Consumer complaint received 2025-04-21 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Fraud or scam — 
Company: ROBINHOOD MARKETS INC.
State: FL

Complaint narrative:
XX/XX/XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Regarding what appears to be RobinHood Misinformation provided to a customer & regulatory compliance agency on XX/XX/XXXX CFPB XXXX / Robinhood Compliance Case ID : XXXX On XX/XX/XXXX Robinhood wrote XXXX the Firm has made the decision to grant you the full bonus value in the amount of {$6700.00}. This has been added to your account as a goodwill credit and is already available in your account as cash. The Firm will also waive the account transfer fee as long as you initiate an account transfer by XX/XX/XXXX. Since the terms of the promotion were not met, you will see a debit of {$6700.00} when your account is transferred, but this debit will be offset by the goodwill funds of the same amount that have been credited to you. 

However, I currently have a {$0.00} balance. There is no Record off the goodwill credit in the online Robinhood history listing.

The Robinhood activity report for my entire account up to XX/XX/XXXX shows : Amount : XXXX / Description : XXXX XXXX XXXX. / XXXX XXXX : XXXX. 
Immediately followed by : Amount : ( XXXX ) { a negative debit taken from my account } / Description : Bonus Interest Charge as of XX/XX/XXXX. Trans Code : BIR Robinhoods letter states, the Firm has made the decision to grant you the full bonus value in the amount of {$6700.00}. This has been added to your account as a goodwill credit and is already available in your account as cash. The Firm will also waive the account transfer fee as long as you initiate an account transfer by XX/XX/XXXX. Since the terms of the promotion were not met, you will see a debit of {$6700.00} when your account is transferred, but this debit will be offset by the goodwill funds of the same amount that have been credited to you. 

I have yet to set up the ACAT out, and according to what Robinhood wrote, Robinhood would not debit the {$6700.00} until I initiated ACAT, instead, now when I initiate the ACAT it will result in a debit of {$6700.00}, making my account negative {$6700.00}, instead of the {$0.00} balance promised by Robinhood.

I did not authorize Robinhood to implement a debit of {$6700.00} to be removed from my account. Which also appears to be hidden from Robinhoods history section of website. It appears, I presently can not initiate the ACAT until the misinformation is corrected.

Given I am unable to contact anyone at Robinhood by phone or chat, I have no way to get a timely response to this inquiry.

Can you please help me get answers and results, instead of what appear to be broken promises made by Robinhood. 

1. Why did Robinhood debit my account on XX/XX/XXXX an amount of XXXX? 
a. What does BIR mean? 
b. Can Robinhood reverse this debit, such that it never occurred. 
i. Another seemingly solution would be to deposit another XXXX in my account, but this would result in my paying taxes XXXX times on the same funds only provided once. 
2. Can Robinhood extend the waiver for the ACAT fee until XXXX  days from point where Robinhood has met their documented promises without any additional negative actions taken against my account ( like the unauthorized debit of {$6700.00} on XX/XX/XXXX ). 
3. Can Robinhood remove the restriction from my account so I can initiate a chat for inquiry as to why Robinhood provided what appears to be misinformation?

4. Can Robinhood provide me a dedicated POC with a dedicated phone line I can call to work this issue such that Robinhood can keep its written promise of the goodwill credit of {$6700.00} ( without an offsetting debit of {$6700.00} on XX/XX/XXXX ). 
5. Can Robinhood provide me a dedicated POC with a dedicated phone line I can call to work this issue such that Robinhood can keep its written promise of the waiving the ACAT fee.

Company response to consumer: Closed with explanation