Taking from the poor and sex by the sea videosgiving to the rich was never supposed to be Robinhood's thing.
Users of the free stock-trading app Robinhood were up in arms Thursday after the company blocked the purchase of several stocks associated with a short squeeze led by the subreddit r/wallstreetbets. Thankfully, just because their money is tied up in the Robinhood app doesn't mean it has to remain that way.
The company, which once boldly proclaimed "let the people trade," provides detailed instructions on how to transfer stocks out of Robinhood.
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It's worth noting that Robinhood hits users with a fee on their way out the door — specifically to the tune of $75. However, it might be worth taking that hit if it means retails investors can trade the stocks they want to trade.
Robinhood explains that, for starters, users will need another account somewhere and to let that account know there will be some incoming assets.
"To begin the process, you'll need to contact your other brokerage and have them initiate the transfer," Robinhood explains on a support page. "They'll submit the transfer instructions to our clearing partner to transfer over your assets and funds."
Robinhood helpfully explains what soon-to-be-ex-users need to tell their other brokerage, and where to find it:
Please make sure you initiate an ACATS (Automated Customer Account Transfer Service) transfer. Please don't request stock delivery using any method other than ACATS, including DTC and transfer agent transfers.
You might need to give the other brokerage your Robinhood Securities (RHS) account number. You can find this information in your mobile app:
1. Tap the Account icon in the bottom right corner.
2. Tap Investing.
3. Your account number will be at the top of your screen.
You may need to reference a DTC number for your transfer. Robinhood’s DTC number is 6769.
When Robinhood users initiate full transfers, the company says it will close their accounts upon completion.
Importantly, Robinhood cautions that things might go south even while the transfer is in process.
SEE ALSO: WallStreetBets' popularity broke Reddit's moderation tools
"You won't be able to make any trades on the assets being requested, including options in the underlying asset, while the transfer is in process," it warns, "but keep in mind that you'll still own the securities or positions during this time, and they'll update in the app to reflect their current market value."
But hey, once it's done, the people will at least be able to trade.
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Topics Reddit