Consumer complaint received 2024-02-03
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC. (WI)

I opened and have been actively using a Robinhood account for several years.

I have had a personal checking account linked with the Robinhood. 
I closed this personal bank account in XX/XX/XXXX. 
On XX/XX/XXXX, I attempted to link a new personal bank account to my Robinhood account and received notification that they needed additional information. 
On XX/XX/XXXX, Robinhood requested additional information regarding the personal bank account which was provided. 
Robinhood denied the link because the personal bank account belonged to my son and did not include me. 
On XX/XX/XXXX, I tried to link the same personal bank account and was again declined. 
On XX/XX/XXXX, I tried again to link the personal bank account belonging to my son and was again declined. 
On XX/XX/XXXX, I attempted to link one of my personal bank accounts to the Robinhood account and was declined again stating after reviewing the bank statement you provided for the account ending in XXXX we couldnt approve the banking relationship because the name on your bank statement did not match the name on your Robinhood account. 
Sometime between XX/XX/XXXX and XX/XX/XXXX, my account was restricted. 
XXXX, my debit card was declined due to the restriction. 
The first time I received an email from Robinhood regarding my account being restricted was on XX/XX/XXXX. 
Later that same day, I received a second email from Robinhood stating account closure in progress. 
On XX/XX/XXXX, after receiving the email about the account closure, I used the Robinhood App to get on their call back list. In the reason for contact, I stated there was not an active bank account linked. After waiting for approximately 30 minutes, I received an email which basically stated they can no longer maintain your Robinhood account and all funds would be returned to a linked bank account ( which does not exist ). 
Again, on XX/XX/XXXX, I got back on the call back list and specifically requested to speak with someone and again stated that I do not have an active bank account linked. Instead of a call back, I received another email stating As we have made you previously aware of, we can longer maintain your Robinhood account. We reserve the right to close accounts in our terms and conditions. All funds will be returned if eligible to either the accounts that deposited the funds or a linked bank account. Youll receive email alerts as these transfers are processed. It may take up to 15 business days to complete this process. At this time, we have no further details available to share. 
On XX/XX/XXXX, I submitted another request for callback which contained very specific details of my problem. 
And again, instead of a call back, I received another email stating After a review of your account, we will no longer be able to support you as a client here at Robinhood. Please be advised that this is a final decision. All funds will be returned if eligible to either the accounts that deposited the funds or a linked bank account. Youll receive email alerts as these transfers are processed. It may take up to 15 business days to complete this process. At this time, we have no further details available to share. 
There is currently {XXXX} in my Robinhood account which I do not have any access to and have gotten absolutely no assistance back from Robinhood to fix the restriction they placed.