6 ms·

It's been a while since I did this, but last time I transferred shares from one brokerage to another, it took several days. It seems to me that if you are hold

It's been a while since I did this, but last time I transferred shares from one brokerage to another, it took several days. It seems to me that if you are holding GME, the last possible thing you want is being stuck in a position for a while. For this particular case, it might be a better choice is to liquidate your position, cash out and just open another brokerage account. I know this is the total opposite of what the WSBs are looking for but the alternative is transferring a position with $50k and when you can trade again its only worth $500.

adventurer 6y ago
I've transferred to and from multiple financial and brokerage firms including crypto and have never been charged a fee. Not one dollar. Robinhood is charging $75. *As others have mentioned, this is an ACAT not just ACH transfers. ACATS usually have fees. I also have done an ACAT but it was by chance that it was with one of the three companies listed in the link with $0 fees.
- Fjolsvith 6y ago
  Trying to stem the hemorrhaging.
  - adventurer 6y ago
    It might help but they were charging the fee back in May, which is as far back as the wayback machine shows for the page.
    - kasey_junk 6y ago
      They’ve charged it for as long as I’ve used Robinhood which is 4 or 5 years.
- ogre_codes 6y ago
  My experience is similar (no transfer fee), neither from personal brokerage account or from a 401K into my personal IRA. I didn't notice that, that's bullshit.
- colechristensen 6y ago
  Most brokerages charge for ACATS out, it is also very common for the brokerage receiving the transfer to pay the fee for you. https://topratedfirms.com/brokers/fees/brokerage-account-transfer-fees.aspx https://topratedfirms.com/brokers/fees/brokerage-account-tra... You can see most brokerages charge around there, some charge nothing, some charge more.
- mattnewton 6y ago
  Etrade charges the same $75 fee for total account closure, but i think the fee for ACATs without closing the account is lower. It's not entirely uncommon to screw customers already severing ties with their brokerage, but the receiving brokerage is usually happy to cover it or throw you some other bone to incentivize you.
- aneemzic 6y ago
  Almost all brokerages charge a ACAT fee. Stop trying to make this in to something it isn't.
lettergram 6y ago
They aren't in it for the money exactly... https://www.reddit.com/r/wallstreetbets/comments/l6omry/an_open_letter_to_melvin_capital_cnbc_boomers_and/ https://www.reddit.com/r/wallstreetbets/comments/l6omry/an_o... Further, at the moment there are still 62m outstanding short positions (with 71m yesterday). However, there was only 50m (likely revolving) trading volume today on GME. Honestly, it looks like the redditors are going to successfully cause a squeeze.
- ogre_codes 6y ago
  The tricky bit is they all need to get out at the right moment or they will be crushed.
  - grecy 6y ago
    What happens if they ALL hold until it's at an astronomical price like $10,000 ?
    - testnew2 6y ago
      Who is going to buy the shares from them?
      - grecy 6y ago
        The people who are currently short have to buy, they have no choice.
        ogre_codes 6y ago
        Shorts are finite and a short squeeze can only last so long. The way to profit is to sell when the shorts are squeezing the profits out.
    - PragmaticPulp 6y ago
      None of them have any gains until they press the sell button. The early buyers will probably sell a little bit to lock in profits. This drives the price down. They’ll then go on to social media and pump GameStop everywhere with memes and stories about taking down Wall Street. This brings in new money to pump the price back up. This is what they’re already doing: Pumping the stock to bring in new money, which they collect by selling the new entrants some of their shares. The new entrants catch on to the game and start recruiting more people to pump the price further, and so on. Eventually people realize this can’t go on forever. New entrants might see their value drop 50% as old entrants cash out. They’ll panic and sell everything, which triggers more people to panic and sell, which drives the price down. Some will try to buy the dip, but eventually the pump will run out of steam and new players will get tired of bleeding money for a mythical “infinity squeeze” that never happens.
PragmaticPulp 6y ago
Anecdotal reports are pointing to this being very true. People who opt to transfer shares are going to be locked out of trading them for days, maybe weeks. When the GME stock comes crashing down (it will), you don’t want to be locked out of selling. Despite what the memes are saying, you won’t come out on top by holding the stock forever (while everyone else sells)

adventurer 6y ago

I've transferred to and from multiple financial and brokerage firms including crypto and have never been charged a fee. Not one dollar. Robinhood is charging $75. *As others have mentioned, this is an ACAT not just ACH transfers. ACATS usually have fees. I also have done an ACAT but it was by chance that it was with one of the three companies listed in the link with $0 fees.

Fjolsvith 6y ago
Trying to stem the hemorrhaging.
- adventurer 6y ago
  It might help but they were charging the fee back in May, which is as far back as the wayback machine shows for the page.
  - kasey_junk 6y ago
    They’ve charged it for as long as I’ve used Robinhood which is 4 or 5 years.
ogre_codes 6y ago
My experience is similar (no transfer fee), neither from personal brokerage account or from a 401K into my personal IRA. I didn't notice that, that's bullshit.
colechristensen 6y ago
Most brokerages charge for ACATS out, it is also very common for the brokerage receiving the transfer to pay the fee for you. https://topratedfirms.com/brokers/fees/brokerage-account-transfer-fees.aspx https://topratedfirms.com/brokers/fees/brokerage-account-tra... You can see most brokerages charge around there, some charge nothing, some charge more.
mattnewton 6y ago
Etrade charges the same $75 fee for total account closure, but i think the fee for ACATs without closing the account is lower. It's not entirely uncommon to screw customers already severing ties with their brokerage, but the receiving brokerage is usually happy to cover it or throw you some other bone to incentivize you.
aneemzic 6y ago
Almost all brokerages charge a ACAT fee. Stop trying to make this in to something it isn't.

lettergram 6y ago

They aren't in it for the money exactly... https://www.reddit.com/r/wallstreetbets/comments/l6omry/an_open_letter_to_melvin_capital_cnbc_boomers_and/ https://www.reddit.com/r/wallstreetbets/comments/l6omry/an_o... Further, at the moment there are still 62m outstanding short positions (with 71m yesterday). However, there was only 50m (likely revolving) trading volume today on GME. Honestly, it looks like the redditors are going to successfully cause a squeeze.

ogre_codes 6y ago
The tricky bit is they all need to get out at the right moment or they will be crushed.
- grecy 6y ago
  What happens if they ALL hold until it's at an astronomical price like $10,000 ?
  - testnew2 6y ago
    Who is going to buy the shares from them?
    - grecy 6y ago
      The people who are currently short have to buy, they have no choice.
      - ogre_codes 6y ago
        Shorts are finite and a short squeeze can only last so long. The way to profit is to sell when the shorts are squeezing the profits out.
  - PragmaticPulp 6y ago
    None of them have any gains until they press the sell button. The early buyers will probably sell a little bit to lock in profits. This drives the price down. They’ll then go on to social media and pump GameStop everywhere with memes and stories about taking down Wall Street. This brings in new money to pump the price back up. This is what they’re already doing: Pumping the stock to bring in new money, which they collect by selling the new entrants some of their shares. The new entrants catch on to the game and start recruiting more people to pump the price further, and so on. Eventually people realize this can’t go on forever. New entrants might see their value drop 50% as old entrants cash out. They’ll panic and sell everything, which triggers more people to panic and sell, which drives the price down. Some will try to buy the dip, but eventually the pump will run out of steam and new players will get tired of bleeding money for a mythical “infinity squeeze” that never happens.

PragmaticPulp 6y ago

Anecdotal reports are pointing to this being very true. People who opt to transfer shares are going to be locked out of trading them for days, maybe weeks. When the GME stock comes crashing down (it will), you don’t want to be locked out of selling. Despite what the memes are saying, you won’t come out on top by holding the stock forever (while everyone else sells)