Wtf Robinhood?
So I moved my stocks from RH to Fidelity. My non partial shares got transferred to Fidelity in like ten days. My partial shares got sold like last week. I’m spitting mad right now because: 1) When I try to withdraw the money generated after the partial shares were sold, the app doesn’t let me by saying the account is deactivated. 2) Fidelity doesn’t have the cost basis for my RH stocks. 2 I can deal with but wtf is 1 about? What do I do? It’s a big amount and I need that money! #personalfinance #investments
The cost basis issue is fidelity's problem. It should show up in a few days. #1 will also happen automatically after full settlement in a week or two Chill the duck out bruh
RH is absolute dog shite—but any service offering partial shares has the same terms. Since the cost basis for these is harder to obtain, in addition to partial shares not being fully adopted yet in the brokerage space, it’s easier for accounting purposes for your brokerage to just exercise the position and give you cash. Downside to this is that now it’s also a taxable event—albeit small.
If you had read the mail from RH about how the transfer is going to happen you wouldn’t be surprised. It clearly mentions that fractional shares are going to be sold and the cash will be transferred as well to the destination brokerage firm.
I know they’ll sell the fractional shares. That’s not the problem. I want to withdraw the money that is generated after true fractional shares are sold but RH said that i can’t withdraw the money coz account is deactivated. It’s not the selling of the fractional shares I care about.
Got it. It is just going to take a few more days to get the cash. For me too the shares showed up in schwab a few days before the cash landed there. Not the ideal experience.
Cost basis shows up 10-15 days after the transfer. I called and they confirmed. So just wait and if you don’t see it after 15d call them and ask
What number did you call? I haven't been able to find a number for them.
Hopefully this helps: https://robinhood.com/us/en/support/articles/transfer-stocks-out-of-your-robinhood-account/ consider selling out any crypto or frac shares before requesting ACATs since the ACATs system does not allow that.
It happened with me. Just wait for 1-2 weeks it will settled.
Did they get the cost basis right as well?
+1 interested to know more about this.