I have had my robinhood account now for over 2 years. I Identity verified with them when opening my account. I have purchased, sold and transferred holdings and crypto never a problem. The new feature the robinhood “spend” accounts. WHere you get a debit card and you can basically use it as a bank account. OR transfer account or savings. So I transferred myself $100 from my cash app. There was no bank involved in was an instant P2P transfer so there was supposed to be no hold. However, just because I wanted to be patient I waited the standard 5-7 day wait period for it to clear the “cash app” bank or whatever because I didnt do enough money tranfers to get the “instant deposit” credit. It shows availabe and green in my account. So I tried to use my RH debit card to withdrawl money for gas when I was on my way ack home from Texas with my preemature baby in the car. It was declined, I checkeed to make sure I hadnt put a hold on it… nope made sure the pin was okay… still ok. Tried agan. declined. I recieved an email within minutes stating that it had been denied due to my account having a restriction on it. So I went to the app and “chat” with them… 2 hours later (still out of gas BTW) I get an email stating that someone will get back to me in a couple days. NO!
So I finally found a number, called them… someone who was trying to be good, told me that I needed to show my ID and the bank account statement from the account I have attatched to it. I said OK. I dont know WHY I needed to do this considering I had the account for a long time and I sent MYSELF this money. BUT, I did it… then I get “this has to be escalated”… well long story short after a VERY VERY difficult hardship getting home which resulted in me losing a child… I STILL do not have my money. THey have since disabled ANYTHING on my account, no transfers, no money nothing. NO reason why.. no letter.. nothing. Just siezed my money like they are the FBI or something. NOW they say I have to send them copies of 2 other bank accounts that I had a LONG time ago, recent statements with letters of closures from the banks and my SSC and everything before they will even CLOSE the account! I WANT MY MONEY. They are not the governement, I get they are not from the US but we are NOT owned we have rights and I want my money plus damages, they are lucky I dont have them criminally charged.
Found At: Robinhood Marke Review