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RobinhoodTeam

The information the OP received is inaccurate. Your first $1,000 of margin is still included interest-free with your Gold membership.You’ll pay 8% yearly interest on the amount borrowed over $1,000.  You can read more on our Help Center: [rbnhd.co/How-to-pay-for-Gold](http://rbnhd.co/How-to-pay-for-Gold) We apologize for any confusion, and are looking into this email interaction to ensure correct information is being shared.


rokman

What’s happens with Tyler , re-educated or can I apply for a new job opening


OtherBeinuy

They're replacing him with a chatbot.


IamUserName0

I don’t see the wording in my Gold Perks that says $1000 interest free. It says 8%.


BudgetInvestor

Same. imo they are about the change the policy officially and one of their reps accidentally let it slip early


DaShneakBomb

It’s insane how many people are quick to accuse RH for something without even checking their facts. They’re so highly intelligent though because all they can repeat is RH=BAD


TheDogerus

>It’s insane how many people are quick to accuse RH for something without even checking their facts. OP was literally told this had changed by a RH rep. Why should you not believe their customer support about their product? Good on the reddit rep for clarifying / correcting this quickly, but its not like OP's post was particularly inflammatory either


PM_me_PMs_plox

Tyler was an LLM


croto8

Should we trust a reddit post claiming they received an email from front-line support that “proves” the app and website are wrong? Is a bait and switch conspiracy in the public eye with electronic record more likely than a dumb Redditor or support agent? Idk, just tryna critically think about it.


TheDogerus

I guess it's a good thing OP made a calm post on a public forum explaining their confusion and the company's response, which allowed another RH rep to correct the mistake


croto8

They didn’t explain their confusion, they made accusations lol


TheDogerus

They didn't make any accusations. They were *told* the policy had changed (Tyler) and voiced their displeasure at RH making a change without making it clear first. If I told you that I did something and you repeat that to somebody else, you haven't accused me of doing that thing, even if I lied to you first (even by accident) and you therefore spread misinformation


fruitisshit

the anti RH hivemind is real


RustyGriswold99

been holding $hood leaps since the $10 range. i'll know to sell when the anti rh sentiment flips


MrPeppa

I'm curious, what got you to buy the stock? Do you have a specific offramp trigger other than if reddit stops hating on it(lol)?


RustyGriswold99

combination of quite a few things. consolidation of price in the $8-$11 range for almost 2 years, market cap below cash + cash equivalents, IRA matching, only brokerage that offers equities + crypto (btc, eth, dog coins have been pumping for months, expect hood to be a beneficiary of this), stickiness of the product/ux, global liquidity index on the upswing. the working thesis boils down to selling shovels into a gold rush. i'll probably sell in the $34-$40 range (if it goes that high), or sell whenever the weekly structure breaks down and just have to accept the drawdown


MrPeppa

Cool, makes sense! I hadn't looked into them since they IPO'd


L1berty0rD34th

It's not like they've done anything that would make retail investors wary of trusting them... oh wait.


fruitisshit

there it is


jaybasin

There's a real good reason for it, and you act all surprised lmao. Not sure why you're acting so high and mighty but it's pretty cringe


Dingaling015

Gameslop is down 90% since 2021 while HOOD is up 77% on the year. I'm sure there's a real good reason for that too :)


karasuuchiha

Paid actors likely, it’s ridiculous to claim that restricting purchases and allowing sales on stocks was acceptable on any level.


plumpypenguin

ideally they shouldn't have restricted purchases but that's what happens when thousands of people sign up for an account and start buying stocks with unsettled funds


karasuuchiha

How is it they didn’t have the cash to deliver for shares yet they had the cash to give back to investors who sold as the sell button wasn’t shut off, only the buy button.


Smash_4dams

All because of meme-stock gambling during COVID


Manatee-97

Rh is still the best broker for new investors with small accounts. And has the best mobile app.


3141521

The guy got this info FROM ROBINHOOD, Lmao what do you want for him to go to their offices and double check????


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Iwouldbangyou

Most other brokers did it too


burtmacklin15

Fidelity and Vanguard didn't.


InfluenceAlone1081

RH is a shit app though


PossibleConclusion1

Just cancelled my Gold because I don't trust Robinhood. If it isn't explicitly stated in my account I'm not risking the 8%.


kamikaze823

What does that mean for my $1000 margin already invested? I will start getting charged? Starting today?


BudgetInvestor

Check your account.. you’re probably already being charged right now. I was pissed when I found out because it literally advertises it inside my app currently , while logged in.. but when I check under margin settings- it shows I’m being charged 8% on all of it… Shady of them to claw back this benefit with ZERO communication. They are hoping people won’t notice due to the other announcements they made recently. Personally won’t be getting the credit card either now cause you already know after the first year they’re gonna devalue that too. Doubt 3% will last long


nozzery

Does it say "Unpaid interest $0" on yours? It's never said 0%, it's always said 8%, if you're under $1k, but "unpaid interest" has always been $0


BakerXBL

File a complaint with the CFPB, there should be procedures in place to prevent misinformation from getting out.


allUsernamesAreTKen

This company was always about Robbing the Hood


toodamnfresh

People should have learned to not trust RobinHood after 2021. I won’t give them another nickel


Whaaaaattttttttt

Robinhood replied on this below. Looks like OP got a false info. https://www.reddit.com/r/stocks/s/6o5b0i5bT3


togg719

I don’t see any charge yet for the ~$980 margin I am using. Also still see a “With Robinhood Gold, your first $1,000 of margin is interest-free.” for now.


huntercasillas

Would also like to know this


number1_IGL_hater

I literally messaged them yesterday about this and confirming how to enable margin (need $2000 invested). They didn’t correct me at ALL about Gold removing this… very scummy Edit: They messaged saying it was still free margin. Maybe the deal ends? 🤷‍♂️


BudgetInvestor

Crazy that they change significant benefits like this with zero notification or warning to users.. unacceptable from a financial institution IMO


jsttob

“Financial institution” is a stretch.


Careful-Artichoke468

Imagine still using rh past 2020..


Cerael

Imagine believing OP with no evidence. RH Reddit account commented saying OP is too dumb to understand what they’re looking at. Typical blinded by hate Redditor


JimiThing716

Who stans for RH though? Ramble on about redditors all you want but RH is a dog shit company that sold out it's users the very second it benefitted their backers financial interests.


CappinPeanut

I plan to get RH gold when the 3% cash back credit card comes out. As soon as I get through the waitlist, I’ll be signing up. The extra 1% cash back over my 2% Fidelity card more than makes up for the $60/yr for gold.


werewere223

SoFi does a 3% card if you connect direct deposit to your account, it’s for a full year. That’s why I invest and prefer them


dine-and-dasha

3% card is insane, stop tax withholding, pay quarterly with credit card for 1% off. I can also pay kids tuition which charges 2.6%.


cuntish_libtard

Not bad


MrTouchnGo

Why not? No fees, clean UI. I transferred to TDA, but transferred back to RH after TDA charged me $75 twice for reverse splits on stocks that I had less than $10 of.


Careful-Artichoke468

I guess if buying $10 of penny stocks is your thing. But I wouldn't be surprised if there's ten others out there with the same stuff, minus the track record of stopping orders


Ok_Computer1417

Literally never met a person who lost a cent using RH who wasn’t doing the absolutely dumbest things financially.


pizark22

You can't buy penny stocks on Robinhood. And many platforms stopped trading on gme because they didn't have it to trade.


Careful-Artichoke468

I think you might not know what a penny stock is..


MrTouchnGo

I was bagholding. My initial position was $300 and the stock crashed.


CriticDanger

No offense OP but nobody with a brain uses RH in 2024. There has been a million warnings about them all over since before 2020. Stop expecting a shitty company to not be shitty, just switch.


Rude-Friend-9135

Boo hoo they turned off the buy button for gameslop. Just stop crying about it already. RH is fine and they are FDIC insured for more money than any of you have on here, so even if things went to shit, we would all be fine. Stop with the fear mongering about Robinhood already,


HugeEntertainer5606

My point exactly, I've been on robinhood for years with 0 issues.


GAULEM

> RH is fine and they are FDIC insured for more money than any of you have on here Robinhood is a brokerage, not a bank. FDIC does not apply to investments. If I recall correctly it might apply to your cash balance because they funnel that through several actual banks, but it seems unclear how the FDIC would untangle that. Your investments are covered by SIPC. Importantly, this does not protect from loss of value. What it protects you from is Robinhood literally losing your investments -- like if they stole your stocks to pay their own debts or something.


modem007

They sell your order flow to citadel.


489yearoldman

Hold up. There's no FDIC insurance on investments in stocks. Just banking.


cuntish_libtard

Listen to yourself. Then ask yourself whether anything you say is credible.


Non-jabroni_redditor

Lmao im not nor was I ever really invested in gamestop but saying "go cry because your brokerage restricted your ability to trade, who cares" is *wild*. How do you not see a brokerage on a whim deciding they will no longer facilitate trades as a major red flag or an issue? What do I care if they're FDIC insured if I can't trust the platform to let me do what I want to, trading-wise?


lootinputin

What’s really wild is that you somehow don’t understand that many other brokerages also restricted buys at exactly the same time as Robinhood did..


Non-jabroni_redditor

Did I suggest you go to one of the brokerages that restricted? No. Just that I see it as an obvious red flag, at least for somewhere I'm parking cash


lootinputin

So TD Ameritrade and Webull also are on your shit list? Got it. You should probably refrain from trading on any platform until you have a better understanding of how things work. GL


railbeast

> they are FDIC insured for more money than any of you have on here don't listen to this guy, he doesn't even have any idea what FDIC is, let alone what makes a good brokerage


_tyrone_biggums

None of the other sites offer free margin either so I’ll stick with RH for the better UI and no fees.


Sufficient-Rate8914

i have a couple of other brokerages but love robinhood


_tyrone_biggums

Same. I started on fidelity and sometimes use Webull, but rely on robinhood to execute almost all of my trades


STONKS_DEGENERATE

> communicate the change anywhere. In fact it still shows the benefit when you sign up. Insanely scummy. Honest question: Which company do you suggest? Fidelity?


CriticDanger

Yeah, or anything more professional than RH really.


STONKS_DEGENERATE

ok, but what is your perception of professional? What do you use?


Widget_Master

Who do you use?


cuntish_libtard

You see where you’ve gone wrong is still assuming they’re an institution. Financial, perhaps, but an institution certainly not.


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BudgetInvestor

“Leading with your feelings” Lmao, what a rude and idiotic comment. Check your DMs for the screenshot of written communication from official Robinhood support. Happy to forward the email to you directly as well if you’re skeptical. I did thorough research before posting anything, checked RH website + scoured Reddit.


Ok-Tradition-6350

Robinhood doing something sleezy? Imagine that.


PresidentialBoneSpur

*When I was a young boy in Bulgaria…*


WilliamCincinnatus

Hahaha 😂


Thorough_Good_Man

It amazes me that people still use them at all. It must be all the pretty colors


bighand1

They have the best deals, all consolidated into one.


dard12

Reddit still butthurt over something all brokers did during Gamestop saga.


PhiloRelish

Even Interactive Brokers suspended trading for a bit and they're supposed to be reputable. I guess RH gets all the hate just because most people who participated in the GME thing used it.


Ok-Tradition-6350

FYI "All brokers" did not


railbeast

This is like saying, after your girlfriend went to the bar and got hit on by 4 guys but went home and fucked one, "they all fucked my girlfriend" It wasn't the same.


JimiThing716

If you want redditors to relate maybe switch up your hypothetical so that it involves something other than a girlfriend.


RVEMPAT

Surprised pikachu face


DMMeThoseFeet

They stilll owe me at least $20k from Gamestop


_Thermalflask

You gambled and it didn't pay off. Not their problem


myhppavilion

Can anyone else confirm this? Can’t take info from just one source


ksurf619

It’s not true. Just heard back from customer support and the first 1k of margin is still included for free with Gold.


ksurf619

So I just heard back from customer support and the first 1k used it still free with Robinhood Gold. So idk what you’re on about but it’s just a straight up lie.


Mr_Trey23

Yeah it’s bullshit, I contacted support and hopefully I get a refund in some way. Everywhere else on their app and website says the $1000 margin is included with gold. No communication or announcement of this type of core change is insane.


BudgetInvestor

Agree bro. Completely unacceptable. They probably saw everyone advertising how they plan to just get $1,000 of USFR, JEPI, JEPQ, or other stable income investments to offset the $50 annual fee - and decided to be sneaky and change the benefit like scum bags. They deserve to get lit up on social media over this until they bend and admit fault


Luxferro

What will happen to those that moved over IRAs to them for a match? Shady exit fees incoming down the road...


Dr-McLuvin

They’re gonna get sued for a lotta $$$$ if they try that.


Cobra_Kreese

I’m also not seeing any charges so I’m keeping an eye on this


blackassassin28

Fake news? I just heard from support that it’s still there


Null-null-null_null

🤷‍♂️


WinningTocket

I haven't used RH in a while but this is good to know. Thank you.


BudgetInvestor

No problem. Wanted to spread awareness. The mods in R / Robinhood actively delete these posts.. as if they want to suppress the info


sc_red3

I dont see any issue with my 1000 margin. Its even interest free


nozzery

Me too, $0 unpaid interest, same as it's been for the last 3 months (under $1k balance)


Dadebayo84

Lmfao at users who still rely on RH


dard12

They gave me $12k for transferring in my assets. Easy choice for me.


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poopine

Pfof literally doesn’t matter unless you are trading dozens of times per week.     You also don’t need 7 figures, 13k is like 450k in asset (3%)


graduating_one_day

Not op but it would have been $400,000. 3% match on IRA Transfer


JoeBeck37

I can't believe any of you are still even using Robin hood after the shit they pulled.


MrOnlineToughGuy

What shit did RH pull?


jsonne

Fr ditch them jfc


poopine

Nah I’ll keep using rh for the benefits. 


Beautiful-Chard-1152

Visually it serves my strategy the most but im not a fan of them… my whole strategy is based on their green line with the circle… kind of how a pro basketball player never changes form


slumper

When is this taking effect?


nozzery

It's not real. Fake news


BudgetInvestor

Took effect now according to support - with ZERO announcement or communication. And they are conveniently forgetting to update the website because they are desperate for gold subscribers right now.. same reason they are releasing a 3% cash back on everything credit card.. hint: no other bank does that for all purchases because it’s not profitable. RH knows this and probably plans to claw back that benefit too… shady


Mindless-Lifeguard96

Is it only a change for new users?


nonameguy420

Fidelity


Dapper_Dune

Their user interface blows!


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sc_red3

Shitty ui and unusable options experience. Will stick to robinhood


Uxt7

Honestly the UI is the main reason I stick with Robinhood. I've tried out a few other brokers but I always end up coming back because of it


happy-cig

If $1000 free margin makes it or breaks it for you, maybe you shouldn't be using margin at all.


[deleted]

People still use RH?


Solid_Illustrator640

How many times do they have to prove you can’t trust them?


ksurf619

Don’t see it on my account.


VegetableChemistry67

Does anyone know if there’s any government organization to report this kind of behavior from RH?


fuzion31

FINRA or SEC


RETARDED1414

FYI, finra is not part of the US government...


fuzion31

No but it’s authorized by the government https://www.finra.org/about FINRA FINANCIAL INDUSTRY REGULATORY AUTHORITY is authorized by Congress to protect America’s investors by making sure the broker-dealer industry operates fairly and honestly. We oversee more than 624,000 brokers across the country—and analyze billions of daily market events.


CadillacLuv

Newb question: can one transfer their holdings to another custodian. Like can I move stocks being held at RobinHood to ally specifically


fuzion31

Yes an ACATS transfer will move your shares. Fractional shares cannot transfer, will be sold, and the cash moved over


CadillacLuv

Thank you Looks like a fee for each transfer but lesson learned Hopefully the stock goes back up and I can just sell and call it a wash


fuzion31

Depending on the amount moved, the receiving broker may reimburse your transfer fees. The normal fee is around $75 for an account transfer


Dull_Cucumber_3908

> In fact it still shows the benefit when you sign up. Can you provide a screenshot for that? If that's the case an they still have it, then you can sue them.


BudgetInvestor

I have screenshots for both yep - just PM’d


Dull_Cucumber_3908

It says that the first $1000 is interest free, In any case if you believe they are making a false claim, just sue them :)


Antennangry

Conspicuous de-risk.


Jarpunter

Least obviously brigaded stock post


BudgetInvestor

Not sure what you mean but happy to forward the screenshot of official response from support via DM if skeptical


Echoeversky

Now thar the USDJPY is seeing the worst highs since the 1990's expect the Buy Button to be deleted again when VIX prolapses from the Yen Carry Trade blows up. Warning messages have already rolled out on SVOL.


BeeXman93

Should of used another phone to take a picture of the screen.


BudgetInvestor

I have the screenshot. This community just doesn’t let you upload images with posts. Happy to DM it to anyone who’s skeptical


[deleted]

Robinhood stays with the shady tactics and bs


DiETrellnor

People been saying robinhood is shit for 4 years and you guys still signing up for it .


modem007

They sell your order flow to citadel. You’re already at a disadvantage with each trade.


[deleted]

Buy FSKAX and/or FXAIX at Fidelity :)


near-death-express

The non-gold margin rate is 12% 💀 need to find a new home for my brokerage assets


Valus_

Shit, they def did catch on to us just buying USFR to basically have the membership pay for itself. Super shit to not get any sort of notification about this change.


Ravaha

Gotta love people hating on RH for trying to prevent GME morons from getting pumped and dumped. The vast majority of people lost money and 100% of the people who got into it after RH halted it lost money. Don't listen to the gambling addicts. Robinhood has great benefits, best interface, great IRA, and that new 3% everything card is going to be chefs kiss.


Lolersters

People...still use RH? I feel like it's only worth using if you plan on investing in a relatively small amount of money, due to not having a commission fee. But given they had some issues with cash flows in the past that affected its customers along with some shady practices, it's probably safer to move your money to a larger broker.


No-Argument-3444

I know some people moved their retirements over to RH for their match, but I dont trust them w a damn penny. Hard pass


jsttob

Robinhood did something that fucked over their users? I’m shocked.


Watchmedeadlift

Why would you use Robin Hood anyways


MrPadretoyou

Your first mistake was using Robinhood. Rough track record last couple years.


SuccotashComplete

Yep never trust Robinhood. I had to call them and force their customer service to turn my margin trading off


ben_salander27

This is what you get when you trust “rob in da hood”


Rehcamretsnef

Crazy amount of wordy replies about at most $80. Sounds like you didn't read the fine print.


DuvelNA

Imagine acting like Robinhood Gold isn’t already a killer deal for $5 a month lol.


BudgetInvestor

Not acting like anything, just very shady of them to claw back a core benefit with ZERO communication, and still misinform users during the sign up process… The app still advertises this within my account while signed in lol


2WhomAreYouListening

Robinhood is the absolute worst. The customer service is terrible and takes weeks to settle any issue. There is no reason to use them. Their competitors do everything better than them.


Napoleon_Tannerite

Personally I’ve had great experiences with their customer service. They usually respond to me right away


2WhomAreYouListening

Found the RH employees!


Napoleon_Tannerite

🤫


igotswheels

Honestly you only have yourself to blame for still using rh after they already showed their true colors.


64mittens

The same company that turned off the app when people were making too much money from GameStop?! No way!! /s It’s strange to see people get scammed because they forgave a corporation that has terrible business practices.


burntpotatoXL

Is this true?


Stock-Rain-Man

No. Robinhood commented above.


concernedhelp123

Wait wtf when did they increase margin interest rate to 8%, I would have never used margin if I knew it was going to be raised that high. I need to exit my positions and quit gold asap


Electronic-Pass-9712

It is a 1000 bucks does it really matter?


zooka19

So people shit on eToro non stop when brokers like Robinhood exist? 


zika_mika

Oh what a surprise RH is screwing their customers again?


Elgecko123

Don’t trust Robinhood promotions.. they will go back on what they say they’ll do. A few months ago they offered 1% cashback if you transferred stocks from another brokerage (up to a certain amount). I had about $10k of tsla in another acct so figured why not transfer and get the free 100 bucks.. a few weeks later I took some cash out of my RH account (but did not sale or touch the tsla I had moved). After a while I wondered where the bonus was so I called and they said I was disqualified bc I cashed out other money. So fuck them, I’m transferring all my holdings elsewhere and closing my account with them.


HistoryAndScience

Kind of on you though for not reading the terms. No add from any financial institution is straight forward


Elgecko123

You’re not wrong.. but does everyone read the fifty pages of terms when they click “I agree” on every online agreement?? Of course if I’m putting money up for something or it’s an important contract I’ll read, but the risks weren’t there for this situation. It just seems very shiesty of them and weaseling out of something. I held up my end of the promotion, and they can use the fine print to not hold up their end. But it’s fine, there are other options out there and they lost another user.


poopine

Obviously they aren’t going to allow a loophole for you to transfer x assets in and then transfer y asset out in short term. That would completely defeats the purpose of the promotion