Unveiling the Seamless Transition from Robinhood to Public.com: An Easy Guide
SWITCHING BETWEEN TRADING APPS
Moving Your Stocks from Robinhood to Public.com
Wondering how to shift from Robinhood to Public.com? Don’t stress! It’s totally possible to move your current investments from Robinhood directly to Public.com. Let’s break it down step by step.
For beginners, moving your stocks to a different platform might seem challenging. But it’s all just a sequence of simple steps. The National Securities Clearing Corporation (NSCC) has a system called ACATS (Automated Customer Account Transfer Service). This makes it easy to move regular assets like stocks, bonds, and options between most broker platforms.
This process is automatic, but there are a few things to watch out for. To avoid unauthorized transfers, your old platform needs to confirm your transfer request is legit. If your name or Social Security number isn’t a match, your request will be denied. The whole check usually takes around three days.
Once that’s done, your old platform sends your account details to the new platform. Your new platform then checks it can accept the transfer. Certain issues, like not meeting the minimum balance for a margin loan, could cause them to deny the transfer.
When everything is approved, it’ll take about a further three days to move your assets. Be aware, if your account needs a custodian, the process could take longer.
MAKING THE MOVE
Moving Stocks from Robinhood to Public.com
Let’s put this into action! First, you need to set up a new account with Public.com. Follow their instructions to do this, then you’re ready to start the ACAT transfer.
In the Public.com app, tap on the person icon in the bottom right and then the gear icon to access settings. Look for “Transfer my stocks to Public”. Tap that, and you’re prompted to transfer stocks and ETFs to your new account. Note that you can’t transfer cryptocurrencies or options. Find Robinhood in the brokerage firms list and enter your account number.
Just keep in mind that Robinhood charges a $75 ACAT transfer fee. You also need to ensure all your trades are settled and you have no open orders. If your transfer exceeds $150, the good news is, Public.com covers the transfer fee charged by Robinhood.
All in all, the whole transfer process should take less than ten business days.
WHAT’S NEXT?
What Happens During the Transfer
During the transfer time, Robinhood will lock your account to process it smoothly. You’ll still own your stocks and can track their market value, but you cannot buy, sell, or change your holdings. You also can’t add funds to or withdraw money from your account.
AFTER THE MOVE
Full vs. Partial Transfer
You might see “full transfer” and “partial transfer” mentioned. A full transfer means all your stocks are moved to your new Public.com account, and your Robinhood account is then closed. Robinhood locks your account during the transfer. Although you can monitor changes in your investments, you can’t trade or balance them until the transfer is complete.
On the other hand, a partial transfer lets you move just selected stocks to the new platform while your Robinhood account remains open and functional. This can be a good way to try the new app without moving all your investments.
TIPS AND TRICKS
Transfer Tips
Review both platforms’ transfer process details and check any specific policies that could influence your transfer. Make sure you settle all trades before initiating the transfer, as you cannot trade during the transfer process. Never hesitate to ask questions about anything you don’t understand.
Failed Transfers
Several issues can cause a failed transfer, including mismatches in account details or trying to trade during transfer. If this happens, contact Public.com for specific reasons and guidance on next steps.
FAQ
1. Can I move stocks between brokers without selling?
Absolutely! In a transfer, your stocks move “as is”, so you don’t need to sell them. However, any fractional shares you have will be sold and the resulting cash transferred.
2. How much does the transfer cost?
Robinhood charges a $75 transfer fee, but if you’re transferring over $150, Public.com will cover that for you.
3. How long does the transfer take?
It usually takes about six business days, but generally no longer than 10 days.
To wrap up, it’s easy to move your portfolio from Robinhood to Public.com! Public.com handles the heavy lifting of the transfer process. So hang tight for a brief account freeze, and you’ll be ready to explore your new trading platform in no time.
