Mayfair International Capital - Robinhood 100x Increases Instant Withdrawal Minimums

Robinhood Markets Inc. (HOOD), a popular trading platform, will raise its minimum transfer charge for fast withdrawals from $0.02 to $2 beginning November 1, 2023.
KOWLOON, Hong Kong - Sept. 14, 2023 - PRLog -- This week, users were notified of the imminent rise through account alerts and updates.

The adjustments have not yet been reflected in Robinhood's Help Center, which does not indicate the minimal costs related with quick transfers.

The 1.5% fee levied on instant transfers is acknowledged in the support page, although the current example of a $100 quick withdrawal states that consumers would "see the total transfer amount change to $98.50." According to the revised rules, a $100 quick withdrawal would be subject to a $2 minimum charge, making the total transfer amount $98.

In practice, this means that users will likely decline to make smaller instant transfers, instead opting for larger instant transfers or foregoing the service entirely and utilizing free traditional deposits, which typically take four to five business days to complete.

The new costs come as Robinhood faces dwindling monthly active customers and greater SEC scrutiny. Robinhood announced a buyback deal with US Marshals last week to buy back shares formerly held by FTX founder Sam Bankman-Fried.

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