Consumer complaint received 2025-02-05 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: ROBINHOOD MARKETS INC.
State: CA

Complaint narrative:
Dear Sir/Madam, I am submitting this formal complaint against Robinhood Financial , LLC regarding their unfair and unjustified restriction of my account following a simple disputed transaction, which has resulted in severe financial consequences for me.

Complaint Summary 1. Account Restriction Without Justification My Robinhood account was suddenly restricted after I disputed a charge that I did not authorize. 
My account was not compromised, not shared, and no XXXX or verification was requested, making their restriction baseless. 
Despite multiple attempts to communicate with their support team, I have been repeatedly dismissed without resolution. 
2. Withholding of Payroll Funds Just before the restriction, my entire paycheck from my employer was deposited into my XXXX account since I had switched my direct deposit to their platform. 
As a result, I have been completely locked out of my own paycheck, leaving me financially stranded. 
This timing seems highly suspicious, as they restricted my account immediately after receiving my payroll deposit. 
3. Severe Financial and Personal Impact Due to XXXX unjustified hold on my funds, my rent payment has bounced, and I am now facing eviction proceedings. 
I have also incurred substantial overdraft fees, late fees, and other financial penalties because I am unable to access my legally earned wages. 
XXXX has continuously delayed the resolution, each time pushing the timeframe further without taking accountability. 
Regulatory Violations and Consumer Rights Violations Fair Credit Billing Act ( FCBA ) & Electronic Fund Transfer Act ( EFTA ) : Robinhood is improperly punishing me for disputing a transaction, a legal right protected under federal regulations. 
Consumer Financial Protection Bureau ( CFPB ) Regulations : Financial institutions are required to provide fair and timely dispute resolution, which XXXX has failed to do. 
XXXX XXXX  XXXX Compliance Failures : Failure to properly handle customer funds in a timely manner. 
Potential misuse of account restrictions without proper cause. 

Requested XXXX I demand immediate access to my funds and a full explanation from XXXX regarding their actions. Specifically : 1. Immediate lifting of my account restriction and access to my paycheck.

2. Compensation for bounced rent payment, overdraft fees, and all financial penalties caused by their delay.

3. An investigation into XXXX practices regarding their handling of disputed transactions and account restrictions. 
4. Regulatory action against XXXX for their negligence and mishandling of customer funds. 

Robinhoods failure to responsibly manage consumer funds is unacceptable and has caused severe personal and financial harm. I request urgent attention from regulatory authorities to hold XXXX accountable for their negligence and prevent them from harming other consumers. 

Thank you for your time and consideration. Please let me know how I may further assist in the investigation.

Company response to consumer: Closed with explanation