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Our customers may choose to cease using our platform, products and services at any time, and may choose to transfer their accounts to another broker-dealer.
For example, in the first quarter of 2021, we saw an increase in Automated Customer Account Transfer Services (“ACATS”) out as a result of an increase in customers choosing to transfer their accounts to another broker-dealer.
In the first quarter of 2021, total value of ACATS out was $4.1 billion, representing 5.0% of AUC, from approximately 206,000 accounts, as compared to the quarterly average for fiscal year 2020 of $0.4 billion, representing on average 1.2% of AUC, from approximately 22,000 accounts on average.
Other revenues ... increase of $12.6 million primarily relating to ACATS fees charged to users for facilitating the transfer of their account to another broker-dealer.
https://www.sec.gov/Archives/edgar/data/0001783879/000162828021013986/robinhoods-1a1.htm
I was transferring money to RH to sign up. The day my money was to be available I was going to buy a lot of GME. That was also the day the wouldn’t let you buy and would only let you sell. I transferred my money out quick to Fidelity and then bought that Monday. RH and Vlad can go fuck themselves. I learned quickly about RH in those days from reading boards like five. I tell anyone who asks what’s a good platform to say far away from RH.
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