Author Topic: Robin Hood: 3% match on IRA transfer  (Read 5366 times)

Mississippi Mudstache

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Re: Robin Hood: 3% match on IRA transfer
« Reply #100 on: February 16, 2024, 11:53:22 AM »
I have 300K in an old 401k that I've been thinking of rolling into an IRA. This would be a good time to do it. However, I keep "Unsuccessful HTTP response" when I try to create an account. Anyone else having this problem?

Tried downloading the app and creating account that way, and I got the message "Oops. Looks like something went wrong. Try again in 17 days".

Not sure WTF that's about. Robinhood has always seemed like a scammy company, but I was willing to give it a try for a free 10 grand. Oh well.

Well, they weren't kidding. I set a reminder on my calendar for 17 days. That was today.

I was able to create my account and initiate a transfer of $300K from an old 401k. I had to sell my mutual funds in my IRA, because they only allow you to transfer in stocks and ETFs, apparently. Once that settles, I'll transfer in my IRAs as well. Should be looking at a bonus of about $12K. That's...pretty absurd, frankly. Hoping that everything works out smoothly.

EliteZags

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Re: Robin Hood: 3% match on IRA transfer
« Reply #101 on: February 16, 2024, 03:06:09 PM »
I have 300K in an old 401k that I've been thinking of rolling into an IRA. This would be a good time to do it. However, I keep "Unsuccessful HTTP response" when I try to create an account. Anyone else having this problem?

Tried downloading the app and creating account that way, and I got the message "Oops. Looks like something went wrong. Try again in 17 days".

Not sure WTF that's about. Robinhood has always seemed like a scammy company, but I was willing to give it a try for a free 10 grand. Oh well.

Well, they weren't kidding. I set a reminder on my calendar for 17 days. That was today.

I was able to create my account and initiate a transfer of $300K from an old 401k. I had to sell my mutual funds in my IRA, because they only allow you to transfer in stocks and ETFs, apparently. Once that settles, I'll transfer in my IRAs as well. Should be looking at a bonus of about $12K. That's...pretty absurd, frankly. Hoping that everything works out smoothly.

maybe too late but that's a large value to take out of the market during the transfer period, I was able to have my index funds converted to ETFs in my Roth prior to transfer that way they directly transfer to RH as ETFs with little/no time out of market

Must_ache

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Re: Robin Hood: 3% match on IRA transfer
« Reply #102 on: February 20, 2024, 07:02:37 AM »
Got my account transferred over in a week, with the 3% match. 

Mississippi Mudstache

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Re: Robin Hood: 3% match on IRA transfer
« Reply #103 on: February 20, 2024, 02:27:56 PM »
I had to sell my mutual funds in my IRA, because they only allow you to transfer in stocks and ETFs, apparently. Once that settles, I'll transfer in my IRAs as well.

maybe too late but that's a large value to take out of the market during the transfer period, I was able to have my index funds converted to ETFs in my Roth prior to transfer that way they directly transfer to RH as ETFs with little/no time out of market

I wasn't clear. I sold the index fund and bought a comparable ETF with the proceedings before initiating the transfer. The money won't be uninvested during the transfer period.
« Last Edit: February 20, 2024, 02:37:11 PM by Mississippi Mudstache »

Huffduf41

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Re: Robin Hood: 3% match on IRA transfer
« Reply #104 on: February 23, 2024, 10:17:29 AM »
I had to sell my mutual funds in my IRA, because they only allow you to transfer in stocks and ETFs, apparently. Once that settles, I'll transfer in my IRAs as well.

maybe too late but that's a large value to take out of the market during the transfer period, I was able to have my index funds converted to ETFs in my Roth prior to transfer that way they directly transfer to RH as ETFs with little/no time out of market

I wasn't clear. I sold the index fund and bought a comparable ETF with the proceedings before initiating the transfer. The money won't be uninvested during the transfer period.


I've been doing the same and it's been really smooth (done three of our four IRAs).  For whatever dumb reason I'm only transferring $500k per account but still the 3% blows my mind.  I had no idea what holding my assets was worth....no wonder credit union brick and mortar locations seem to multiply like rabbits.

tj

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Re: Robin Hood: 3% match on IRA transfer
« Reply #105 on: February 23, 2024, 10:35:43 AM »
I had to sell my mutual funds in my IRA, because they only allow you to transfer in stocks and ETFs, apparently. Once that settles, I'll transfer in my IRAs as well.

maybe too late but that's a large value to take out of the market during the transfer period, I was able to have my index funds converted to ETFs in my Roth prior to transfer that way they directly transfer to RH as ETFs with little/no time out of market

I wasn't clear. I sold the index fund and bought a comparable ETF with the proceedings before initiating the transfer. The money won't be uninvested during the transfer period.


I've been doing the same and it's been really smooth (done three of our four IRAs).  For whatever dumb reason I'm only transferring $500k per account but still the 3% blows my mind.  I had no idea what holding my assets was worth....no wonder credit union brick and mortar locations seem to multiply like rabbits.

You are seeing new credit union branches in your region? Wow. I would have thought consolidation rather than expansion.

EliteZags

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Re: Robin Hood: 3% match on IRA transfer
« Reply #106 on: February 23, 2024, 11:10:42 AM »
posted on investor board but may be pertinent discussion here as I plan to combo this 3% taxable with RH 3% Roth



seems like Webull responding to the Robinhood 3% IRA transfer bonus, got this email this morning

Quote
Dear Valued Clients:

Thank you for being a part of Webull ! Enjoy commission-free trading on a wide range of assets, advanced charting tools, and real-time market data! Webull is revolutionizing the way individuals approach investing!

Check out this limited-time offer! Earn 2% cashback on deposits and 3% cashback from ACAT transfers made to your Margin Account between 2/21/2024 12:00 AM ET – 3/15/2024 11:59 PM ET!

You can participate in this promotion via both funding methods!


haven't looked too much into it but sounds like it's essentially a 3% bonus on transfers into taxable trading acct? essentially tripling Robinhood's 1% taxable transfer match
I posted the terms viewable from app, states acct must maintain at least the total transfer amount through Aug2025, more appealing than 5yrs at RH

I've used Webull as my 'play money' trading acct that's nearing 6 figures, but wouldn't mind transferring in all my individual stock positions in Vanguard for a couple grand free money, pretty much all long holds at this pt I don't do much actual trading.

I transferred my Roth to RH since it's all long and 3% untaxed and on top of contribution limit is golden, held back on 401K to avoid pro rata and preserve backdoor Roth ability, and taxable since only 1%
strongly considering this at 3% since I've used Webull already, like the interface and charts better than most and the 4am-7pm EST trading is nice to have

any thoughts on what else needs to be considered here? 



Huffduf41

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Re: Robin Hood: 3% match on IRA transfer
« Reply #107 on: February 23, 2024, 07:37:13 PM »
This is all I see from Webull : (

 

Much Fishing to Do

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Re: Robin Hood: 3% match on IRA transfer
« Reply #108 on: February 28, 2024, 03:28:26 PM »
I'm pulling the trigger and moving ~$1M for the 3%..  Moving same ETFs as always been in, in 3 diff accts so all covered by SIPC, can't imagine a better deal coming along, and not gonna touch it over the next 5 years, so just couldn't come up with a reason to not take $30k.

sonofsven

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Re: Robin Hood: 3% match on IRA transfer
« Reply #109 on: February 28, 2024, 03:40:30 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #110 on: February 28, 2024, 04:25:42 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.
Webull bonus is taxable, RH bonus is not

4.5 * 0.6 (taxes, fed+state) = 2.7% . I'm taking the RH 3%.

maizefolk

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Re: Robin Hood: 3% match on IRA transfer
« Reply #111 on: February 28, 2024, 04:27:07 PM »
Assuming a 8% expected annual return, nominal, $45k in five years (assuming 4.5% match on $1M) is roughly the same net present value as $30k today.

GilesMM

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Re: Robin Hood: 3% match on IRA transfer
« Reply #112 on: February 28, 2024, 08:55:42 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #113 on: February 28, 2024, 11:06:34 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.

GilesMM

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Re: Robin Hood: 3% match on IRA transfer
« Reply #114 on: February 28, 2024, 11:35:29 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #115 on: February 28, 2024, 11:56:24 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I'll take free insurance. Helps me sleep at night

Much Fishing to Do

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Re: Robin Hood: 3% match on IRA transfer
« Reply #116 on: February 29, 2024, 11:14:49 AM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I have complete faith in SIPC.  The fed govt is the only entitiy I know that will pay out even if they dont have the money ;-)

tj

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Re: Robin Hood: 3% match on IRA transfer
« Reply #117 on: February 29, 2024, 12:26:35 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I have complete faith in SIPC.  The fed govt is the only entitiy I know that will pay out even if they dont have the money ;-)

SIPC has nothing to do with the government though.

SIPC = 40 employees to handle 3500 brokerage firms. They are privately paid employees. Has 5 billion in insurance assets.

FDIC = 5500 employees to handle 4700 banks. They are government employees. Has 120 billion in insurance assets.

dividendman

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Re: Robin Hood: 3% match on IRA transfer
« Reply #118 on: February 29, 2024, 12:40:24 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I have complete faith in SIPC.  The fed govt is the only entitiy I know that will pay out even if they dont have the money ;-)

SIPC has nothing to do with the government though.

SIPC = 40 employees to handle 3500 brokerage firms. They are privately paid employees. Has 5 billion in insurance assets.

FDIC = 5500 employees to handle 4700 banks. They are government employees. Has 120 billion in insurance assets.

Umm... what? They're both federal corporations.

tj

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Re: Robin Hood: 3% match on IRA transfer
« Reply #119 on: February 29, 2024, 12:52:09 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I have complete faith in SIPC.  The fed govt is the only entitiy I know that will pay out even if they dont have the money ;-)

SIPC has nothing to do with the government though.

SIPC = 40 employees to handle 3500 brokerage firms. They are privately paid employees. Has 5 billion in insurance assets.

FDIC = 5500 employees to handle 4700 banks. They are government employees. Has 120 billion in insurance assets.

Umm... what? They're both federal corporations.

No. The SIPC is not a federal corporation.  Nobody who works for the SIPC is a federal employee.

The SIPC is federally "mandated", not federally funded.
« Last Edit: February 29, 2024, 12:55:09 PM by tj »

dividendman

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Re: Robin Hood: 3% match on IRA transfer
« Reply #120 on: February 29, 2024, 03:52:49 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I have complete faith in SIPC.  The fed govt is the only entitiy I know that will pay out even if they dont have the money ;-)

SIPC has nothing to do with the government though.

SIPC = 40 employees to handle 3500 brokerage firms. They are privately paid employees. Has 5 billion in insurance assets.

FDIC = 5500 employees to handle 4700 banks. They are government employees. Has 120 billion in insurance assets.

Umm... what? They're both federal corporations.

No. The SIPC is not a federal corporation.  Nobody who works for the SIPC is a federal employee.

The SIPC is federally "mandated", not federally funded.

Neither are federally funded... they are both funded by the dues of the members.

tj

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Re: Robin Hood: 3% match on IRA transfer
« Reply #121 on: February 29, 2024, 04:17:00 PM »
Webull has a 3.5% match offer (4.5% with referral) but you don't get the bonus until the end of five years. I think Webull is a more questionable company than RH so I'm not tempted by this one.


I consider them both questionable. I guess time will tell.

Questionable how? Stay under SIPC.


I have less faith in SIPC than I do in RH!

I have complete faith in SIPC.  The fed govt is the only entitiy I know that will pay out even if they dont have the money ;-)

SIPC has nothing to do with the government though.

SIPC = 40 employees to handle 3500 brokerage firms. They are privately paid employees. Has 5 billion in insurance assets.

FDIC = 5500 employees to handle 4700 banks. They are government employees. Has 120 billion in insurance assets.

Umm... what? They're both federal corporations.

No. The SIPC is not a federal corporation.  Nobody who works for the SIPC is a federal employee.

The SIPC is federally "mandated", not federally funded.

Neither are federally funded... they are both funded by the dues of the members.

The FDIC is clearly a much more robust operation, and the employees employed by the FDIC receive FERS pensions like any other federal government employee. The SIPC is not equivalent.

GilesMM

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Re: Robin Hood: 3% match on IRA transfer
« Reply #122 on: February 29, 2024, 10:28:44 PM »
If RH loses track of your money somehow it will be pretty difficult to get it back. They are, by all accoutnts, a fairly risky-dink outfit and thus can only attract customers by this bonus offering. There are very good reasons reputable companies are not offering such things.

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #123 on: March 01, 2024, 12:48:01 AM »
If RH loses track of your money somehow it will be pretty difficult to get it back.

Total BS. Those under SIPC limits have had their money back within days in every broker failure. All equities are registered with the DTC, there are no hoops to jump through for SIPC, your account just magically appears at the new broker they transfer you to

GilesMM

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Re: Robin Hood: 3% match on IRA transfer
« Reply #124 on: March 01, 2024, 03:24:26 AM »
If RH loses track of your money somehow it will be pretty difficult to get it back.

Total BS. Those under SIPC limits have had their money back within days in every broker failure. All equities are registered with the DTC, there are no hoops to jump through for SIPC, your account just magically appears at the new broker they transfer you to


I haven't checked every case but I know many Lehman Brothers customers were not compensated for the 2008 collapse until five years later in 2013.  And the coverage is only if RH closes, not if they somehow lose your money through mismanagement, malfeasance or cyber attack.

Mississippi Mudstache

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Re: Robin Hood: 3% match on IRA transfer
« Reply #125 on: March 01, 2024, 08:39:05 AM »
I haven't checked every case but I know many Lehman Brothers customers were not compensated for the 2008 collapse until five years later in 2013.  And the coverage is only if RH closes, not if they somehow lose your money through mismanagement, malfeasance or cyber attack.

You're overblowing the risk. Most customers of Lehman Brother's broker dealer were unaffected by their bankruptcy. By law, customer assets are segregated from the investment bank's assets. Robinhood going under would just mean that accounts would get transferred to solvent brokers.

felizcortez

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Re: Robin Hood: 3% match on IRA transfer
« Reply #126 on: March 06, 2024, 08:11:22 AM »
I have about $1M in an old 401k plan that has low fees through my old employer. I've been looking at the 3% match at Robinhood for transfers which reading the fine print includes IRA's and 401k rollovers.

My current 401k plan is managed by Fidelity, so I could do a fidelity rollover to an IRA and then transfer the IRA in kind to Robinhood. I do not want to do a rollover directly to Robinhood because of the time that the money would be out of the market while the assets are transferred to a different institution. I think that the rollover first at fidelity would be the fastest with the least amount of risk. After the rollover is complete, I would purchase similar investments such as VTI VXUS etc to match the 401k asset allocation I had previously in the 401k.

Between everything that we could potentially transfer over (my 401k, wife's, 2 Roth's) the bonus would be about $45k. Compounded over 20 years that is significant. Transferring the Roth's is easy as they are already easily transportable and can be transferred in kind without any issue. The 401k's would both need to be rolled over to IRAs. If I just did the IRA's the bonus is about $12k, so the larger money is in the 401k rollovers.

Due to the larger balances in the 401k's, missing an increase in the market could negate the bonus which i guess is the risk I would be taking doing the rollover.

I realize this would put things above the SPIC limit for the 401k rollovers.

Is a rollover at fidelity to a fidelity IRA the best way to handle this?

Am I missing anything that I should be thinking about?

HeadedWest2029

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Re: Robin Hood: 3% match on IRA transfer
« Reply #127 on: March 06, 2024, 08:18:06 AM »
Why would you be out of the market?  Are the current holdings mutual funds? If so, ask Fidelity to do a share class conversion to the ETF equivalent once you roll it over to the IRA.  I don't have Fidelity so I don't know if they do that for customers, but I did that with Vanguard and I was never out of the market.

felizcortez

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Re: Robin Hood: 3% match on IRA transfer
« Reply #128 on: March 06, 2024, 08:20:16 AM »
The funds inside of the plan aren't able to be converted to ETF's. They are plan specific so not transferable inkind. So you'd have to liquidate, go to cash, make the IRA inside of fidelity and then purchase VTI, VOO etc etc.

tj

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Re: Robin Hood: 3% match on IRA transfer
« Reply #129 on: March 06, 2024, 09:59:10 AM »
I have about $1M in an old 401k plan that has low fees through my old employer. I've been looking at the 3% match at Robinhood for transfers which reading the fine print includes IRA's and 401k rollovers.

My current 401k plan is managed by Fidelity, so I could do a fidelity rollover to an IRA and then transfer the IRA in kind to Robinhood. I do not want to do a rollover directly to Robinhood because of the time that the money would be out of the market while the assets are transferred to a different institution. I think that the rollover first at fidelity would be the fastest with the least amount of risk. After the rollover is complete, I would purchase similar investments such as VTI VXUS etc to match the 401k asset allocation I had previously in the 401k.

Between everything that we could potentially transfer over (my 401k, wife's, 2 Roth's) the bonus would be about $45k. Compounded over 20 years that is significant. Transferring the Roth's is easy as they are already easily transportable and can be transferred in kind without any issue. The 401k's would both need to be rolled over to IRAs. If I just did the IRA's the bonus is about $12k, so the larger money is in the 401k rollovers.

Due to the larger balances in the 401k's, missing an increase in the market could negate the bonus which i guess is the risk I would be taking doing the rollover.

I realize this would put things above the SPIC limit for the 401k rollovers.

Is a rollover at fidelity to a fidelity IRA the best way to handle this?

Am I missing anything that I should be thinking about?

No you aren't missing anything. Do the 401k to IRA at fidelity to avoid headaches and then ACAT transfer to robinhood
« Last Edit: March 12, 2024, 03:05:30 PM by tj »

tennisray

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Re: Robin Hood: 3% match on IRA transfer
« Reply #130 on: March 12, 2024, 01:50:51 PM »
Ive kept putting this off. Finally initiated my transfer and opened one for my wife. Her account was much more difficult to open. Needed license, social security card, photos, etc. So far, it’s been pretty easy for my account. Good deal.

Must_ache

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Re: Robin Hood: 3% match on IRA transfer
« Reply #131 on: March 12, 2024, 08:41:28 PM »
Due to the larger balances in the 401k's, missing an increase in the market could negate the bonus which i guess is the risk I would be taking doing the rollover.

The bonus is 3%, i don't see how the larger balances of the 401k's has anything to do with it.

My rollover took a week or less, it was pretty quick it was directly from IRA to IRA.  Don't know if the 401k rollover aspect lengthens it at all, can't see why.

felizcortez

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Re: Robin Hood: 3% match on IRA transfer
« Reply #132 on: March 14, 2024, 06:44:32 AM »
I am looking gat transferring my Roth today, but should I wait until after the dividend payments happen at the end of March to avoid any complication? I guess I don't understand what happens if the account is in the ether between brokerages during the different dividend dates.

HeadedWest2029

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Re: Robin Hood: 3% match on IRA transfer
« Reply #133 on: March 14, 2024, 07:51:13 AM »
There's a sweep period (30 days I think?) where the old brokerage periodically sends over any income from dividends.  So it won't get lost to the ether, it'll just get transferred over separately.  Fractional shares are another thing that tends to get sold as cash and transferred over separately from the whole shares.  Still, it may be cleaner to just wait

salt cured

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Re: Robin Hood: 3% match on IRA transfer
« Reply #134 on: March 14, 2024, 10:20:12 AM »
Anyone transfer from Fidelity? How did you deal with the cash account? I've talked to a Robinhood rep on chat, but it seems hard to get firm answers on specific situations.

My IRA has a money market mutual fund (SPAXX) that Robinhood says they don't support. I have less than a dollar in that fund, but I assume fractional shares will get sold and pushed to that fund since Robinhood doesn't support them either. I can change my sweep account to FDRXX (another mutual fund that Robinhood doesn't support) or an "FDIC-insured deposit sweep program". This latter option seems like it's a cash account that Robinhood might support?

Or did anyone direct transfer the ETFs but have the money market funds sent by check? At the end of the day, I guess I could do a partial transfer and leave the Fidelity IRA open with the small amount of cash that can't be direct transferred, right?

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #135 on: March 14, 2024, 11:37:00 AM »
Anyone transfer from Fidelity? How did you deal with the cash account? I've talked to a Robinhood rep on chat, but it seems hard to get firm answers on specific situations.

My IRA has a money market mutual fund (SPAXX) that Robinhood says they don't support. I have less than a dollar in that fund, but I assume fractional shares will get sold and pushed to that fund since Robinhood doesn't support them either. I can change my sweep account to FDRXX (another mutual fund that Robinhood doesn't support) or an "FDIC-insured deposit sweep program". This latter option seems like it's a cash account that Robinhood might support?

Or did anyone direct transfer the ETFs but have the money market funds sent by check? At the end of the day, I guess I could do a partial transfer and leave the Fidelity IRA open with the small amount of cash that can't be direct transferred, right?

RH just transfers over the cash. MMF at fidelity is not "really" a MF, it's "cash", it'll transfer fine via ACATs, you don't need to give it another thought.

salt cured

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Re: Robin Hood: 3% match on IRA transfer
« Reply #136 on: March 14, 2024, 12:18:06 PM »
Anyone transfer from Fidelity? How did you deal with the cash account? I've talked to a Robinhood rep on chat, but it seems hard to get firm answers on specific situations.

My IRA has a money market mutual fund (SPAXX) that Robinhood says they don't support. I have less than a dollar in that fund, but I assume fractional shares will get sold and pushed to that fund since Robinhood doesn't support them either. I can change my sweep account to FDRXX (another mutual fund that Robinhood doesn't support) or an "FDIC-insured deposit sweep program". This latter option seems like it's a cash account that Robinhood might support?

Or did anyone direct transfer the ETFs but have the money market funds sent by check? At the end of the day, I guess I could do a partial transfer and leave the Fidelity IRA open with the small amount of cash that can't be direct transferred, right?

RH just transfers over the cash. MMF at fidelity is not "really" a MF, it's "cash", it'll transfer fine via ACATs, you don't need to give it another thought.

Good to hear, thanks.

tennisray

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Re: Robin Hood: 3% match on IRA transfer
« Reply #137 on: March 15, 2024, 09:41:16 AM »
Ive kept putting this off. Finally initiated my transfer and opened one for my wife. Her account was much more difficult to open. Needed license, social security card, photos, etc. So far, it’s been pretty easy for my account. Good deal.

Hit my first snag. E*Trade transfer happened, but I had sold a mutual fund and bought VTI. I guess I needed to wait til that settled (it showed in my E*Trade account). That amount did not get transferred.

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #138 on: March 15, 2024, 11:18:44 AM »
Ive kept putting this off. Finally initiated my transfer and opened one for my wife. Her account was much more difficult to open. Needed license, social security card, photos, etc. So far, it’s been pretty easy for my account. Good deal.

Hit my first snag. E*Trade transfer happened, but I had sold a mutual fund and bought VTI. I guess I needed to wait til that settled (it showed in my E*Trade account). That amount did not get transferred.

You can ask RH if they can sweep it over (so you don't get another transfer fee)

tennisray

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Re: Robin Hood: 3% match on IRA transfer
« Reply #139 on: March 15, 2024, 02:30:20 PM »
Ive kept putting this off. Finally initiated my transfer and opened one for my wife. Her account was much more difficult to open. Needed license, social security card, photos, etc. So far, it’s been pretty easy for my account. Good deal.

Hit my first snag. E*Trade transfer happened, but I had sold a mutual fund and bought VTI. I guess I needed to wait til that settled (it showed in my E*Trade account). That amount did not get transferred.

You can ask RH if they can sweep it over (so you don't get another transfer fee)


Thanks! RH said there is a “residual sweep” that may transfer. But I may have to call E*Trade for help.

nalor511

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Re: Robin Hood: 3% match on IRA transfer
« Reply #140 on: March 15, 2024, 02:31:15 PM »
Ive kept putting this off. Finally initiated my transfer and opened one for my wife. Her account was much more difficult to open. Needed license, social security card, photos, etc. So far, it’s been pretty easy for my account. Good deal.

Hit my first snag. E*Trade transfer happened, but I had sold a mutual fund and bought VTI. I guess I needed to wait til that settled (it showed in my E*Trade account). That amount did not get transferred.

You can ask RH if they can sweep it over (so you don't get another transfer fee)


Thanks! RH said there is a “residual sweep” that may transfer. But I may have to call E*Trade for help.

RH is the one that needs to sweep

Chris Pascale

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Re: Robin Hood: 3% match on IRA transfer
« Reply #141 on: March 16, 2024, 07:51:14 AM »
After "Dumb Money" they must be generally unpopular. Before, it was just the group that was involved with them, but now they are hated by Netflix viewers, too.

By the way, if you didn't watch, I recommend.
« Last Edit: March 16, 2024, 07:39:31 PM by Chris Pascale »

 

Wow, a phone plan for fifteen bucks!