Consumer complaint received 2022-03-05
Product: Money transfer, virtual currency, or money service — Mobile or digital wallet
Issue: Managing, opening, or closing your mobile wallet account — 
Company: ROBINHOOD MARKETS INC. (RI)

Details : Robinhood has deactivated my account and is holding {$5300.00} and will not release it because the 2 accounts I deposited funds from were closed back in XXXX. I sent my ID, SOCIAL, bank statements and they told me XXXX Bank needs to dispute the deposits. XXXX  bank states they can not help as its last the 60 days to dispute XXXX. This has been ongoing for over a month. 

See response below : XXXX XXXX, Thanks for your patience while I worked to respond to your email. My name is XXXX and I manage escalations here at Robinhood. I am the highest level of support available for customers and your case was forwarded to me for further review. 



As you already know, we will no longer be able to support the account in question. 

At this time, you are not eligible to withdraw any remaining funds through your Robinhood account. Any remaining funds that were deposited to the Robinhood account must be disputed directly with the financial entity from which the funds were deposited, in order to establish ownership and reclaim them. In this case, you'll need to follow up with XXXX Bank to dispute the deposited funds, regardless of when your bank accounts were closed with XXXX Bank. 



Let me know if you have any further questions about this. I'm happy to arrange a time to speak with you by phone to explain this in greater detail to you. 



Sincerely, XXXX Good morning, We have been a customer of Robinhood since XXXX. We made deposits on these dates from our XXXX XXXX Bank accounts which were closed in XXXX when we moved for about a total of 13,000 dollars. Paid for Robinhood XXXX. Last month I tried to add more money into my account but my bank blocked it 4x. Robinhood did not like this and restricted my account. We sent in my ID, social, bank statements etc. They decided to close only account and will not release my funds {$5300.00} due to my bank accounts be closed. Here are the last conversations we had. 


Hello XXXX, Thanks for your patience while I worked to respond to your email. My name is XXXX and I manage escalations here at Robinhood. I am the highest level of support available for customers and your case was forwarded to me for further review. 



As you already know, we will no longer be able to support the account in question. 




At this time, you are not eligible to withdraw any remaining funds through your Robinhood account. Any remaining funds that were deposited to the Robinhood account must be disputed directly with the financial entity from which the funds were deposited, in order to establish ownership and reclaim them. In this case, you'll need to follow up with XXXX Bank to dispute the deposited funds, regardless of when your bank accounts were closed with XXXX Bank. 



Let me know if you have any further questions about this. I'm happy to arrange a time to speak with you by phone to explain this in greater detail to you. 



Sincerely, XXXX  Case ID : XXXX Hello After speaking to a supervisor at XXXX Bank a little while ago, they can not dispute something this far back. They can only provide a closing statement for both of those accounts that we have funded our Robinhood account with back in XXXX thru XXXX. 


Deposits : XX/XX/XXXX - {$2800.00} XX/XX/XXXX - {$2000.00} XX/XX/XXXX - {$2000.00} XX/XX/XXXX - {$2000.00} XX/XX/XXXX - {$2000.00} XX/XX/XXXX - {$2000.00} As you can see I clearly lost half my portfolio and recently sold my XXXX position on XX/XX/XXXX. 


Remaining balance : {$5300.00} Legally you can not hold my money forever so not sure how this can be resolved as the options you gave me are not valid. I have complied with the XXXX guidelines. Money has been in my account since XXXX. 


Anti-Money-Laundering ( AML ) Withdrawal Requirements In order to comply with anti-money laundering guidelines, you can only withdraw funds to the original account from which they were deposited. Funds must stay in your account for at least 60 days before youre able to initiate a withdrawal to a different bank account. 

If the original account is closed, we can initiate a transfer to another bank account for you, provided we receive the following information : A photo of your government issued ID. 

Bank statements showing that you're the account holder of the linked bank accounts. 

Bank statement showing that your original bank account is closed. 

Amount and bank account that you would like to transfer to. 


XXXX XXXX XXXX! 

I have funds in my account from XXXX XXXX Bank accounts which were closed in XXXX. From XXXX, {$10000.00} was deposited. I only have {$5300.00} left in my account. How do I get my money back. This money has been in my account for years with no recent withdrawals or deposits. 

Please advise. The old accounts are closed! 

Are you going to keep me {$5300.00} illegally? I have go contact XXXX  and XXXX? 


Hi XXXX, Thank you for your patience. Based on the information provided, we will no longer be returning funds to the originating source or be able to support the account in question. Please be advised that this is a final decision. 



Next Steps : Please reach out to your bank to initiate a claim for the return of the deposited funds. 

If you have any additional questions, feel free to reach out to our support team. 




Sincerely, XXXX Hello, Can someone please help me. I have reached out with over 100 emails. Uploaded everything I could possible but no one is willing to help me. I invested 10k total in the last 7 years and now I am down to {$5300.00}. Due to recent transfer declines I am unable to withdraw my funds and move on. The 2 bank accounts I funded my accounts with are closed and the funds have been in my account for over 3 years now. Can someone stop saying the same line of stating you can not support me but explain how I get my money back. XXXX Bank stated Robinhood needs to send the money to an active account or issue a check. I am going through a divorce now and really need this money back. Please someone look into my account and see the funds are cleared and nothing else has been added since XXXX! 


Thank you XXXX XXXX Sent from my XXXX, XXXX XXXX smartphone -- -- -- -- Original message -- -- -- -- From : XXXX XXXX XXXX Date : XX/XX/XXXX XXXX AM ( XXXX ) To : XXXX XXXX Subject : Re : XXXX Hello XXXX, How are you doing, hope all is well. 

My name is XXXX XXXX XXXX XXXX, legal services manager atXXXX XXXX. 

Please send us as much information as possible from the issue, including law enforcement reports ( if available ), the total amount held by Robin Hood ( USD ), email correspondence, or any other relevant information that could help us to evaluate the case, thank you. 


Let me know if you have any questions, happy to help. 


Kind Regards, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX On Sat, XX/XX/XXXX at XXXX AM XXXX XXXX wrote : Good evening, Robinhood has deactivated my account and is holding my funds. They state I need to have my bank dispute the deposits but I deposited the funds back in XXXX. Is this something you can help with? 




Sent from my XXXX, XXXX XXXX smartphone