I am a big fan of Robinhood. I like how it makes investing easy with its sleek UI. I have been using Robinhood for several years now. Last week I came across the 1% bonus offer for a brokerage account transfer to Robinhood. So if you have another brokerage account and you transfer all your assets from it to Robinhood you will get 1% of the transferred value as a bonus. Sounds great right so I went ahead and transferred by 100k worth E-Trade account to Robinhood. I expected a 1k bonus, however I received only 400$. I contacted the customer support, at first they were not able to resolve this and took sometime and told me that there were other transfers during my account transfer and the withdrawal of the assets during transfer reduces the net account value and brought downy eligible balance for bonus to 40k. I didn't see any transfer around that time. So I contacted them again. I think the 3rd agent explained that the offer period is October to January and the withdrawal I made from my account (about 60k) counted against my net transfer for this period and they can't give me the full bonus. Issues with this: I don't understand why a transfer from my account weeks before the E-Trade to Robinhood transfer was initiated is taken into account for the balance calculation It's fine print somewhere not even accessible from the app unless you go looking for more details about the offer Bottom line - very frustrated about this experience and I definitely feel deceived. I can't afford to spend the time and energy to sue them. I kinda really want to given how frustrating this experience was. Blind tax: I'm an L4 SWE with 8 yoe with TC: 300k
Its so obviously a retention play, and they arent retaining shit if you withdrew your money so…
They royally fucked up everyone with GME and will continue to do so
This. They committed securities fraud against their own user base during the GameStop debacle. They cannot be trusted. You need to transfer all your money away from them as soon as possible
So did: E*Trade Interactive Brokers WeBull Etoro Ally Public.com Merill Edge M1 finance Tastyworks Stash I’m not saying its right with what happened but this goes beyond RH just “turning off buy button”. It was a clearing house risk across the entire system
MTD interest is the interest accrued in the month of December.
reported for spam. Embarrassing. Op didnt ask for a referral.
Try to push more, saying that it's their fault and they haven't done a good job in their documentation/agreement. You can maybe even threaten them with a lawsuit.
Tried it. Didn't work
Ur mad because they are following the rules? https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://cdn.robinhood.com/assets/robinhood/legal/Robinhood_ACATS_Bonus_Offer_Terms_and_Conditions.pdf&ved=2ahUKEwjU_M-20IyDAxXdIEQIHZ45BUAQFnoECBIQAQ&usg=AOvVaw0iNFyTONFDdzuNa0-GSLue
I believe it is included in the T&C. It’s to prevent people from just withdrawing their entire RH balance, depositing to E*Trade and then ACATing in that money back into RH to tget the bonus.
From their website
I like Robinhood UI as well but stopped using them since everyone has commission free trading now. No real value add.