Colleen R.
1/5
I can't believe what Robinhood did to me! Opened a new acct two months ago, had to wait to fund new account as I never got the original debit card via mail. When I realized it I immediately requested a new card to be sent. Got the card. Figured out how to fund via my cash app, and started to practice dollar cost averaging purchasing small amounts of Bitcoin and alt coins on their platform. I'm collecting social security and have VERY limited income and one check per month. Once I got last months check all systems were fine. Bought less than $100 total then tried to use new card for first time to buy coins for my hot wallet and got declined.... naturally I immediately contacted chat support who then proceeded to unceremoniously inform me that my account spending section and card was restricted and closed. But was told I could still use brokerage side of account. I asked why? I did NOTHING wrong or illicit and was refused an answer telling me they are NOT obliged to inform me of why. and I would no longer be able to fund my account in the normal way using my bank account and cash app and then transfer it to my brokerage side to purchase with so if I can't fund the account how am I supposed to use it still? COMPLETELY REFUSED TO TELL ME WHAT I DID TO GET SHUT OFF AFTER 2 WEEKS OF ACTIVE TRADING IN ONLY LESS THAN $100 TOTAL BOUGHT!! Now mind you meanwhile, I have been with stash financial platform for 7 years and when I opened and got approved for the Robin Hood account and offered a 3% IRA match,bonus stocks and all these goodies promised by robinhood I liquidated ALL of my portfolio with STASH in order to transfer it to New Robinhood platform. Sold EVERYTHING BECAUSE I HAD TO INCLUDING MY RETIREMENT ACCOUNT. It took 4 days to settle with stash financial and for the funds to become available to move. Transfer denied, then told new acct closed! So I lost a week's worth of trading in the market, exposed myself to fines, early withdrawal penalties and capital gains taxes on IRA all for nothing! And I have absolutely no idea why or what I even did wrong. Maybe they got pissed that I opened up an external wallet? Not sure but VERY DECEPTIVE AND LIED TO ME AND PUT ME IN ALOT OF FINANCIAL LOSSES NOW AS I SCRAMBLE TO FIND, OPEN, AND FUND A NEW ACCT ELSEWHERE BEFORE IRS DEADLINE FOR ROLLOVER CAPITAL GAINS.
I SURE HOPE THE CEO AND THE CFO ARE MONITORING THIS AND SEE THIS POST. THIS IS ABSOLUTELY RIDICULOUS TO DO TO A DISABLED SOCIAL SECURITY RECIPIENT WHO MUST COUNT EACH PENNY!
I AM ALSO CONTACTING MY LAWYER. I AM GOING TO SCREAM LOUD AND PROUD TO ALL WHO WILL LISTEN AND WARN THEM AGAINST USING ROBINHOOD. THEY WONT EVEN TELL ME WHAT I DID!!! MAYBE BECAUSE IT'S COMMISSION-FREE THEY DON'T LIKE THE IDEA THAT I WAS MAKING SO MANY SMALL FRACTIONAL PURCHASES BUT THAT IS WHAT DOLLAR COST AVERAGING IS AND HOW IT'S SUPPOSED TO WORK.
Warning to ALL....I can't even link my bank card or account or use Robinhood Cash card to get my balance out in any way shape or form. They don't let me link my only other acct, cash app, even tho that's how I originally purchased? so I had to take yet another loss and the remaining money I had in Robin Hood which was only a small amount thank God I just turned around and bought more crypto with it and I'll just sit on it then and let them pay monthly FDIC insurance and protect it for me since i cant get it out of their crappy account.
I am just floored. No I'm sorry no letter of explanation, no call,...nothing.
I can't believe you did this to me given my status and situation! In my opinion what Robin Hood did to me IS criminal. I will update this post as case progresses. They screwed with the wrong person. I'm not going to take this lightly. I HAVE REAL DAMAGES MONETARY AND STRESS AND EVEN MORE SERIOUS CONSEQUENCES IF I CANT TRANSFER TO A NEW IRA BY TIMEFRAME ALLOWED BY IRS BEFORE GETTING NAILED WITH TAXES, FINES AND PENALTIES. THE EMOTIONAL TOLL IS NOT GOOD FOR MY DISABILITY AT ALL.
YOU SUCK ROBINHOOD AND YOU CAN QUOTE ME DIRECTLY.
SOOO FREAKING WRONG ON ALL LEVELS.
