Consumer complaint received 2025-04-26 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Company closed your account
Company: ROBINHOOD MARKETS INC.
State: PA

Complaint narrative:
Dear CFPB, I am writing you in regards to an issue I am currently facing with Robinhood Markets , Inc. On XX/XX/year>, I received an email from XXXXobinhood stating they have restricted my account and are conducting a Review for suspicious activity. They froze all transfers and purchases of my funds, crypto, credit card and securities of all my accounts. They requested documentation for this review. They wanted Photos of a government issued ID, Live selfie photos and PDF bank statements for accounts and debit cards, all of which were provided on XX/XX/year>. The estimated response time for the review was XX/XX/year>, which they failed to meet. The review period was pushed back 1 day at a time for multiple instances. On XX/XX/XXXX they sent yet another email requesting for the same PDF Bank Statements that were already provided. I called their support line in order to resolve the issue with the request as the provided documents already contained the info required on the same day. I was given a 1 to 3 Business day response time which they failed to meet again. XX/XX/year> I sent them an email stating that I wanted an update to this nonsense already as it was beginning to cause me financial issues, if not I will report them to the CFPB. Not being able to access my funds made it difficult to make payments to bills that were due and Auto payments for my credit card were being declined. I received a response the same day with a canned response " Were still reviewing your account. We may request documents in the app during our review, so please continue to monitor your app and reply to any requests. '' Within a few hours I received 3 emails from Robinhood. First stated the the restriction on your account was lifted. Second stated that the Account was restricted again. The Third stated " In light of recent unusual activity detected in your account, weve made the decision to close your Robinhood account ( s ) ''. My brokerage, spending and IRA was marked for deletion and to be liquidated, causing a taxable event and possible penalty issues. The " Unusual Activity '' was never at any point clarified during the entire process. Trying to reach support at this time is now seemingly impossible. All forms of contact were removed except for email, which is useless as they keep ignoring or sending the same canned response stating : " At this time, we can no longer maintain your Robinhood account. This determination is based on the review of your account including any documents you may have provided as of XX/XX/year>. 

We reserve the right to close accounts in our terms and conditions. 

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 am now concerned about the safety of my funds considering how terrible they handled this review and with lingo such as " If eligible ''. I have lost all trust with this institution due to this event. No financial institutions should be allowed to operate or act in this regard to peoples livelihood.

Company response to consumer: Closed with explanation