Wtf Robinhood?

Microsoft
stupidRH

Go to company page Microsoft

BIO
Options options options 😎
stupidRH
Feb 13, 2021 15 Comments

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

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TOP 15 Comments
  • Google / Eng
    VDRP88

    Go to company page Google Eng

    VDRP88
    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
    Feb 13, 2021 3
    • Google / Eng
      VDRP88

      Go to company page Google Eng

      VDRP88
      I'd probably read the email that explains this before posting on blind.
      Feb 13, 2021
    • Microsoft
      stupidRH

      Go to company page Microsoft

      BIO
      Options options options 😎
      stupidRH
      OP
      I know they’ll sell the fractional shares. That’s not the problem. I did read the email.

      I want to withdraw the money that is generated after the 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.
      Feb 13, 2021
  • Google
    Tlon Musk

    Go to company page Google

    Tlon Musk
    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.
    Feb 13, 2021 0
  • Snap
    takeiteazy

    Go to company page Snap

    PRE
    Google, Amazon
    takeiteazy
    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.
    Feb 13, 2021 2
    • Microsoft
      stupidRH

      Go to company page Microsoft

      BIO
      Options options options 😎
      stupidRH
      OP
      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.
      Feb 13, 2021
    • Snap
      takeiteazy

      Go to company page Snap

      PRE
      Google, Amazon
      takeiteazy
      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.
      Feb 13, 2021
  • Microsoft / Eng
    rMPX88

    Go to company page Microsoft Eng

    rMPX88
    It happened with me. Just wait for 1-2 weeks it will settled.
    Feb 13, 2021 3
  • Amazon
    popodedan

    Go to company page Amazon

    popodedan
    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
    Feb 13, 2021 1