Cost basis when moving from Robinhood to Fidelity

Amazon / Eng
boredSDE

Go to company page Amazon Eng

boredSDE
Feb 18, 2021 11 Comments

I transferred stocks from Robinhood to Fidelity. The cost basis shows as 0.

For anyone else who has done similar, does cost basis information come at a later date than the completion of transfer or do I have to enter the cost basis manually?

TC: 200

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TOP 11 Comments
  • Google / Eng
    WantTC

    Go to company page Google Eng

    WantTC
    Honestly would've just stayed at RH but yes transfer of cost basis can take a long time, like up to a month. This happens with all brokers. I've even transferred from 1 Interactive Brokers account to another Interactive Brokers account and it still took a couple weeks
    Feb 19, 2021 1
    • Amazon / Eng
      boredSDE

      Go to company page Amazon Eng

      boredSDE
      OP
      Can’t stay with just RH anymore, due to doubts in their long term plans and also the insurance limit on their accounts at 250k. Fidelity has no limit on stocks insured by SIPC.

      (Not that my portfolio is there yet, but trust in Robinhood was reduced after the gme fiasco)
      Feb 19, 2021
  • Amazon
    jiboom

    Go to company page Amazon

    jiboom
    Fidelity said this can take 2 weeks
    Feb 18, 2021 5
    • Amazon / Eng
      boredSDE

      Go to company page Amazon Eng

      boredSDE
      OP
      I tried calling Fidelity customer service thrice, only got lucky once when they had a call back option, other times I just waited for 10+ mins before hanging up.
      Feb 18, 2021
    • AMD
      JFzo86

      Go to company page AMD

      JFzo86
      Did they say if it will show for closed positions?
      Feb 18, 2021
  • Amazon / Eng
    boredSDE

    Go to company page Amazon Eng

    boredSDE
    OP
    Update: cost basis finally arrived in my fidelity portal. Inwas tired of calling Fidelity and hearing the “all reps are busy, try again”. As an alternative, I tried to message Fidelity using their Secure Message to Customer Service feature. It is slow, and their response time is a week right now, but they mentioned they will contact Robinhood again and got my cost basis a week from my request.
    Mar 30, 2021 0
  • New
    VCfL13

    New

    VCfL13
    Late to the party here but it’s been over two months for me with the exact same problem/no cost basis in Fidelity. Talked with Fidelity support and supposedly Robinhood’s outbound transfer process is having technical difficulties.

    They said they are constantly reaching out to Robinhood to resolve this and lots of customers are facing this after GME-related Robinhood mass exodus. They said when it is resolved the cost basis will automatically show up.

    Curious if yours has since updated?

    P.S. they also said Robinhood will almost certainly face major SEC fines over this.
    Mar 30, 2021 0
  • New
    JSnU85

    New

    JSnU85
    There is no risk to stocks. It’s the cash balance that is protected via insurance. If you keep > 250k as cash in the brokerage then there is that risk. If you have millions in stocks or options they belong to you and even if the brokerage goes bankrupt you will have it.

    This is the kind of thing DTCC and other organizations make sure regardless of broker
    Feb 22, 2021 0