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Old 05-04-2021, 10:18 AM   #1
waffles
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Default Edward Jones to Robinhood transfer help?

Anyone know how I can transfer funds from my Edward account to RobinHood with out having to do a withdrawal?

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Old 05-04-2021, 10:37 AM   #2
220swift
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You should be able to do a wire transfer fairly easily. They might charge you $20.

Edward Jones should be able to help you. You just need wiring instructions for where the money is going.
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Old 05-04-2021, 11:10 AM   #3
gingib
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Transfer it back into your bank then into RH. Just may take a few days, but its free
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Old 05-04-2021, 11:31 AM   #4
waffles
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Trying to avoid the taxes on selling, I can transfer IRA to IRA without being taxed.

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Old 05-04-2021, 11:35 AM   #5
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I recently closed my EJ accounts to consolidate in my Ameritrade account. In order to make this happen I had to initiate the transfer through my Ameritrade account.
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Old 05-04-2021, 11:42 AM   #6
bbqfan5909
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For what its worth, be careful using robinhood and put only what your willing to lose. CPA buddy mentioned they may go bankrupt.
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Old 05-04-2021, 11:47 AM   #7
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For what its worth, be careful using robinhood and put only what your willing to lose. CPA buddy mentioned they may go bankrupt.
Aren't they insured by the SIPC?
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Old 05-04-2021, 11:51 AM   #8
bbqfan5909
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I have not dug into it much, play around in RH but wont put life savings in it.

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Aren't they insured by the SIPC?
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Old 05-04-2021, 12:05 PM   #9
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Quick look, SIPC only covers 250k coverage if company goes belly up.

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Aren't they insured by the SIPC?
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Old 05-04-2021, 12:14 PM   #10
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Quick look, SIPC only covers 250k coverage if company goes belly up.
Im well under that. To be honest, I treat single stocks like money at the casino. I have smallish positions in some large domestic companies but pretty much everything else is in solid growth mutual funds. I like boring when it comes to our finances.
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Old 05-04-2021, 12:17 PM   #11
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Same boat, index funds and compounding interest. I use RH to gamble with.

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Im well under that. To be honest, I treat single stocks like money at the casino. I have smallish positions in some large domestic companies but pretty much everything else is in solid growth mutual funds. I like boring when it comes to our finances.
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Old 05-04-2021, 12:25 PM   #12
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For what its worth, be careful using robinhood and put only what your willing to lose. CPA buddy mentioned they may go bankrupt.
What knowledge does your CPA buddy have of RH? Is he even qualified to make that statement. Is it because he's a CPA you believe him? RH did 331M in qtr 1 of 2021. Up from 91M same time year before. Could they go bankrupt? Sure. Anyone can. Are there signs showing they will anytime soon? No. That said I stopped using them last year becuase I thought they were being shady with trades.
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Old 05-04-2021, 12:29 PM   #13
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Keep loaning out money to people for trading and not having the cash to support, it very well can happen.

As for CPA friend, hes my kids godparents and trust him over anyone on here or any investment broker.

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What knowledge does your CPA buddy have of RH? Is he even qualified to make that statement. Is it because he's a CPA you believe him? RH did 331M in qtr 1 of 2021. Up from 91M same time year before. Could they go bankrupt? Sure. Anyone can. Are there signs showing they will anytime soon? No. That said I stopped using them last year becuase I thought they were being shady with trades.
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Old 05-04-2021, 01:05 PM   #14
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I don't think you can avoid taxes without selling your positions.
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Old 05-04-2021, 01:31 PM   #15
Take Dead Aim
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Keep loaning out money to people for trading and not having the cash to support, it very well can happen.

As for CPA friend, hes my kids godparents and trust him over anyone on here or any investment broker.
So again his qualifications are as follow. CPA, buddy, godparent. Again I'm not defending RH as I don't like them I just get tired of hearing, friend, buddy on facebook etc with zero credibility. I know its the internet and I should ignore but it gets old.
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Old 05-04-2021, 01:41 PM   #16
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Apologize for trying to help someone here, as this site use to be about brotherhood. More and more I read posts from people like you, ruins me support this site.

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So again his qualifications are as follow. CPA, buddy, godparent. Again I'm not defending RH as I don't like them I just get tired of hearing, friend, buddy on facebook etc with zero credibility. I know its the internet and I should ignore but it gets old.
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Old 05-04-2021, 02:06 PM   #17
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Same boat, index funds and compounding interest. I use RH to gamble with.
Thats what im planning us just some extra playing money

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Old 05-04-2021, 03:49 PM   #18
gingib
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Apologize for trying to help someone here, as this site use to be about brotherhood. More and more I read posts from people like you, ruins me support this site.
He has a valid point. And we have yet to get a valid explanation.

He said she said
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Old 05-04-2021, 07:49 PM   #19
Burnadell
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Quote:
Originally Posted by waffles View Post
Anyone know how I can transfer funds from my Edward account to RobinHood with out having to do a withdrawal?

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Quote:
Originally Posted by waffles View Post
Trying to avoid the taxes on selling, I can transfer IRA to IRA without being taxed.

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Are you trying to transfer money or securities in-kind? Your posts are confusing and contradictory.
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Old 05-04-2021, 08:54 PM   #20
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First of all...is it an IRA?

If so, you won’t pay taxes if you sell.

Second of all, you can do it as a trustee to trustee transfer by using Robin Hood’s forms

Third of all, you can send it all to you as cash (you have to sell first) and roll it over to Robin Hood

Lastly, there are better platforms to use than Robin Hood if you are just buying and selling a few stocks
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Old 05-04-2021, 09:32 PM   #21
scott123456789
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Why the desire the jump to robinhood over some of the much larger institutions that don’t manipulate the market to appease their investors in short squeeze situations?

Trying to add crypto holdings?

If you have one share of Tesla with EJ you can move it to any other brokerage without penalty just some paperwork.
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Old 05-04-2021, 09:36 PM   #22
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Originally Posted by Burnadell View Post
Are you trying to transfer money or securities in-kind? Your posts are confusing and contradictory.
Agree. Custodian to Custodian Transfers use to be Simple. I guess not anymore.
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Old 05-04-2021, 09:51 PM   #23
Burnadell
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I don't believe that Robinhood accepts retirement accounts, but I could be wrong.

OP, you do the transfer through the ACAT system with Robinhood. They will initiate the transfer.
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Old 05-04-2021, 10:20 PM   #24
waffles
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Originally Posted by scott123456789 View Post
Why the desire the jump to robinhood over some of the much larger institutions that donít manipulate the market to appease their investors in short squeeze situations?

Trying to add crypto holdings?

If you have one share of Tesla with EJ you can move it to any other brokerage without penalty just some paperwork.
This is a ver old account i had from a long time ago, Not much money at all. Not only crypto, I'm wanting to try more cannabis.

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Old 05-04-2021, 10:24 PM   #25
Burnadell
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This is a ver old account i had from a long time ago, Not much money at all. Not only crypto, I'm wanting to try more cannabis.

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You didn't answer my question. Securities or cash you are wanting to transfer? We can answer your questions and help you without clarity.
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Old 05-04-2021, 10:29 PM   #26
waffles
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You didn't answer my question. Securities or cash you are wanting to transfer? We can answer your questions and help you without clarity.
Its a tradition IRA account, wanting to transfer it all to RobinHood. They told me to do so I would have to sell out and they would cut me a check, but I would be responsible for the taxes for a early withdrawal.

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Old 05-04-2021, 10:35 PM   #27
Burnadell
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Originally Posted by waffles View Post
Its a tradition IRA account, wanting to transfer it all to RobinHood. They told me to do so I would have to sell out and they would cut me a check, but I would be responsible for the taxes for a early withdrawal.

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AsI said in my previous post, to transfer an account from one firm to another firm, the receiving firm intiates the transfer trough the ACAT system. Nothing should have to be sold or withdrawn. That said, have you confirmed that Robinhood accepts retirement accounts? Their website says they DO NOT.
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Old 05-04-2021, 11:26 PM   #28
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This sounds backwards.
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Old 05-05-2021, 11:41 AM   #29
Burnadell
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This sounds backwards.
What sounds backwards?
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