Checking or savings account -- Closing an account -- Complaint #4944316
Complaint Overview
Complaint ID: 4944316
Company: Robinhood Markets INC.
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Closing an account
Sub-Issue: Can't close your account
State: California
ZIP Code: 92131
Date Received: 2021-11-24T12:00:00-05:00
Date Sent to Company: 2021-12-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Robinhood is preventing me from closing my account and returning my funds to my original funding bank because I take issue with their selfie holding an ID for identification. Note that the restriction to my account was placed only after I funded the account with a second large fund transfer. At this point I merely want to close the account and not do business with them. When I requested for alternative way of verification they told me there are none and that I will not be able to get my money back unless I provide a selfie. Below are the sequence of the events. 1 ) initial {$1000.00} deposit to Robinhood 2 ) Traded with the initial fund without issue 3 ) Transferred additional fund of {$38000.00} 4 ) Robinhood restricted my account without providing a reason and requested me to send a selfie holding an ID. Complied with all document request except for the selfing. Provided color copies of front and back of driver 's license, social security card, funding bank statements with my address. 5 ) when I took issue with the selfie and requested to close the account they told me I can not close my account unless I provide the selfie to lift the account restriction. 6 ) filed a complaint with SEC 7 ) Robinhood responded to the SEC complaint with the same request for a selfie. 8 ) Replied Robinhood asking how they plan to close my account and returned my fund. If a selfie was the requirement to get the customer 's money back they should not have accepted my two inbound transfers at the first place. However to make it a requirement for account closing after funding is in effect holding the customer 's money hostage. In light of the recent hack attempts I do not trust XXXX with customer privacy and simply want my account closed and fund returned to the original funding bank. https : XXXX Nowhere in their term of agreement was a clear statement on the requirement for a selfie to close an account. At this point I'm unable to withdraw my fund to close the account due to Robinhood 's insistent for a selfies.
Frequently Asked Questions
What is Complaint #4944316 about?
Complaint #4944316 was filed against Robinhood Markets INC. regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2021-11-24T12:00:00-05:00.
How did Robinhood Markets INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was not 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 (Checking or savings account) 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.