I have been using RH for a while now, because it has a simple ui and is mobile friendly. A significant chunk of my investments are in RH. After the GME trade halt fiasco, I decided to move brokerage because they were not reliable and did some shady shit. I recently found out they have restricted my account for some reason and will not allow me to withdraw my funds to the bank. I donāt do margin trading (I have disabled that since a couple of years), day trading, options or any of that fancy shit. I contacted their support and there was no response for a month or so. Fed up with this shit, I started transfer to fidelity and itās been stuck at RHās end. I contacted their support and wait for it ....Its been a month and there is no response from their support. I am able to trade in RH but I want some part of MY MONEY out of it where I can use it for other stuff, that its denying me access to. Wtf am I supposed to do here? Just wait indefinitely for their useless support to show up when they feel like it? They donāt even have a number to reach out to. #personalfinance #investments #trading #faang
If you have stocks on Robinhood then you can do a brokerage transfer which means that they will just send the shares that you own over to the other brokerage. Therefore you never have to sell the shares and therefore you won't incur taxes on any gains*
I already initiated a transfer.. nothing happened! Fidelity says its pending with rh, and rh is not fking responding
Get a lawyer and sue them. Initiate a class action lawsuit if possible.
This is where koolaid drinkers will not respond. Otherwise they come in hot with lengthy responses. Customer support is backed up after the gme fiasco. Good luck getting a response soon. Some of my friends posted on Twitter and tagged ceo, they got immediate response.
Why is customer support at a lower priority than onboarding new customers? Rh did not stop signing up new users and found ways to deal with the increased volume. This smacks of a predatory model where you ignore existing customers because they are ālocked inā with their life savings and go after fresh meat to justify lofty valuations, growth hacking etc. This is not good.
I donāt think this much growth was anticipated but in general as well the customer support is not the best here.
You can do a brokerage transfer. Never pull out the cash and just put it on to another platform you'll incur taxes that way. I just did a transfer from weeble last week to interactive broker it takes about a week to transfer over and it takes about 20 minutes to initiate.
Wait a minute. If i deposit cash on robinhood and take it out a week later. I will incur taxes on that ?
No if you buy and sell a stock you will incur taxes on the gains