Closing accounts and account groups
Prerequisites
Details
You can only close an account or an account group that has been already created in the Investment API. Please read "Creating account groups and accounts" for details.
Overview
Closing either an account or an account group is a two step process.
- You indicate your intention to close the account group or account via the Investment API.
- Upvest will check that the preconditions for closing an account group or account have been met.
After calling the Investment API to close an account group or an account, the status of the corresponding resource will be CLOSING. As soon as all requirements are met, the account or account group is finally closed in the CLOSED state.
Upvest is obliged to retain historical information for a certain period of time even after the user has been offboarded. Within this time, you can always retrieve historical information about accounts that have already been closed.
→ Closing an account
To close an account send
DELETE /accounts/{account_id}
The account, specified by its ID, will be set to a CLOSING status and remains in this status as long as there are open positions or expected corporate actions outstanding.
After all these preconditions for closure are met, the account status will be updated to CLOSED. At this point you will receive a webhook with the respective account closed event.
→ Closing an account group
To close an account group send
DELETE /account_groups/{account_group_id}
The account group specified by its ID is set to a CLOSING status and remains in this status as long as there are non-closed accounts associated with the account goup, a fee balance is outstanding or the account group still has an open cash balance. After all the prerequisites are completed, the account group status will reflect CLOSED.
To inform you about the final closure of the account group, you will receive a webhook with the respective account group closed event. Furthermore you will receive an additional webhook that informs you about the creation of a PDF report of the type ACCOUNT_CLOSING.
The tax processes and especially the annual tax statement for German tax residents is processed around March of the following year. For example, if you close an account group on the January 1st of a year, the annual tax statement will be communicated in March the year after.
✓ Closing accounts and account groups complete!
Next Steps
Closing accounts and account groups is a prerequisite of User offboarding.
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