21–30 of 270 posts
I have no skin in this game (neither GME or Robinhood), but lets try to stay informed and not grab pitchforks based on non proven allegations.
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 highl…
With new accounts starting with Instant capability, they are all on margin until the transfer clears.
If you're doing the meme stock with RH, it is probably safer to leave it there for a bit.
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 highl…
I would never apologize for RH, I thank them for pushing mainstream retail commissions to $0, but I don't do business with them (and never have) because they don't seem to have focused on the important parts of being a brokerage.
Earlier quoted context omitted.
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.
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.
I didn't notice that, that's bullshit.
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.
https://topratedfirms.com/brokers/fees/brokerage-account-tra...
You can see most brokerages charge around there, some charge nothing, some charge more.
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?
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 highl…
I think with Robinhood Instant you can by stock before the bank transfer has cleared, so they need cash on hand to fill the orders. The rising demand x rising order amount means they probably blew out their liquidity allowance. With new accounts starting with Instant capability, they are all on margin until the transfer clears.