I recently opened a robinhood account to start stock trading and purchased approximately $4,000 in MSFT stock. In light of recent controversial events surrounding robinhood, I decided to transfer these stocks into a new Fidelity account.
After filing for ACATS transfer, my microsoft shares were NOT transferred (as I understand this is because the money had not yet settled). Instead, 4K in cash assets were transferred from RH to fidelity. Now my RH account was "closed" with my Microsoft shares present and a 4k deficit. I contacted RH to reopen my account so I can transfer the cash assets from fidelity to RH but instead they removed the deficit without any payment. My MSFT stock was transferred in a residual sweep. My RH account remained closed, now with a $0.00 balance.
I immediately notified fidelity but they basically told me that they can't do anything about it, as the error was on RH. I have notified RH but their customer support is god awful (part of the reason I left).
I understand that in the instance a bank mistakenly deposits cash into your account by mistake it is illegal to spend said money, would that be true in this case as well? I will make a second effort to notify RH but they have been taking 2+ weeks to reply to support requests.
Thank you for reading through this convoluted experience and I appreciate any advice you may have.
Submitted February 17, 2021 at 12:39AM by throwaway91697 https://ift.tt/3u8dTzB
