Money transfer, virtual currency, or money service -- Fraud or scam -- Complaint #4569505
Complaint Overview
Complaint ID: 4569505
Company: Robinhood Markets INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Fraud or scam
State: Virginia
ZIP Code: 225XX
Date Received: 2021-07-23T12:00:00-05:00
Date Sent to Company: 2021-08-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
On XX/XX/2021, I sold XXXX for {$14.00}, XXXX for {$170.00}. XXXX for {$100.00}, XXXX for {$870.00}. XXXX cents was currently in the account. A total of {$1100.00} should have been in my account after the sale. I advised Robin Hood to DEPOSIT the proceeds of the sell, ( i.e., XXXX for {$14.00}, XXXX for {$170.00}. XXXX for {$100.00}, XXXX for {$870.00} ) -- totaling approximately {$1100.00} into my checking account ending in XXXX on XX/XX/2021. INSTEAD they used the word DEPOSIT from XXXX Account. As such, what should have been deposited into my account is now showing as a debit in the amount of {$1100.00}. I believe this was done as a FLIM-FLAM -- a trick or deception! because their documentation reads " Deposit from XXXX XXXX CHECK '' and Withdrawal to XXXX XXXX CHECKING '' when in FACT, these people simply WITHDREW from my account the amount of money that I asked to be DEPOSITED into my checking account. This company is using a play on words to deceive people into doing things that they don't intend to do. It is common knowledge when dealing with money that DEPOSIT means to GAIN and WITHDRAWAL means to TAKE. Their play on these two words are deceptive. In any event, I've attached the sell of these stocks and have not received the " DEPOSITS '' from the sell of such into my XXXX XXXX CHECKING ACCOUNT ending in XXXX! I've only seen them WITHDRAW this amount from my account in error!!!! Furthermore, I do not see any historical information regarding the settlement of these stocks and/or funds. I have tried with no luck to resolve this issue with Robinhood. I have yet to see the history of the sell of these stocks, THEREFORE, I am filing this complaint. I might also add, this company 's online application is not TRANSPARENT -- but mostly confusing. It seems to always have technical issues. It seems to work fine when debiting people 's accounts as this is done in " real time '', but when it comes to " depositing '' monies into people 's account, it appears to always be having technical issues -- never done in real time. As you can see they have completely misused the banking terms " deposit and withdrawal, '' I believe on purpose.
Frequently Asked Questions
What is Complaint #4569505 about?
Complaint #4569505 was filed against Robinhood Markets INC. regarding Money transfer, virtual currency, or money service specifically about Fraud or scam. It was received by the CFPB on 2021-07-23T12:00:00-05:00.
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.