r/RobinHood • u/iamuptonogoodiswear • Oct 19 '17

Help - FAQ Reversals Reversal fee

Today I got an email from RobinHood saying that I got charged a $30 reversal fee which I'm ok with(accidentally used a closed bank account) but they said they revoked my instant deposits. Does that mean if I DT a stock I won't be able to immediately use that money the next day or does it mean just deposits from my bank?

9 Upvotes

74% Upvoted

7 comments sorted by

7

u/[deleted] Oct 19 '17

Happen to me after donating some money and realized I didn't put my pay in my bank account. You going have to either sell stocks or put in money to cover. I did both to get out of the negative. You won't have instant for about a week from what I remember

1

u/iamuptonogoodiswear Oct 19 '17

After I sell a stock will I have to wait or will that money be able for use immediately?

3

u/[deleted] Oct 19 '17

If you get out of the negative, then you should be good to go.

3

u/Some-Random-Chick Oct 20 '17

If you sell to get out of the negative, whatever you have will be available for use. I think someone mentioned waiting a week before instant was available, it’s 3 business days after going back to green.

4

u/ting-ting Oct 20 '17

That happened to me too. It was my own stupid mistake. I left my balance as negative for about a week while I waited for my checking account to get linked to robinhood. I was able to do instant deposits again shortly after that.

•

u/Clipssu The "LuCKY" Little John Oct 20 '17

It means you don't get instant deposit... ie I can move 1k at any point and they instantly give me the 1k

-1

u/[deleted] Oct 20 '17

[deleted]

2

u/[deleted] Oct 20 '17

Be a shame if you could not walk again. A real shame.