Robinhood Financial LLC & Robinhood Securities, LLC Customer Agreement

100 of 318 cards in Charges & Financial Obligations

Charges & Financial Obligations · Permission or license

Joint owners are jointly and severally liable, and Robinhood may offset funds across your accounts

Both owners of a Joint Account are jointly and severally liable for the Joint Account and obligations arising from the Agreement, and all property in the Joint Account for either owner may be subject to a lien. Robinhood may, at its discretion, recoup or offset funds across a customer's individual Account and Joint Account, including by selling securities and positions, for example where fraudulent activity or indications of it create a deficit in one of the customer's accounts.

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Both owners of the Joint Account shall have joint and several liability for the Joint Account or obligations arising from this Agreement, and all property in the Joint Account for either owner may be subject to a lien.

Robinhood may in its discretion recoup or offset funds across a customer’s individual Account and Joint Account, including the sale of customer securities and positions, such as when there is fraudulent activity or indications of fraudulent activity that create an account deficit in one of the customer’s accounts.

Qualifications & exceptions

Offset across individual and joint accounts is at Robinhood's discretion; the fraud example is introduced by "such as" and is not stated as the only trigger.

Charges & Financial Obligations · Restriction or exception

Custodial Accounts get no margin or collateral use; securities lending may pay cash in lieu of dividends

Standard margin investing is not available for Custodial Accounts, and Custodial Account assets cannot be used as collateral for a loan from Robinhood or any third party. If you opt the Custodial Account into a fully paid securities lending program, you may receive cash payments in lieu of dividends. Those payments may not get the same treatment as qualified dividends and are likely to be taxed at a higher rate than the preferential qualified dividend rate. You represent that you have decided participation is in the Minor's best interest after considering the tax and fiduciary implications.

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Standard margin investing is not available for Custodial Accounts, and you may not use assets in the Custodial Account as collateral for a loan from Robinhood or any third party.

If you opt the Custodial Account into a fully paid securities lending program, you acknowledge that you may receive cash payments in lieu of dividends.

You represent that you have determined such participation is in the Minor’s best interest after considering these tax and fiduciary implications.

Qualifications & exceptions

The tax statement is "may" and "likely" language and applies if the account is opted into fully paid securities lending.

Charges & Financial Obligations · Restriction or exception

Custodian stays personally liable for Custodial Account deficits; offset rights come with four limits

You remain personally responsible for deficits or obligations resulting from your instructions in the Custodial Account. Robinhood's recovery rights under Section 31.8 survive termination of the Custodial Account and the Agreement, subject to four custodial limits. Robinhood may satisfy your Obligations related to the Custodial Account by liquidating assets or offsetting balances in your individual accounts or any other account you own in your own name. It will not offset your personal, unrelated debts against the Minor's assets, nor one Minor's Obligation against a different Minor's assets. You authorize it to offset a Custodial Account deficit with funds from another Custodial Account for the same Minor. And despite Section 31.8, it will not debit your external bank accounts for Custodial Account deficits without separate, specific authorization. Section 31.8 otherwise lets Robinhood recover amounts you owe by offset against your Account, external bank account, Affiliate accounts and other linked accounts.

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You remain personally responsible for any account deficits or obligations resulting from your instructions.

Robinhood will not offset your personal, unrelated debts against assets owned by the Minor, nor will Robinhood offset an Obligation of one Minor against the assets of a different Minor

you authorize Robinhood to offset a deficit in the Custodial Account using funds from another Custodial Account for the same Minor

notwithstanding Section 31.8, Robinhood will not debit your external bank accounts for Custodial Account deficits unless you provide separate, specific authorization for such transaction

You authorize Robinhood to recover amounts you owe, and to debit, charge or otherwise exercise a right of offset to recover funds from the balance in your Account, your external bank account, any account you own with an Affiliate of Robinhood

Qualifications & exceptions

The four numbered limits (i)-(iv) qualify the Section 31.8 offset rights for Custodial Accounts.
External bank debits for Custodial Account deficits require separate, specific authorization.

Cross-references

narrows (model-proposed): You owe Obligations on demand; Robinhood may offset against your accounts, bank account and linked instruments — exception_to: For Custodial Account deficits, Robinhood will not debit the customer's external bank accounts without separate, specific authorization, which carves an exception out of the general Section 31.8 offset authority that reaches the external bank account.

Charges & Financial Obligations · Restriction or exception

Enabling the gifting link makes you liable if a Donor's gift is reversed or challenged

By enabling the gifting link you are responsible for the actions of the Donors you invite. If a Donor's gift is reversed, returned or challenged for any reason, including ACH reversals or fraud, the reversal creates a personal Obligation for which you are liable. That Obligation is governed by the personal responsibility and recovery rights described earlier, including the Right of Offset in Section 31.8 and custodial limitations (i)-(iv). Robinhood has no obligation to pursue a Donor, and recourse for the gift's value is solely between you and the Donor.

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by enabling the gifting link, you are responsible for the actions of the Donors you invite to contribute

If a Donor’s gift is reversed, returned, or challenged for any reason, including but not limited to ACH reversals or fraud, you agree that such reversal creates a personal Obligation for which you are liable.

Robinhood has no obligation to pursue a Donor for a reversed gift and that any recourse for the value of the gift is solely between you and the Donor

Qualifications & exceptions

Applies to reversal, return or challenge "for any reason", with ACH reversals and fraud as examples.
Recovery is subject to custodial limitations (i)-(iv).

Charges & Financial Obligations · Company practice

Equity Gifts execute at the next session open and fall back to cash if the purchase cannot proceed

Equity Gifts received outside market hours or during halts execute at the opening of the next available standard session. The purchase price may differ from the price when the gift was initiated, and Robinhood is not responsible for those price movements. If a security is restricted, an order fails for operational or regulatory reasons, or the security is otherwise ineligible, the gift is treated as a Cash Gift and deposited as uninvested cash.

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Equity Gifts received outside market hours or during halts will execute at the opening of the next available standard session.

The purchase price may differ from the price at the time the gift was initiated, and Robinhood is not responsible for such price movements.

the gift will be treated as a Cash Gift and deposited as uninvested cash

Qualifications & exceptions

The fallback to a Cash Gift applies when the security is restricted, the order fails for operational or regulatory reasons, or the security is ineligible.

Charges & Financial Obligations · Restriction or exception

Trust Accounts: you are personally liable for deficits you cause and indemnify Robinhood

You are personally liable for obligations, debts or Negative Equity in the Trust Account to the extent they result from your instructions, actions or omissions, including instructions outside your authority under the trust instrument or Applicable Law. Where a Trust Account has several Trustees, a Trustee is not personally liable for Obligations arising solely from another Trustee's conduct, except where that conduct involved fraud or the Trustee charged participated in, directed, or knew of and failed to object to it. You agree, individually and as Trustee, to indemnify and hold Robinhood and its Affiliates harmless from losses, claims or damages from Robinhood's reliance on your instructions or representations, including a beneficiary or Co-Trustee challenge to your authority. A Trustee who has not completed onboarding is not subject to personal liability, indemnification or offset for Trust Account Obligations. If you are a Grantor who keeps a beneficial interest, Robinhood may offset obligations between your individual accounts and Trust Accounts you are Grantor of, but will not offset a Trust obligation against a non-beneficial Trustee's personal account unless that Trustee's instructions or actions caused it.

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You are personally liable for any obligations, debts, or Negative Equity (as defined in Section 31) incurred in the Trust Account to the extent resulting from your instructions, actions, or omissions, including any instruction given outside the scope of your authority under the trust instrument or Applicable Law.

Where a Trust Account has more than one Trustee, a Trustee is not personally liable for Obligations arising solely from another Trustee's conduct, except where such other Trustee's conduct involved fraud, or where the Trustee being charged participated in, directed, or had actual knowledge of and failed to object to such conduct.

You agree, individually and as Trustee, to indemnify and hold Robinhood and its Affiliates harmless from any losses, claims, or damages arising out of Robinhood's reliance on your instructions or representations

A Trustee who has not completed onboarding is not subject to personal liability, indemnification obligations, or offset under this Section 2.9 or Section 31.8 for Obligations arising in the Trust Account.

If you are the Grantor of a trust in which you retain a beneficial interest, you are deemed to have a beneficial interest in its assets and Robinhood may offset obligations between your individual accounts and any Trust Accounts for which you are the Grantor.

Robinhood will not offset a Trust Account obligation against such Trustee's personal account except where such Trustee's instructions or actions gave rise to the obligation.

Qualifications & exceptions

The several-Trustee protection has two exceptions: fraud by the other Trustee, or participation, direction or knowing failure to object by the Trustee charged.
Offset against a non-beneficial Trustee's personal account is limited to obligations that Trustee's own instructions or actions gave rise to.

Not stated here

The text refers to "Negative Equity (as defined in Section 31)", but the saved text of Section 31 does not contain a definition of that term.

Charges & Financial Obligations · Restriction or exception

You accept investment risk, including loss beyond principal, and agree to the Risk Disclosures

You acknowledge that all investments involve risk, losses may exceed the principal invested, and past performance does not guarantee future results. You alone are responsible for all investment decisions for your Account, including the risk of loss on purchases and sales. You also acknowledge and agree to the Risk Disclosures, defined as the risk disclosure documentation available or referenced on the Website or in the Disclosure Library from time to time, which currently include the RHF Use and Risk Disclosures, Product Features Disclosures, Extended Hours Trading Disclosure, ETF Disclosure, the Characteristics and Risks of Standardized Options and the Margin Disclosure Statement.

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all investments involve risk, that losses may exceed the principal invested

You are solely responsible for all investment decisions associated with your Account including any risks in connection with the purchase or sale of securities (which includes the risk of loss).

You acknowledge and agree to the Risk Disclosures.

As of the date of this Agreement, Risk Disclosures include (without limitation)

Qualifications & exceptions

The Risk Disclosures definition is open-ended ("without limitation") and tied to documentation as supplemented from time to time.

Not stated here

The Risk Disclosures documents are not part of this saved text.

Charges & Financial Obligations · Permission or license

Robinhood can require full payment in cleared funds, and may liquidate property if funds fall short

Robinhood reserves the right to require full payment in cleared funds before accepting any order, and you agree to pay for purchases immediately or on demand. If you do not provide enough funds, Robinhood may, at its option and without notice, charge a reasonable rate of interest, liquidate the property bought, or sell other Property you hold in your Account, and may charge any consequential Loss to your Account. "Property" includes all monies, securities, contracts, investments and options, whether for present or future delivery, with related distributions, proceeds, products and accessions.

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Robinhood reserves the right to require full payment in cleared funds prior to the acceptance of any order. You agree to pay for purchases immediately or on Robinhood’s demand.

In the event that you fail to provide sufficient funds, Robinhood may, at its option and without notice, (i) charge a reasonable rate of interest, (ii) liquidate the Property subject of the buy order, or (iii) sell other Property owned by you and held in your Account.

“Property” includes all monies, securities, contracts, investments, and options, whether for present or future delivery, and all related distributions, proceeds, products, and accessions.

Qualifications & exceptions

The remedies are at Robinhood's option and may be used without notice when funds are insufficient.

Charges & Financial Obligations · Restriction or exception

You must return assets sent to you in error and pass on dividends received on shares you already sold

You must promptly return to Robinhood any assets erroneously distributed to you. If you sell a security before its ex-dividend or distribution date and still receive the related cash or stock dividend or distribution in error, you irrevocably direct Robinhood to pay it to the entitled purchaser and guarantee to promptly reimburse Robinhood for, or deliver to it, that dividend or distribution.

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You agree to promptly return to Robinhood any assets erroneously distributed to you.

In the event that you sell a security prior to its ex-dividend/distribution date, and you receive the related cash/stock dividend or distribution in error, you irrevocably direct Robinhood on your behalf to pay such dividend/distribution to the entitled purchaser of the securities, and guarantee to promptly reimburse Robinhood for, or deliver to Robinhood, said dividend or distribution.

Qualifications & exceptions

The sell-before-ex-date direction applies where you receive the dividend or distribution in error.

Charges & Financial Obligations · Permission or license

Funds arriving after your Account is closed may be applied to your obligations or moved to an Affiliate account

If your Account is cancelled, closed or terminated for any reason and Robinhood later receives funds meant for it, Robinhood may apply the funds to any obligations you have in the Account and/or transfer them to the balance of any active account you own with a Robinhood Affiliate.

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In the event Your Account is cancelled, closed, or terminated for any reason and thereafter Robinhood receives funds to be applied to your Account, Robinhood reserves the right to apply the funds to any obligations you may have in your Account and/or transfer the funds to the balance of any active account you may own with a Robinhood Affiliate.

Qualifications & exceptions

Applies for any reason the Account was cancelled, closed or terminated.

Charges & Financial Obligations · Restriction or exception

Orders execute at the market price, which may differ from the quote; Robinhood Financial is not liable for swings

Whether you place a market or limit order, you receive the price at which the order executes in the marketplace. In periods of high volume, illiquidity, fast movement or volatility, the price you get may differ from the quote at entry and you may receive partial executions at different prices. Robinhood Financial is not liable for any price fluctuations. Quotes generally cover only a small number of shares set by the marketplace, so larger orders are more likely to execute at varying prices or in multiple lots.

Supporting quotations

you will receive the price at which your order is executed in the marketplace

the execution price received may differ from the quote provided on entry of an order, and you may receive partial executions of an order at different prices

Robinhood Financial is not liable for any price fluctuations

larger orders are relatively more likely to receive executions at prices that vary from the quotes or in multiple lots at different prices

Qualifications & exceptions

The non-liability statement is made by Robinhood Financial and refers to price fluctuations.

Charges & Financial Obligations · Company practice

Default equity order type may be a market order or a limit order preset 2% from the last Nasdaq trade price

The default order type when entering an equity order on the Platform may be, as disclosed during order entry, a market order, a limit order with a preset limit price 2% above (buy) or 2% below (sell) the last reported trade price on a Nasdaq exchange at the time of entry, or a limit order at a price you set. For a preset limit price, Robinhood multiplies the last trade price by 1.02 for buys or 0.98 for sells. If the last trade price is over $1.00 it rounds down to two decimals for buys and up to two decimals for sells; otherwise it rounds down to four decimals for buys and up to four decimals for sells. You can see the preset limit price on the order review summary screen.

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The default order type when entering an equity order via the Platform may be, as disclosed during the order entry process, either (i) a market order, (ii) a limit order with a preset limit price set at 2% above (if a buy order) or 2% below (if a sell order) the last reported trade price for the security on a Nasdaq exchange

the last trade price for the security is (i) multiplied by 1.02 (for buy orders) or 0.98 (for sell orders); and (ii) if the last trade price is over $1.00, rounded down to two decimal places (for buy orders) or rounded up to two decimal places (for sell orders); otherwise, rounded down to four decimal places (for buy orders) or rounded up to four decimal places (for sell orders)

You can review the preset limit price on the Platform’s order review summary screen.

Qualifications & exceptions

The default type "may be" any of the three, as disclosed during order entry.
Rounding differs by direction (buy rounds down, sell rounds up) and by whether the last trade price is over $1.00.

Charges & Financial Obligations · Restriction or exception

Market orders can fill at a very different price on a later day; limit orders may not fill

Securities may open at prices substantially above or below the prior close or what you expected. If you place a market order at any time, you agree to pay or receive the prevailing market price when it executes, which may be on a later trading day, and the price may be significantly higher or lower than expected. To avoid buying at a higher price and possibly exceeding your purchasing power, you may enter a limit order with a limit price. Limit orders may not execute within a particular period, or at all, if there is not enough trading at or better than your limit price, and are subject to any time-in-force restrictions. The Website has more information on order types and limitations, which you agree to read and understand before placing such orders.

Supporting quotations

If you place a market order (irrespective of when you place it), you agree to pay or receive the prevailing market price at the time your market order is executed, which execution may occur on a subsequent trading day.

limit orders may not be executed within a particular period of time, or at all, if there is not sufficient trading at or better than the limit price you specify, and are subject to any applicable time-in- force restrictions

The Website contains further information regarding order types and limitations, which you agree to read and understand before placing such orders.

Qualifications & exceptions

A market order may execute on a subsequent trading day irrespective of when you place it.
The further order-type information is on the Website and is not part of this saved text.

Not stated here

The Website's order type and limitation information is not supplied.

Charges & Financial Obligations · Company practice

24 Hour Market limit orders can execute nearly around the clock, and late orders take the next trade date

If Robinhood 24 Hour Market trading is available to you and you enter an eligible limit order, it could execute between 12 a.m. and 8 p.m. ET on a full trading day (Monday to Friday except exchange holidays and half-days), between 12 a.m. and 5 p.m. ET on an exchange half-day, and between 8 p.m. and 12 a.m. ET on the day before a full trading day or half-day. An order executed between 8 p.m. and 12 a.m. ET has the following full or half trading day as its trade date, including for clearance, settlement, tax reporting, dividends and other corporate actions.

Supporting quotations

If Robinhood 24 Hour Market trading is available to you and you enter a limit order that is eligible for execution during the Robinhood 24 Hour Market

such orders could be executed between 12 a.m. and 8 p.m. ET on a full trading day

the trade date for an order that is executed between 8 p.m. and 12 a.m. ET (the last four hours of a day) is the following full trading day or half-day (including for purposes of clearance, settlement, tax reporting, dividends, and other corporate actions)

Qualifications & exceptions

Applies only if Robinhood 24 Hour Market trading is available to you and the limit order is eligible for it.

Charges & Financial Obligations · Restriction or exception

24 Hour Market orders are at your risk and are treated as "not held" orders giving Robinhood price and time discretion

For 24 Hour Market limit orders you are responsible for the risks of entering them, including the risks of Extended Hours Trading described in the Extended Hours Trading Disclosure. Robinhood deems each such order a "not held" order, meaning you have given Robinhood discretion over the price and time of execution.

Supporting quotations

(3) you are responsible for the risks associated with the entry of such orders, and such risks include the risks of Extended Hours Trading described in the Extended Hours Trading Disclosure

(4) Robinhood deems each such order to be a “not held” order, i.e., an order with respect to which you have granted Robinhood discretion with respect to the price and time of execution

Qualifications & exceptions

Risks include those described in the Extended Hours Trading Disclosure, which is not part of this saved text.

Charges & Financial Obligations · Company practice

24 Hour Market orders may go to principal market makers and dark venues with thin liquidity and no price protection

Robinhood routes 24 Hour Market orders to one or more market centers ("24H Market Makers"), which may execute on a principal basis or route onward. Between 8 p.m. and 4 a.m. ET ("Overnight Hours") orders are routed to 24H Market Makers that may execute as principal or route to alternative trading systems ("24H ATS"). Those ATSs need not display prices publicly and may have very limited liquidity or high volatility. Such an order may not be price protected and may execute at a price worse than prices available at other venues.

Supporting quotations

(5) Robinhood will route such orders to one or more market centers (each a “24H Market Maker”), which may execute an order on a principal basis or route the order for execution to one or more other market centers

(7) the 24H ATSs are not required to display prices publicly and may have very limited liquidity and/or high volatility

(8) such an order may not be price protected and so may be executed by a market center at a price that is worse than prices available at other execution venues

Qualifications & exceptions

The price-protection warning is stated as "may not be", not as a certainty.

Charges & Financial Obligations · Company practice

Unexecuted 24 Hour Market orders are cancelled and re-routed at session changes, with a gap in eligibility

If a 24 Hour Market order is unexecuted at or shortly before the start of the next Overnight Hours session, it is cancelled and, subject to its time-in-force instructions, re-routed to 24H Market Makers. If unexecuted at or shortly before the end of the Overnight Hours session, it is cancelled and, subject to its time-in-force instructions, re-routed to 24H Market Makers, who may execute it as principal or route it to another market center. When an order is cancelled and re-routed this way, it is not eligible for execution between cancelation and re-routing.

Supporting quotations

(9) if the order is unexecuted as of the beginning of, or shortly before, the next Overnight Hours session, the order will be canceled and, subject to the order’s time-in-force instructions, re-routed to one or more 24H Market Makers

(10) if the order is unexecuted as of the end of, or shortly before the end of, the Overnight Hours session, the order will be canceled and, subject to the order’s time-in-force instructions, re-routed

(11) if the order is canceled and re-routed as described in (9) or (10) above, the order will not be eligible for execution during the period of time between the cancelation of the order and its re-routing

Qualifications & exceptions

Re-routing is subject to the order's time-in-force instructions.

Charges & Financial Obligations · Company practice

Queued Orders run after the next open in received order, and may be cancelled if buying power is short

You can place certain orders in a queue for execution the following trading day ("Queued Order"). Queued Order requests are prioritized in the order received and are sent for execution after the opening of normal market trading (9:30 a.m. to 4:00 p.m. ET) or pre-market trading (7:00 a.m. to 9:30 a.m. ET), depending on your instruction. If you queue buy orders and buying power is insufficient at the open, Robinhood will endeavor to cancel one or more of the Queued Order requests in the order received until you have enough buying power for the rest. Queued Orders with fractional share components may be aggregated with other such orders. Orders outside Market Hours are subject to the Extended Hours Trading Disclosure.

Supporting quotations

Queued Order requests are prioritized based on the order in which they are received

Robinhood will endeavor to cancel one or more of the Queued Order requests in the order in which they were received until you have sufficient buying power for the remaining Queued Order requests

orders based on Queued Orders with fractional share components may be aggregated with other such orders

Orders placed outside of Market Hours are subject to the Extended Hours Trading Disclosure.

Qualifications & exceptions

Cancellation for insufficient buying power follows the order in which requests were received and is stated as an endeavor.

Charges & Financial Obligations · Company practice

Good-til-cancelled limit orders last up to 90 days and re-route daily; Robinhood may cancel any open order

A good-til-cancelled (GTC) limit order stays valid until it executes, you cancel it, 90 days pass from placement (Eastern Time), or the related contract is closed. A GTC order set to execute only during Market Hours stands only through Market Hours sessions. One set for Market Hours or Extended Hours (Pre-Market Hours plus After Hours, 4:00 p.m. to 8:00 p.m. ET) stands through both. Unexecuted GTC orders are re-routed at the start of the next appropriate session every day while valid. GTC orders are treated as "do not reduce" orders. Robinhood may in its discretion cancel any open orders to buy or sell securities without notice.

Supporting quotations

A limit order designated as “good-’til-cancelled” (“GTC”) means the order remains valid until (A) it is executed; (B) you cancel the order; (C) 90 days from when the order is placed (based on Eastern Time); or

(D) the contract to which it relates is closed.

You further agree that any GTC orders you place should be treated as “do not reduce” orders.

Robinhood may in its discretion cancel any open orders for the purchase or sale of any securities without notice.

Qualifications & exceptions

The 90-day limit is measured from when the order is placed, in Eastern Time.
Robinhood's right to cancel open orders is at its discretion and without notice.

Charges & Financial Obligations · Company practice

Options orders go to other broker-dealers, which may handle them in ways that affect speed and likelihood of execution

All options trades must occur on an exchange. Robinhood routes all options orders to other broker-dealers, who at their discretion and subject to best execution obligations may route to exchanges, join price improvement mechanisms there, or direct orders to other market makers or floor brokers. An order may be displayed on an exchange at a price better than its limit price at entry. These practices may affect execution speed and likelihood of execution and may involve the risk of adverse market movement. Robinhood Securities receives payment for order flow from the market centers that handle its options and whole-share stock orders; for options the payment is a flat rate based on the underlying symbol.

Supporting quotations

Robinhood routes all options orders to other broker-dealers for execution.

Executing broker-dealers, at their discretion and subject to their best execution obligations, may handle orders by routing them to exchanges, participating in price improvement mechanisms on those exchanges, or directing orders to other market makers or floor brokers for execution on an exchange.

The above practices by executing broker-dealers may affect execution speed and the likelihood of execution and may involve the risk of adverse market movement.

Robinhood Securities receives payment for order flow from those market centers and shares revenue with Robinhood Financial.

Qualifications & exceptions

The executing broker-dealers act "at their discretion and subject to their best execution obligations".
The payment-for-order-flow description comes from the Equity Orders and Payment For Order Flow section and is a cross-reference here.

Charges & Financial Obligations · Restriction or exception

Bulletin Board and pink sheet stocks carry added risk, and Robinhood Financial may require limit orders

Bulletin board, pink sheet and other thinly traded securities ("Bulletin Board Stocks") are less liquid and more volatile than actively traded exchange-listed securities. They may have different trading rules and systems, and you may see significant delays in executions, execution reports and quote updates. Robinhood Financial, in its sole discretion, may require limit orders for certain Bulletin Board Stock transactions.

Supporting quotations

Bulletin board, pink sheet and other thinly-traded securities (collectively “Bulletin Board Stocks”) present particular trading risks, in part because they are relatively less liquid and more volatile than actively traded securities listed on a major exchange.

you may encounter significant delays in executions, reports of executions, and updating of quotations in trading Bulletin Board Stocks

Robinhood Financial in its sole discretion may require limit orders on certain Bulletin Board Stock transactions.

Qualifications & exceptions

The limit-order requirement is for "certain" transactions and is at Robinhood Financial's sole discretion.

Charges & Financial Obligations · Permission or license

On your breach or default Robinhood has the rights of a secured creditor

If you breach or default under the Agreement, Robinhood has all rights and remedies of a secured creditor under applicable laws, in addition to the rights and remedies the Agreement provides.

Supporting quotations

In the event of a breach or default by you under this Agreement, Robinhood shall have all rights and remedies available to a secured creditor under all applicable laws and in addition to the rights and remedies provided herein.

Charges & Financial Obligations · Context

ETFs carry risks, leveraged and inverse ETFs may not suit everyone, and ETF trading creates tax consequences

You should weigh the investment objectives and risk profile of Exchange Traded Funds before investing. ETFs carry risks similar to other diversified portfolios. Leveraged and inverse ETFs may not be suitable for all investors and may increase exposure to volatility through leverage, short sales, derivatives and other complex strategies. ETFs may not exactly replicate their indices because of expenses and other factors. ETFs must distribute portfolio gains to shareholders at year end, which can arise from rebalancing or diversification needs, and ETF trading also has tax consequences.

Supporting quotations

You understand that you should consider the investment objectives and unique risk profile of Exchange Traded Funds (“ETFs”) carefully before investing

leveraged and inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives, and other complex investment strategies

ETFs are required to distribute portfolio gains to shareholders at year end, which may be generated by portfolio rebalancing or the need to meet diversification requirements, and that ETF trading will also generate tax consequences

Qualifications & exceptions

Stated as your understanding; the statements about leveraged and inverse ETFs say "may".

Charges & Financial Obligations · Context

Prospectuses for ETFs come from issuers or their agents; regulator guidance is on SEC and FINRA sites

You can get prospectuses for ETFs from the issuers or their third-party agents who distribute them. Additional regulatory guidance on ETFs is on the SEC and FINRA websites.

Supporting quotations

You understand that you can obtain prospectuses from issuers or their third-party agents who distribute and make prospectuses available for review. Additional regulatory guidance on ETFs can be found at the SEC website and the FINRA website.

Not stated here

The prospectuses and websites are outside this saved text.

Charges & Financial Obligations · Context

Closed-End Funds can trade at a premium or discount to NAV and may use leverage

You should consider the investment objectives and risk profile of Closed-End Funds (CEFs) carefully. CEFs pool investor money into a diversified portfolio and issue a fixed number of shares that trade on an exchange, so the market price may deviate from Net Asset Value and shares can trade at a premium or discount. CEFs may increase volatility through leverage, including issuing debt or preferred shares, and by investing in less-liquid securities; leverage can raise potential return but also raises the volatility of NAV and market price. CEFs must distribute portfolio gains, and CEF trading creates tax consequences. Prospectuses and shareholder reports are available from issuers or their agents, and further guidance is on the SEC and FINRA websites.

Supporting quotations

CEFs issue a fixed number of shares that trade on an exchange, and as a result, the market price of a CEF may deviate from its Net Asset Value (“NAV”), causing the shares to trade at a premium or a discount

CEFs may increase exposure to volatility through the use of leverage (including by issuing debt or preferred shares) and by investing in less-liquid portfolio securities

CEFs are required to distribute portfolio gains to shareholders, and CEF trading will generate tax consequences

Qualifications & exceptions

Stated as your understanding and acknowledgment.

Charges & Financial Obligations · Permission or license

On your death Robinhood may cancel orders and close out the Account; estate and survivors stay liable

If you die, Robinhood may cancel all open orders but is not responsible for action taken on them before actually receiving notice of death. It may in its discretion close out any or all of the Account without waiting for a personal representative and without demand or notice to one. The estate of any deceased Account holder is liable, and each survivor remains jointly and severally liable, for any net debit balance or loss resulting from transactions started before Robinhood received written notice of death, from liquidating the Account or adjusting the parties' interests, and for other obligations under the Agreement. Notice does not affect Robinhood's rights to take any action it could have taken had you not died.

Supporting quotations

in the event of your death, Robinhood may cancel all open orders, but Robinhood shall not be responsible for any action taken on such orders prior to the actual receipt of notice of death

Robinhood may in its discretion close out any or all of the Account without awaiting the appointment of a personal representative for your estate and without demand upon or notice to any such personal representative

The estate of any of the Account holders who have died shall be liable and each survivor shall continue to be liable, jointly and severally, to Robinhood for any net debit balance or loss in said account

Qualifications & exceptions

Robinhood is not responsible for action on orders before actual receipt of notice of death.

Charges & Financial Obligations · Company practice

Robinhood Securities is paid for routing orders; stock payments are a share of the spread and options a flat rate

SEC Rule 607 requires broker-dealers to disclose their payment for order flow policies. Payment for order flow includes any monetary payment, service, property or other benefit paid to a broker-dealer by a broker-dealer or exchange in return for routing orders. Robinhood Financial routes customer stock and option orders to Robinhood Securities, which routes options orders and whole-share stock orders to market centers, including other broker-dealers and national securities exchanges. Robinhood Securities receives payment for order flow from those market centers and shares revenue with Robinhood Financial. The broker-dealers pay at the same rate, generally a percentage of the spread between the execution price and the National Best Bid (sells) or Offer (buys) for stocks, and a flat rate based on the underlying symbol for options.

Supporting quotations

Robinhood Financial routes customer orders in stock and option securities to Robinhood Securities, which routes orders in options and whole-share orders in stocks to market centers, including other broker-dealers and/or one or more national securities exchanges.

Robinhood Securities receives payment for order flow from those market centers and shares revenue with Robinhood Financial.

(i) for orders in stocks, a percentage of the spread between the execution price of an executed order and either the National Best Bid (for sell orders) or National Best Offer (for buy orders), and (ii) for orders in options, a flat rate based on the underlying symbol

Qualifications & exceptions

The stock payment description is a percentage of the spread, "generally" paid, and the options payment is a flat rate based on the underlying symbol.
Whole-share stock orders and options orders go to market centers; fractional share routing is not described in this paragraph.

Charges & Financial Obligations · Company practice

Orders are routed by size, security traits, expected price improvement and fill likelihood; you cannot choose the venue

Robinhood Securities generally pays an exchange when taking liquidity and is paid by an exchange when providing it. It sends customer orders to market centers based on several factors that depend partly on the security type: order size, trading characteristics, favorable execution price including expected price improvement from historical performance, and likelihood of a fill. Market centers may execute at prices better than the public quote. A customer may not specify a particular market center; Robinhood's routing policies, using those factors, are designed to seek favorable transaction processing. The nature and source of payments or credits Robinhood Securities receives on specific transactions will be furnished on written request.

Supporting quotations

Robinhood Securities transmits customer orders for execution to market centers based on several factors depending in part on the type of security, including: size of order, trading characteristics of the security, favorable execution price (including the expected opportunity for price improvement based on historical performance), and the likelihood of a fill.

While a customer may not specify that an order be directed to a particular market center for execution

The nature and source of any payments or credits received by Robinhood Securities in connection with any specific transactions will be furnished upon written request.

Qualifications & exceptions

Information about payments on a specific transaction is available only on written request.

Charges & Financial Obligations · Company practice

Equity trades have no commission, other fees apply and can change without notice once posted

Robinhood does not charge fees or commissions for executing buy and sell orders for equities and equity options. Index options carry a per-contract fee. Other fees may apply and current fees are in the Fee Schedule on the Platform. You agree to pay fees at the prevailing rate and acknowledge the prevailing fees may change, and that the change may occur without notice. You agree to be bound by changes once posted in the Fee Schedule. Robinhood may vary rates and fees among customers for special offers, promotions, arrangements or account criteria such as balance or customer loyalty. You also agree to pay applicable federal, state, local and foreign taxes and any fees, costs or expenses Robinhood incurs collecting an unpaid balance, including attorney's fees allowed by law.

Supporting quotations

Robinhood does not charge fees or commissions for executing buy and sell orders for equities and equity options. Index options will be charged a per contract fee.

You acknowledge that the prevailing fees may change and that change may occur without notice. You agree to be bound by such changes once they are posted in the fee schedule available on the Platform.

Robinhood reserves the right to vary rates and fees among customers in connection with special offers, promotions, arrangements, or account criteria such as account value/balance or customer loyalty.

any fees, costs, or expenses incurred by Robinhood in connection with collection of any unpaid balance due on your Account, including attorney’s fees allowed by law

Qualifications & exceptions

The no-commission statement covers equities and equity options; index options have a per-contract fee.
Fee changes bind you once posted in the Fee Schedule, with no stated advance notice.

Not stated here

The Fee Schedule itself is not part of this saved text.

Charges & Financial Obligations · Permission or license

Robinhood may automatically debit fees and taxes; in a margin account the debit can accrue interest

You authorize Robinhood to automatically debit your Account for any fees, charges or other amounts you owe it and for taxes you owe, including charges related to an AI agent to the extent you authorize them. If your Account is a margin account and its cash cannot cover a fee or charge, the debit becomes part of your margin debit balance and may accrue interest at your margin rate under Section 31 until repaid, so total cost may exceed the stated amount. Robinhood may decline to extend margin for any fee or charge. Debit balances in a margin account are charged interest according to the Margin Disclosure Statement in the Disclosure Library.

Supporting quotations

You authorize Robinhood to automatically debit your Account for any fees, charges or other amounts owed to Robinhood by you, and for any taxes owed by you.

If your Account is a margin account and the cash in it is not sufficient to cover a fee or charge, the debit becomes part of your margin debit balance and may accrue interest at your margin rate under Section 31 until repaid, so the total cost may exceed the stated amount.

Robinhood may decline to extend margin for any fee or charge.

Debit balances in your Margin Account shall be charged with interest in accordance with the Margin Disclosure Statement (available in the Disclosure Library).

Qualifications & exceptions

AI agent charges are covered only to the extent you authorize them.
The margin-balance treatment applies if the Account is a margin account and cash is insufficient.

Not stated here

The margin interest rate itself is in the Margin Disclosure Statement, not in this saved text.

Charges & Financial Obligations · Procedure

ACH debits need a participating bank and matching name; Robinhood may verify your ownership of the External Account

At your request Robinhood initiates an ACH debit from an account you own or are authorized to use at another financial institution (an "External Account") for deposit to your Account. The institution must participate in the ACH system, and at least one common name must match exactly between your Account and the External Account (for a Trust Account this may be the Trust name or an individual Grantor). You authorize Robinhood to take steps it deems appropriate to verify your authority over and ownership of the External Account, including telling the bank you consent to its disclosing to Robinhood any information Robinhood requests about you or the External Account. You agree to promptly provide any identification or documents Robinhood requests, and you warrant the External Account has enough funds to cover the deposit.

Supporting quotations

the financial institution holding your External Account must participate in the ACH system

at least one common name must match exactly between your Account and your External Account

You authorize Robinhood to take such steps as it deems appropriate to verify your authority over and ownership of External Account, including by telling the bank at which such External Account is held that you have authorized and consented to such bank disclosing to Robinhood any information that Robinhood may request about you or your External Account.

You represent and warrant that there are sufficient funds in your External Account to cover the amount of the deposit to your Account.

Qualifications & exceptions

A name match is required for ACH set-up; "at least one common name must match exactly".

Charges & Financial Obligations · Procedure

ACH debits start on the Business Day or next Business Day, with a 7:00 p.m. Eastern cutoff

Robinhood initiates the ACH debit to your External Account on the Business Day or next Business Day after you request the transfer. A request is deemed made on a Business Day if Robinhood receives it by 7:00 p.m. Eastern that day; later requests are deemed made the next Business Day. Business Days are Monday through Friday, excluding U.S. federal holidays.

Supporting quotations

Robinhood will initiate the ACH debit to your External Account on the Business Day or next Business Day after you request the transfer.

A transfer request will be deemed to have been made on a Business Day if it is received by Robinhood by 7:00 p.m. Eastern on such Business Day; if received after that time, the transfer request will be deemed to have been made on the next Business Day.

“Business Days” are Monday through Friday, excluding U.S. federal holidays.

Qualifications & exceptions

The 7:00 p.m. Eastern cutoff is stated for debits; the credit paragraph refers to "that time" without restating it.

Charges & Financial Obligations · Restriction or exception

For 60 days after an ACH deposit, funds can only be withdrawn back to the External Account they came from

Within 60 days of the date of your ACH deposit, the funds may be withdrawn only to the External Account they were debited from. The ACH credit section repeats that funds deposited by ACH within the previous 60 days can be credited only to the External Account from which they were debited.

Supporting quotations

Within 60 days of the date of your ACH deposit, your funds may only be withdrawn to the External Account from which such funds were debited.

funds deposited by ACH within the previous 60 days, may only be credited to the External Account from which such funds were debited

Qualifications & exceptions

The 60 days run from the date of the ACH deposit.

Charges & Financial Obligations · Restriction or exception

ACH debits may be reversed or rejected for five reasons, and you alone bear any reversal fee

An ACH debit may be reversed or rejected if the External Account has insufficient funds, the transaction is a duplicate, the bank holding the External Account denies it, the External Account does not support ACH transfers, or fraud or other potential illicit activity is suspected. If a reversal happens you may incur a fee. Before making an ACH debit transfer you agree to check the most recent Robinhood Financial Fee Schedule in the Disclosure Library, and you are solely liable and responsible for ACH reversal fees you incur.

Supporting quotations

You understand that an ACH debit transfer may be reversed or rejected if: (A) there are insufficient funds in your External Account; (B) there is a duplicate transaction; (C) the transaction is denied by the bank holding your External Account; (D) your External Account does not support ACH transfers; or (E) suspected fraud or other potential illicit activity.

You acknowledge that in the event of an ACH reversal, you may incur a fee.

You agree that you are solely liable and responsible for any ACH reversal fees that you incur.

Charges & Financial Obligations · Procedure

ACH credits require Available Funds and start the Business Day or next Business Day after your request

At your request Robinhood initiates an ACH credit from your Account to an External Account. You agree to have sufficient Available Funds in your Account to cover the amount. Robinhood debits the amount from your Account on the Business Day or next Business Day after you request the transfer. A request is deemed made on a Business Day if received that day; if received after "that time" it is deemed made the next Business Day, but this paragraph does not state the time.

Supporting quotations

You agree that you will have sufficient Available Funds in your Account to cover the amount of any ACH credit that you ask Robinhood to initiate.

Robinhood will debit the amount of such request from your Account on the Business Day or next Business Day after you request the transfer.

if received after that time, the transfer request will be deemed to have been made on the next Business Day

Qualifications & exceptions

The credit paragraph refers to "that time" without stating a cutoff time.

Not stated here

The cutoff time for ACH credit requests is not stated in this paragraph.

Charges & Financial Obligations · Permission or license

Robinhood may use any means it considers suitable for ACH credits and may reject them on suspected fraud

Robinhood may use any means it considers suitable, in its sole discretion, to carry out your ACH credit transfers. It may reject any ACH credit request in the event of suspected fraud or other potential illicit activity.

Supporting quotations

Robinhood may use any means which Robinhood, in its sole discretion, considers suitable to execute your ACH credit transfers, and that Robinhood may reject any ACH credit request in the event of suspected fraud or other potential illicit activity.

Charges & Financial Obligations · Company practice

Robinhood Financial treats several order categories as "not held", giving it discretion over price and time

Robinhood Financial deems orders from Paycheck Recurring Investment (split-your-paycheck), offered by Robinhood Money, LLC and certain affiliates, to be "not held" orders, meaning the customer grants it discretion over price and time of execution. Orders under the Recurring Investment program and the Dividend Reinvestment Program are routed to a bulk order engine ("BOE") operated by Robinhood Securities, and each such order is deemed not held. Orders entered by Robinhood Asset Management, an SEC-registered investment adviser, are deemed not held, as are limit orders eligible for execution during the Robinhood 24 Hour Market, as discussed in Section 10.

Supporting quotations

to be a not held order, i.e., an order with respect to which the customer has granted Robinhood Financial discretion with respect to the price and time of execution

will be routed by Robinhood Financial to a certain bulk order engine that is operated by Robinhood Securities (“BOE”); Robinhood Financial will deem each order that it routes to the BOE to be a not held order

Robinhood Financial also deems orders entered by Robinhood Asset Management, an SEC-registered investment advisor, to be not held.

Robinhood Financial deems limit orders that are eligible for execution during the Robinhood 24 Hour Market to be not held, as discussed in Section 10.

Qualifications & exceptions

"Not held" means the customer has granted Robinhood Financial discretion on price and time of execution.

Charges & Financial Obligations · Restriction or exception

Some securities cannot be traded fractionally in Extended Hours, and fractional orders do not run 7:30-8:00 p.m. ET

An equity order may be a market order or a limit order with a preset limit price, as described in Section 10. Some securities are not eligible for fractional trading during Extended Hours; for those, orders may be placed for whole shares or queued for the opening of Market Hours. Orders for a share quantity that includes a Fractional Share or for a dollar amount are not executable between 7:30 p.m. and 8:00 p.m. ET in the After-Hours session, and during that time may be placed for whole shares or queued for the opening. Trades outside Market Hours are subject to the Extended Hours Trading Disclosure.

Supporting quotations

Certain securities are not eligible for fractional trading during Extended Hours. During Extended Hours, orders in such securities may be placed for whole shares or queued for the opening of Market Hours.

Orders for a share quantity that includes a Fractional Share or for a dollar amount are not executable between 7:30 p.m. and 8:00 p.m. ET in the After-Hours session.

Trades outside of Market Hours are subject to Robinhood’s Extended Hours Trading Disclosure.

Qualifications & exceptions

Applies to securities not eligible for fractional trading during Extended Hours.

Charges & Financial Obligations · Company practice

Early Dividends credit eligible dividends before the payment date and can be changed, suspended or ended at any time

Early Dividends lets eligible customers receive certain dividend payments before the issuer's announced payment date. Robinhood may modify, suspend or discontinue it at any time without prior notice, and if it suspends or discontinues some Early Dividends those dividends are paid after receipt. Robinhood may list eligible securities in the App and on the Website, but listing does not guarantee eligibility when a dividend is declared, announced or paid. Eligibility is determined by Robinhood in its sole discretion and may change at any time. Securities in retirement accounts are not eligible.

Supporting quotations

allows eligible customers to receive certain dividend payments before the issuer’s announced payment date

Robinhood may modify, suspend, or discontinue Early Dividends at any time without prior notice.

Eligibility is determined by Robinhood in its sole discretion and may change at any time.

Securities held in retirement accounts are not eligible for Early Dividends.

Qualifications & exceptions

Listing a security does not guarantee eligibility at the time of declaration, announcement or payment.

Charges & Financial Obligations · Restriction or exception

If an issuer does not pay an Early Dividend or pays less, you remain liable to Robinhood for the credited amount

Issuers declare and pay dividends solely at their discretion, and may change, delay, reduce or cancel amounts and dates at any time before payment. Dividends are not guaranteed. Early Dividends affects only when eligible funds are credited and does not increase, modify or ensure payment of any dividend. If Robinhood credits your account in advance and the issuer does not pay, pays a reduced amount or reverses the payment for any reason, you remain fully liable to Robinhood for the credited or over-credited amount.

Supporting quotations

Dividends are declared and paid solely at the discretion of the issuing company. Dividend amounts and payment dates may be changed, delayed, reduced, or cancelled by the issuer at any time prior to payment.

Early Dividends only affects the timing of when eligible funds are credited to your account and does not increase, modify, or ensure payment of any dividend.

If Robinhood credits your account in advance of receiving a dividend from the issuer and the issuer does not pay the dividend, pays a reduced amount, or reverses the payment for any reason, you agree that you remain fully liable to Robinhood for the credited amount or any over-credited amount.

Qualifications & exceptions

Liability applies when the issuer does not pay, pays less, or reverses the payment for any reason.

Charges & Financial Obligations · Company practice

Early dividends are reported for tax by the issuer's announced payment date, and cross-year payments may be excluded

An early payment is treated as an advancement of dividends earned for tax reporting. Whether or not a dividend is paid early, tax reporting is based on the issuer-announced payment date. Payments that cross tax years may be excluded from the Early Dividends feature.

Supporting quotations

The early payment is treated as an advancement of dividends earned from a tax reporting perspective. Regardless of whether dividends are paid early, tax reporting will be based upon the issuer announced payment date.

Payments that cross tax years may be excluded from the early dividend feature.

Qualifications & exceptions

Cross-tax-year payments "may" be excluded.

Charges & Financial Obligations · Company practice

Only Eligible Cash Distributions on held securities are reinvested, and some are redirected to debts or skipped

Eligible Cash Distributions are reinvested in the securities you selected if you owned them on the record date and still hold them through the payable date. They include most cash distributions: regular and optional dividends, cash-in-lieu payments, capital gains distributions and Early Dividends. Special dividends, late ex-date, liquidation and miscellaneous payments may not be eligible. If you have an account deficit or margin call, the dividend goes toward reducing the amount owed. A reversed or modified distribution may not be reinvested, and dividends may not be invested because of operational and other issues. Robinhood may borrow a dividend-paying stock in the normal course, in which case you may get a cash-in-lieu payment, which you authorize Robinhood to treat as an ordinary dividend and reinvest.

Supporting quotations

Eligible Cash Distributions will be reinvested in securities you have selected in the DRIP, provided that you owned the securities on the record date for determining shareholders eligible to receive dividends, and continue to hold the securities through the payable date.

“Eligible Cash Distributions” means most cash distributions, including regular and optional dividends, cash-in-lieu payments, capital gains distributions, and Early Dividends.

If you have an account deficit or a margin call, your dividend will go toward reducing the amount owed.

If you receive a cash in lieu payment, you authorize Robinhood to treat such payment as if it was not “in lieu” and reinvest it accordingly.

Qualifications & exceptions

Reinvestment requires owning the securities on the record date and holding them through the payable date.
Special dividends, late ex-date, liquidation and miscellaneous payments "may not" be eligible.

Charges & Financial Obligations · Company practice

Dividends are reinvested the next Business Day, possibly up to five later, and funds are unusable meanwhile

Robinhood credits your Account when reinvestment is complete. It reinvests dividends on the Business Day after receiving the funds (or after payment of funds for Early Dividends). In the rare case it cannot reinvest all dividends that day, it may reinvest the rest as soon as reasonably possible, which may take up to five Business Days. You do not have use of the funds before reinvestment.

Supporting quotations

Robinhood will reinvest dividends on the Business Day following receipt of funds, or payment of funds for Early Dividends.

it may reinvest the remaining funds as soon as reasonably possible thereafter, which may take up to five Business Days

You will not have use of the funds prior to reinvestment.

Charges & Financial Obligations · Restriction or exception

The DRIP is voluntary, is not a recommendation, does not assure profit, and Robinhood does not intend to charge a fee

Participation in the DRIP is voluntary and Robinhood has not recommended it. Robinhood is not recommending or advising on buying any Eligible Security. Dividend reinvestment does not assure profits or protect against losses in declining markets. Robinhood does not intend to charge a fee for DRIP transactions.

Supporting quotations

your participation in the DRIP is voluntary and that Robinhood has not made any recommendation that you should participate

dividend reinvestment does not assure profits on your investments, nor does it protect against losses in declining markets

Robinhood does not intend to charge a fee for transactions executed pursuant to the DRIP.

Qualifications & exceptions

The fee statement is an intention ("does not intend"), not a commitment.

Charges & Financial Obligations · Company practice

DRIP orders are aggregated in a bulk order engine and allocated at an agency average price

DRIP investment orders are generally routed as dollar-based orders by Robinhood Financial to the bulk order engine (BOE). The BOE aggregates a day's DRIP orders in a given security into one or more bulk orders, each of which may represent multiple customers. Robinhood Securities allocates executions to customers at an agency average price. If a bulk order is not fully executed, customers receive a pro rata refund of the unfilled dollar amount. Robinhood Financial deems each order routed to the BOE to be a "not held" order, giving it discretion over price and time of execution.

Supporting quotations

Orders to invest in a security pursuant to your instructions provided in connection with your participation in the DRIP generally will be routed as dollar-based orders by Robinhood Financial to the BOE.

Robinhood Securities allocates executions received by the BOE to customers based on an agency average price.

If a bulk order is not fully executed, the customers whose orders are represented by the bulk order will be refunded the dollar amount corresponding to the unfilled portion of the bulk order on a pro rata basis.

Robinhood Financial will deem each order that it routes to the BOE to be a not held order

Qualifications & exceptions

Routing as dollar-based orders to the BOE is "generally" what happens, not always.

Charges & Financial Obligations · Company practice

If the BOE is unavailable, DRIP dividends are pooled with other clients' and bought near the next day's open

If you participate in the DRIP and the bulk order engine is not used, for example because it is unavailable, Robinhood reinvests a stock's dividends at or near the opening price on the trading day after receiving the dividend. It combines Eligible Cash Distributions from your Account with those of other clients reinvesting in the same security and buys with the combined funds on behalf of all of them. If the combined funds do not total at least one share, the distribution is invested in Fractional Shares. The same day Robinhood credits your Account with shares, including Fractional Shares, equal to your Eligible Cash Distribution divided by the purchase price per share.

Supporting quotations

If you participate in the DRIP and the BOE is not utilized (because, e.g., the BOE is not available), you understand Robinhood will reinvest the dividends of a particular stock at or near the opening price on the trading day following receipt of the dividend.

Robinhood will combine Eligible Cash Distributions from your Account with those from other Robinhood clients requesting dividend reinvestment in the same security and use these combined funds to purchase securities on your behalf and on behalf of these other clients.

equal to your Eligible Cash Distribution divided by the purchase price per share

Qualifications & exceptions

Applies only when the BOE is not utilized.

Charges & Financial Obligations · Procedure

Recurring Investments run on your schedule, may slip up to five Business Days, and move to the next trading day

The Recurring Investments (RI) terms apply only if you are enrolled. "Recurring Eligible Security" means shares available for fractional investing that Robinhood supports for RI. Robinhood processes RI orders on the schedule you choose. If it cannot process an order on the specified day it will do so as soon as reasonably possible, which may take up to five Business Days. An order falling on a market closure such as a weekend or holiday is scheduled for the next trading day, and on partial market holidays recurring orders process earlier in the day.

Supporting quotations

the provisions of this Section will only apply if you are enrolled in Robinhood’s Recurring Investments (“RI”)

If Robinhood is unable to process an RI order on the specified day, it will process the order as soon as reasonably possible thereafter, which may take up to five Business Days.

If your RI order falls on a day that the market is closed, like a weekend or holiday, it will be scheduled for the next trading day.

Qualifications & exceptions

Applies only if you are enrolled in Recurring Investments.

Charges & Financial Obligations · Restriction or exception

Recurring Investments are voluntary, not a recommendation, and do not assure profit

Participation in RI is voluntary and Robinhood has not recommended it. Robinhood is not recommending or advising on buying any Recurring Eligible Security. Recurring investment does not assure profits or protect against losses in declining markets.

Supporting quotations

your participation in RI is voluntary and that Robinhood has not made any recommendation that you should participate

recurring investment does not assure profits on your investments, nor does it protect against losses in declining markets

Charges & Financial Obligations · Company practice

Recurring Investment orders go through the bulk order engine, allocated at agency average price with pro rata refunds

RI orders are generally routed as dollar-based orders by Robinhood Financial to the BOE, which aggregates a day's RI orders in a security into one or more bulk orders that may represent multiple customers. Robinhood Securities allocates executions at an agency average price. If a bulk order is not fully executed, customers receive a pro rata refund of the unfilled dollar amount. Robinhood Financial deems each order routed to the BOE a "not held" order, giving it discretion over price and time of execution.

Supporting quotations

Orders to invest in a security pursuant to your instructions provided in connection with your participation in RI generally will be routed as dollar-based orders by Robinhood Financial to the BOE.

Robinhood Securities allocates executions received by the BOE to customers based on an agency average price.

If a bulk order is not fully executed, the customers whose orders are represented by the bulk order will be refunded the dollar amount corresponding to the unfilled portion of the bulk order on a pro rata basis.

Robinhood Financial will deem each order that it routes to the BOE to be a not held order

Qualifications & exceptions

Routing through the BOE is "generally" what happens.

Charges & Financial Obligations · Company practice

If the BOE is unavailable, Recurring Investments are placed midday to close and may be pooled with other customers'

If you participate in RI and the bulk order engine is not used, Robinhood places an order in the amount you specified. RI orders are typically processed between 12:00 PM ET and market close on the scheduled date. Robinhood may combine your RI orders with other customers' orders in the same security and buy on behalf of all of them. If the combined funds do not total the price of at least one share, they are invested in Fractional Shares. The same day it credits your Account with shares, including Fractional Shares, equal to your recurring investment divided by the purchase price per share.

Supporting quotations

If you participate in RI and the BOE is not utilized (because, e.g., the BOE is not available), you understand Robinhood will place an order in the amount specified.

RI orders will typically be processed between 12:00 PM ET and market close on the scheduled date.

Robinhood may combine RI orders from your Account with those from other Robinhood customers requesting recurring investments in the same security

Qualifications & exceptions

Applies only when the BOE is not utilized.

Charges & Financial Obligations · Restriction or exception

Deposited funds can be held per the Funds Availability schedule, which Robinhood may change and extend for fraud risk

Funds you deposit may be subject to hold periods described in the RHF Funds Availability schedule in the Disclosure Library. Robinhood may modify that schedule at any time by posting an updated version or otherwise notifying you. During a hold, funds are unavailable for Payments, withdrawal or settling securities transactions as the schedule describes. Robinhood may also delay making deposited funds available beyond the scheduled holds if it needs more time to verify information about the deposited item or the sender, or otherwise believes there is a risk of fraud or other unlawful activity with respect to your Account.

Supporting quotations

funds that you deposit to your Account may be subject to one or more hold periods, which are described in the RHF Funds Availability schedule available in the Disclosure Library

Robinhood reserves the right to modify the RHF Funds Availability schedule at any time by posting an updated schedule in the Disclosure Library or otherwise providing notice to you

During the applicable hold period, your funds will not be available for Payments, withdrawal, or the settling of securities transactions

Robinhood reserves the right to further delay making deposited funds available for periods longer than the hold periods specified in the RHF Funds Availability schedule

Qualifications & exceptions

Hold periods are in the Funds Availability schedule, which is not part of this saved text.
Further delay is available when more time is needed to verify the item or sender, or where fraud or other unlawful activity is a risk.

Not stated here

The hold periods themselves are not stated in this saved text.

Charges & Financial Obligations · Permission or license

Robinhood may correct mistaken deposits and deduct Program Bank interest without prior notice

If funds are deposited or transferred into your Account by mistake or otherwise, you agree Robinhood may correct the situation, and deduct any interest paid by Program Banks (as defined in Section 27) where applicable, without prior notice to you.

Supporting quotations

If funds are deposited or transferred into your Account by mistake or otherwise, you agree that Robinhood may correct the situation and deduct any interest paid by Program Banks (as such term is defined in Section 27), if applicable, without prior notice to you.

Qualifications & exceptions

Interest deduction applies "if applicable" to interest paid by Program Banks.

Charges & Financial Obligations · Permission or license

If a transfer into your Account is returned, Robinhood may charge it and Program Bank interest to you without notice

You are responsible for returned transactions. If funds transferred into your Account are returned for any reason, Robinhood may charge the transfer, and interest paid by Program Banks if applicable, against your Account without prior notice.

Supporting quotations

you are responsible for returned transactions. If you have funds transferred into your Account and that transfer is returned for any reason, Robinhood may charge the transfer and interest paid by Program Banks, if applicable, against your Account, without prior notice to you

Qualifications & exceptions

Interest charge-back applies "if applicable" to interest paid by Program Banks.

Charges & Financial Obligations · Company practice

The High-Yield Cash Program pays interest to eligible customers on eligible free credit balances and options collateral

The High-Yield Cash Program offers interest to eligible customers on eligible free credit balances, whether swept to the Cash Sweep Program or held in the Brokerage-Held Cash Program. It also offers interest on eligible options cash collateral.

Supporting quotations

The High-Yield Cash Program offers interest to eligible customers on eligible free credit balances, whether swept to the Cash Sweep Program or held as part of the Brokerage-Held Cash Program.

The High-Yield Cash Program also offers interest to eligible customers on eligible options cash collateral.

Qualifications & exceptions

Interest is for "eligible customers" on "eligible" balances and collateral; eligibility is not defined in this paragraph.

Not stated here

Eligibility criteria and interest rates are not stated here.

Charges & Financial Obligations · Company practice

Unenrolled cash earns nothing; swept cash goes to Program Banks; held cash may be used in Robinhood's business

If you are not enrolled in the High-Yield Cash Program, free credit balances stay in your Account and earn no interest. In the Cash Sweep Program, eligible free credit balances are deposited into interest-bearing accounts at one or more banks ("Program Banks"). In the Brokerage-Held Cash Program, cash stays in your account awaiting investment and is payable to you on demand by Robinhood. Robinhood may use this free credit balance in connection with its business, subject to applicable law.

Supporting quotations

If you are not enrolled in the High-Yield Cash Program, free credit balances in your Account will remain in your Account and will not earn interest.

eligible free credit balances in your Account will be deposited into interest-bearing accounts at one or more banks (“Program Banks”)

In the Brokerage-Held Cash Program, cash will remain in your account awaiting investment and be payable to you on demand by Robinhood.

We may use this free credit balance in connection with our business, subject to applicable law.

Qualifications & exceptions

Robinhood's use of the free credit balance in its business is "subject to applicable law".

Not stated here

The text does not say which Program Banks are used or what limits apply to Robinhood's business use beyond applicable law.

Charges & Financial Obligations · Restriction or exception

Enrolling in High-Yield Cash means you agree to its separate agreement, and Robinhood may end your participation

By enrolling in the High-Yield Cash Program you represent and warrant that you have reviewed and agree to the High-Yield Cash Program Agreement available in the Disclosure Library and on the Platform. Robinhood may terminate your participation for any reason, upon notice to you.

Supporting quotations

By enrolling in the High-Yield Cash Program, you represent and warrant that you have reviewed and agree to the terms of the High-Yield Cash Program Agreement available in the Disclosure Library and on the Platform.

Robinhood may terminate your participation in the High-Yield Cash Program for any reason, upon notice to you.

Qualifications & exceptions

Termination by Robinhood is "for any reason" but "upon notice to you".

Not stated here

The High-Yield Cash Program Agreement is not part of this saved text.

Charges & Financial Obligations · Restriction or exception

Robinhood chooses what, when and how to liquidate, and you agree not to hold it liable

Robinhood may choose which securities to buy or sell, which transactions to close, and the sequence and timing of liquidation. It may act on whatever exchange or market and in whatever manner, including public auction or private sale, it chooses in its business judgment. You agree not to hold Robinhood liable for the choice of securities or transactions, for the timing or manner of liquidation, or for taking the action at all.

Supporting quotations

Robinhood may choose which securities to buy or sell, which transactions to close, and the sequence and timing of liquidation, and may take such actions on whatever exchange or market and in whatever manner (including public auction or private sale) that Robinhood chooses in the exercise of its business judgment.

You agree not to hold Robinhood liable for the choice of which securities to buy or sell or of which transactions to close or for the timing or manner of the liquidation. You also agree not to hold Robinhood liable for taking such action.

Charges & Financial Obligations · Permission or license

Robinhood may use its liquidation rights in its sole discretion, including on seven listed events

Robinhood may exercise the Section 28 rights in its sole discretion, including whenever any of these occurs: the equity level in your Account falls below required minimums; sufficient funds or securities are not deposited to pay for transactions; you reverse any ACH debit transfer to your Account; a bankruptcy or receivership petition is filed by or against you; an attachment is levied against your Account; you die or become incapacitated or incompetent; or your Account is closed.

Supporting quotations

Robinhood is entitled to exercise the rights described in this Section in its sole discretion, including, but not limited to, whenever any of the following occurs:

The equity level in your Account falls below required minimums;

You reverse any ACH debit transfer to your Account;

A petition of bankruptcy or for the appointment of a receiver is filed by or against you;

An attachment is levied against your Account;

You die or become incapacitated or incompetent; or

Your Account is closed.

Sufficient funds or securities are not deposited to pay for transactions in your Account;

Qualifications & exceptions

The list is introduced by "including, but not limited to", so other occasions are possible.

Charges & Financial Obligations · Restriction or exception

API orders may be delayed, are vetted only on receipt and may be rejected; receipt time is official

There may be latency between when an order or other Personal Information is submitted from API Products and when Robinhood receives it, and latency may affect modification and cancellation requests. The time Robinhood actually receives an order or request, including for execution, is the official time, including for routing to the market. All orders are subject to Robinhood's order vetting, and orders through API Products are not vetted until Robinhood receives them, so it may reject an order placed that way. Robinhood cannot guarantee that an order will be accepted when routed to the market, or that notifications and Personal Information will be delivered to or shown by any API Product.

Supporting quotations

there may be latency between the time an order (or other Personal Information) is submitted from the API Products and the time such order or Personal Information is received by Robinhood

The time an order or a request is actually received by Robinhood (including for execution) will be the official time

Orders created and submitted through any API Products are not vetted until they are received by Robinhood. It is possible that Robinhood may reject an order placed through any API Products.

Robinhood cannot guarantee that any order will be accepted when such order is routed to the market for execution

Qualifications & exceptions

Latency can also affect order modification and cancellation requests.

Charges & Financial Obligations · Restriction or exception

API orders may get fewer warnings and be handled and routed differently, possibly with worse execution

Using API Products limits Robinhood's ability to give you warnings, disclosures or notifications you might receive trading through the App or Website, which may include reasons an order is rejected. Orders submitted through API Products may be rejected or cancelled like App or Website orders, and their handling and execution may differ. Robinhood may treat API Product orders differently for order handling and routing, which may result in adverse execution quality and/or speed.

Supporting quotations

your use of API Products will limit Robinhood’s ability to provide you warnings, disclosures, and or notifications that you may have otherwise receive if you trade through our App or Website

orders submitted through your use of API Products may be rejected or cancelled

Robinhood may treat orders placed using API Products differently for purposes of order handling and routing, which may result in adverse execution quality and/or speed

Qualifications & exceptions

The execution-quality statement is "may result in adverse execution quality and/or speed".

Charges & Financial Obligations · Restriction or exception

In a margin Agentic Account, AI agent orders can raise margin debit and Section 31 rights apply

If an Agentic Account is a margin account, orders placed by an AI agent may create or increase a margin debit, and the margin requirements, margin calls and liquidation rights in Section 31 apply to that activity regardless of the agent's settings. The sentence is cut off in the saved text and continues in the next block.

Supporting quotations

if an Agentic Account is a margin account, orders placed by an AI agent may create or increase a margin debit, and the margin requirements, margin calls, and liquidation rights in Section 31 apply to that activity regardless of the agent's settings

Qualifications & exceptions

Applies to an Agentic Account that is a margin account.

Not stated here

The saved text of this sentence ends without a period at the block boundary; whatever follows is in the next block.

Charges & Financial Obligations · Restriction or exception

Margin is provided by Robinhood Securities, and you are liable for the full amount borrowed, repayable on demand

If you elect and are approved for a margin account (a "Margin Account"), any margin extended to you is provided by Robinhood Securities. You are liable for the full amount of funds borrowed in the Margin Account and must repay it in full on demand.

Supporting quotations

To the extent you elect and are approved for a margin account (each, a “Margin Account”), any margin extended to you in connection with your Margin Account is provided by Robinhood Securities.

you are liable for the full amount of funds borrowed in your Margin Account and will be liable to repay this amount in full on demand

Qualifications & exceptions

Applies to the extent you elect and are approved for a Margin Account.

Charges & Financial Obligations · Restriction or exception

Margin is not right for everyone, can lose more than you deposit, and you must judge suitability

Margin Accounts are not necessarily appropriate for everyone. Nothing in the Agreement, an application, or any communication by Robinhood or its Representatives recommends opening a Margin Account or any investment or strategy. Margin trading involves interest charges and risks, including losing more than you deposited or having to deposit additional collateral in a falling market. Before applying for a Margin Account and before using margin you must determine whether it is right for you given your objectives, experience, risk tolerance and financial situation.

Supporting quotations

Margin Accounts are not necessarily appropriate for everyone. Nothing in this Agreement, any application, or any communication or other statement by Robinhood or its Representatives constitutes any form of recommendation to open a Margin Account or make any specific investment or strategy.

margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market

you must determine whether this type of account or trading strategy is right for you given your specific investment objectives, experience, risk tolerance, and financial situation

Charges & Financial Obligations · Restriction or exception

With a Margin Account you represent you have read the Margin Disclosure Statement and FINRA investor information

If you have, applied for or elected a Margin Account, you represent you have read and understand the Margin Disclosure Statement and FINRA Investor Information and fully understand the risks of borrowing on margin and trading securities on margin. These disclosures contain information on Robinhood's lending policies, interest charges and certain Margin Account risks.

Supporting quotations

If you have, or have applied or elected to have, a Margin Account, you represent that you have read and understand the Margin Disclosure Statement and FINRA Investor Information and that you fully understand the risks involved in borrowing margin and trading securities on margin.

These disclosures contain information on Robinhood’s lending policies, interest charges, and certain risks associated with Margin Accounts.

Qualifications & exceptions

Applies if you have, have applied for, or have elected a Margin Account.

Not stated here

The Margin Disclosure Statement and FINRA Investor Information are not part of this saved text.

Charges & Financial Obligations · Permission or license

Securities may be pledged, re-pledged and lent without notice, with possible tax effects on substitute dividends

Within limits set by applicable laws, rules and regulations, securities Robinhood holds or carries for you, or that are deposited to secure them, may from time to time without any notice be carried in your general loans and pledged, re-pledged, hypothecated or re-hypothecated, alone or with other securities, for the sum due on them or a greater sum, without Robinhood keeping a like amount of similar securities for delivery. The IRS requires broker-dealers to treat dividend payments on loaned positions as payments in lieu of dividends for 1099 reporting, and taxation of substitute dividend payments may be greater than the rate on qualified dividends. Robinhood agrees to deliver all securities in such accounts on your demand and payment of the full amount due, but not the same certificates or securities originally deposited. Securities in your margin or short account may be borrowed by Robinhood or lent to others.

Supporting quotations

Within the limitations imposed by applicable laws, rules and regulations, all securities now or hereafter held by Robinhood, or carried by Robinhood in any Account for you (either individually or jointly with others), or deposited to secure same, may from time to time, without any notice, be carried in your general loans and may be pledged, repledged, hypothecated or re-hypothecated

The IRS requires Broker Dealers to treat dividend payments on loaned securities positions as payments received in lieu of dividends for 1099 tax reporting purposes. Taxation of substitute dividend payments may be greater than the rate of taxation on qualified dividends.

we agree to deliver to you upon your demand and upon payment of the full amount due thereon, all securities in such accounts, but without obligation to deliver the same certificates or securities deposited by you originally

Any securities in your margin or short account may be borrowed by us, or lent to others.

Qualifications & exceptions

Applies "within the limitations imposed by applicable laws, rules and regulations".
Delivery on demand requires payment of the full amount due and need not be of the same certificates or securities originally deposited.

Charges & Financial Obligations · Company practice

Margin debit balances are charged interest as set out in the Margin Disclosure Statement

Debit balances in your Margin Account are charged interest in accordance with the Margin Disclosure Statement, available in the Disclosure Library.

Supporting quotations

Debit balances in your Margin Account shall be charged with interest in accordance with the Margin Disclosure Statement (available in the Disclosure Library).

Not stated here

The interest rate is in the Margin Disclosure Statement, which is not part of this saved text.

Charges & Financial Obligations · Restriction or exception

You must maintain required margin and positions, or more if Robinhood deems it necessary, and meet calls promptly

You must maintain in your Margin Account the positions and margin required by all applicable statutes, rules, regulations, procedures and custom, or as Robinhood deems necessary or advisable. You must promptly satisfy all margin and maintenance calls.

Supporting quotations

You agree to maintain in your Margin Account with Robinhood such positions and margin as required by all applicable statutes, rules, regulations, procedures and custom, or as Robinhood deems necessary or advisable.

You agree to promptly satisfy all margin and maintenance calls.

Qualifications & exceptions

Robinhood may require more than the legal minimum if it deems it necessary or advisable.

Charges & Financial Obligations · Permission or license

On breach or non-payment Robinhood Securities may sell across your accounts without notice, and may refuse trades

Whenever Robinhood Securities considers it necessary in its discretion for its or your protection, or on events including a breach of this or any other agreement with Robinhood or its Affiliates, or your failure to pay for or deliver securities, it may sell any or all securities and other Property in any of your Accounts or accounts with Affiliates (alone or jointly), cancel or complete open orders, or borrow or buy securities needed to deliver on a sale, including a short sale. It may do so without notice or demand for collateral or other notice, each of which you expressly waive, and may require you to deposit cash or adequate collateral before any settlement date to secure open commitments or unsettled transactions. Robinhood may refuse to execute securities transactions for you at any time and for any reason.

Supporting quotations

Whenever in its discretion Robinhood Securities considers it necessary for Robinhood’s or your protection or in the event of, but not limited to; (i) any breach by you of this or any other agreement with Robinhood or its Affiliates or (ii) your failure to pay for securities and other property purchased or to deliver securities and other property sold

Robinhood Securities may sell any or all securities and other Property held in any of your Accounts or accounts held with any of our Affiliates (either individually or jointly with others), cancel or complete any open orders for the purchase or sale of any securities and other Property

all without notice or demand for deposit of collateral, other notice of sale or purchase, or other notice or advertisement, each of which you expressly waive

Robinhood has the right to refuse to execute securities transactions for you at any time and for any reason.

Qualifications & exceptions

The listed events are examples ("not limited to").
The remedies reach accounts held with Affiliates as well as Robinhood Accounts.

Charges & Financial Obligations · Permission or license

All your Property at Robinhood is subject to a first lien and security interest, and may be moved among your Accounts

All securities and other Property held, carried or maintained by Robinhood in or for any of your Accounts, individually or jointly, now or later opened, including accounts in which you have an interest, are subject to a first and prior lien and security interest to discharge all of your Obligations to Robinhood, whether or not Robinhood has made advances on them. Robinhood Securities may sell or purchase any of the Property in your Accounts, or transfer it among your Accounts, to the fullest extent the law allows and without notice where law allows, and Robinhood may transfer Property between your Accounts whenever it determines. For Trust Accounts the lien extends to all assets in the Trust Account to secure Obligations owed by the Trust or the Grantor, subject to the limitations in Section 31.8.

Supporting quotations

shall be subject to a first and prior lien and security interest for the discharge of all of your Obligations to Robinhood, whenever or however arising and without regard to whether or not Robinhood have made advances with respect to such securities and other Property

Robinhood shall have the right to transfer securities and other Property so held by Robinhood from or to any other of your Accounts whenever Robinhood so determines.

For Trust Accounts, the lien and security interest described above extends to all assets held in the Trust Account to secure any Obligations owed to Robinhood by the Trust or by the Grantor, subject to the limitations in Section 31.8.

Qualifications & exceptions

Sales and transfers are "to the fullest extent allowed by law and without notice where allowed by law".
For Trust Accounts the lien is subject to the limitations in Section 31.8.

Charges & Financial Obligations · Permission or license

On death or inadequate margin Robinhood may sell, buy to cover shorts, cancel orders and close contracts without demand

If you die, or if margin in a Margin Account in which you have an interest becomes unsatisfactory or insufficient in the discretion of Robinhood Securities or Robinhood Financial, Robinhood may sell any or all securities or Property held for you (alone or jointly), buy securities and Property that are short in those accounts, or cancel open orders and close outstanding contracts. It may do all of this without demand for margin or more margin, notice of sale or purchase, or other notice, and a prior demand or notice is not a waiver. Robinhood Securities may rely on instructions from Robinhood Financial to do these things, decides which securities are sold and which orders or contracts closed, and may act on any exchange, in the over-the-counter market or at public auction or private sale, and may itself be the purchaser for its own account.

Supporting quotations

In the event of your death, or in the event the margin in any Margin Account in which you have an interest shall in either Robinhood Securities’ or Robinhood Financial’s discretion become unsatisfactory or be deemed insufficient, Robinhood is hereby authorized; (a) to sell any or all securities or other Property which Robinhood may hold for you

all without demand for margin or additional margin, notice of sale or purchase, or other notice or advertisement, and that any prior demand or notice shall not be a waiver of Robinhood’s rights provided herein

Robinhood Securities shall have the discretion to determine which securities and other Property are to be sold and which orders or contracts are to be closed.

Robinhood Securities may be the purchaser for its own account

Qualifications & exceptions

Triggered by your death or margin that Robinhood Securities or Robinhood Financial considers unsatisfactory or insufficient.
Robinhood Securities may buy for its own account.

Charges & Financial Obligations · Permission or license

You owe Obligations on demand; Robinhood may offset against your accounts, bank account and linked instruments

You are always liable to pay Obligations owed to Robinhood on demand, and for any deficiency left after liquidation of your accounts, whether by Robinhood or by you. You authorize Robinhood to recover amounts you owe, and to debit, charge or exercise a right of offset against the balance of your Account, your external bank account, any account you own with an Affiliate, any other present or future account carried by Robinhood or its Affiliates in which you have a beneficial interest (meaning you are entitled to the economic benefit of its assets whether or not you are the registered owner), or any other payment instrument linked to your Account.

Supporting quotations

You shall at all times be liable for the payment upon demand of any Obligations owing from you to Robinhood, and you shall be liable to Robinhood for any deficiency remaining in any such accounts in the event of the liquidation thereof

You authorize Robinhood to recover amounts you owe, and to debit, charge or otherwise exercise a right of offset to recover funds from the balance in your Account, your external bank account, any account you own with an Affiliate of Robinhood

any other present or future account carried by Robinhood or its Affiliates in which you have a beneficial interest (meaning you are entitled to the economic benefit of the account's assets, whether or not you are the account's registered owner), or any other payment instrument linked to your Account

Qualifications & exceptions

"Beneficial interest" is defined as entitlement to the economic benefit of the account's assets, whether or not you are the registered owner.
The offset reaches your external bank account and linked payment instruments, not only accounts at Robinhood.

Charges & Financial Obligations · Permission or license

Robinhood may settle negative balances at Affiliates by liquidating or transferring assets from your Account

If you have a negative balance in any account you own with an Affiliate of Robinhood, you authorize Robinhood, at its option and without notice, to settle negative balances in Affiliate accounts or debts owed to Robinhood or its Affiliates by liquidating or otherwise transferring assets in your Account to Robinhood or its Affiliates. Robinhood or its Affiliates may also charge any consequential loss to your Account.

Supporting quotations

you authorize Robinhood, at our option and without notice to you, to settle any and all negative balances in an account you own with an Affiliate of Robinhood or debts owed to us or our Affiliates by liquidating or otherwise transferring any assets in your Account to us or our Affiliates

We or our Affiliates may also charge any consequential loss to your Account.

Qualifications & exceptions

Authorization is at Robinhood's option and without notice.

Charges & Financial Obligations · Permission or license

The offset authority survives termination and extends to any other rights needed to recover, without notice

The authorization and right of offset survive termination of your Account and the Agreement. If Robinhood's attempt to recover funds does not succeed, you agree the authorization includes a grant of any additional authorizations or rights of offset needed to recover the amount you owe, in complete compliance with applicable laws, rules or industry regulations. Robinhood may take these actions without prior notice to you.

Supporting quotations

This authorization and/or right of offset shall survive termination of your Account and this Agreement.

you agree that the authorization and/or right of offset hereunder includes a grant to Robinhood of any additional authorizations and/or rights of offset required to recover the amount you owe to Robinhood in complete compliance with any applicable laws, rules or industry regulations

Robinhood may take these actions without prior notice to you.

Qualifications & exceptions

Additional rights are limited by "complete compliance with any applicable laws, rules or industry regulations".

Charges & Financial Obligations · Restriction or exception

Grantors with a beneficial interest can be offset against their Trust Accounts; non-beneficial Trustees are protected

If you are the Grantor of a trust in which you keep a beneficial interest, you are deemed to have a beneficial interest in its assets, and Robinhood may offset obligations between your individual accounts and any Trust Accounts you are Grantor of. A Trustee who is not also a beneficial owner of the Trust's assets has no beneficial interest for this section, and Robinhood will not offset a Trust Account obligation against that Trustee's personal account unless that Trustee's instructions or actions gave rise to the obligation.

Supporting quotations

If you are the Grantor of a trust in which you retain a beneficial interest, you are deemed to have a beneficial interest in its assets and Robinhood may offset obligations between your individual accounts and any Trust Accounts for which you are the Grantor.

A Trustee who is not also a beneficial owner of the Trust's assets does not have a beneficial interest for purposes of this section, and Robinhood will not offset a Trust Account obligation against such Trustee's personal account except where such Trustee's instructions or actions gave rise to the obligation.

Qualifications & exceptions

The Trustee protection has one exception: where that Trustee's own instructions or actions gave rise to the obligation.

Charges & Financial Obligations · Restriction or exception

You must designate short sales; undesignated sales are long sales you must deliver by settlement date

You must specifically designate any order to sell a security you do not hold in your Account as a "short sale", and Robinhood will mark it as one. Any order not designated a short sale is a "long sale" of securities held in your Account, and you will deliver the securities on or before settlement date. If a security is not in your Account and a long sale is processed, you must promptly deliver it to Robinhood in good deliverable form on or before the settlement date.

Supporting quotations

You agree to specifically designate any order to sell a security that you do not hold in your Account as a “short sale” and understand that Robinhood will mark such an order as a short sale.

You agree that any order which is not specifically designated as a short sale is a “long sale” of securities held in your Account and that You will deliver the securities on or before settlement date.

If a security is not held in your Account and a long sale is processed, you must promptly deliver such security to Robinhood for receipt in good deliverable form on or before the settlement date.

Charges & Financial Obligations · Restriction or exception

Long sales without securities in your Account can be cancelled or bought in, and you bear the resulting Losses

A long sale placed without negotiable certificates or positions in your Account is subject, at Robinhood's sole discretion, to cancellation or buy-in. Proceeds are not paid or released to your Account until Robinhood has received the security in good deliverable form, from a transfer agent or from you, and settlement is complete. If the security is not received by settlement date, or as market conditions warrant, Robinhood may in its sole discretion buy it on the open market for your Account and liquidate and close out any and all securities in your Account to pay for the purchase. If a security is bought in you are responsible for all resulting Losses Robinhood incurs.

Supporting quotations

Any long sale placed without negotiable certificates or positions in your Account will be subject, at Robinhood’s sole discretion, to cancellation or buy-in.

Proceeds of a long sale will not be paid to you or released into your Account until Robinhood has received the security in good deliverable form

Robinhood may in its sole discretion purchase the security on the open market for your Account and may liquidate and close out any and all securities in your Account to pay for such purchase

If a security is bought in, you will be responsible for all resulting Losses incurred by Robinhood.

Qualifications & exceptions

Buy-in may also occur "as market conditions warrant", not only after the settlement date.

Charges & Financial Obligations · Restriction or exception

Short sales need a Margin Account and acceptable collateral; Robinhood may buy in shorts without notice

You may execute short sales only in a Margin Account, and they must comply with applicable short sale rules. You must provide collateral of a type and amount acceptable to Robinhood for all short sales. Robinhood can at its discretion and without notice "buy in" securities to cover any short position, on a regular settlement or cash settlement basis. If you cannot cover a short position in time for Robinhood to deliver to its lender, you must reimburse Robinhood for losses from your failure to deliver. If Robinhood buys in the security it may cancel your other open orders in the same security. Short sale orders are subject to the risk of unlimited losses.

Supporting quotations

You understand that you may execute short sales only in a Margin Account and that such execution must comply with applicable short sales rules. You agree to provide collateral of a type and amount acceptable to Robinhood for all short sales in your Account.

You agree that we can, at our discretion and without notice, “buy in” securities to cover any short security position in your account.

you agree to reimburse us for the losses we sustain as a result of your failure to deliver the security

You understand short sale orders are subject to the risk of unlimited losses.

Qualifications & exceptions

Buy-in is at Robinhood's discretion and without notice.

Charges & Financial Obligations · Company practice

Robinhood may charge a daily Stock Borrow Fee on any open short position at a variable borrow rate

Robinhood may charge fees for borrowing stock for short selling. If you have an open short position, whether from short selling, option exercise or assignment, account transfer or otherwise, Robinhood can charge a Stock Borrow Fee. The fee is the largest short position held open that day multiplied by the end-of-day market price multiplied by the quoted borrow rate divided by 360. It is subject to change daily and can be charged until a trade closing the short position settles. Daily fees are aggregated monthly and shown on your statement. The borrow rate varies with supply and demand in the securities lending market, and Robinhood can seek to charge any rate consistent with its view of competitive necessities.

Supporting quotations

If you have an open short position in your Account, whether it is established through short selling, option exercise or assignment, account transfer, or otherwise, Robinhood can charge a Stock Borrow Fee.

The fee is calculated as the largest short position you held open that day multiplied by the end of day market price multiplied by the quoted borrow rate divided by 360.

This Stock Borrow Fee is subject to change daily and can be charged until a trade closing the short position settles.

You understand that Robinhood can seek to charge you any rate consistent with Robinhood’s view of competitive necessities.

Qualifications & exceptions

The fee applies to any open short position however it arose, not only short selling.
The rate can change daily.

Charges & Financial Obligations · Restriction or exception

You pay Robinhood's losses and attorneys' fees for collecting deficits or defending matters from your transactions

Without limiting other indemnities, all Losses, including reasonable attorneys' fees and expenses, that Robinhood incurs in collecting a debit balance or unpaid deficiency in any of your Accounts, or in defending any matter arising out of your securities transactions, are payable to Robinhood by you.

Supporting quotations

all Losses, including but not limited to reasonable attorneys’ fees and expenses, incurred and payable or paid by Robinhood in the (i) collection of a debit balance or any unpaid deficiency in any of your Accounts with Robinhood or (ii) defense of any matter arising out of your securities transactions, shall be payable to Robinhood by you

Qualifications & exceptions

Covers collection of debit balances or deficiencies and defense of matters arising from your securities transactions.

Charges & Financial Obligations · Restriction or exception

Extended Hours trading may be limited, excludes IPO first days and carries risks you accept

In certain circumstances you may trade outside regular hours of 9:30 a.m. to 4:00 p.m. Eastern ("Extended Hours"). This may be limited to certain account types or other eligibility criteria, and available order types may be limited. You may not execute Extended Hours trades in an IPO on its first day of trading. By participating you are deemed to understand and accept the unique risks, including those in the Extended Hours Trading Disclosure in the Disclosure Library. If that Disclosure conflicts with the Agreement, the Agreement controls.

Supporting quotations

This ability may be limited to certain account types or other eligibility criteria, and the order types available for Extended Hours trading may be limited.

You may not execute Extended Hours trades in an IPO on its first day of trading.

by participating in this type of trading, you are deemed to understand and agree to accept such risks, including those set out in the Extended Hours Trading Disclosure available in the Disclosure Library

If any terms of the Extended Hours Trading Disclosure conflict with any terms of this Agreement, the terms of this Agreement will control.

Qualifications & exceptions

Availability is limited to certain account types or eligibility criteria.

Not stated here

The Extended Hours Trading Disclosure is not part of this saved text.

Charges & Financial Obligations · Company practice

You bear your own internet and phone costs, and Robinhood Financial adds no online access fee

Costs of electronic delivery may include charges from Internet access providers and telephone companies, which you agree to bear. Robinhood Financial will not charge you additional online access fees for receiving electronic delivery of Account Documents.

Supporting quotations

Potential costs associated with electronic delivery of Account Documents may include charges from Internet access providers and telephone companies, and you agree to bear these costs.

Robinhood Financial will not charge you additional online access fees for receiving electronic delivery of Account Documents.

Charges & Financial Obligations · Company practice

If your email is undeliverable, Robinhood may charge a fee per postal re-delivery and deduct it from your Account

If you do not keep a valid, deliverable email address of record, Robinhood may charge a fee for certain documents that must be re-delivered by postal mail, and you incur it for each postal delivery until you update your email address. The documents subject to fees and the amounts are in the Fee Schedule. You agree Robinhood may deduct these fees from your Account consistent with the Agreement, including Section 28, under which Robinhood may sell securities to satisfy a debit or other obligation owed to it.

Supporting quotations

if you fail to maintain a valid and/or deliverable email address of record on your Account, Robinhood reserves the right to charge you a fee for certain documents that must be re-delivered via postal mail

You will incur such fee for each instance of postal mail delivery until such time as you update your email address.

You agree that Robinhood may deduct these fees from your Account consistent with the terms of this Agreement, including but not limited to the provisions in Section 28 of this Agreement.

Robinhood may (but is not required to) sell, assign and deliver all or any part of the securities in your Account

Qualifications & exceptions

The fee is charged for each instance of postal mail delivery until you update your email address.

Not stated here

The fee amounts are in the Fee Schedule, which is not part of this saved text.

Charges & Financial Obligations · Company practice

A fee is deducted from class action settlements, and any unpaid fee becomes your Obligation

A fee is deducted from any class action settlement payment received for you before proceeds are deposited into your Account, as detailed in the RHF Fee Schedule in the Disclosure Library. If you receive a settlement payment for a claim processed by the service and the fee has not been collected, you agree to pay it. The unpaid fee is an Obligation you owe, and you authorize Robinhood to recover it by debiting your Account or exercising its other rights of offset under the Agreement.

Supporting quotations

A fee will be deducted from any class action settlement payment received for you prior to deposit of proceeds into your Account.

If you receive a class action settlement payment for a claim processed by the Class Action Service, and the applicable fee has not been collected, you agree to pay the applicable fee to us.

You acknowledge that the unpaid fee creates an Obligation owed by you, and you authorize us to recover the owed funds by debiting your Account or exercising our other rights of offset under this Agreement.

Qualifications & exceptions

The fee amount is in the RHF Fee Schedule.

Not stated here

The fee amount is not stated in this saved text.

Charges & Financial Obligations · Context

Appendix A EFT disclosures apply to EFT transactions, with special meanings for "Bank", "you" and "we"

Appendix A, the Electronic Fund Transfer Services Disclosures Addendum, applies to EFT transactions. For these disclosures only, "the Bank" includes any financial institution that provides services for ACH, Move Money or other EFT transactions, "you" means the owner of the Account, and "we" and "us" mean Robinhood and the Bank together.

Supporting quotations

The following disclosures apply to EFT transactions.

Solely for purposes of these disclosures: (i) references to the Bank shall include any financial institution that provides services in connection with ACH, Move Money, or other EFT transactions; (ii) “you” and “your” mean the owner of the Account; and (iii) “we” and “us” means Robinhood and the Bank collectively.

Qualifications & exceptions

The special meanings apply "solely for purposes of these disclosures".

Charges & Financial Obligations · Context

For the EFT disclosures, business days are Monday through Friday excluding U.S. Federal Holidays

For these disclosures, business days are Monday through Friday, excluding U.S. Federal Holidays.

Supporting quotations

For purposes of these disclosures, our business days are Monday through Friday, excluding U.S. Federal Holidays.

Charges & Financial Obligations · Permission or license

You may make ACH withdrawals and deposits, originated by Robinhood or a third party, within limits

You may make ACH withdrawals from your Account, originated through Robinhood or by a third party ("non-originated"), subject to the Available Funds in your Account, the transaction limits in the disclosures, the App and the Website, and the Agreement's other terms. You may also make ACH deposits, originated through Robinhood or non-originated, subject to the transaction limits.

Supporting quotations

You may make ACH withdrawals from your Account, either originated through us or originated by a third party (a “non-originated” withdrawal), subject to the Available Funds in your Account, the transaction limits described below and in the App and on the Website, and the other terms and conditions of this Agreement.

You also may make ACH deposits to your Account, either originated through us or originated by a third party (a “non-originated” deposit), subject to the transaction limits described below and in the App and on the Website.

Qualifications & exceptions

Withdrawals are limited by Available Funds as well as transaction limits.

Charges & Financial Obligations · Restriction or exception

Transfer limits aggregate across affiliates, can change without notice, and transfers can be restricted

Frequency and dollar limits apply to transfers. Limits for Originated ACH, Debit Card Funding and Instant Bank Transfers are calculated by adding up such transactions in your brokerage Account and such transactions originated in any other accounts you hold with Robinhood affiliate companies. Applicable limits are in the disclosures, the App and the Website, and are described as designed to be flexible to protect security. Robinhood may change the limits at any time in its sole discretion, including for security reasons, and without advance notice unless law requires. Higher limits may be available as determined by Robinhood in its sole discretion and set forth in the App. Robinhood may restrict, limit or delay any transfer or attempted transfer for any purpose, including suspected fraud or other illicit activity and account security.

Supporting quotations

Transfer limits for Originated ACH, Debit Card Funding, and Instant Bank Transfers are calculated by aggregating the amount of such transactions in your brokerage Account as well as the amount of such transactions originated in any other accounts you may hold with Robinhood affiliate companies.

You understand and agree Robinhood may change these limits at any time in its sole discretion, including for security reasons, and without advance notice to you, except as otherwise required by law.

You understand and agree that Robinhood reserves the right to restrict, limit or delay any transfer or attempted transfer, for any purpose including, but not limited to, suspected fraud or other illicit activity and for purposes of maintaining account security.

Qualifications & exceptions

Change without advance notice applies "except as otherwise required by law".
Higher limits are at Robinhood's sole discretion.

Charges & Financial Obligations · Procedure

Originated ACH withdrawals and deposits count toward that day's limits only if submitted before 7 p.m. Eastern

Originated ACH Withdrawals submitted before 7 p.m. Eastern Time count toward that business day's withdrawal limits; otherwise they count toward the next business day's limits. Originated ACH Deposits submitted before 7 p.m. Eastern Time count toward that business day's deposit limits; otherwise toward the next business day's limits. Limit amounts are in the App and on the Website.

Supporting quotations

Originated ACH Withdrawals submitted before 7 p.m. Eastern Time will be counted towards that business day’s withdrawal limits set forth in the App and on the Website, otherwise, they will count towards the next business day’s limits.

Originated ACH Deposits submitted before 7 p.m. Eastern Time will be counted towards that business day’s deposit limits set forth in the App and on the Website, otherwise, they will count towards the next business day’s limits.

Qualifications & exceptions

Limit amounts are not stated in this saved text for originated transfers.

Not stated here

The numeric limits for originated ACH are in the App and on the Website, not in this saved text.

Charges & Financial Obligations · Restriction or exception

Non-originated ACH withdrawals and deposits have a $250,000 daily limit; weekly and monthly are N/A

Non-Originated ACH Withdrawals have a daily limit of $250,000.00, with weekly and monthly limits listed as "N/A". Non-Originated ACH Deposits likewise have a daily limit of $250,000.00, with weekly and monthly limits listed as "N/A". The text lists "N/A" without saying whether that means no limit or that the period does not apply.

Supporting quotations

Daily Limit: $250,000.00 // Weekly Limit: N/A // Monthly Limit: N/A

Qualifications & exceptions

"N/A" for the weekly and monthly limits is not explained, so it is not read as unlimited.

Not stated here

The text does not say whether "N/A" means no weekly or monthly limit or not applicable.

Charges & Financial Obligations · Procedure

Debit Card Funding and Instant Bank Transfers count toward the day's limits if submitted by 11:59 p.m. Eastern

Debit Card Funding (DCF) transactions submitted on or before 11:59 p.m. Eastern Time count toward that day's DCF limits; otherwise toward the next day's limits. Instant Bank Transfer (IBT) withdrawals and deposits submitted on or before 11:59 p.m. Eastern Time count toward that day's limits; otherwise toward the next day's. Limit amounts are in the App and on the Website.

Supporting quotations

DCF transactions submitted on or before 11:59 p.m. Eastern Time will be counted toward that day’s DCF limits set forth in the App and on the Website, otherwise, they will count towards the next day’s limits.

IBT withdrawals and deposits submitted on or before 11:59 p.m. Eastern Time will be counted towards that day’s limits set forth in the App and on the Website, otherwise, they will count towards the next day’s limits.

Not stated here

The numeric DCF and IBT limits are in the App and on the Website, not in this saved text.

Charges & Financial Obligations · Company practice

Robinhood charges no fee to initiate EFTs, but external transfers via DCF or IBT carry a fee

Robinhood will not charge you fees for initiating EFTs on your behalf. If you make external transfers of funds from your Account through Debit Card Funding or Instant Bank Transfers you will be charged a fee as outlined in the Fee Schedule.

Supporting quotations

We will not charge you any fees for initiating EFTs on your behalf.

If you make external transfers of funds from your Account via DCF or IBT, you will be charged a fee, as outlined in the Fee Schedule.

Qualifications & exceptions

The two statements need to be read together: the no-fee statement is for initiating EFTs, while DCF and IBT external transfers are charged.

Not stated here

The DCF and IBT fee amounts are in the Fee Schedule, which is not part of this saved text.

Charges & Financial Obligations · User right or choice

You can stop third-party recurring payments with three Business Days' notice; no advance payments by Robinhood

You do not have the right to ask Robinhood to make regular payments out of your Account in advance, though you may ask third parties to initiate regular payments from it. If you have automatic recurring payments taken out of your Account you can stop any of them by calling 888-275-8523, emailing help@robinhood.com or writing to 85 Willow Road, Menlo Park, CA 94025, in time for Robinhood to receive your request 3 Business Days or more before the payment is scheduled. If you call, Robinhood may also require you to put the request in writing and get it to it within 14 days after the call.

Supporting quotations

You do not have the right to request that Robinhood in advance make regular payments out of your Account, although you may ask third parties to initiate regular payments out of your Account.

If you have automatic recurring payments taken out of your Account, you can stop any of these payments.

in time for us to receive your request 3 Business Days or more before the payment is scheduled to be made

If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

Qualifications & exceptions

The request must be received 3 Business Days or more before the scheduled payment.
A phone request may need written confirmation within 14 days after the call.

Charges & Financial Obligations · User right or choice

If recurring payments vary in amount, the payee must tell you 10 days before each payment

If regular payments vary in amount, the party you are paying is responsible for telling you, 10 days before each payment, when it will be made and how much. That party may let you choose to be told only when the payment would differ by more than a certain amount from the previous payment, or fall outside limits you set.

Supporting quotations

If these regular payments vary in amount, the party you are going to pay is responsible for telling you, 10 days before each payment, when it will be made and how much it will be.

The party you are going to pay may allow you to choose to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.

Qualifications & exceptions

The duty to give notice sits with the payee, not Robinhood.

Charges & Financial Obligations · Company commitment

Robinhood is liable for your losses if it fails to stop a payment ordered three Business Days or more ahead

If you order Robinhood to stop a payment at least three Business Days before the transfer is scheduled and it does not do so, Robinhood will be liable for your losses or damages.

Supporting quotations

If you order us to stop a payment at least three Business Days before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.

Qualifications & exceptions

Applies to stop orders given at least three Business Days before the scheduled transfer.

Charges & Financial Obligations · Company commitment

Robinhood is liable for transactions not completed on time or in the right amount, except in listed cases

If Robinhood does not complete a transaction to or from your Account on time or in the correct amount according to the Agreement, it is liable for your losses or damages, with exceptions. It is not liable, for instance, if through no fault of Robinhood or the Bank you lack enough Available Funds; if there is a hold or your funds are subject to legal or administrative process or other encumbrance; if Robinhood or the Bank have reason to believe the transaction is unauthorized; if circumstances beyond their control such as fire, flood, or computer or communication failure prevent completion despite reasonable precautions; or for any other exception in the Agreement or applicable law.

Supporting quotations

If we do not complete a transaction to or from your Account on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages.

If through no fault of Robinhood or the Bank, you do not have enough Available Funds in your Account to complete the transaction;

If there is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use;

If Robinhood or the Bank have reason to believe the requested transaction is unauthorized;

If circumstances beyond the control of Robinhood or the Bank (such as fire, flood, or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that Robinhood or the Bank have taken; or

For any other exception stated in this Agreement with you or by applicable law.

Qualifications & exceptions

The exception list is introduced by "for instance" and ends with any other exception in the Agreement or by law.
The beyond-control exception requires that Robinhood or the Bank took reasonable precautions.

Charges & Financial Obligations · Procedure

Report EFT errors or questions by phone, mail or email as soon as you can

For errors or questions about your electronic transfers, telephone 888-275-8523, write to 85 Willow Road, Menlo Park, CA 94025, or email help@robinhood.com as soon as you can.

Supporting quotations

In case of errors or questions about your electronic transfers, telephone us at 888-275-8523, write us at 85 Willow Road, Menlo Park, CA 94025, or email us at help@robinhood.com as soon as you can.