In February of 2021, PissedConsumer.com user Kimberly S. attempted to withdraw her funds from the Robinhood investment platform. Unfortunately, when she tried to withdraw money from Robinhood, she quickly ran into trouble. In her review, she explained that she quickly attempted to contact Robinhood customer service about the mishap but could not make contact. After multiple attempts, she turned to Pissed Consumer and joined the thousands of frustrated customers who have left Robinhood reviews on the site.
- Can Robinhood be trusted?
- How to log into your Robinhood account?
- How to withdraw money from Robinhood?
- Asking Robinhood for help
- Robinhood reviews on PissedConsumer
- Tips for safe trading with Robinhood app
Can Robinhood be trusted?
In her Robinhood review, Kimberly explains that she trusted the app enough to invest more than $61,000. Her trouble started when she tried to withdraw money from Robinhood. As Kimberly reports, the “issue seems to be my bank account not linked to Robinhood, so I cannot withdrawal my cash. I have asked since 2/17 for Robinhood to make the 2 small deposits to verify my account.”
According to her Robinhood complaints, the company made the two small deposits but revoked them, leaving Kimberly, and her funds stuck. She tried contacting Robinhood customer service about the two deposits she needed to verify her account for the withdrawal but got stuck again. According to her Robinhood review, “Every message comes back the same.... "It will take 1-3 days to resolve the matter" That is a joke.”
Even when she called the Robinhood customer service number, she found the “phone numbers they have listed do not work, or you can't speak to anyone.”
Kimberly’s initial experience is consistent with the company policies as they are stated on the Robinhood withdrawal FAQ page. A bank account must be linked to the platform before funds can be invested. If you try to withdraw money from Robinhood to a different account, there will be a few road bumps including additional information and required assistance from the support team.
While Kimberly has not yet found resolution with her Robinhood complaints despite review updates and a published video review, there are some success stories. Another PissedConsumer user had issues being locked out of her account after it was hacked. She was frustrated that it took up a week to resolve, but she was able to eventually sort things out with Robinhood customer service.
How to log into your Robinhood account?
To log into your Robinhood account, you’ll simply visit www.robinhood.com and use your login credentials to sign-in. If you’ve forgotten your credentials, you can reset your password by entering your email address.
Unfortunately, it is easier said than done to contact Robinhood. The many reviews and complaints online about being locked out of accounts show that getting in touch isn’t as simple as many frustrated customers would like. This customer tried calling the Robinhood phone number multiple times to gain access to her account but just wound up caught in a customer service loop asking her to wait for additional support. Many comments left on her video review alerted similar with login issues.
How to withdraw money from Robinhood?
Once inside your Robinhood account, you can withdraw funds by clicking on Account in the upper right corner of the browser screen. Then choose Banking and there is an option to set up a transfer of funds back to your bank account.
Across Quora, Reddit, and PissedConsumer, many investors are leaving Robinhood reviews and questions about the withdrawal process. One Quora user explained the issue at the root of many of the Robinhood reviews – necessary time delays.
According to Steve Brennan’s Quora response, customers leaving online reviews about Robinhood withdrawals need to give the company more time. Once a customer initiates a withdrawal through a Robinhood account, the company must “settle your transaction” so that your money becomes “withdrawable cash.” According to Steve, “I believe it’s 5 trading days, or 7 calendar days (or 8 calendar days with a Holiday).”
Again, Steve’s online experience is consistent with their policies. According to Robinhood FAQ page on withdrawals, funds must “settle” before they can be withdrawn. This should take roughly 3 business days.
Asking Robinhood for help
Despite multiple attempts to call the Robinhood phone number or contact customer service in other ways, Kimberly, who created multiple updates to her original review, never found a solution, or at least not one included in any updates on the site. Others have found more success with the company and have had their issues resolved.
If you need assistance, you can contact Robinhood customer service in multiple ways. Although Robinhood.com does not make it easy to find access to representatives. When you click on the Support menu, you are taken to a list of topics and popular FAQs. From there, you may be prompted to “contact us” in response with another round of FAQs rather than any sort of contact options.
If you keep clicking and digging, you may eventually find a Contact Us option that links to a Robinhood email form that you can use to send a message.
Other options for contacting customer service include email and phone.
- You can contact Robinhood by emailing firstname.lastname@example.org or email@example.com.
- You can also call the Robinhood phone number at (650) 294-4858.
Robinhood reviews on PissedConsumer
Kimberly’s experience is extremely frustrating for her, and potentially very expensive as she had $61,899 locked in Robinhood at the time of her video review. She is not alone in her frustrations with the company, however.
There are over 6,800 reviews left on PissedConsumer.com since January of 2021. Like Kimberly, 2,400 of the reviews left since January expressed withdrawal and money issues.
Only 29 of those 6,800 reviews have been marked as resolved. With more than 53,000 customer service phone calls made through Pissed Consumer, only 3 percent of those helped to resolve issues.
Tips for safe trading with Robinhood app
When it comes to your money, you want to know that your funds are safe. You want your banking and investment platforms to be comfortable places to grow your savings and investments, not places where you need to worry. It’s normal to wonder if Robinhood is safe just like any other investing app.
As you make investments and withdrawals, consider a few safety tips to make your investments as secure as possible.
Don’t invest emotionally.
As exciting as it can be when you see stock prices rising, don’t get too excited. Likewise, avoid panic when share prices start to drop. The general rule of stocks is to buy low and sell high. So, when shares are rising, it’s exciting, but not the time to invest. Likewise, when shares are dropping, avoid the temptation to sell. The stock market bounces around frequently, but over time trends up. Avoid making emotional plays and you’ll avoid losing your money.
Understand the tax implications.
Investments are a form of income. In the United States and many individual states, income is taxed. That means when you make money in Robinhood and you pull those funds out, they become income and you need to plan for the taxes, sometimes as much as half of the funds, you have withdrawn. Fortunately, your gains don’t become income until you sell your shares, so avoid selling and you’ll avoid taxes – for now.
Do your own research.
It’s exciting and fun to follow the hot tips on boards like Reddit and other investment journals. But if you’re not an expert when it comes to analyzing companies and investment opportunities, avoid jumping on everything that others recommend. Do your own research and avoid jumping on every tip. Always ask yourself – what’s in it for them? Because you can almost always guarantee that a good tip will make a profit for the one making it.
Robinhood has many features that make it appealing to investors, but you should be aware of the complaints and reviews online as well to get a realistic picture of what to expect. Have your own questions or issues with Robinhood? Leave a review on PissedConsumer and join the community of those who have had similar experiences and might have the answers you’re looking for.
By Rebecca Garland
Business and Education Expert
Rebecca Garland, M.S. is a business and education writer. She holds secondary teaching certifications in six areas, has a degree in Business, and earned a Master’s degree in Library and Information Science. As an expert, Rebecca has been working with international clients since 2005.
*The company ratings on the PissedConsumer website are calculated using a mathematical algorithm that evaluates the information in the company’s profile. The algorithm parameters are: users’ rating, the number of resolved issues, the number of company responses and more. The PissedConsumer algorithm is also subject to change in the future.
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