Consumer complaint received 2025-09-15 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Other transaction problem — 
Company: ROBINHOOD MARKETS INC.
State: CA

Complaint narrative:
We received your complaint. Thank you. 
We will review your complaint. Depending on what we find, we will typically : Send your complaint to the company for a response ; or Send your complaint to another state or federal agency, or help you get in touch with your state or local consumer protection office ; or Let you know if we need more information to continue our work. 
YOUR COMPLAINT I opened a Robinhood account solely to take advantage of their 4.5 % APY cash sweep program. I did not use the platform for trading or investing. All funds were deposited into Robinhood between XXXX XXXX XXXX from my XXXX XXXX XXXXXXXX account. On XX/XX/XXXX, I closed that XXXX XXXX XXXX account. That same day, I linked and verified my XXXX account using XXXX, the third-party verification service used by Robinhood. On XX/XX/XXXX, I attempted to withdraw {$2500.00} to the verified XXXX account, but my Robinhood account was immediately flagged for unusual activity. Shortly after, I was only able to communicate with Robinhood via XXXX. A support agent stated via email : Due to these recent circumstances, were implementing permanent restrictions on your access to XXXX withdrawals. I do not own any crypto. While this restriction was lifted to allow USD withdrawals, I then received the following app error when trying to withdraw : You cant withdraw into this account right now. You can only withdraw back to the account where you originally deposited. Despite repeated outreach via email, my attempts to inform Robinhood that the original deposit account was closed were completely ignored. I received only repeated canned responses from multiple agents, with no evidence that anyone reviewed my case individually. My account was then closed the same day, XX/XX/XXXX with no explanation other than " We reserve the right to close accounts in our terms and conditions ''. Robinhood support has failed to acknowledge repeated notifications that the original deposit account was closed, Ignored my verified XXXX account linked via XXXX  as an option to withdrawal funds, Provided only copy-paste responses with no resolution, Ignored a time-sensitive and serious issue involving {$22000.00}. Robinhood may be in violation of its obligations under SEC Rule 15c3-3 by failing to return my verified funds after account closure. I only received a generic response that " If eligible, all funds will be returned to either the accounts that deposited the funds or a linked bank account. Youll receive email alerts as these transfers are processed. It may take up to 15 business days to complete this process. Please keep in mind, certain situations may take longer. '' I complied with all KYC protocols, including identity verification and bank verification via XXXX. There is no alleged fraud or suspicious activity on my part. The unusual activity flag appears unfounded and was never explained, yet they withheld over {$22000.00} with no clear reason or process and close the account. Their conduct may also constitute deceptive or abusive practices under UDAAP, given repeated canned responses from multiple support agents and refusal to acknowledge my closed deposit account. I am requesting that the funds be disbursed to my verified XXXX account link to my Robinhood account. 

This is my second CFPB complaint ( original : XXXX ). In their response to my first complaint, Robinhood stated that a resolution would take no more than 120 days. As of XX/XX/XXXX, it has been 83 days with no updates, so I am submitting another complaint with additional updates on the steps I have taken to try to obtain a resolution. 

XXXX ) XX/XX/XXXX : A Senior Financial Institutions Examiner from the California Department of Financial Protection & Innovation requested a status update, but I have still not received a response from Robinhood. 

XXXX ) XX/XX/XXXX : I emailed XXXX, and their reply was a generic response with no actual update. " Hi XXXX, Thank you for your reply. At this time we do not have any updates and do not have an exact timeframe for when we can expect a response from the bank. However, we can confirm that our team is actively working with them to facilitate the return of the remaining eligible funds. 
Should any additional information be required or once there is a final resolution, the appropriate team managing your case will reach out to you directly with an update. 
Sincerely, XXXX XXXX ID : XXXX '' XXXX ) XX/XX/XXXX : I submitted complaints to the SEC and FINRA. The SEC acknowledged my complaint and forwarded it to Robinhood for a response, but I have not received any updates.

I have uploaded the communication as evidence.

Company response to consumer: Closed with explanation