With the advent of “the stock marketplace” and the end of the automatic, passive stock back, Bumped is dee-eee-dee dead. Meaning the lucrative $300+ I’ve made with the app over the past couple years will not continue.
Now that the easy pickings that were Bumped are no more, I wanted to consolidate the earnings into an easier-to-access account. I do have a number of options: I already have WeBull and Robinhood accounts, or I could open a new brokerage account somewhere else.
This is fun money, though, and back in 2018 I had fun with stock picking with Robinhood, so I concluded I’d put the money there.
Sadly, there was no way to directly transfer the stocks from Bumped to Robinhood. Robinhood “do[es] not currently support inbound ACAT transfers.. My only option was to sell my Bumped stocks and rebuy them on Robinhood.
This wasn’t no quick one-hour operation. This has taken no less than four, going on five days.
Day 1: Initiate Stock Sales in Bumped
I couldn’t sell everything all at once; I had to go through each of my stocks one-by-one to sell them. This isn’t all that surprising, after all, I’d expect the same thing on any stock platform. But it would have been nice to sell everything all at once.
The most annoying thing was that all the sales sat in a pending status for the rest of the day. I wasn’t even sure if the stocks were going to sell. I kept checking the app hour after hour, expecting to see that my stocks had sold.
But they hadn’t. Eventually, it was after hours for the stock market, so I gave up looking for the rest of the day.
Day 2: Cash Not Settled
At 2:53 in the afternoon on Day 2, I received an email alerting me that my stocks had sold:
You requested we sell some stock for you. So we did.
You can find a confirmation for the December 14, 2020 trade in the Documents section of the app. (You’ll get one of these every time you sell stock through the Bumped app.)
Didn’t request a trade? Send us a support message through the app ASAP.
–The Bumped Team
I even had a nice little PDF that showed me what I sold, how much, and how much for. If you’re curious about the breakdown, here it is:
- I sold 5.89055 shares of Kroger for $185.38.
- I sold 0.21595 shares of McDonald’s for $45.87.
- I sold 0.0914 shares of Home Depot for $24.35.
- I sold 0.08281 shares of Target for $14.16.
- I sold 0.2254 shares of Verizon for $13.58.
- I sold 0.08321 shares of Walmart for $12.18.
- I sold 0.0071 shares of Chipotle for $9.25.
- I sold 0.08171 shares of Starbucks for $8.46.
- I sold 0.01217 shares of Domino’s for $4.65.
- I sold 0.00803 shares of Netflix for $4.17.
- I sold 0.02515 shares of Lowe’s for $4.07.
- I sold 0.12941 shares of Red Robin for $2.39.
- I sold 0.00282 shares of CVS for $0.20.
- I sold 0.00537 shares of VTI for $1.02.
Cool. That must mean there’s money ready to transfer, right?
My account was showing that I had $329.73, but only $0.00 was available.
I guess I need to wait another day for the money to settle. ¯\(ツ)/¯
Day 3: Initiate Transfer to Bank
Another day, another dollar. Or three hundred, twenty-nine point seventy-three dollars.
Day three showed my available balance to be the $329.73 it should be. I could now transfer my money.
To transfer the money, though, I needed to link my bank account - giving them the account and routing numbers was not an option. Linking a bank account was exactly the same process as linking the credit cards - the Plaid dialog pops up and you have to enter the bank’s username and password.
I chose to put the money in my savings account. That way, I could then rebuy the stocks on Robinhood well before the money hit my account.
A bit risky - the money may never hit my account. But if it doesn’t, I’ll be okay.
For most of the stocks, I bought the exact dollar amount that I sold. The only exception was CVS. Robinhood doesn’t accept orders for less than a dollar, and I only had twenty cents of CVS stock. I decided to give up my $1.02 shares of VTI and buy a total of $1.22 of CVS.
In the end, here are my Robinhood purchases:
- I bought 5.98 shares of Kroger for $185.38.
- I bought 0.214571 shares of McDonald’s for $45.87.
- I bought 0.090285 shares of Home Depot for $24.35.
- I bought 0.082423 shares of Target for $14.16.
- I bought 0.226578 shares of Verizon for $13.58.
- I bought 0.083682 shares of Walmart for $12.18.
- I bought 0.006585 shares of Chipotle for $9.25.
- I bought 0.081893 shares of Starbucks for $8.46.
- I bought 0.012055 shares of Domino’s for $4.65.
- I bought 0.007945 shares of Netflix for $4.17.
- I bought 0.024892 shares of Lowe’s for $4.07.
- I bought 0.127868 shares of Red Robin for $2.39.
- I bought 0.017572 shares of CVS for $1.22.
Day 4: Robinhood Takes My Money
Day 4 is today. The money I spent on Robinhood yesterday has been withdrawn from my savings account.
Still no Bumped money. I didn’t anticipate it today, anyway.
Day 5: I Get My Bumped Deposit - I Hope!
Hopefully tomorrow I’ll see that sweet, sweet deposit. If not, hopefully, it’ll happen sometime next week. I’ll comment on this post when I do see it.
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