Reading through the terms a bit more. It seems like RMD's can be a problem with this offer causing the entire transfer match to be charged in an early removal fee. Am I reading this correctly? If someone is in retirement and is taking RMD's this sounds like it could be a deal breaker.
Limitations. If a customer has received a Robinhood Gold IRA Deposit Match, and they
transfer or distribute for any reason some or all of their Robinhood IRA outside of the Robinhood
IRA prior to the earn-out period of five (5) years from receiving their Robinhood Gold IRA
Deposit Match in their Robinhood IRA, a non-taxable IRA Match Early Removal Fee will apply to
the IRA as payment for services from Robinhood, separate from and above any ACATS out fee,
and this IRA Match Early Removal Fee will be the amount that the customer has received via
the Match for any Match received over the previous five years. The IRA Match Early Removal
Fee will be calculated with respect to all of the customer’s Robinhood IRAs if the customer has
multiple IRAs at Robinhood. Any distribution outside of the Robinhood IRA will potentially
implicate the IRA Match Early Removal Fee, including distributions that may be required by law
such as required minimum distributions
it's very clear that one should not be transferring funds that might need to distribute within the five year hold period unless they don't mind paying a fee.
Statistics: Posted by tj — Sat Mar 02, 2024 3:29 pm — Replies 1203 — Views 83145