In the depths of covid-19 pandemic, a person in dire straits turned to the last people that would hear them out: the Federal Trade Commission.
“I had my paycheck direct deposited into Robinhoods new cash management account. Just like a regular bank get paid use debit card, well I got paid last Friday June 12, 2020 and have not been able to use my debit card withdrawal funds or transfer any money to my other banks. I have missed my car payment, dentist appointment, I owed $252.00 and got declined. Totally embarrassing to say the least, plus my other bills are due,” the person wrote in a complaint obtained by Gizmodo.
The inability to withdraw money from Robinhood accounts for extended periods of time was a common complaint from consumers. There were also people who said they were hacked and then became frustrated that Robinhood was unresponsive when they tried to resolve the issue. Some users who say they were hacked even claimed they lost thousands of dollars when they couldn’t reach Robinhood about the issue.
Robinhood, an online stock trading company worth $9.7 billion as of press time, boasts over 17 million people who trade stocks and cryptocurrency on its app. It’s an incredibly popular retail trading platform in the U.S., and many of its users are novice traders. Some users struggled with what they said problems with Robinhood’s product in the early months of the coronavirus pandemic, already a…
