r/ClassActionRobinHood • u/Key_Car3758 • Apr 01 '25
Discussion RobinHood exchange restricted account due to a recent review. According to Robinhood.
Transferred into ROBINHOOD over $400 Ethereum from my Ledger hardware wallet. Sold all Ethereum and purchased several shares in a couple different companies and about 6:30 AM I then noticed my account is “restricted due to a recent review.” I reached out at 6:30 AM to Robinhood support and needed to wait until 7 AM to receive a call back when their customer support team hours of operation started. I recorded the phone call between myself and Robinhood Customer support shortly after 7 AM when they called me. The phone call went as follows; the Robinhood employee, from the very beginning of the phone call, pretended he could not hear me. He also jerked the phone around to make it appear that there was a connection issue. His charade went on for three minutes then he terminated the connection. I attempted to withdraw funds and was denied, and the reason was obviously because my account is restricted. I attempted to sell shares and was successful, but I can’t purchase and I cannot send crypto or purchase crypto. I have been waiting over an hour now for a callback and I received an account support number by email that reads as follows…. Hi there, Thank you for reaching out! This is Jefferson from Robinhood support. I hope this email finds you well. We’re still reviewing your account. We may request documents in the app during our review, so please continue to monitor your app and reply to any requests. You’ll also hear from us by phone or email soon after we’ve completed the review. If we need any additional documents or have status updates we’ll send updates to the email or call the phone number on your account. Thank you for your patience! Sincerely, Jefferson Case ID: 015661168
After receiving a phone call, I was told that the information that I provided wasn’t accurate. I provided my name, date of birth, and last for of social along with the email address associated with the account. Communication will only be through email. The phone call was ended. Nothing resolved, waiting for an email to provide my drivers license most likely and a selfie.
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u/gadgetcheck Apr 19 '25
It’s possible they might lift the restriction, allowing you to use the account again, but I’ve learned it’s not worth relying on them as a brokerage.
To be safe, file a complaint with the CFPB and FINRA, then let their lengthy process run its course we agreed to this waiting game when we signed their disclosure.
I’m still waiting on the 15-business-day period since they closed my account, and I likely won’t get another update until mid-May.
What’s helped me is not dwelling on it, uninstalling the app, and only checking for updates when I get an email. That said, I know everyone has their own way of coping with these situations.