I decided to switch brokerages over a year ago, from Waddell & Reed to Vanguard. I first stopped automatic withdrawals. Then I made the transfer of funds. I did all of this through either Vanguard or Waddell customer service, not my advisor.
When I last spoke to the Waddell rep to actually close the account, he said he couldn't close it immediately. It wasn't clear exactly why, but my account was $0 and I made sure there were no inactivity charges or any charges that would be incurred.
There was a small amount of dividends that had accrued after the transfer ($17) which I believe was mailed to me in check form. Otherwise the account has been inactive for over a year. I wasn't charged any closing costs or anything. I check it ocassionally online and nothing. I don't receive statements, as the balance is zero.
Anyway, I've always been suspect of this move. Is it because they hope I may decide to put some money back in the account? Am I missing something? I've never called back to try and completely close it again. I don't want to lose the approximately $200 for closing two accounts (although, how would they get that? Bill me?)