Consumer complaint received 2024-11-19 00:00:00
Product: Checking or savings account — Savings account
Issue: Closing an account — Company closed your account
Company: ROBINHOOD MARKETS INC.
State: IL

Complaint narrative:
In summer XXXX via ad within the Internet I found out that Robinhood can pay 5.5 % APY. It was higher than I had in my savings account in XXXX XXXX and I decided to put all my life savings into Robinhood. Before I did that I had talked to Robinhood customer support via chat in the app and asked about withdrawal options. I was satisfied with the answers and started to transfer my money from XXXX XXXX to Robinhood. I linked my XXXX XXXX XXXX account in XXXX XXXX to Robinhood and this account was verified by Robinhood. Also I uploaded the pictures of my California 's driver 's license to verify my ID and my ID was verified by Robinhood. 

At XX/XX/XXXX I deposited {$100.00} from XXXX XXXX to Robinhood and later that day another {$49000.00}. At XX/XX/XXXX I deposited {$50000.00} and at XX/XX/XXXX I deposited {$50000.00}. And at XX/XX/XXXX I deposited {$75000.00}. Thus, in total I deposited {$220000.00}. 

Later at XX/XX/XXXX I found a good used semi-truck to buy and withdrawn {$35000.00} from Robinhood back to my XXXX  XXXX and at XX/XX/XXXX I received them. 

At XX/XX/XXXX in Robinhood app I noticed a message that my account is restricted. I received an email from Robinhood as well and Robinhood asked me to upload my ID, selfie photos and bank statemets. I did all these things. Around XX/XX/XXXX I called the phone from the message and agent asked me a lot of questions about my {$35000.00} withdrawal as well as where I work and etc. 

After that on XX/XX/XXXX within the Robinhood app I noticed the message that Robinhood is going to close my account due to recent account activity. And I lost an access to my money and since that moment Robinhood keeps my money hostage. I can't withdraw my money. I can't talk to customer support via chat or phone, because Robinhood disabled these options for me. 

I wrote to customer support many times, but they completely ignored all my questions and told only that " Robinhood is working directly with your bank to return deposited funds to their originating source. This could take up to 120 days depending on your bank ''. 

On XX/XX/XXXX I received an email from Robinhood. Robinhood notified me that I'm no longer enrolled in the brokerage cash sweep program. In other words, without my consent Robinhood stopped paying me 5.5 % APY interest. That means that Robinhood was not going to pay me any interest during the 120 days which is needed to refund my money. I immediately wrote to customer support via email, but customer support ignored all my questions as usual and sent me the same message I received before about 120 days. I wrote again and again and Robinhood support team always ignored all my quesions. By the way, Robinhood disabled my XXXX XXXX  without my concent as well. 

Some weeks later I found out that I can enable cash sweep program within the app by myself as well as buy XXXX XXXX again to get the highest APY. I did that and started to earn the interest again since that moment. But I didn't receive any interest for the time cash sweep program was disabled. 

Now almost 3 months later I heard nothing back from the Robinhood and I didn't receive my money. At the moment I see that I have {$190000.00} on my Robinhood account and also {$390.00} is earned untill today in this month. 

During the last months Robinhood lowered the APY from 5.5 % to 4.25 % and this is much lower than I was offered within the ad at the very beginning. 

Please, help me to get my money back and make this company accountable for keeping my money hostage. I have no money to pay my bills. I have no money for my trucking company. 

Thanks in advance. 

XXXX.

Company response to consumer: Closed with explanation