Close an Account

FI Admins at partner financial institutions can close accounts on behalf of their EIA members directly through the Admin Portal. Account closures can be requested at any time, including mid-month, and are processed at the next daily allocation cycle. Liquidation withdrawals, the final account statement, and a confirmation email will be sent to your institution following the completion of that day's settlement.

To close an account, navigate to the "Sweep Program" section of the Admin Portal and select "Close Account." From the dropdown, choose the account you wish to close. The current balance will be displayed. Click "Liquidate and Close Account" to confirm. The system will automatically initiate a withdrawal of the existing balance, calculate and transfer any accrued interest, and schedule the account for closure at the next allocation.

Once a closure is scheduled, the account will appear in the Closed Accounts table with timestamps reflecting when the closure was requested and when it is scheduled to close. A final account statement will be available in the Documents tab, and a confirmation email will be sent to your institution once the remaining balance and accrued interest have been returned in that day's settlement.

For same-day closure, requests should be submitted before 2pm EST on a business day. Requests submitted after 2pm, or on a weekend or holiday, will be scheduled for the next business day's allocation. Once a closure has been requested, no new transactions can be initiated on the account.