Checking or savings account -- Closing an account -- Complaint #18064813
Robinhood Account Closure Leads to Missing Funds
Complaint Overview
Complaint ID: 18064813
Company: Robinhood Markets INC.
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: New York
ZIP Code: 11101
Date Received: 2025-11-30T12:00:00-05:00
Date Sent to Company: 2025-11-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Risk Assessment
Risk Level: high
Failure to disburse funds from a closed account can lead to significant financial loss and distress for the consumer.
Consumer Sentiment: negative
Topics: Account Closure, Funds Disbursement, Consumer Protection
AI Analysis
CFPB complaint 18064813 was filed against ROBINHOOD MARKETS INC. regarding Checking or savings account (Other banking product or service), specifically about "Closing an account". A consumer's funds were not received after closing a Robinhood checking or savings account in New York. The complaint was received on November 30, 2025 from New York. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should meticulously document all communications and transactions related to account closures, especially when funds are involved.
Legal Context & Consumer Protection Laws
This situation may involve violations of federal laws regarding fund disbursement and consumer protection.
Regulatory Insight
Financial institutions must have robust processes for handling fund transfers upon account closure to prevent consumer harm.
Resolution Likelihood
likely
State-Specific Consumer Protections
In New York, consumers have specific rights regarding financial services and account closures.
Industry Comparison
This issue is common across various banking institutions when account closure procedures are not handled with sufficient care.
Related Issues
Frequently Asked Questions
What is CFPB complaint 18064813 about?
CFPB complaint 18064813 involves Checking or savings account (Other banking product or service). The consumer reported an issue with "Closing an account", specifically "Funds not received from closed account". This complaint was filed against ROBINHOOD MARKETS INC. on November 30, 2025.
Which company is complaint 18064813 filed against?
Complaint 18064813 was filed against ROBINHOOD MARKETS INC.. You can view all complaints against this company on their profile page at /company/robinhood-markets-inc.
What was the company's response to complaint 18064813?
ROBINHOOD MARKETS INC. responded with "Closed with explanation". The response was NOT marked as timely by the CFPB.
When was complaint 18064813 filed?
Complaint 18064813 was received by the CFPB on November 30, 2025. It was sent to ROBINHOOD MARKETS INC. on November 30, 2025.
What state was complaint 18064813 filed from?
Complaint 18064813 was filed from New York. You can view all complaints from this state at /state/NY.
Was the consumer satisfied with the resolution of complaint 18064813?
Dispute information is not available for complaint 18064813.
What product category is complaint 18064813 about?
Complaint 18064813 is categorized under "Checking or savings account", specifically "Other banking product or service". This is one of the product categories tracked by the CFPB.
How was complaint 18064813 submitted?
Complaint 18064813 was submitted via Web. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 18064813?
This situation may involve violations of federal laws regarding fund disbursement and consumer protection. This relates to a Checking or savings account complaint against ROBINHOOD MARKETS INC. involving "Closing an account".
How likely is complaint 18064813 to be resolved?
Resolution likelihood: likely. The company's current response is "Closed with explanation".
What does the risk level mean for complaint 18064813?
This complaint is rated as high risk. Failure to disburse funds from a closed account can lead to significant financial loss and distress for the consumer.
What regulatory actions apply to complaint 18064813?
Financial institutions must have robust processes for handling fund transfers upon account closure to prevent consumer harm. The CFPB tracks complaints like this one to identify patterns of misconduct across the Checking or savings account industry.
What should the consumer do about complaint 18064813?
Consumers should meticulously document all communications and transactions related to account closures, especially when funds are involved.
Are there state-specific protections for complaint 18064813?
In New York, consumers have specific rights regarding financial services and account closures. This complaint was filed from New York.
How does complaint 18064813 compare to industry norms?
This issue is common across various banking institutions when account closure procedures are not handled with sufficient care.
What are the typical timelines for receiving funds after closing a bank account?
Timelines vary by institution, but funds should generally be disbursed within a reasonable period, often a few business days, after account closure.
What steps should a consumer take if funds are not received after closing an account?
The consumer should first contact the financial institution directly to inquire about the delay and then file a formal complaint if the issue is not resolved.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.