What to do when a moomoo account holder dies

Moomoo Financial offers only the Individual Margin Account and the Individual Cash Account, and "does not offer individual retirement account (IRA) or joint account."¹

Moomoo closes an account once every position is closed and the account holds 0 assets, on a written request to cs@us.moomoo.com.²

Moomoo transfers stocks and ETFs (whole shares only), options (except those expiring within 7 business days) and cash to another broker by ACATS. The receiving broker starts the transfer, and moomoo charges $100 for each transfer-out request.³

Moomoo says the account registration at the receiving broker "generally must match" the registration at Moomoo US, and that differences in ownership or registration may cause the transfer to be rejected or delayed.³

Section 17 of the disclosure says ACATS "does not support fractional share positions": they must be sold and the cash proceeds transferred. Section 18 says that if the account is closed, fractional shares may be liquidated and the proceeds paid as cash.⁴

Swept cash sits in Deposit Accounts at the program's Deposit Banks, which the customer cannot withdraw from directly. Moomoo Financial withdraws it as agent on instruction, and one statement covers the brokerage account and its Deposit Accounts.⁵

Moomoo introduces trades to its clearing broker "on an omnibus basis, which means that the Clearing Broker will not have my individual information." The clearing broker holds the securities in an omnibus account for moomoo's customers.⁶

Prediction market contracts are "traded directly within your Margin Account", with no separate account, and settlement proceeds are credited to the margin account at the end of the day.⁷

When the event outcome is determined, a contract matching it settles at $1.00 and the opposite contract expires worthless. A position can be closed before the event resolves by selling it.⁸

Crypto is held in an account with Moomoo Crypto Inc., which its Customer Agreement says is separate from the brokerage account with Moomoo Financial Inc.⁹

Crypto can be withdrawn from an MCI account to a personal wallet or an exchange wallet. Moomoo says the withdrawal feature is being rolled out gradually.¹⁰

Crypto accounts in the moomoo app³

Section 10.16 lets moomoo "combine and consolidate at any time without notice" the customer's accounts with it and its affiliates, to set off, transfer or apply the property in them to settle the customer's liabilities.⁶

Under section 12.7, moomoo may contact a Trusted Contact Person the customer named "to confirm the identity of any legal guardian, executor, trustee, authorized trader, or holder of a power of attorney."⁶

The Customer Agreement says the assets in an account "may be transferred to the appropriate state if no activity occurs in my Accounts within the time period specified by state law."⁶

Moomoo Crypto may have to report an inactive crypto account as unclaimed property, and the state may require it to sell the crypto and turn over the cash.⁹