Checking or savings account -- Managing an account -- Complaint #8268845

Complaint Overview

Complaint ID: 8268845

Company: Robinhood Markets INC.

Product: Checking or savings account

Sub-Product: Checking account

Issue: Managing an account

Sub-Issue: Deposits and withdrawals

State: Louisiana

ZIP Code: 710XX

Date Received: 2024-02-01T12:00:00-05:00

Date Sent to Company: 2024-02-01T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I have been a customer with Robinhood for the past 3 years. On XX/XX/XXXX, they locked my account for the second time this month, ( first time for doing a crypto transaction ), and I am unsure of why it is locked now, and they are threatening to close it. My Chat logs with them : ( Me Speaking First ) XX/XX/XXXX XXXX XXXX Why is my account under review again? It was just unblocked, I dont know why yall are doing this, I am going to be in credit card debt if yall dont unblock it. XXXX XXXX XXXX is reviewing your case XXXX, XXXX! Thank you for getting in touch with us. I hope you're having a great day so far. My name is XXXX and I'm a member of the Robinhood Support team. I'm here to help you out. I noticed that you mentioned your account being under review once again. Let me take a moment to investigate this for you. Thank you for patience as were experiencing a large volume of support requests at the moment. I just wanted to first let you know that we really appreciate your time and patience before we get to resolving your issue today. Thank you for patiently waiting. Upon checking, your concern needs to be escalated to our right Department. Let me transfer your case to the correct team who can best assist you with your concern. Please don't end this chat as I'll transfer this case. Thank you! XXXX XXXX XXXX is reviewing your case XXXX XXXX! Welcome to XXXX XXXX. We appreciate your time and patience. My name is XXXX, and I see that you're reaching out to us with regards to the restriction on your account. Allow me to pull up and review your account. Sure thing! Thank you for your patience, XXXX. I really appreciate that. Your Robinhood Spending account has been restricted and will be closed. You can withdraw any existing funds to your linked bank account or transfer them to another Robinhood account. Due to proprietary reasons, we are unable to share the specific details that led to this decision. Your card will no longer be active and deposits will not be allowed into your Spending account. If you have a Robinhood Brokerage Account, you can still make regular deposits and withdrawals, as well as buy and sell shares of stock Please note that this is a final decision. We apologize for any inconvenience this may cause and appreciate your understanding. Let us know if you have any questions, well do our best to assist you with the transition. WHAT THE XXXX. IVE BEEN WITH YALL FOR 3 YEARS I have XXXX $ I need to transfer through XXXXXXXX XXXX XXXXXXXX XXXX, it only is allowing me to transfer back here I'm very sorry about your situation. It saddens me that we lost a customer like you. However, this is a final decision. I havent done anything wrong, is there an appeal I could do???? Your Spending account is restricted even your Robinhood Cash card as well. However, your Brokerage account Open and you can still use to buy, sell or trade stocks as normal. I can assure you that your Brokerage account still in good condition and it has no restriction. Im using yall for everything, this ruins my livelihood I do have an option for you if you would like to give it a shot. If you have an external debit card you can transfer your from your Brokerage account to the external debit card. I dont. Yall are the only bank I use, and I will lose access to my life savings if I cant transfer it back through yall Well in this case, I can see here that you have a linked bank account with us you can transfer your funds as well to that. I was planning on closing that account and using Robinhood exclusively, and move my {$9000.00} savings back from XXXXXXXX XXXX XXXX XXXX to Robinhood, and keep my stocks, crypto, spending, and retirement in one place, but it seems like yall had other plans Is there anything I can do to fix this, please I am begging you, I can call and verify whatever information I need too, I didnt do anything wrong Well in this case, I need to escalate your concern to one of our Specialized team for further assistance. However, I need to transfer our conversation through email. Im okay with that, my email is XXXX, it should be the same one for me on file Let me double check that. As per checking your account, it is the same as on our file. Do you think escalating my problem is possible? I would greatly appreciate it Yes that is correct. Before I transfer our conversation through email is there anything else that I can possibly assist you with? No sir, thank you so much for your help! Sent XXXX XXXX I appreciate that. Let me go ahead and continue our conversation through email and I will seek assistance with our internal team. I appreciate your cooperation and understanding with regards to this matter. XXXX XXXX END CONVERSATION This is all the support information I have

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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