Everyone and everything evolves. when I first started on this path of investing I started by using the commission-free brokerage on Robinhood. After spending time learning whatever I could about investing, researching companies and stocks, and learning how to minimize my risks I came to the conclusion that I needed a more robust brokerage account. I ended up opening a TD Ameritrade account in addition to my Robinhood account. I had kept my Robinhood account because I had a couple of stocks on there and it was pretty simple to use. I also needed time to learn my way around all of the tools and features that were available on TD Ameritrade. I endedn up using my TD Ameritrade account for my ETFs and Robinhood for my individual stocks. But I found myself spending more time on the TD account researching different stocks. I started a Watchlist on TD to list my stocks from Robinhood so I can see all of my investments in one place. There was more information with TD Ameritrade than with Robinhood.
So, I decided to move my stock investment account from Robinhood to TD Ameritrade. First thing you must remember is that you must already have the receiving account created because that account is the one that starts the ball rolling. I logged onto my TD account and began the transfer process. I had to fill out an online form letting TD know what account I wanted to bring over. I had to make sure that I had a previous statement from Robinhood because there were crucial bits of information to give TD. TD Ameritrade then informs Robinhood that I have initiated and authorized the transfer of my account there to TD Ameritrade. This part of the process is fairly quick.
Within a day I was notified that my Robinhood account was restricted, my cash management has been downgraded, my debit card and ACH transfer would no longer work, and any outstanding limit buys or sells would be cancelled. My cash account would no longer be earning any interest. This made sense, otherwise it would be like trying to hit a moving target if they were going to try to sweep up any and all pending transactions to transfer over to TD Ameritrade.
The transfer should take anywhere from 5 to 7 days. Where TD Ameritrade initiated the transfer process, Robinhood control the speed of that process and its completion. I’m doing all of my investment activity on TD Ameritrade and just waiting for my stocks and cash from Robinhood to show up.