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Robinhood, SoFi and Public are offering Webull customers a 3% reward to move brokerage assets after a bipartisan House committee raised concerns about Webull's China ties. The offers use the Automated Customer Account Transfer Service (ACATS), which carries eligible cash and securities between US brokerages without requiring customers to sell most holdings that can be transferred.
Robinhood fixes the match rate
Robinhood has adapted an existing transfer promotion, which previously gave eligible customers personalised match rates from 1% to 3%. Under revised terms, transfers from Webull receive 3% regardless of a customer's individual rate, provided they are made from 7 October through 16 October.
The reward has no stated ceiling and is credited after assets arrive in the Robinhood account. Customers generally need to keep the transferred value there for five years to avoid a possible proportional chargeback. Robinhood also presented the offer as a reason for Webull clients to choose a US-branded brokerage, rather than describing it solely as a transfer deal.
Public and SoFi diverge on terms
Public's 3% incentive covers Webull transfers into taxable brokerage accounts and IRAs, if initiated by 26 October. It pays the reward in monthly instalments over six years and limits qualifying assets to $1 million, setting the maximum match at $30,000.
SoFi's promotion covers eligible self-directed taxable accounts and IRAs. Available from 8 to 15 October, it replaces the separate campaign's standard 1% ACATS match. The reward is capped at $150,000, equal to 3% of a $5 million transfer, and customers must retain the assets for five years to keep the full amount. Finance Magnates reported on the competing offers.
China scrutiny becomes a sales trigger
The House committee argued that Webull's China connections were stronger than its public presentation suggested. It cited the founder's voting control, a large technology workforce based in China and possible exposure of US customer data to people or laws in the country.
Webull's shares lost almost 30% intraday after the report appeared. In a filing with the SEC, the company said the report included important factual errors. Webull said customer assets and data in the US stay there, China-based staff cannot access sensitive customer information, and the committee had found no data misuse.
What to watch next
For operations teams, the differences sit in eligibility, reward calculation and retention: Robinhood credits after assets arrive, Public pays in instalments, and both Public and SoFi set explicit caps. ACATS makes eligible holdings portable, but the source does not specify which securities qualify for each promotion or how quickly each broker processes a transfer.
Teams reviewing the offers should check how incoming assets are matched to promotion terms, how bonus payments are reconciled, and how the five-year retention conditions and potential chargebacks are tracked. The campaigns also leave open whether customers will complete transfers, rather than simply start them, and whether the terms create additional support or reconciliation work.
