Robinhood has published multiple blog posts explaining its decision to shut down buy-side trading. Robinhood's venture capital investors also told CNBC that new customer downloads far outweighed attrition. By JMP Securities' estimate, the company saw 600,000 downloads last Friday alone. Robinhood's API provider, Plaid, which connects users' bank accounts to apps like Robinhood and Venmo, told CNBC it was not seeing any issues or downtime on their end.ĭespite the complaints, some reports show hundreds of thousands of people signed up for Robinhood last week. Other users complained of connectivity issues on social media. If traders hold either in their portfolio, they may be running into issues liquidating their Robinhood accounts, a person familiar with the process told CNBC. Brokerage firms are required by regulators to respond to any requests, and initiate a transfer, within 24 hours.īut that automated system doesn't support cryptocurrency transfers, or fractional shares - two products that have taken off among younger investors. The system facilitates transferring from one brokerage firm to another, automatically. Robinhood and other brokerage firms use a service called the Automated Customer Account Transfer Service, or ACATS. "I have called Robinhood and they do not answer their phone, I have emailed Robinhood many times and get an email back saying one to three business days - still nothing." Issues with 'ACATS' "I can't even get into my account and still have maybe a few thousand dollars that I'd like to transfer into my bank," he said in a phone interview. He told CNBC he's now having issues logging in. Rayz Rayl, a former teacher and now a professional poker player, said he lost thousands of dollars last week trading GameStop. Maloney could not get in touch with Robinhood customer support, either. Tim Maloney, co-founder of ETF firm Roundhill Investments, told CNBC his trades were restricted and he was unable to withdraw money from Robinhood. They said they "sent numerous emails (almost daily) and have gotten no response." I just want the money I made so I can close my account and be done with this service," another Robinhood client wrote to the agency.Īnother client described a similar issue, and said the only way to contact Robinhood customer support is through email. "You send your complaint into the void with little hope that anyone will get back to you. One Robinhood user told the FTC that the ability to "continue depositing money is still active but withdrawing money or trading stock is completely blocked." During the GameStop chaos, some Robinhood clients said they were unable to cash out their accounts in order to move to other trading platforms.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |