Without permanence, at any time
As a client, you can cancel your account at any time. As soon as you decide to do so, we must sell all your assets. The obtained price will depend on the market situation of that moment, and maybe they might not correspond with the last liquidation value that you saw in your account.
In our assets selection process, we are required to choose the one with a greater liquidity. That is why, except in exceptional circumstances, there should be no problems in this process.
A cancellation process can require 5 to 7 days due to the combination of sale times and the transfer process.
To make this an easier process, you have to inform, in your client area, your destination bank account. So when you decide to cancel your account, inbestMe will calculate the pending yield tax, prorated by the days passed since the last liquidation, and will deduce it from the liquid amount to transfer. When these are settled, a second transfer will be made to reduce the account to zero and to cancel it automatically.
In the case of ETF portfolios with Interactive Brokers, the client can decide if he wants to cancel only the management contract with inbestMe, without cancelling their asset account, to take control and manage it himself. This does not have to involve the sale of assets, it just means that from now on, the one who takes the direct management is the Client and that inbestMe would stop doing it from that moment.
In case of choosing this type of disconnection, the Client must contact inbestMe Customer Service, to receive instructions about how he must proceed. Then, the commissions scheme will not be the same: Interactive Brokers will apply the individual client’s commissions; but the account number, the username, and the password (the client used to have to enter Interactive Brokers) will not change.
Additionally, in the case of Index Funds and Pension Plans portfolios, the client can also transfer the management of his account to another financial advisor. Before making these management transfers, inbestMe would calculate the outstanding commission, and deduct the amount from the account at the time of cancellation.
How do I close my account from my Client Area?
Once you enter your customer area, you can click on “Withdraw”, and from there select the account. Or you can go to the account and in the button with three dots select “Withdraw”. In both cases, to cancel the account you must select “Total Withdrawal”. With this option you can make the withdrawal and request the closure of the investment portfolio at inbestMe.
Warning:
The total amount that is shown on the platform, when you ask for the withdraw, and the amount you will receive, might not be the same due to:
- The market’s volatility: the portfolio’s value may change from the time the withdrawal is requested until the sale is made.
- Discount of commissions pending collection.
- Discount of a promotion with a minimum duration.
- Corresponding tax withholding for positions with gains (applicable to funds portfolio, for spanish fiscal residents).