deleted [When you transfer fund from Fidelity to Robinhood, what is the document called?]

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tonsoftons
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deleted [When you transfer fund from Fidelity to Robinhood, what is the document called?]

Post by tonsoftons »

delete2
Last edited by tonsoftons on Fri Jun 11, 2021 2:42 pm, edited 1 time in total.
livesoft
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Re: What's that called? when you transfer fund from Fidelity to Robinhood, and you need a doc to explain transaction.

Post by livesoft »

A "monthly statement"?
A "Letter of Instruction"?
A "Transaction confirmation"?
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mhalley
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Re: What's that called? when you transfer fund from Fidelity to Robinhood, and you need a doc to explain transaction.

Post by mhalley »

If it is a taxable account, it should show up in your next statement. There should be a transaction confirmation available now.
You can go to fidelity.com/ portfolio /accounts and trade/ history and see if that has what you are looking for.
Last edited by mhalley on Thu Jun 10, 2021 4:24 pm, edited 1 time in total.
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celia
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Re: What's that called? when you transfer fund from Fidelity to Robinhood, and you need a doc to explain transaction.

Post by celia »

Did you fill out a form on Robinhood or Fidelity to:
Transfer in-kind (transfer shares, not cash)
Withdraw
Rollover (IRA or retirement account of the same type)

Many forms are specific to the type of account (IRA, trust, joint Taxable account, account held for an organization, donor-advised). Besides the “transfer” form, you may also need an “account opening” form that tells who you are, how to contact you, and who your beneficiaries are for the account.
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tonsoftons
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Re: What's that called? when you transfer fund from Fidelity to Robinhood, and you need a doc to explain transaction.

Post by tonsoftons »

Than you for your reply.
there is a term for that. I saw it in the forum a while back, but forget the name.
jumppilot
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Re: What's that called? when you transfer fund from Fidelity to Robinhood, and you need a doc to explain transaction.

Post by jumppilot »

tonsoftons wrote: Thu Jun 10, 2021 6:33 pm Than you for your reply.
there is a term for that. I saw it in the forum a while back, but forget the name.
Transfer from Fidelity to Robinhood?

Letter of Competency.
Poppy1234
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Re: [When you transfer fund from Fidelity to Robinhood, what is the document called?]

Post by Poppy1234 »

Jumppilot, I see what you did there. :D :wink:

OP, what was the reasoning for the switch? If nothing else matters, I’ll at least do you the favor of letting you know you’ve lost the ability to select tax lots and tax loss harvest. Robinhood doesn’t allow selection of tax lots. Or selection of dividend reinvestment versus transfer to cash if dividends for each stock you hold individually. Or selection of beneficiaries. Please consider a “real” brokerage firm that does.
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Re: [When you transfer fund from Fidelity to Robinhood, what is the document called?]

Post by nisiprius »

Are you just talking about "a confirmation?"

Brokerages send written confirmations (paper mail or nowadays email if you want) of every transaction. This is an important basic protection against fraud and other kinds of abuse, and if you are ever in a situation where you are having trouble receiving them, treat it as a serious problem.

Note: IMHO Robinhood is not a quality brokerage.
  • Robinhood has misrepresented services of theirs in the past, by calling certain kinds of accounts "savings accounts" when that was not a correct description, and by saying that the accounts were "insured by SIPC" when they were not. They quickly fixed the way they described the accounts, but this is not the way quality financial firms act.
  • During the Gamestop mania, on Jan. 28, "Robinhood suspended the ability to buy shares of GameStop. App users were allowed only to sell their positions, not open new ones or add to their existing holdings in GME." Other brokerages did not do this. The reason was that Robinhood had not put enough money on deposit with its clearing house to cover the high volume of trades. This is not the way quality financial firms act.
  • Robinhood encourages investors, particularly young and inexperienced investors, to make risky investments by making it easy to do, without studying and without thinking about them. Money is serious, putting money at risk shouldn't be a casual thing. You should spend at least as much time and effort buying $1,000 in stocks as you spend on any other $1,000 purchase. Robinhood makes the process feel like a video game. This is not the way quality financial firms act.
An extreme event occurred in February of 2021, when a 20-year-old Robinhood customer named Alex Kearns made a complicated investment he didn't understand. Due to the sequence in which the trade took place, he saw a screen that he misinterpreted. He thought he had lost $730,165 on a trade of only a few thousand dollars and committed suicide.
Last edited by nisiprius on Fri Jun 11, 2021 8:54 am, edited 1 time in total.
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bwalling
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Re: [When you transfer fund from Fidelity to Robinhood, what is the document called?]

Post by bwalling »

OP, you're getting some of these responses on here because the forum is fairly financially conservative, and well versed in "good" and "bad" services and investments. There's a lot to not like about Robinhood, especially in comparison with Fidelity, whose fairly good in terms of services. Robinhood not only encourages poor behavior, but they also profit from selling your trading information early to high frequency traders. They're under SEC investigation for this.

Not the question you asked, but just some clarification on the responses you've received, as well as the more that are likely to come. They are, to some extent, anathema to Bogleheads.
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tonsoftons
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Re: [When you transfer fund from Fidelity to Robinhood, what is the document called?]

Post by tonsoftons »

Thank you so much for helping answer my question!
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Re: delete2

Post by LadyGeek »

The OP has deleted the question.

(Thread locked to end the discussion.)
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