Consumer complaint received 2024-07-12
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC. (MS)

On XX/XX/XXXX at XXXX I got XXXX consecutive emails from Robinhood : First Email : You are no longer enrolled in the brokerage cash sweep program Hi XXXX XXXX You have been successfully unenrolled from the brokerage cash sweep program. 
Keep in mind that by opting out, your uninvested brokerage cash is not eligible to earn interest. If you have any pending interest, youll receive your last interest payment. Any uninvested brokerage cash that you currently have at the program banks has returned back to your brokerage account and will be insured by XXXX. 

Second Email : XXXX membership canceled Hi XXXX, you canceled your Robinhood XXXX membership. Starting today, you can no longer use these perks : 5 % APY on brokerage cash* 1 % deposit boost* Bigger Instant Deposits* {$1000.00} of margin interest-free* Real-time market data from XXXX Level XXXX Professional research by financial analysts at XXXX Going forward, you wont be charged for Robinhood XXXX. Trading with Robinhood will always be commission-free. Other fees may apply. 

We're sorry to see you go, and would appreciate your feedback on XXXX. If you have any questions, suggestions, or other feedback, please contact us. 

Third Email : Notice Regarding your Robinhood account Hi XXXX, We regret to inform you that after careful consideration, Robinhood will no longer support your account. 
Managing your account closure : You can liquidate and transfer any remaining assets in your Robinhood account by requesting a ( XXXX ) : In-kind ACAT transfer at the receiving brokerage firm ; or ACH transfer to a verified bank on record ; or Check issued to the address on file. 
If you have cryptocoins and live in an approved US state for crypto trading, you may withdraw in-kind using crypto wallets If your account has a negative equity balance, then it must be satisfied within the next 30 days. Otherwise, you may be held liable for the outstanding amount. 
We apologize for any inconvenience this may cause. Please note that this is a final decision. Let us know if you have any questions. We will do our best to assist you with the transition. 


I created a case with Robinhood, this was there response, even though the person says their name is " XXXX '' it looks like a automated response : Hi XXXX, Thank you for reaching out and for your patience. My name is XXXX and I'm an Escalations Principal here at Robinhood. 
After a review of your account, we will no longer be able to support you as a customer here at Robinhood. Please be advised that this is a final decision. 

?? We reserve the right to close accounts in our terms and conditions. 

In order for us to process the closing of your account please proceed with either option listed below : Liquidate positions and withdraw your funds to a linked bank account. You can learn more on IRA withdrawals here. 

Automated Customer Account Transfer Service ( ACAT ) to another brokerage. Please note, there is a {$100.00} fee for transferring your portfolio via ACAT. You can learn more on asset transfers here. 

Please reply to this email once you have completed these steps and we will proceed with account deactivation. 

I will keep an eye out for your reply. 

Sincerely, XXXX