Operating Model:
Operating Model:

Account closure

This guide explains how to close accounts and account groups in the Investment API.

How account closures work

Independent on which level of the 'accounts' - account groups or accounts - you intend to close, the process for that involves two separate steps. In the first step, you indicate your intention to close an account group or an account via the Investment API. In the second step, there are a couple of prerequisites for closing an account group or account that are checked by Upvest.

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.

INFO

You will always be able to retrieve historical information about accounts that have already been closed.

(At least for the period Upvest is obliged to keep historical information after the user offboarding)

Closing an account

Prerequisites

Before you can close an account or an account group you must have opened one, find out how to do so in our account opening guide. To close an account send DELETE /accounts/{account_id} and the account will be moved to a CLOSING status. The account will remain in the CLOSING status as long as there are open positions or expected corporate actions outstanding.

After all the prerequisites are completed, the account status will reflect CLOSED. To inform you about the final closure of the account, 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} and the account group will be moved to a CLOSING status. The account group will remain in the CLOSING status for the time 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, 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.

INFO

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.

Next steps

After closing all accounts and account groups, you can create a new account group or you can also proceed with offboarding the user from the Investent API.

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