Consumer complaint received 2025-04-25 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other service problem — 
Company: ROBINHOOD MARKETS INC.
State: MD

Complaint narrative:
On XX/XX/XXXX I updated my banking information with Robinhood Financial LLC. After doing so, I initiated a deposit of {$780.00}, which was successfully accepted by the company. I then did a day trade and brought a {$520.00} call exp XX/XX/XXXX for {$770.00} for the stock $ SPY, where I profited {$110.00}. I got out of that trade, accepting my profit. I then tried to withdraw the profits and remaining funds from the account, but it showed that it failed. I tried to do it again but showed that it failed once more. I went back to the main page of the account and it said that my account had been restricted. I was confused and requested a call back from the company. I waited XXXX hours before anyone called me. The representative on the line had terrible connection and within XXXX minute of him trying to verify the account, the call dropped and failed. I requested another call back and I also reached out via email in order to get more information. I didn't receive another call until the next morning, and spoke to a representative who did not give me any information about why my account was restricted and also couldn't tell me anything regarding how long the process would take. Since then, I've emailed them countless times, still with no information regarding why my account had been restricted and why I haven't been able to withdraw my funds. I have been met with countless automated emails, 2+ hour wait times for calls and no information at all for a resolution. 

On XX/XX/XXXX, they asked me to submit documents ( bank statements, ID & selfie ) in order for them to continue their " review of my account '' and to verify my information and identity. I submitted all of the information that was asked. I did not hear anything else regarding updated information just the same automated emails and messages. On XX/XX/XXXX, they asked for another PDF bank statement that showed the transaction that was made from my account to Robinhood. I had another representative call me and I advised them that because the transaction happened on XX/XX/XXXX, that I would not have my bank statement until XXXX that showed the transaction of me depositing the money to Robinhood. I also emailed this to them as well ( they replied with another automated email ). The representative on the phone said she will notate that on my case and that they will reach out when they have more update on my account and that I should just wait for the specialist to finish their review and continue to be on the look out for more information ( which I never received in the first place ). From here, the dates kept changing on when it would be updated and let me know anything. 

Now, today XX/XX/XXXX, I was emailed that my account is " being closed due to recent unusual activity in my account ''. There is no information regarding how I will receive my funds due to this closing and how they plan on fixing this for me. I am filing this complaint because I'm sure this violates brokerage policies! All I am asking for is for my funds to be returned to my account where they belong. They do not have the ability to withhold my funds without providing any information and after receiving all of my information that they decide to close my account still with no active or adequate communication.

Company response to consumer: Closed with explanation