Consumer complaint received 2024-03-18
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Trouble accessing funds in your mobile or digital wallet — 
Company: ROBINHOOD MARKETS INC. (CO)

On XX/XX/XXXX, I made XXXX deposits to my Robinhood account. They immediately put my account on restriction. The deposits were larger than previous deposits, so I thought it would take a simple verification and the restrictions on my account would be lifted. Here we are, almost XXXX months later : the restrictions have not been lifted despite my best efforts to comply with Robinhoods requests.

At this point, the requests for documentation are getting ridiculous. So far, I have submitted a selfie, my state-issue ID, a current bank statements ( which they have asked for multiple times ), one of which shows the deposits to Robinhood. I was also asked for a statement from a bank account that was closed a year ago. I was told by Robinhood to go to the bank and get a statement showing that the account was closed. I did that, scanned it into my computer, and uploaded it to the Robinhood site. Now I am being told they can not accept a scanned copy of the statement. It must be a PDF statement downloaded off the bank website. I am unable to do that - the account was closed a year ago and I do not have online access to an account that is no longer open. I am unsure why they are asking for information on an account that was closed so long ago, in a form I do not have access to. As well, I am also now being asked to download a copy of my most recent bank statement, print it, and take a picture of it. My current bank is the only account I have used for Robinhood for some time. Again, I have submitted two statements from my current bank, the only one I use for Robinhood, which were directly downloaded from the banks website. Why the need for a picture now?

When I send emails to Robinhood support, they are ignored. I have spoken to support on the phone a few times, and each time I am asked for different information. Nobody will tell me what the actual problem here is, just that they need more information. The last time I spoke to support on the phone, I asked to have my account closed and the money to be returned to the account from which it came. I was told that because of the restriction, I could not close my account. At first, I felt like my money was being held XXXX. Now I am starting to feel like its on the verge of being stolen.

I put the money in the Robinhood account originally for a specific stock purchase, which I was unable to make due to the restrictions. If I had been able to purchase the stock when I wanted to, I would have made almost {$1000.00}. It is not just the money in my brokerage account on Robinhood. I have money in a spending account as well and the restrictions also apply to that account.

I have been a customer of Robinhood since XXXX. I have had no problems at all until now. If Robinhood has a problem with the larger-than-usual deposit I made, what should matter now is my ID verification and the bank from which the money came. I am truly confused why Im being treated this way, and angry that the requests for information keep changing. I loved the ease of Robinhood, but all of this has made me feel like I am not a valued customer. I feel like this is just manipulation at this point.