| Author | Source |
|---|---|
| u/Maouwu_ |
Fellow apes I like many of you have fucked up and have been on robinhood up until now. I too was scared of missing out on the squeeze for fear of a long transfer date.
During my ride out of robinhood I aquired over 10+ hours of phone time with over a dozen Fidelity reps. I took that time to make sure I ask all the questions I need to make sure my transfer and yours COMPLETE AS FAST AS PHYSICALLY POSSIBLE
1: Partial transfers will always be faster then entire account transfers
2: Transfers in whole numbers are faster then transferring fractional
3: Having the 75 transfer fee in cash on your RH account before submitting your transfer speeds up the process. However even if you don’t have any cash in your RH account fidelity will front the bill and debit your account after the transfer
4: Stay on top of your transfer status and look out for anything they might need from you. It’s uncommon but things may go wrong and they may require you to update info or something else depending on your case
5: ALL SHARES COMING FROM ROBINHOOD WILL BE ON MARGIN BY DEFAULT WHEN THEY TRANSFER INTO YOUR FIDELITY ACCOUNT
(SEVERAL DIFFERENT REPRESENTATIVES HAVE TOLD ME THAT IN ROBINHOODS TERMS OF SERVICE YOU AGREE TO YOUR ACCOUNT BEING A MARGIN ACCOUNT EVEN IF YOU SWITCH IT OFF)
AS SOON AS YOU SEE YOUR TRANSFER COMPLETED AND THE SHARES ARE IN YOUR ACCOUNT, YOU MUST CALL FIDELITY AND REQUEST THE SHARES BE TAKEN OFF MARGIN. THIS USUALLY HAPPENS INSTANTLY BUT IT TAKES YOUR SHARES 24 HOURS TO SETTLE AFTER A TRANSFER, THAT IS WHEN YOU CAN EXPECT THEM TO BE OFF MARGIN.
GO YOU BEAUTIFUL SMOOTH BRAINS, FLY OUT OF ROBINHOOD ASAP!!!! I WISH YOU LUCK
🚀🚀🚀🚀🥺💎🙌
Edit: wow bots are attacking this post with downvotes already
Edit:Transfers only start on business days so mine officially started monday and was in my account by tuesday evening. TAKING ABOUT 36 HOURS TO TRANSFER
Edit: If you transfer assets worth 25k or more fidelity will cover your transfer fee for you
Edit: If you have deposits waiting to settle (when you use instant deposits on rh) this will also cause your transfer to delay
Edit: Once your shares are transferred over it could take up to 30 days for the cost basis to appear, and even then it may not be accurate. It’d be best to save a screenshot of your cost basis before the transfer so you can have an accurate number!