If you choose to sell and withdraw your funds from your Swell account rather than processing an account transfer, please follow the steps below:
Step 1: Sell out of all of your investments.
- Log in to your Swell account
- Select Withdraw from the Manage Mix dropdown
- Select your Swell IRA as the source of the withdrawal
- On the following page, check the box next to Sell All Investments and select Swell IRA Cash Balance from the Deposit To dropdown
- Click Submit to finalize your sell order
Step 2: Withdraw your funds
- Once your sell order has been processed (typically within 3-4 business days), log in to your Swell account and select Withdraw from the Manage Mix dropdown once more
- Select your Swell IRA Cash Balance as the source of the withdrawal
- Enter the total value of the funds in your cash balance (written in fine gray print below the text box).
- Select your linked bank account from the Deposit To dropdown
- Check the box next to the tax disclosure* and click Submit to finalize your withdrawal
Swell will manually close any accounts that do not have an account balance on August 30th. There is no further action needed on your end to close this account. Swell will not charge any fees for closing your account.
Please keep in mind that if you are younger than 59 ½, there may be tax consequences and penalties for your withdrawal. We recommend reading through the IRS website and/or talking to a tax professional if you decide to take this route.
*Swell Investing does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.