Cash App says it isn’t taking inbound account transfers from Robinhood customers… for now

Cash App says that it isn’t allowing Robinhood users to transfer their stock portfolios from the service. This comes as Robinhood has experienced multiple outages this week and frustrated users are considering their options for moving their portfolios out of the brokerage.

I’m not planning to leave Robinhood, but I did reach out to Cash App to see if they could facilitate moving my Robinhood stocks in the case that I was interested. Unfortunately, it looks like Cash App isn’t supporting inbound transfers of any kind for the time being.

Currently, Cash App Investing only supports outbound transfers. In order to transfer assets from Cash App Investing to an external brokerage account, you are required to use Automated Customer Account Transfer Service, or ACATS. 

Please note: Cash App Investing can only transfer whole shares. Additionally, while we can accept outbound transfers, Cash App Investing does not support inbound asset transfers at this time.

So that means if you’re a Robinhood user and looking to switch over to another millennial-friendly investing app, Cash App isn’t going to be an option. I wouldn’t be surprised if they’re actively working on this, though, since there must be a flood of inquiries coming in.

We’ve reached out to Cash App for comment or clarification, and we’ll update this story when we hear back.