Author Topic: Robinhood Stock Transfer?  (Read 1409 times)

jeromedawg

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Robinhood Stock Transfer?
« on: October 13, 2017, 10:27:55 PM »
Has anyone taken the plunge and moved any or all of their stocks from another brokerage into Robinhood? I have a bunch of stocks in Scottrade and plan on holding onto the ones producing dividends while slowly dumping the ones that don't; though by "dumping" I'd actually just be donating them to an organization of my choice rather than selling. Either way, I'd save on the trading fees by doing this if I ever wanted to trade in the future.

What happens with the dividends paid out by stocks in Robinhood though? Do they just go into the funds available to trade as expected?

Are there caveats I should be aware of or reasons *not* to do this?

jeromedawg

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Re: Robinhood Stock Transfer?
« Reply #1 on: October 15, 2017, 12:46:09 AM »
Anybody?

MrsWolfeRN

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Re: Robinhood Stock Transfer?
« Reply #2 on: October 15, 2017, 09:58:49 AM »
I looked into this too as I have about $15k in an old Scottrade account, and I would like to sell some stocks without paying commissions, but I haven't actually taken the plunge. I am not sure of all the details but I know that certain international stocks can't be transferred because Robin Hood only deals with US markets. I am not sure if it is possible to only transfer part of an account.

You are correct that dividends go into the funds available to be traded (my husband has an account).

jeromedawg

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Re: Robinhood Stock Transfer?
« Reply #3 on: October 15, 2017, 09:55:09 PM »
I looked into this too as I have about $15k in an old Scottrade account, and I would like to sell some stocks without paying commissions, but I haven't actually taken the plunge. I am not sure of all the details but I know that certain international stocks can't be transferred because Robin Hood only deals with US markets. I am not sure if it is possible to only transfer part of an account.

You are correct that dividends go into the funds available to be traded (my husband has an account).

The tempting part is that Robinhood is offering to cover/reimburse for the associated account/brokerage closure fees.

CanuckExpat

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Re: Robinhood Stock Transfer?
« Reply #4 on: October 15, 2017, 10:02:16 PM »
I'd actually just be donating them to an organization of my choice rather than selling. Either way, I'd save on the trading fees by doing this if I ever wanted to trade in the future.

Another option, have you checked whether any of this will help you:
https://www.vanguardcharitable.org/individuals/make_a_contribution/appreciated_securities
https://www.vanguardcharitable.org/individuals/make_a_contribution/how_to_contribute_assets_to_a_philanthropic_account#outsidesecurity


jeromedawg

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Re: Robinhood Stock Transfer?
« Reply #5 on: October 15, 2017, 10:14:08 PM »
I'd actually just be donating them to an organization of my choice rather than selling. Either way, I'd save on the trading fees by doing this if I ever wanted to trade in the future.

Another option, have you checked whether any of this will help you:
https://www.vanguardcharitable.org/individuals/make_a_contribution/appreciated_securities
https://www.vanguardcharitable.org/individuals/make_a_contribution/how_to_contribute_assets_to_a_philanthropic_account#outsidesecurity

Thanks - I did figure out the best way to go about with donating the stocks and have somewhat of a plan. I've already dumped a couple of the non-dividend producing stocks and will slowly start transferring more in the coming months. This should provide a nice tax write-off will avoiding capital gains. It's for an organization I make regular contributions to already, so I figure making contributions using tax-free capital gains is the way to go for things like that. I wish I had realized this way long ago.