Consumer complaint received 2025-01-22 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: ROBINHOOD MARKETS INC.
State: NY

Complaint narrative:
Dear CFPB, I am writing to formally submit a complaint regarding ongoing issues with my Robinhood brokerage account. As a loyal customer, I have always been satisfied with Robinhoods services, but I am currently facing significant access restrictions that have left me unable to manage my account or access my funds. Despite multiple attempts to resolve this issue, I have received no assistance, and the problem remains unresolved. I seek your intervention to ensure my consumer rights are protected and that this matter is addressed promptly.

Summary of the Issue : 1. Account Restriction : My Robinhood brokerage account has been completely restricted for reasons that have not been explained to me. As part of the verification process, Robinhood requested my bank statements, identification, and other verification documents, all of which I promptly submitted on the same day.

2. Verification Process : After uploading the requested documents, I received a notification within the Robinhood app, prompting me to undergo a callback, which would be initiated by Robinhoods support team. However, the phone number listed on my account is no longer valid, and I no longer have access to it. The system forces me to receive the callback on this outdated number, and I am unable to update my phone number in the app to resolve the issue.

3. Lack of Alternative Communication Channels : Attempts to contact Robinhoods support have been futile. The app restricts my communication options, and I am unable to speak to a live representative. The chat support option is not available, and phone calls to Robinhoods hotline are answered by an automated system, which directs me back to the app. Since the app only offers the callback option to a number I can not access, I am unable to proceed with resolving the issue.

4. Access Denial : As a result of these restrictions, I have been denied access to my own funds, which severely limits my consumer rights and causes significant distress. I am unable to withdraw or manage my investments, and this situation has left me in a state of uncertainty and inconvenience.

What I Have Done : I have submitted all requested documents to Robinhood and am ready to cooperate fully by providing any additional documentation if needed. Despite this, I have not received assistance from a live representative, and all my emails have been answered by automated responses. The lack of any real communication or follow-up has only compounded the problem and created additional frustration.

Request for Resolution : Unlock my account and lift the restrictions that have been placed on it.

Allow me to withdraw my funds or make an ACAT transfer to another brokerage platform, where I can access better customer support and more reliable communication channels.

While I have always been a loyal Robinhood customer and have greatly appreciated its services, including access to cryptocurrency trading and the user-friendly platform, this situation has been extremely disappointing. The absence of human support and the inability to communicate with a live person has created significant hardship. I am no longer able to access or use the funds that I have invested, and this has caused me undue stress and frustration.

Legal and Consumer Rights : The inability to access my account and funds, despite having complied with all requested verification steps, is a violation of my rights as a consumer. I am entitled to free access to my financial resources without arbitrary restrictions. This situation is contrary to the principles of fair and transparent financial services, and I am deeply concerned about the lack of follow-up, especially given the prolonged period during which my issue has remained unresolved.

Additional Point of Concern : It has now been a significant amount of time since the restrictions were placed on my account, and I have yet to receive any communication from a live representative. The continued lack of action and failure to address my situation is extremely concerning. It is vital that I regain access to my account as soon as possible, and I strongly request that immediate steps be taken to resolve this matter. The absence of support and the failure to assist with updating my phone number to proceed with the callback process is not only inconvenient but also undermines my ability to manage my investments as a responsible customer. 

Conclusion : I respectfully request your immediate intervention to resolve this issue. My access to my own funds and resources has been unjustly restricted, and I am entitled to access them without any further delay. I trust that your assistance will lead to a fair and timely resolution, whether that means unlocking my account, removing the restrictions, or providing a suitable alternative solution that allows me to access my funds. 


I appreciate your time and attention to this urgent matter, and I look forward to your prompt response and resolution of this situation. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation