Consumer complaint received 2024-05-03
Product: Checking or savings account — Savings account
Issue: Managing an account — Deposits and withdrawals
Company: ROBINHOOD MARKETS INC. (FL)

I have an active account with Robinhood and have been putting money in this account for some time. In an attempt to remove some of my own funds my account was restricted. It has been over 1 month of me calling to get the restrictions removed with no resolution. I was told that my account needed to be verified in which I was asked for proof of identify. So far I have provided my drivers license, social security, proof of address, as well as a pdf of my bank statement linked to the account I have with Robinhood. Upon sending all of this proof and the company reviewing/investigating I was told that I now need to send in a pdf of another bank account I own simply because I sent money to that account from the linked account I have with Robinhood. Im not sure what my bank accounts have to do with proving my identity however, this appears to be more like invasion of privacy and possibly a scam. I do not feel comfortable sending in my entire life savings and every account I own to prove that I am who I say I am. I then sent in writing the same thing I am sending to you asking for them to unrestrict my account being that I have sent in all the information they asked me for. Following me sending the email I was sent with a general message stating the following. 

" Hi, Thank you for contacting us. We understand your concerns. Please note that this is a Robinhood Compliance Department request. Robinhood is a highly regulated entity and for the safety of our customer base, we are required to maintain due diligence standards and fully identify our customers and their transactions. For the security of your information, you can upload the requested documentation via the secured link in the original email. You can also reply directly to this email with information regarding your employment, source of funds, and residency. 
We have placed a temporary restriction on your account for the security and protection of Robinhood and our customers. We need some more information from you before we can lift your accounts restriction. 
There should be an Action Required card displayed in your app. Please tap its prompt to upload the following documentation : A recent PDF bank statement for the bank account associated with the debit card that ends in XXXX and XXXX. Please select the PDF Upload option when prompted. A photo of your bank statement will not be accepted. 
Dated within the last 60 days from a bank account linked to your Robinhood account. 
The statement must display your name, the banks name, the last four of your bank account number, and your residential address. 
Thank you very much for providing the information. Please let us know if you have any additional questions or concerns. We are here to help! 
Sincerely, '' I then responded stating that this is FRAUD. They have yet to explain why they need a pdf of my second account. This is no longer about proving my identity. The investigation process should have shown who I am and that I am in fact the owner of the linked bank account I have with robin hood. Therefore, holding the money I have transferred into the account is FRAUD and needs to be addressed.