Consumer complaint received 2019-03-22
Company: ROBINHOOD MARKETS INC.
State: PA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-issue: Transaction was not authorized

Complaint:
On XX/XX/XXXX at XXXX XXXX I opened my Robinhood investment account app and noticed {$5100.00} missing. I immediately checked my " History '' tab, and noticed two withdrawals ( {$2000.00}, {$3100.00} ) to a completely unknown account named " TOTAL CHECKING '', initiated XX/XX/XXXX and to close on XX/XX/XXXX. I received no notice by email that a bank account had been added to my Robinhood account, and no notice that withdrawals from my account had been initiated. 

Immediately, I contacted Robinhood support to stop this unauthorized withdrawal. I discovered that the only means to contact Robinhood support is through email, as they have shut down their telephone service. In a sense of urgency to stop these transactions I contacted Robinhood email support again at XXXX XXXX, and attempted to reach out to their support XXXX account. 

At XXXX XXXX on XX/XX/XXXX I received an automated email from Robinhood support notifying me that they have closed my Robinhood account, and listed several steps to secure and regain access to my account. At XXXX XXXX I had fully complied with all automated requests from Robinhood, and inquired about receiving any further information on stopping these unauthorized transactions, and the security of my account. 

On XX/XX/XXXX, I had still received no answer from Robinhood on stopping the unauthorized transactions, and my account remained locked. I reached out to Robinhood XXXX support one more time, and received a response that stated I should not attempt to contact their XXXX - to relay all information to their support email instead. At XXXX XXXX on XX/XX/XXXX I sent another email out to Robinhood Support, again asking for updates and information about these unauthorized withdrawals and the security of my account. The withdrawals were not scheduled to close until XX/XX/XXXX, and I was frantically trying to reach anyone to stop these fraudulent transactions before the money was able to leave my account. I sent another email to Robinhood Support at XXXX XXXX, pleading for assistance and informing of the time sensitive nature of this issue. No response whatsoever was received from Robinhood support. 

On XX/XX/XXXX at XXXX XXXX I finally received an automated email from Robinhood saying they are experiencing high support volume, and indicating they have not even begun to look at my request to stop these fraudulent transactions. 

It is now XX/XX/XXXX, It's been almost 4 days with no action from Robinhood, and the two fraudulent withdrawals have now cleared from my account. I am in disbelief, and extremely worried that my life savings has been stolen from me and I do not know what to do. I have yet to receive anything but automated email responses from Robinhood. I have no idea where my money has gone, and there is no indication that Robinhood has done or will do anything to prevent this from happening or will return my money to me. I don't understand how a fraudulent bank account could have been " verified '' on my brokerage account, and for it to withdraw my entire account value, without any sort of notification from Robinhood. I am incredibly concerned about the negligent lack of support and security I'm receiving from Robinhood. I've sent out another email to Robinhood support and have yet to receive any response.

Company response to consumer: Closed with explanation