How to close your Oportun investing/retirement account
- Choose the investing or retirement account by clicking on that goal
- Tap the cog at the top to bring up the Settings menu, and select Manage investing account.
- On the next screen, tap Close Account.
- You'll see a few more screens with important info on what to expect when you close.
- Let us know why you're closing, if you'd like, to help us improve. Then tap Close account to fully close out your investing account.
After you close your investing account:
- Oportun will stop saving for and investing into your portfolio
- Anything saved and invested will be automatically moved back to your Spending balance (for banking members) or linked bank account (for savings-only members) within 5-7 business days.
The amount you receive may differ from your investing account balance at the time you initiate account closure. The market can fluctuate when your investments are sold.
- We will send you a separate email with account statements and tax information for your records
- You will no longer be able to access investing tax or statement information within the Oportun app
After you close your retirement account:
- Oportun will stop saving for and investing in your IRA or portfolio
- Anything saved and invested will be moved back to your Spending balance (for banking members) or linked bank account (for savings-only members) within 5-7 business days.
Funds withdrawn before you reach age 59 1/2 will be assessed a 10% penalty in addition to the regular income tax based on your tax bracket
- We will send you a separate email with account statements and tax information for your records.
- You will no longer be able to access retirement tax or statement information within the Oportun app
Money saved towards your retirement account that hasn’t been invested yet can be withdrawn back to your checking account without any tax penalty.
Invested funds in your Retirement IRA can still be withdrawn, but they may be subject to early withdrawal penalties from the IRS if you’re withdrawing from your IRA before you turn 59 and 1/2 years old. More information from the IRS here.
If you have a Traditional IRA, your deductible contributions and earnings (including dividends, interest, and capital gains) will be taxed as ordinary income. The IRS typically applies a 10% penalty on early withdrawals from a Traditional IRA, and a state tax penalty may also apply.
If you have a Roth IRA, you can withdraw the contributions (i.e. - the cash you deposited into your retirement account) you made to your Roth IRA anytime, tax and penalty-free. However, you may have to pay taxes and penalties if you withdraw earnings from your Roth IRA.
You can withdraw funds from your investing account at any time without tax penalty. Any investment gains and dividends in your investing account may be subject to taxes. You can see more information regarding this here.