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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 $7
by 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 agoTrying to stem the hemorrhaging.
- adventurer 6y agoIt 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 agoThey’ve charged it for as long as I’ve used Robinhood which is 4 or 5 years.
- ogre_codes 6y agoMy 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 agoMost 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 agoEtrade 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 agoAlmost all brokerages charge a ACAT fee. Stop trying to make this in to something it isn't.