Robinhood Customers Experience Money Transfer IssuesNovember 20, 2020
Robinhood users are reporting that they have been experiencing issues with certain types of bank transfers. The new problem adds to users’ frustration after the app was plagued with recurring tech issues that prevented them at many times from accessing their accounts or executing trades.
Robinhood’s status page says all systems are “operational,” but some customers are reporting issues with bank transfers. “We are working to resolve this as soon as possible,” the brokerage said without explaining further.
Robinhood is popular with newbs and younger investors and has rapidly grown its customer base to 13 million. However, the no-fee app, which is reportedly looking to go public next year, took heat many times this year after several days of outages saw users unable to trade on the platform.
Most recently, Robinhood briefly joined a handful of US major brokers who reported last week trading glitches that affected thousands of customers. Robinhood was also part of a similar multi-system market outage that affected the US major platforms in August due to higher-than-usual trading volumes.
Some customers were also left furious after nearly 2,000 brokerage accounts at Robinhood were compromised by an attack that gave hackers the ability to take over users’ trades and funds.
The security breach is believed to be the largest in Robinhood’s history and is particularly severe because the attackers stole access to brokerage accounts of clients who claim they had set up two-factor authentication.
Many users complained that hackers liquidated their investments and withdrew balances to online payment apps. Angry users took to Twitter and Reddit to blast Robinhood after the company’s support team failed to provide any meaningful help to stop the theft of their money.
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