Consumer complaint received 2024-03-26
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC. (CA)

An amount of {$51000.00} was not wired to a mortgage company, XXXX, because Robinhood said that it was a payoff rather than a pay down. The issue is that the pay off was sent in a check form from Robinhood and arrived before Robinhood processed the wire transfer. Then when they looked into the transfer and asked for further documentation from XXXX, the remaining amount was the {$51000.00} because the payoff check received had been applied to the principal at XXXX. I was not able to send a check in the amount of {$51000.00} to XXXX from Robinhood because Robinhood has a limit of {$25000.00} per year on money sent via check. 

This resulted in a variety of issues that were all caused by Robinhood rather than myself. They finally said that I had to wire the {$51000.00} to my own bank account and asked for documentation that the bank account which they had on file and had been withdrawing money from was actually my bank account. They were perfectly fine with withdrawing money from the bank account to put into my account but when it came to sending money to that bank, XXXX XXXX XXXX XXXX, it became an issue as to whether the account was actually mine or not! 

Every time I have attempted to reach out to Robinhood, the representatives seem to not be able to give me correct information as to what should be done to do the transfer. as a result, Ive tried several different methods of transferring money. XXXX to date. I dont know what else to do. Ive tried to find someone at Robinhood who knows what theyre talking about and who can lead me to accomplishing the goal Ive been trying to accomplish, which is to transfer {$51000.00} to XXXX XXXX . 

I did try to wire the money to my bank after everything else failed. This has not happened and I dont know why and theyre not telling me where in the process the wire is. Ive moved money from my spending account at Robinhood to my brokerage account per the request of a representative. Ive moved money from the brokerage account to the spending account per the request of a representative. ive sent documentation that includes my identification, verification that the lender XXXX account is mine, documentation that the bank account is mine, wire transfer form completed, and Im sure there are other things that Ive sent as well and, to date, I have not received a single response about where in the process the money transfer is. This is so incredibly unprofessional that I have to assume they are really just not able to send the money. 

I dont know what else to do. I need to complete this transaction. Its part of a divorce settlement that had a time limit on it. Nothing Robinhood has done has allowed me to withdraw my own money. They have done everything they can to prevent money from being transferred out of my account. Ive paid paid fees to XXXX for transactions, not being complete. Ive paid fees to XXXX for creating a payoff report. everything is costing money and Robinhood is the cause of the problem and the extra fees.