Money transfer, virtual currency, or money service -- Managing, opening, or closing your mobile wallet account -- Complaint #11045603
Complaint Overview
Complaint ID: 11045603
Company: Robinhood Markets INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Mobile or digital wallet
Issue: Managing, opening, or closing your mobile wallet account
State: Missouri
ZIP Code: 652XX
Date Received: 2024-12-04T12:00:00-05:00
Date Sent to Company: 2024-12-04T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I did an instant deposit on from my checking on XX/XX/XXXX ( {$500.00} ), XX/XX/XXXX ( {$300.00} ), XX/XX/XXXX ( {$500.00} ). On XX/XX/XXXX I attempted to make I believe XXXX deposits from my checking to my Robinhood account. It wouldnt do instant transfer and so I kept trying to make the deposit thinking I was doing something wrong and they werent going through. When I looked at my history it still showed all of them active and waiting to be processed over a XXXX day period. I cancelled all of these transactions except XXXX and made a deposit with my debit card. I had to give a picture of my ID both front and back and take XXXX selfies to use my debit card, it was a success. Shortly after I made a purchase and my account was then restricted and under review. To get it unrestricted, I had to again send my ID both front and back as well as XXXX selfies. It stated that my account would be finished with the review XXXX, on XXXX it XXXX stated XXXX, now today it states XXXX. RobinHood not only has my investment hostage but cash as well. Its showing my investments and my cash in their app but they have restricted it. They are basing their restriction on my security. However, I have performed all the necessary requests proving I am who I am. I have read this seems to be a common theme with Robinhood. Im an honest individual that didnt understand the instant transfer feature was limited and would keep compounding. Instead of inadvertently transferring XXXX the amount I intended to, I cancelled them and used my debit card. I have opened chats on their app and its a brick wall there is no way to communicate. I have asked questions and expected to receive emails, I havent received any in regards to this issue. I have tried to enter my telephone number on my account, it wont accept it, so therefore when I call and try to receive a call back, it wont and states invalid telephone number. This morning, I read several instance on a blog about Robinhood doing this to others in the past year. XXXX individual stated that Robinhood continued to review their account for XXXX weeks, thats ridiculous and I dont want to be telling the same story down the road.
Frequently Asked Questions
What is Complaint #11045603 about?
Complaint #11045603 was filed against Robinhood Markets INC. regarding Money transfer, virtual currency, or money service specifically about Managing, opening, or closing your mobile wallet account. It was received by the CFPB on 2024-12-04T12:00:00-05:00.
How did Robinhood Markets INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Robinhood Markets INC.?
Yes, visit the Robinhood Markets INC. company profile at readthecomplaint.com/company/robinhood-markets-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.