished business can be overwhelming without a way to organize your process. We have a post-loss checklist that will help you ensure that your loved one's family, estate, and other affairs are taken care of.
How to Close a Deceased Loved One’s Stash Account
If you’re in charge of executor duties for a loved one who’s recently deceased, you’ll want to make sure you delete all of their accounts securely. Just as you cancel credit cards after a death, you will also need to close their investment accounts.
Depending on whether you have access to your loved one’s Stash password, this could be a simple or complicated process. If you have access to their password, go directly to “how to close your own Stash account” below to complete those steps. Otherwise, here’s how to close a Stash account for someone else.
Step 1: Gather your loved one’s information
Stash has a process for deleting accounts after death, but you’ll need key information to get started. You’ll need all of the following:
- First and last name of the deceased
- Their phone number
- The email address associated with the account
- Copy of the death certificate
- Small estate affidavit confirming you’re the beneficiary
From there, move onto the next step.
Step 2: Contact Stash support
When you’re ready, contact Stash support via email. To do this, go to the Stash support page. Under “Didn’t find your question?” click “Ask your question.”
A chat box will appear in the corner of the page. Type “Contact by email.” If you don’t get a support box right away, click “No, show me more” until it does.
Step 3: Request the account closure
First, include your email address so they have a way to contact you with any further questions or confirmation. Under “Description,” share your request for the account closure. Here is a template to simplify the process:
I am the executor of [Name’s] estate. I am requesting his/her account to be closed after his/her death on [Date]. The account is for [first and last name], their phone number is [#], and the email address associated with the account is [email].
Don’t include any additional files or information at this time. Their support team will follow up with you after the initial message.
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Step 4: Wait for a follow-up email
The Slash team will follow up with you within a few days via email. They’ll typically ask for additional support information, and this is when you respond with your copy of the death certificate and the small estate affidavit confirming you’re the beneficiary.
They’ll also request for you to share your primary address. This is where they’ll send a check with the money from the account, so you’ll want to make sure this address is accurate.
Step 5: Save any confirmation
Last but not least, save any confirmation details associated with the account closure. This is an important part of securing someone’s digital afterlife.
Keep an eye out for a check in the mail with your loved one’s remaining balance from their Stash account. If you’re the executor of their estate, you can do with this money what you see fit.
How to Close Your Own Stash Account
Closing your own Stash account is a more straightforward process than closing an account for someone else. If you run into any problems along the way, you can always contact support for more assistance.
Step 1: Log into your account
The first step is to log into your account. It’s important to note that you can’t close your account from the app. You’ll need to log into Stash from a web browser. This is easiest to do on a computer or tablet.
Once you log in, click on your name to access your account. From there, move onto the next step.
Step 2: Click ‘Subscription’
When you access your account, you’ll see a tab called ‘Subscription.’ Click this link. Then, you’ll see ‘Close my Stash for good’ at the bottom of the page.
You’ll then be guided through the process of closing your account. This is different for every type of subscription. Here’s what to expect:
- Stash Beginner: If you have a Stash Beginner subscription, all of your investments will be sold once you cancel. You’ll have access to this money after it’s closed, and you can transfer it to an external account or use a debit card to make purchases.
- Stash Growth: If you have a Stash Retirement IRA in your Stash Growth subscription, you’ll need to sell all of your investments and wait for them to settle before closing your account. Like with the beginner account, your investments will be sold and returned to you.
- Stash+: If you have a Stash+ account, you can close your account under ‘Manage Account.’ You’ll need to close both your personal portfolio and retirement portfolio. If you have a custodial account, you’ll need to contact support to close this.
Step 3: Wait up to 10 business days
The account closure process isn’t instant. You’ll need to wait up to 10 business days for your investments to sell and for the funds to return to your account. Check your account after you’ve closed it to make sure your funds return safely. Don’t forget to transfer these funds to your bank to avoid losing them.
Step 4: Check for a tax document
Even after your account closed, you might still receive a tax document. Selling your investments could result in needing to pay taxes on these funds.
Stash will inform you via email if this is necessary, and you’ll be emailed a link to access your tax documents. When in doubt, consult with a tax attorney or tax professional about any next steps.
Step 5: Update your password manager
If you use a password manager, make sure you delete your Stash account. It’s a good idea to keep track of which accounts you have opened, closed, and so on. This is especially true with any investment account.
Close Your Virtual Investment Account
Whenever you close any account that handles bank accounts, finances, and investments, you want to proceed with caution. Not only are there tax implications, but you’ll want to make sure your account stays secure no matter what. This is also true if you’re closing an account on behalf of a deceased relative.
The steps above walk you through closing your Stash account. If you no longer need your investment account or you plan to use a different service, you’ll want to make sure your Stash account is fully closed just to be safe. Luckily, this isn’t a complicated process.
- “How do I close my Stash subscription?” Stash Help Guides, ask.stash.com/ask/how-do-i-cancel_stash_beginner_subscription/
- “Invest Account Settings.” Stash Help Guides, ask.stash.com/ask/family-member-passed-away-need-close-stash-account/