Consumer complaint received 2024-12-05 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Problem accessing account
Company: ROBINHOOD MARKETS INC.
State: CT

Complaint narrative:
Subject : Formal Complaint Regarding Unjustified Account Restriction and Lack of Resolution Robinhood Account ( XXXX ) Dear [ CFPB Representative ], I am writing to formally file a complaint against Robinhood Financial , LLC, regarding the unjustified restriction placed on my account ( associated with the email address XXXX ). I have been a customer of Robinhood for several years and have always adhered to their terms of service. However, my account has been restricted since XX/XX/year>, due to an alleged security concern, and I have yet to receive a clear resolution or timeline for when I can regain access to my funds. 

Timeline of Events : XX/XX/year> : I noticed an unexpected transfer request initiated on my account, which I did not authorize. I immediately contacted Robinhoods support team to investigate and cancel this transaction. Support confirmed the transaction was canceled the same day. 
XX/XX/year> : Following the cancellation, my account was placed under restriction due to suspected fraudulent activity. I was informed that the restriction was a precautionary measure to prevent any unauthorized transactions. 
XX/XX/year> : Robinhoods specialized team began reviewing my account. Despite multiple follow-ups, I was told there was no timeline for resolution, and the review was still ongoing. 
XX/XX/year> : I was informed that my account information might have been compromised. Robinhood advised me to create a new account, which I did, and they promised to transfer my assets from the restricted account to the new one. I promptly complied with these instructions, providing additional identification and photographs as requested. 

As of today, XX/XX/year>, I have not received a clear update or resolution. Despite multiple follow-ups with Robinhoods support team, I continue to receive vague responses stating that the specialized team is still reviewing my account and can not provide an estimated timeline for when the restriction will be lifted or when my assets will be transferred. 

I currently have approximately {$29000.00} in my account, and this restriction is causing significant financial strain, as I rely on these funds for daily expenses. While I understand the need for security measures, the prolonged restriction and lack of communication regarding the resolution of this matter is both disproportionate and unjustified, especially considering I have fully complied with all of Robinhoods requests.

I have reached out to Robinhood customer service multiple times but have not received a satisfactory response or solution. I am requesting your assistance in resolving this matter promptly, including : 1. The immediate
lifting of the restriction on my account.

2. The transfer of my assets to my new account, as promised by Robinhood.

3. A clear and specific timeline for resolution.

Please let me know if you require any further details or documentation regarding this issue. I am happy to provide all relevant email communications and supporting materials. 

Thank you for your attention to this matter. I hope for a speedy resolution.

Company response to consumer: Closed with explanation