Stopping the Flow: Your Comprehensive Guide to Cancelling a Recurring Deposit on Webull
Are you looking to take a break from your automated investing on Webull, or perhaps re-strategize your financial contributions? Cancelling a recurring deposit on Webull is a straightforward process, but knowing the exact steps can save you time and potential headaches. This lengthy guide will walk you through every detail, ensuring you confidently manage your automated investments.
Ready to take control of your recurring deposits? Let's dive in!
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| How To Cancel Recurring Deposit On Webull |
Step 1: Accessing Your Webull Account and Navigating to the Right Section
The first and most crucial step is to get into your Webull account. Whether you're a seasoned trader or a new investor, this is where your journey to cancelling begins.
1.1 Launch the Webull Mobile App (Recommended)
Webull's mobile app is generally the most intuitive way to manage your recurring deposits.
Open the Webull app on your smartphone or tablet.
Log in using your registered email/phone number and password. If you have two-factor authentication (2FA) enabled, be ready to enter the verification code.
1.2 Alternatively, Use the Webull Desktop Platform
While the mobile app is often preferred for its user-friendly interface, you can also manage your recurring deposits from the Webull desktop platform.
Go to the official Webull website (webull.com) on your computer.
Click on the "Login" button, usually located in the top right corner.
Enter your login credentials and complete any necessary security verification.
Tip: Summarize each section in your own words.
Step 2: Locating Your Recurring Savings Plan (RSP)
Once you're logged in, the next step is to find the section dedicated to your recurring investments. Webull often refers to these as "Regular Savings Plans" or "Recurring Deposits."
2.1 For Mobile App Users:
Tap the Webull logo (the circular icon, often with the bullhead, usually at the bottom center of your screen). This will typically take you to your main account overview.
Look for and select "Orders". This section typically houses all your past and pending trades, including automated ones.
Within the "Orders" section, find and tap on "Regular Savings Plan" or "Recurring Investments" (the exact wording might vary slightly based on your region or app version, but it will be clear).
2.2 For Desktop Platform Users:
On the desktop interface, navigate to the section that displays your account information or trading history. This might be labeled "My Account," "Portfolio," or "Orders."
Within this section, search for a tab or link related to "Recurring Investments," "Regular Savings Plan," or "Automated Deposits."
Step 3: Identifying the Specific Recurring Deposit to Cancel
You might have multiple recurring deposits set up for different securities or with different frequencies. It's crucial to select the correct one you wish to cancel.
On the "Regular Savings Plan" or "Recurring Investments" screen, you will see a list of your active recurring deposit plans.
Carefully review the details of each plan, such as the asset being invested in (e.g., specific stock, ETF), the amount, and the frequency (daily, weekly, monthly).
Tap on the specific plan you are looking to manage and ultimately cancel. This will open up the details for that particular recurring deposit.
Step 4: Initiating the Cancellation Process
Once you've selected the recurring deposit plan, you'll be presented with options to manage it.
Within the details of the selected recurring deposit plan, you should see options like "Modify" and "Cancel" (or "Terminate").
Tap on "Cancel."
QuickTip: Slow scrolling helps comprehension.
Important Note on Timing:
If your recurring deposit is pending and has not yet been processed by Webull's clearing firm, you might be able to cancel it immediately.
However, if a deposit is already "in processing," it usually cannot be canceled directly through the app. In such cases, you might need to contact Webull support (see FAQ for contact details). Always try to cancel well in advance of the scheduled deposit date.
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Step 5: Confirming Your Cancellation
Webull, like most financial platforms, will ask you to confirm your decision to cancel. This is a safety measure to prevent accidental cancellations.
A confirmation pop-up or screen will appear, asking you to verify that you want to cancel the selected recurring deposit.
Read the confirmation message carefully to ensure you are canceling the correct plan.
Confirm your cancellation by tapping or clicking on the appropriate button (e.g., "Confirm Cancellation," "Yes, Cancel").
Step 6: Verification of Cancellation
After confirming, you should receive a notification or see a confirmation message indicating that your recurring deposit has been successfully canceled.
Check your in-app notifications or email for a confirmation message from Webull.
Go back to the "Regular Savings Plan" or "Recurring Investments" section within the app or desktop platform. The canceled plan should no longer appear as active, or it may be listed with a "Canceled" status.
It's always a good practice to double-check to ensure the recurring deposit is no longer active.
Congratulations! You have successfully canceled your recurring deposit on Webull.
Frequently Asked Questions (FAQs) about Cancelling Recurring Deposits on Webull
Here are 10 common questions related to cancelling recurring deposits on Webull, along with their quick answers:
How to check if my recurring deposit has been successfully canceled?
QuickTip: Skip distractions — focus on the words.
After initiating the cancellation, go to the "Regular Savings Plan" or "Recurring Investments" section in your Webull app/desktop. The canceled plan should no longer appear as active or will show a "Canceled" status. You should also receive a confirmation email from Webull.
How to cancel a recurring deposit if it's already "in processing"?
If a recurring deposit is already "in processing," it generally cannot be canceled through the app. You will need to contact Webull customer support immediately to see if they can intervene.
How to contact Webull customer support for assistance?
You can contact Webull customer support through their in-app chat, by calling their support number (usually found in the "Help Center" or "About Us" section of the app/website), or by emailing them. Specific contact details vary by region. For US, you can usually reach them at +1 (888) 828-0618 or support@webull.com.
How to set up a new recurring deposit after cancelling an old one?
To set up a new recurring deposit, navigate to the "Regular Savings Plan" or "Recurring Investments" section, then look for an option to "Add New Plan" or "Create New Recurring Investment." Follow the prompts to select the asset, amount, and frequency.
How to modify an existing recurring deposit instead of cancelling?
Instead of hitting "Cancel" in Step 4, look for a "Modify" or "Edit" option. This allows you to change the amount, frequency, or target asset without completely stopping the plan.
QuickTip: Read actively, not passively.
How to find the "Orders" section in the Webull app?
After tapping the Webull logo at the bottom of the app, the "Orders" section is usually visible as one of the main options in the subsequent menu.
How to know the exact processing time for recurring deposits on Webull?
The processing time for recurring deposits can vary. Webull typically processes them on the scheduled date, but it can take a few business days for the funds to settle from your linked bank account. Check the FAQ section on Webull's website for precise settlement times based on your deposit method.
How to avoid a $5 fee for ACH deposit reversals if a deposit fails after cancellation?
Ensure that if you cancel a recurring deposit, your bank account has sufficient funds to cover any already initiated transactions from that plan to avoid an ACH reversal fee. It's best to cancel well before the scheduled debit date.
How to manage recurring investments in different Webull account types (e.g., IRA vs. Individual)?
The process for managing recurring deposits is generally consistent across different account types (e.g., Individual, IRA) within Webull. You will access them through the same "Regular Savings Plan" or "Recurring Investments" menu.
How to cancel a "DIY portfolio" that might be linked to recurring investments?
If you have a "DIY portfolio" in Webull's auto-investing feature, you can cancel or delete it by navigating to Markets > Discover > Auto Investing > DIY Portfolio > clicking into your portfolio > finding the three dots on the top right corner > and clicking on "Delete DIY Portfolio." Be aware that deleting a DIY portfolio will liquidate all underlying assets.
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