Consumer complaint received 2024-04-03 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: ROBINHOOD MARKETS INC.
State: IL

Complaint narrative:
Had my phone stolen on XX/XX/2024 in XXXX XXXX, La. They attempted fraudulent activity in several bank accounts. I contacted all my banks including my Robinhood investment account via email on XX/XX/XXXX, in two separate emails ( which are listed below in the photos. I advised Robinhood support that I have had fraud activity in several accounts and to not allow any transactions out of my Robinhood account. I advised that I have not touched or made any transfers in my Robinhood account within the last 6 months and that I need my account frozen. On XX/XX/XXXX Robinhood responded with WE RECIEVED YOUR EMAIL and acknowledged my email with a case I.D . number regarding this incident. On XX/XX/2024 I made a police report through XXXX XXXX PD and provided all of the attempted transfers and screenshots of all the fraud activity through several accounts. All of my institutions, as well as the XXXX XXXX PD deemed unauthorized/ fraud activity through my accounts. On XX/XX/2024 Robinhood allowed over XXXX dollars to be transferred out to an unknown debit card. Robinhood allowed my bank account to be disabled and a new card to be added to my Robinhood account ending in XXXX. I contacted Robinhood immediately and they advised they would have to complete a review. On XX/XX/XXXX, Robinhood sent me an email saying they completed their review and the good news is they found NO unauthorized activity within my account, and that a reimbursement will not be completed. This is all after they were advised 5 days before the funds were transferred out and they acknowledged it. It has been a nightmare to get ahold of anyone at Robinhood who can assist with this incident. Robinhood was supposed to have a supervisor contact me 2 weeks ago within 24-48 hours and I still have not heard from one. Robinhood also emailed me today regarding my appeal I requested after they concluded that there was no unauthorized activity in my account. Robinhood advised there was no error in their desicion, and I am not eligible for reimbursement. I have a lawyer currently involved and he just sent a demand letter to several members of their legal council yesterday on XX/XX/2024. We are currently waiting on a response before we take legal action. 

This has been the most stressful experience Ive encountered in my entire life. ROBINHOOD assured me that unauthorized activity would be reimbursed if deemed. I have proof in these several emails that are attached below that they were notified, recieved, and acknowledged my request, several days before allowing my money to be transferred to an unknown debit card. Robinhood is the only institution out of 5 that is deeming this incident not a fraudelant incident, and not unauthorized actvity. 

I also have the police report if needed, I can be contacted via email and can attach the report made- documenting that I had fraud activity in my Robinhood account prior to the funds even being transferred out. Thank you

Company response to consumer: Closed with explanation