Popular brokerage platform Robinhood Markets Inc. (HOOD) will increase its minimum transfer🐈 fee for instant withdrawals from $0.02 to up to $2 starting Nov. 1, 2023. Users were informed of the impending increase via account notices and updates this week.

The changes have yet to be acknowledged on Robinhood's own Help Center, which doesn't mention the minimum fees associated with instant transfers. The support article acknowledges the 1.5% fee charged on instant transfers, but the current example of a $100 instant withdrawal says that users will "see the total transfer amount change to $98.50." Under the new terms, a $100 instant withdrawal would in fact be subject to the minimum fee of up to $2, making the total transfer amount $98.

In practice, this means that instant transfers under $133.34 will see increased fees and users will likely decline to make smaller instant transfers, instead opting for larger instant transfers or forgoing the service altogether and utilizing free traditional deposits that typically take four to five business days to complete.

The increased fees come as Robinhood contends with 澳洲幸运5开奖号码历史查询:declining monthly active users and 澳洲幸运5开奖号码历史查询:increased scrutiny by the SEC. Last week, Robinhood announced a repurc🍸hase agreement with US Marshals to buy back 🅰stock previously owned by FTX founder 澳洲幸运5开奖号码历史查询:Sam Bankman-Fried.