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Q.ai App Closure: What You Need to Know

Q.ai will cease its services on December 8, 2023. We understand that this news may come as a disappointment, and we want to ensure a smooth transition for you during this process. Please read the following information carefully to understand what will happen to your account and investments.

Important Dates

Account Closure and Asset Liquidation

If you do not have an account balance, there is no action required from you at this time. For those who do have an account balance, here's what you can expect:

Asset Liquidation

You have until December 8, 2023, to choose from the following options:

  1. Full account liquidation: You can make a full liquidation and withdrawal of your account, partial withdrawals will not be accepted, by opening this link from your mobile device. If you choose this option, your funds will be returned to your linked bank account within 15 business days of receiving your liquidation and withdrawal request.
    If you don’t have a connected bank account, you will receive a check in the mail at the current mailing address on file. To update your mailing address, please open this link using your mobile device (this link will take you to the app, so it will not work on desktop).
  2. Transfer to another financial institution: If you would like to maintain your current portfolio and transfer your account to another financial institution, please contact the financial institution you would like to transfer your account to in order to initiate the transfer. Please note Apex will charge you a transfer fee of $75 regardless of the value of your account.‍‍
  3. ‍Continue to maintain your account to Apex Clearing: If you do not have another financial institution that you would like to transfer your account to and you would like to maintain your current portfolio, rather than making a full liquidation of your account, continue to hold your cash and securities at Apex Clearing. Please email our support team at support@tyq.ai to opt into this option. Apex Clearing will not provide investment advisory services to your account, which means that you will be solely responsible for the management and liquidation of the securities in your account and subject to market risk. In addition, beginning February 6, 2024, Apex will charge a $15 monthly administrative fee on your account and may charge additional fees for services that it provides. If you choose this option, Apex Clearing will only permit you to (i) transfer your holdings to another firm or (ii) liquidate your holdings and receive a physical check.We strongly urge you to liquidate or transfer your account to another financial institution on or before December 8, 2023

If you have not chosen to initiate a withdrawal or transfer by December 8, 2023, all invested assets will be sold and converted to cash. Once your portfolio is liquidated and your account is in cash, your funds will be returned to your connected bank account. 

If you don’t have a connected bank account, you will receive a check in the mail at the current mailing address on file. To update your mailing address, please open this link using your mobile device (this link will take you to the app, so it will not work on desktop).

Timeline for Fund Return

Withdrawals will be processed as we receive them, with funds being returned within 15 business days. If for any reason you haven't received your funds by December 31, 2023, please reach out to us immediately.

Contact Us if Needed

If you haven't received your funds within fifteen business days of your liquidation and withdrawal request, or if you have any questions or concerns, please don't hesitate to contact us at support@tryq.ai. Our support team will be available to assist you.

Frequently Asked Questions

We understand that you may have several questions about this closure. Here are some common questions and answers to provide further clarity:

Will Q.ai be removed from the app store?

Yes, Q.ai will be available in the App Store and Google Play Store until December 31, 2023. By this date, all accounts will have been liquidated, and cash will have been returned to you. Funds will be sent to the user through the connected bank account or in the form of a paper check sent by mail if a user does not have a connected bank account.

Please note that the app will not be accessible in February 2024 when tax documents for investments are distributed by Apex Clearing. You will need to create an account with Apex Clearing in order to download your 1099 for the 2023 tax year.

What will happen to invested funds?

You can make a full liquidation and withdrawal of your account, partial withdrawals will not be accepted, by opening this link from your mobile device.

Alternatively, you can transfer your funds to another financial institution. If you choose to transfer to another financial institution, please contact the financial institution you would like to transfer your account to. Please note Apex Clearing will charge you a transfer fee of $75 regardless of the value of your account.

You may maintain your account at Apex Clearing. Please email our support team at support@tryq.ai to opt into this option. Apex Clearing does not and will not provide investment advisory services to your account, which means that you will be solely responsible for the management and liquidation of the securities in your account and subject to market risk. In addition, beginning February 6, 2024, Apex will charge a $15 monthly administrative fee on your account and may charge additional fees for services that it provides.. If you choose this option, Apex Clearing will only permit you to (i) transfer your holdings to another firm or (ii) liquidate your holdings and receive a physical check.  We strongly urge you to liquidate or transfer your account to another financial institution on or before December 8, 2023.

What happens if I miss the December 8, 2023, deadline?

If you have not chosen to initiate a liquidation and withdrawal, transfer your account to another financial institution or maintain your account at Apex Clearing on or before December 8, 2023, your account will be fully liquidated and your funds will be returned to your linked bank account by December 31, 2023.

How can I check my current balance if the app isn’t available after December 8?

You will still be able to view your account balance by logging into the app. You can also view your account balance directly on Apex Clearing’s portal.

When will I get my money back?

Withdrawals will be processed as we receive them, with funds being returned within 15 business days. If a withdrawal or transfer request is not submitted by December 8, 2023, we will process the account liquidation and withdrawal for you. If for any reason you haven't received your funds by December 31, 2023, please reach out to our support team by emailing support@tryq.ai.

What happens if funds are not showing up in the user's bank account?

If you haven't received your funds within fifteen business days of your withdrawal request, please contact us at support@tryq.ai, and our support team will assist you.

What happens if a deposit or investment is currently pending?

We will wait for the funds to settle before processing liquidation. Rest assured that we will handle all pending transactions appropriately.

Where can I find my 2023 tax documents if the app won’t be available next year?

To ensure you have continued access to your account balance and 2023 tax documents, please create an Apex User ID using your Q.ai account number. Follow these instructions to set up your Apex Clearing login and click this link to get started. Your 2023 tax documents will be available in mid-February, and this new login with Apex Clearing will be essential for accessing them.

Contacting the Q.ai Team

If you have any additional questions or need further assistance during this transition, please don't hesitate to reach out to our support team. You can contact us via email at support@tryq.ai, and our team will be happy to assist you.

We sincerely thank you for being a part of the Q.ai community, and we apologize for any inconvenience this closure may cause. We appreciate your patronage and thank you for your support throughout this process.

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