If you’re an Acorns member, it’s time to cancel your membership. Acorns is a great way to invest in startups and get early access to their products and services. But recently, the company has been struggling. The problem is that Acorns is not making money like it used to. In fact, the company has been losing money for years now. And while there are some good reasons for this—the company has been investing in too much risky stock and not enough in quality startups—the situation has gotten so bad that Acorns is now asking members to stop investing altogether. There are a few ways you can cancel your membership: by emailing acorns@acornstech.com, by visiting acorns.com/cancel or by calling 1-800-ACORN-CANCEL (1-800-822-2739). If you decide to cancel your membership, be sure to take all of the necessary steps before doing so: Make sure you have received all of the notices about the changes to Acorns’ investment policy and how members can withdraw their investments without penalty. Make sure you understand what you’re cancelling yourself from and what will still be available to invest in at Acorns. Make sure you have enough money saved up so that if something happens with Acorns, you’ll be able to cover your losses quickly and easily. If all of these steps don’t work for you or if something else comes up with Acorns that makes investing difficult or impossible, please reach out to us at acornstech@acornstech.com for help cancelling your membership without penalty or refunding any invested money already spent on it.
After you request to close your account, your assets will be liquidated and returned to your linked checking account in 3-6 business days. Please note that we may issue you a 1099 for your investing activity if you request to terminate your account. Most investors receive one.
You aren’t penalized if you withdraw your dollars from the “invest” portion of the app. However, it’s essential to note that any capital gains tax on any profits you have earned since signing up may be due.
Tap Settings on the Home screen. Select your name from the drop-down menu. iTunes App Store should be selected. Tap View Apple ID to view your account information. You may need to sign in or use Touch ID to access this option. Subscriptions should be selected. From the bottom of the page, Cancel Subscription should be chosen.
