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Transfer Stocks Out of Your Robinhood Account

robinhood.com

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Re: Transfer Stocks Out of Your Robinhood Account

#11

Post by ogre_codes »

malandrew wrote: post #9

I've read that you shouldn't do this because it will tie things up for a while. Liquidating the stock and moving your assets apparently is more immediate. Can someone confirm?

Thats been my experience in the past. But it's been a few years.

In general consumer brokerages have little incentive to move fast when you are leaving them.

Re: Transfer Stocks Out of Your Robinhood Account

#13

Post by ditonal »

The RH apologists are going on long winded explanations about clearing houses (and to some extent there’s elements of “it’s too complex for your little brain”). But even to the extent it’s true, if I put in 5k from my checkings into RH and buy stock, why does Rh need all this liquidity to get orders filled? I understand turning margin accounts off, but that’s it . Past that, at best robinhoods business model is highly flawed , at worst it’s fraudulent. Because ultimately, all the finance whiz bang talk doesn’t change common sense that only allowing trades in one direction is unfair, and is incredibly bad optics when that direct benefits a huge player filled with conflicts of interest. But honestly I think the “robinhood is committing fraud” is being underweighted amongst “serious “ discussion.

Re: Transfer Stocks Out of Your Robinhood Account

#14

Post by thekyle »

Sebguer wrote: post #12

Many brokerages will probably cover the transfer fee, if you move to them. Alternatively, just leave the minimum value behind (though can be annoying since you have to migrate each position itself).

I highly doubt that any brokerage will cover a $75 transfer fee on a <$1k account.

Re: Transfer Stocks Out of Your Robinhood Account

#15

Post by joshribakoff »

thekyle wrote: post #14
Sebguer wrote: post #12

Many brokerages will probably cover the transfer fee, if you move to them. Alternatively, just leave the minimum value behind (though can be annoying since you have to migrate each position itself).

I highly doubt that any brokerage will cover a $75 transfer fee on a <$1k account.

TD has a guarantee where they will waive any fee if you say you’re not satisfied including the transfer out fee.

Re: Transfer Stocks Out of Your Robinhood Account

#17

Post by joshribakoff »

malandrew wrote: post #9

I've read that you shouldn't do this because it will tie things up for a while. Liquidating the stock and moving your assets apparently is more immediate. Can someone confirm?

When brokerages aren’t allowing buys but only sells, this is exactly what they want (in the case of brokerages affiliated with institutional short sellers). Just stop buying on that platform.

Re: Transfer Stocks Out of Your Robinhood Account

#18

Post by adventurer »

ogre_codes wrote: post #10

It's been a while since I did this, but last time I transferred shares from one brokerage to another, it took several days. It seems to me that if you are holding GME, the last possible thing you want is being stuck in a position for a while. For this particular case, it might be a better choice is to liquidate your position, cash out and just open another brokerage account. I know this is the total opposite of what…

I've transferred to and from multiple financial and brokerage firms including crypto and have never been charged a fee. Not one dollar. Robinhood is charging $75.

*As others have mentioned, this is an ACAT not just ACH transfers. ACATS usually have fees. I also have done an ACAT but it was by chance that it was with one of the three companies listed in the link with $0 fees.

Re: Transfer Stocks Out of Your Robinhood Account

#19

Post by Fjolsvith »

adventurer wrote: post #18
ogre_codes wrote: post #10

It's been a while since I did this, but last time I transferred shares from one brokerage to another, it took several days. It seems to me that if you are holding GME, the last possible thing you want is being stuck in a position for a while. For this particular case, it might be a better choice is to liquidate your position, cash out and just open another brokerage account. I know this is the total opposite of what…

I've transferred to and from multiple financial and brokerage firms including crypto and have never been charged a fee. Not one dollar. Robinhood is charging $75. *As others have mentioned, this is an ACAT not just ACH transfers. ACATS usually have fees. I also have done an ACAT but it was by chance that it was with one of the three companies listed in the link with $0 fees.

Trying to stem the hemorrhaging.
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