What Happens to Available Cash When Transferring RobinHood to Fidelity?

Jan 28, 2021 6 Comments

Title says it all. I have a bank deposit pending on RH still but started a full account transfer from RH to Fidelity. Can't find this information anywhere online. Would this money be transferred to Fidelity after the $75 RH transfer fee is applied?

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TOP 6 Comments
  • Not sure on new accounts, but Fidelity credits your account immediately (to trade) if you initiate an ACH xfer on Fidelity.

    Good luck! Remember don’t invest money you can’t afford to lose.

    The markets are crazy right now!

    What you can’t do is withdraw. When you look at balances it will break it out:
    Cash Available To Trade
    Cash Available To Withdraw
    Jan 28, 2021 0
  • Rh has a few to transfer money!? That's hilarious but I guess expected. Luckily if you are moving to a real broker they will be paying you to use them. Idk what you mean by buying power. Your buying power is available cash + margin.
    Jan 28, 2021 2
    • Sorry for the confusion. I meant available cash* in the account. On the transfer of assets Fidelity forms, it does list cash as an asset to be transferred. Just worried RH will not honor it since my transfer is pending still, and RH will close the account after account transfer to Fidelity completes.
      Jan 28, 2021
    • I'd be worried too. Maybe call their support line? (This is a joke)
      Jan 28, 2021
  • Nanotronics / Other
    riv23

    Nanotronics Other

    riv23
    How long did it take you to transfer from RH to fidelity?
    Feb 1, 2021 1
    • Opened a transfer on fidelity last week on Wednesday. Should be done on 2/4. Hopefully robber hood doesnt close my account and keep my Available Cash deposit that finishes on 2/2
      Feb 1, 2021