Transfer From Robinhood To TD AmeritradeLAST UPDATED: April 9, 2023 | By Conrad Golly
If you’re considering transferring your Robinhood account to TD Ameritrade, you may be wondering about the process and any associated fees.
While Robinhood charges a $75 fee for outgoing account transfers, TD Ameritrade charges nothing to receive an incoming transfer.
However, there are a few steps you need to follow to ensure a smooth transfer and to get your fee refunded.
Transfer From Robinhood To TD Ameritrade: First, make sure you have your Robinhood account statement that shows the $75 charge. You’ll need to submit this statement to TD Ameritrade to get the fee refunded. Next, open a TD Ameritrade account, which you can do online or by visiting a local branch. Once your account is open, you can initiate the transfer process, which involves filling out some paperwork and providing some basic information about your Robinhood account.
Transferring your Robinhood account to TD Ameritrade may seem daunting, but it’s actually a relatively simple process.
By following the steps outlined above, you can transfer your account with ease and avoid paying unnecessary fees.
Table of Contents
Preparing for Transfer
Checking Account Balance
Before initiating a transfer from Robinhood to TD Ameritrade, it is important to check your account balance in Robinhood.
Ensure that you have enough funds to cover any fees or charges that may be associated with the transfer.
You should also take into account any unsettled funds or pending transactions that may affect your account balance.
Before initiating a transfer, it is important to close any open positions in your Robinhood account.
This is because your Robinhood account will be restricted from placing new trades once the transfer process begins. You should also ensure that any pending orders are cancelled before initiating the transfer.
When transferring securities from Robinhood to TD Ameritrade, you should ensure that the securities are eligible for transfer.
Not all securities are eligible for transfer, and there may be restrictions on certain types of securities. You should also ensure that the securities are properly registered in your name.
During the transfer process, you will be required to provide information about the securities you wish to transfer, including the name of the security, the number of shares, and the CUSIP number.
It is important to provide accurate information to avoid any delays or issues with the transfer.
Finally, it is important to note that the transfer process can take up to a week to complete. During this time, your Robinhood account will be restricted from placing new trades.
It is important to plan accordingly and ensure that you have access to any funds or securities you may need during this time.
Opening TD Ameritrade Account
The first step in transferring from Robinhood to TD Ameritrade is to open a TD Ameritrade account. If you don’t already have one, you can do so by visiting their website and following the prompts to create an account.
Make sure that the name on your TD Ameritrade account matches the name on your Robinhood account.
Once your account is created, you will need to fund it. You can do this by transferring money from your bank account or by depositing a check. TD Ameritrade requires a minimum deposit of $0 to open an account.
Submitting Transfer Request
After your TD Ameritrade account is set up and funded, you can initiate the transfer process. To do this, you will need to contact TD Ameritrade and request a transfer of your Robinhood account.
You can do this by logging into your TD Ameritrade account and going to My Account > Account Transfer. From there, you will need to follow the prompts to submit a transfer request.
Alternatively, you can contact TD Ameritrade customer service and request assistance with the transfer. They will provide you with the necessary forms and instructions to complete the transfer process.
Once the transfer request is submitted, it can take up to a week for the transfer to be completed. During this time, your Robinhood account will be restricted from placing new trades.
Checking Transfer Status
After initiating a transfer from Robinhood to TD Ameritrade, it is important to keep an eye on the progress of the transfer.
TD Ameritrade estimates that a full transfer will take around 5 to 8 business days to complete, while a partial transfer can take up to 2 weeks longer.
To check the status of your transfer, simply log in to your TD Ameritrade account and go to the My Account tab. From there, select Account Transfer to view the status of your transfer.
Contacting Customer Support
If you have any questions or concerns about the transfer process, TD Ameritrade’s customer support team is available to assist you. You can reach them by phone or through the secure messaging system on their website.
To speak with a representative over the phone, call TD Ameritrade’s customer support line at 1-800-669-3900.
If you prefer to use the messaging system, simply log in to your account and select the Message Center option from the My Account tab.
TD Ameritrade’s customer support team is available 24/7 to assist you with any questions or concerns you may have regarding your transfer from Robinhood.
What If I Don’t Want To Pay The Transfer Fee?
TD Ameritrade offers a reimbursement program for transfer fees charged by other brokers. However, the reimbursement is only available for transfers of $3,000 or more and the account must remain open for at least 12 months. If you are considering transferring a smaller amount, you may want to weigh the cost of the transfer fee against the benefits of moving your account.
Can You Transfer Stocks From Robinhood To TD Ameritrade?
Yes, you can transfer securities and cash to other brokerages through an ACATS (Automated Customer Account Transfer Service) transfer. However, it is important to note that you cannot transfer assets from a Robinhood account into a retirement account or education account at TD Ameritrade. So, if you want to transfer these types of accounts, you will need to open an individual account.
How Long Does It Take To Transfer Stocks From Robinhood To TD Ameritrade?
The transfer process typically takes about a week once it begins. However, the entire process can take anywhere from 3 to 6 weeks from the date your completed paperwork has been received. It is important to note that your Robinhood account will be restricted from placing new trades once the transfer process begins.
Is It A Good Idea To Transfer Stocks From Robinhood To TD Ameritrade?
Whether or not it is a good idea to transfer stocks from Robinhood to TD Ameritrade depends on your individual circumstances and investment goals. TD Ameritrade offers a wider range of investment options and research tools, as well as access to financial advisors. However, Robinhood offers commission-free trading and a user-friendly mobile app. It is important to weigh the pros and cons of each platform and determine which one best suits your needs.
Verdict: Transfer From Robinhood To TD Ameritrade
As I said, you can transfer stocks from Robinhood to TD Ameritrade without any issues. The most important thing you should keep in mind, however, is that you will have to pay $75 to Robinhood for the transfer. Of course, you can always ask TD Ameritrade if they will cover this cost after the transfer is complete.
It might not always be a great idea to move from Robinhood to TD Ameritrade, but it seems like most of the time it is. The trading app is definitely more friendly with Robinhood, but there are so many other benefits with going the TD Ameritrade way.
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