Robinhood - a warning about losing all your money
About
TLDR: If you've had money in Robinhood for a while without touching it... it could all just dissapear - it's what happened to me. I lost $1000.
On Jul 12, 2016 I opened a Robinhood account and then tranferred in $1000 USD. I then just sat on it. I really didn't think I needed to do anything, and when I got a new phone I didn't both to install the app, I just had the money sitting there. Big mistake. On Jul 6, 2022 I got this email:
Hi Andrew,
Your Robinhood Financial account has been deactivated. You will no longer be able to use your brokerage account.
If you have any questions, please visit our Help Center or contact support.
Sincerely,
The Robinhood Team
I'm currently trying to contact support, but so far it appears that "Regulations require that all financial institutions report abandoned assets to the state, and then give the state custody of those assets if the account holder cannot be reached. This process, caused by prolonged inactivity in your account, is called escheatment. In order to claim your escheated assets, you can contact the National Association of Unclaimed Property Administrators.". I really wish they had tried to text me or maybe even call me to warn me I was about to los $1000. I bet this has happened to other people. They said they mailed me something, but I never got it. Just be really careful with Robinhood, or I guess any intitute in letting your money sit idol. I'll update this if I manage to track my money down - hopefully their support will be able to help me get my momey back and send me a URL or article or anything that works and isn't a broken URL.
