The online trading platform Robinhood offers leverage trading, high-yield cash management options, commission-free trading on a variety of US-listed investment types, and access to IPO investments. How to move money or halt a deposit on a Robinhood account is often one of the platform’s most commonly requested topics. Here is a useful, step-by-step instruction that will show you how to cancel Robinhood deposits if you’re seeking advice on the subject.
How to cancel deposit on Robinhood
- Log in to your Robinhood account.
- In the top navigation bar, select “Account” and then choose “Transfers” from the dropdown menu.
- On the Funds Transfers page, find your deposit and click on the down arrow next to it to reveal a dropdown menu.
- Select “Cancel.” You will need to confirm that you want to cancel this deposit by entering your Robinhood account password again, and then click “Submit” to continue.
- Your deposit will be canceled and the funds should return to their original source within a few business days.
It’s important to note that once you cancel a deposit on Robinhood, you cannot reverse it. Additionally, if your deposited funds are needed for an order or settlement, then the cancellation process may be delayed until those orders have been settled. It is also possible that your deposit will not be able to be canceled and will remain in your account for future use.
In order to avoid having to cancel a deposit, Robinhood recommends that you double-check your information before submitting the transfer. For example, make sure that your account numbers and routing numbers are correct, as well as the type of account to which you’re transferring funds.
Can you reverse Robinhood deposit?
No, once a deposit is canceled on Robinhood it cannot be reversed. If you need to make the same deposit again, you will need to follow the same steps as if you were making an original transfer.
How long do Deposits pend on Robinhood?
Deposits typically take up to 4 business days to appear in your Robinhood account. However, depending on the type of transfer and funding source, it can take longer for the deposit to be reflected in your balance.
We hope this guide has been helpful in how to cancel deposits on Robinhood. If you have any further questions or need additional guidance, you can contact Robinhood’s customer service team directly. They will be able to answer any of your questions and provide further assistance if needed.