How Do I Cancel My Robinhood Deposit?

Canceling a deposit after initiating it is not what you experience every day or with every platform, but Robinhood gives you that, depending on how long you made the transfer. Many people do not seem to know how to cancel a Robinhood deposit. Therefore, this post is to ease your query.

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Before You Begin!

No doubt that you can cancel your deposit on Robinhood, but it is only possible if the deposit has not been submitted to your bank for processing.

Therefore, knowing some conditions that bind a deposit you can cancel on Robinhood is essential.

1. You can cancel a pending Robinhood deposit.
2. You can cancel an initial queued deposit.
3. You can also cancel an instant deposit.

Any effort to cancel a deposit outside the above conditions may prove abortive. With that, let’s get into the details of the steps to cancel your Robinhood deposit.

How to Cancel a Pending Deposit?

You can cancel your pending Robinhood deposit either on the mobile app or on the website, as outlined below.

Note: You can also cancel a pending Robinhood withdrawal with this method.

Canceling a Pending Robinhood Deposit in the Mobile App

Follow the steps below to cancel a pending Robinhood deposit from your mobile app – either Android or iOS.

Step 1: Open Robinhood

Open the Robinhood mobile app and sign in to your account. But the app will skip the sign-in page if you are already signed in.

You must have the Robinhood mobile app installed on your device if you choose to go the mobile app way, and you will find it in the app menu. You may need to install it from your device app store if you can’t find it.

Step 2: Tap the Profile Icon

Tap the profile icon at the bottom right side of Robinhood’s main screen. Tapping this icon should take you to the Menu page on Android or the Account page on iOS, where you will see your personal information like transfers, statements & history, settings, etc.

However, if you see a different page, don’t worry. Locate the three horizontal lines at the top right side of the page you can see, and you will be in the menu or personal information page.

Step 3: Settings and History

Click on Settings and History from the information page to see your documents, taxes, and account activity.

Step 4: Tap the Pending Deposit

 On the next page, you will see your transfer history, including your pending deposits. Tap the pending deposit you wish to cancel from the list.

Step 5: Cancel the Deposit

Tapping the desired deposit will take you to a new page where you can cancel the deposit. Click on the Cancel transfer button and confirm the cancellation from the pop-up prompt.

Canceling a Pending Robinhood Deposit on the Web

You can cancel a pending Robinhood deposit on the web if the mobile app does not suit you best. Here are the steps:

Step 1: Sign in to Your Account on the Web

Visit the Robinhood web page and log in to your account. Fill out the email and password fields, and click on the login button.

Step 2: Account Tab

Locate the account tab at the top right corner of the main page next to the home and notification button. Click on this tab to take you to your accounts information page.

Step 3: History

Click on ‘History’ from the account information page, and you will see your transaction history on Robinhood.

Step 4: Select the Deposit

Click the pending deposit you want to cancel from the transaction list.

Step 5: Cancel the Deposit

Click on cancel transfer and confirm the cancellation from the pop-up prompt.

Important Note! 

If you don’t see the ‘Cancel Transfer’ option after clicking a pending deposit, it implies that your deposit is already submitted to your bank for processing, and you cannot cancel it. Instead, you must wait for the transfer to complete, then withdraw your money.

How to Cancel Your Initial Deposit on Robinhood?

Usually, you can queue a deposit when you submit a new application on Robinhood and before your account is approved. This deposit will only be processed when your account is approved, but you may cancel it before then if you wish. Let’s see how you can do this in the mobile app and web.

Canceling a Queued Deposit in Robinhood mobile app

The steps to cancel a queued deposit on Android and iOS are similar, and you can follow through as follows:

Step 1: Open Robinhood

Start by launching the Robinhood mobile app and signing in to your account.

Step 2: Go To Investing

Tab the investing tab from the main screen of the mobile app.

Step 3: View Application

To proceed, click on the select view application option.

Step 4: Cancel Transfer

Navigate to the queued deposits tab and select cancel transfer.

Step 5: Confirm the Cancellation

Tap yes on the confirmation prompt to confirm and complete the cancellation.

Canceling a Queued Deposit on the Web

You can cancel a queued deposit on the web as follows:

Step 1: Sign In

Visit the Robinhood web page to sign in to your account with your email and password in the respective fields and click on the login button.

Step 2: Click Account

Now on the homepage, click on the Account option at the top right corner.

Step 3: Application Status

Click on Application Status from the account information page to view the queued deposit. 

Step 5: Cancel the Deposit

Click on Cancel deposit to release the queued funds.

Step 6: Confirm the Cancellation

Click on Yes in the pop-up prompt to confirm the cancellation. It is done.

Note: Canceling your queued deposit means you must wait until your application is approved before you can fund your Robinhood account.

FAQs

Conclusion

And there you have it on how to cancel your Robinhood deposit. You can cancel a deposit in the mobile app or on the web while it is pending. To withdraw your money, you need to wait till the deposit settles if it is already processing and you can’t cancel it.