Closing accounts and account groups
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.
<Fragment if={@user_preferences.operating_model == "TOL"}> 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.
Prerequisites
You can only close an account or an account group that has been already created in the Investment API.
The account/account group to be closed must not contain any outstanding withdrawals.
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.
Please be sure to check the HTTP status of the response to your requests and handle failure cases appropriately.
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.
Please be sure to check the HTTP status of the response to your requests and handle failure cases appropriately.
Next Steps
Closing accounts and account groups is a prerequisite of User offboarding.