I transferred my assests from robinhood to fidelity and it was completed today. All my nee assets show as margin in fidelity and it shows i have a pending 60$ margin that i owe to fidelity. Is this expected or should i contact fidelity?
Call Fidelity. They have good customer service where you won't have to wait long on hold or go through phone tree hell
Agree with this. I transferred account from wealthfront and same thing happened. Quick phone call and they fixed everything
Robinhood uses margin without your knowledge for instant transfers and settlement. Ethically questionable? Yes. Surprising from RH? No.
What does it mean for me? I bought everything with my own deposits. Do i have to pay margin to fidelity? I dont even know how margin works. Isnt margin a loan?
I would contact Fidelity to convert your positions from margin to cash positions.