Checking or savings account -- Closing an account -- Complaint #8173268
Complaint Overview
Complaint ID: 8173268
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: Pennsylvania
ZIP Code: 152XX
Date Received: 2024-01-17T12:00:00-05:00
Date Sent to Company: 2024-01-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I would like to close the Robinhood brokerage account. It was declined by the company due to the remaining one share in the account. This one share is XXXX^, which can not be trade using Robinhood system. This share was giving by Robinhood as a gift few years ago from referral program, and I did not authorize the possess the position. This is the full reply from the Robinhood agent : Hi XXXX, Thank you for reaching out today! I hope this email finds you well. This is XXXX here again with Robinhood Support. I appreciate you taking the time to write in about this. Thank you for your patience and understanding concerning this matter. As we discussed, it looks like there is just one position remaining in your account that is preventing you from closing it. The position is XXXX. First, this position actually isn't a stock and can not be traded. It is what is known as a Contingent Value Right. The term contingent value right ( CVR ) refers to a right often granted to shareholders of a company facing restructuring or a buyout. These rights ensure that the shareholders get certain benefits if a specific event occurs, usually within a specified time frame.?? Basically, this position is a placeholder in case the issuing company can make a payout to their shareholders in the future. I know this is not ideal but, because of this we can not remove them from accounts. Please note, this was not Robinhood 's decision. We would have to wait for the issuing company to either deem the CVR worthless or issue a payout to their shareholders. Unfortunately, we can not get rid of these as the position has not been declared worthless by the SEC. I can confirm that this is the only position remaining in your account at this time. Please reply if you have any questions or concerns : Were here to help! Sincerely, XXXX Case ID : XXXX
Frequently Asked Questions
What is Complaint #8173268 about?
Complaint #8173268 was filed against Robinhood Markets INC. regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2024-01-17T12:00:00-05:00.
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.