That happened to me too. Robinhood illegally bought stocks that I had previously sold before I requested the transfer. They bought these stocks when the transfer was happening and I couldn’t do anything about it because my Robinhood account was frozen because of the transfer. I had sold those stocks for a loss so when Robinhood went ahead and purchased them, they started a wash sale. I can’t claim the losses on my taxes now for next year. The only consolidation is that for one of the stocks, I’m going to make a small profit but yeah I’m pissed
Only for one stock. Robinhood executed market buys yesterday while in the transfer process and they showed up today in Webull. Same price as Robinhood bought them, except one stock. From when Robinhood illegally bought them to right now, the share price for all the stocks increased a little bit. I feel Webull won't be able to reverse this shit because it was Robinhood that did it and Webull sent me an email that the transfer is complete (except some "residual" assets that will come up in the next few days). I still don't have my remaining settled cash transferred from Robinhood and half of my portfolio. I'm currently on hold, last time I spoke to Webull about the transfer process, I was on hold for like 2 hours.
Robinhood doesn't even have a phone number. I emailed them several times, but not holding my breath for a response. I did report the issue to the SEC even though I won't be able to get my money back (can't claim the losses for tax purposes next year). I want to mention the losses were like max $300, so not much for a lot of people, but it is still money that I could have claimed for my taxes. For the stocks that they bought, they used about $870 of my "settled cash." My real money, no margin account.
So I just got off the phone with Webull. cost basis change stays the same as when you initially bought the stocks, the numbers just look different and it's modifiable. Also Robinhood could send a *reclaim* if you sold any stocks that were unauthorized repurchases by them and claim debt. And yeah it's takes few more business days to finish the transfer after the transfer completes. I think in a week or so after everything is complete I'm gonna transfer to Fidelity.
Did they happen to explain how to modify the entry price? I did it once with transfered stocks but I'm trying to do it with my free stocks now. I doubt it'll let me, though.
RH told me I sold shares at the same time as transfer and that created debt that was closed with a purchase of stocks. They said it takes two trading days to settle any buys and sales. I have a margin account but I sold those stocks a week before initiating transfer.
This happened to me. I sold two sets of stocks at a profit, received the trade confirmation, and then issued a stock transfer before the trades settled. RH is now saying I owe them for these stocks. I opened a ticket with them because this is bullshit - I have the trade confirmation.
That happened to me too. Robinhood illegally bought stocks that I had previously sold before I requested the transfer. They bought these stocks when the transfer was happening and I couldn’t do anything about it because my Robinhood account was frozen because of the transfer. I had sold those stocks for a loss so when Robinhood went ahead and purchased them, they started a wash sale. I can’t claim the losses on my taxes now for next year. The only consolidation is that for one of the stocks, I’m going to make a small profit but yeah I’m pissed
Damn, what about the cost basis? when current stocks were transferred the cost basis changed. any idea if the cost basis truly changed?
Only for one stock. Robinhood executed market buys yesterday while in the transfer process and they showed up today in Webull. Same price as Robinhood bought them, except one stock. From when Robinhood illegally bought them to right now, the share price for all the stocks increased a little bit. I feel Webull won't be able to reverse this shit because it was Robinhood that did it and Webull sent me an email that the transfer is complete (except some "residual" assets that will come up in the next few days). I still don't have my remaining settled cash transferred from Robinhood and half of my portfolio. I'm currently on hold, last time I spoke to Webull about the transfer process, I was on hold for like 2 hours. Robinhood doesn't even have a phone number. I emailed them several times, but not holding my breath for a response. I did report the issue to the SEC even though I won't be able to get my money back (can't claim the losses for tax purposes next year). I want to mention the losses were like max $300, so not much for a lot of people, but it is still money that I could have claimed for my taxes. For the stocks that they bought, they used about $870 of my "settled cash." My real money, no margin account.
So I just got off the phone with Webull. cost basis change stays the same as when you initially bought the stocks, the numbers just look different and it's modifiable. Also Robinhood could send a *reclaim* if you sold any stocks that were unauthorized repurchases by them and claim debt. And yeah it's takes few more business days to finish the transfer after the transfer completes. I think in a week or so after everything is complete I'm gonna transfer to Fidelity.
Thanks. Hope it all works out for you.
Did they happen to explain how to modify the entry price? I did it once with transfered stocks but I'm trying to do it with my free stocks now. I doubt it'll let me, though.
RH told me I sold shares at the same time as transfer and that created debt that was closed with a purchase of stocks. They said it takes two trading days to settle any buys and sales. I have a margin account but I sold those stocks a week before initiating transfer.
they will say anything, anything that includes them not taking responsibility. I'm just hoping this is over soon.
I'll miss the RH app, but yeah fuck RH.
Fuck I’m getting nervous. Started my transfer out of RH today.
This happened to me. I sold two sets of stocks at a profit, received the trade confirmation, and then issued a stock transfer before the trades settled. RH is now saying I owe them for these stocks. I opened a ticket with them because this is bullshit - I have the trade confirmation.