If you set up an automatic recurring deposit on Robinhood and want to stop it, the iPhone app cancellation is a six-tap workflow. Watch the walkthrough below, or follow the step-by-step underneath.
Cancel an automatic deposit (iPhone)
- Open the Robinhood app on your iPhone.
- Tap the account icon in the bottom-right corner.
- Tap the Transfers tab.
- Tap the third option, Schedule Automatic Deposit.
- Tap the specific automatic deposit you want to cancel (e.g., a $5 monthly deposit).
- Scroll to the bottom of the deposit details and tap Cancel Automatic Deposit.
- Confirmation appears: “Your automatic deposit has been cancelled.”
The next deposit on this schedule will not occur. Any deposits already in transit (initiated but not yet settled) will still complete — ACH can’t be reversed once initiated.
What happens to deposits already in transit?
ACH deposits take 1-5 business days to settle. If you cancel a schedule while a transfer is mid-flight:
- The in-flight transfer completes — ACH can’t be reversed.
- The next scheduled transfer doesn’t initiate.
- Funds settle to your Robinhood account normally; you can withdraw back to your bank if needed (subject to Robinhood’s withdrawal-hold rules).
To avoid sending one more deposit you’ll then have to manually withdraw, cancel before the next scheduled date by at least 1-2 business days.
What changes after you cancel
| What | Effect |
|---|---|
| Future deposits on this schedule | Stop |
| In-flight ACH transfers | Complete normally |
| Already-deposited funds | Stay in your Robinhood account |
| Existing positions purchased with auto-deposit funds | Unaffected |
| Other recurring schedules | Independent — not affected |
| Robinhood Gold subscription | Unaffected |
| Bank link | Stays connected for manual deposits |
Skip vs cancel
Robinhood lets you skip the next deposit instead of cancelling the schedule entirely:
- Skip pauses one occurrence; the schedule keeps running at the original interval.
- Cancel stops all future deposits.
If you’re going through a one-time cash crunch but want to keep the dollar-cost-averaging cadence, skip. If you’re permanently changing strategy, cancel.
Common errors and fixes
“Cannot cancel — deposit in progress” — the next deposit has already initiated and is in ACH transit. Wait 1-5 business days for it to complete, then cancel.
Cancel button is missing — update your Robinhood app. Older versions placed cancel in different sub-menus.
Schedule keeps showing as active after cancel — pull down to refresh. If still showing, sign out and back in.
Charged after cancellation — either the charge was an in-flight ACH that initiated before cancel took effect, or the cancel didn’t actually save. Check Account → Transfers → History.
Can’t find Schedule Automatic Deposit — menu label varies by account type. Check Account → Transfers — look for “Schedule Automatic Deposit,” “Recurring Investments,” or “Direct Deposits.”
Best practices
- Pick a date 1-2 days after payday so deposits don’t bounce.
- Watch IRA contribution limits — Robinhood doesn’t stop over-contributions.
- Audit annually — recurring schedules tend to outlive their usefulness.
Tracking your investments
Empower (free) → — free net-worth tracker that auto-imports Robinhood, your bank, your 401(k), and brokerage accounts.
Webull → — alternative active-trading broker with Level II market data.
If you’re sticking with Robinhood, Robinhood Gold adds higher cash-sweep yields, larger instant deposits, and Level II quotes.
FAQ
Does cancelling cost anything?
No. Cancel is free.
Will cancelling close my Robinhood account?
No. The account, positions, and bank link stay active.
Can I cancel during weekends or holidays?
Yes. Cancel takes effect immediately. ACH timing rules apply to the next deposit’s potential initiation.
Does Robinhood let me cancel via phone or chat?
Robinhood support can help, but the in-app flow is faster.
Will my existing positions be sold if I cancel?
No. Cancelling stops future deposits. Existing holdings are unaffected.
Can I have multiple recurring deposits at once?
Yes. Each is independent — cancelling one doesn’t affect others.
Related reading:
- How to Disable 2FA on Robinhood
- How to Add a Beneficiary to Your Webull Account
- How to Cancel a Limit Order on Webull
- How to Set Up Dividend Reinvestment on TD Ameritrade / Schwab