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Robinhood Has a Customer Service Problem - WSJ

edited April 29 in Other Investing
“Trading on Robinhood Markets Inc. takes seconds. Getting an account problem fixed can take weeks”

“Robinhood is wading through a flood of customer-service requests stemming from the trading app’s soaring popularity and its January decision to curb trading in highflying stocks including GameStop Inc. GME -1.80% In some cases, Robinhood has locked customers’ accounts for more than a month, denying them access to their money, according to interviews with users and emails reviewed by The Wall Street Journal.

The surge in customer-service requests and complaints is a consequence of Robinhood’s rapid growth during a stock-market rally that has lured throngs of everyday investors to the market. The brokerage has added millions of new customers over the past year, and it claimed the top spot in Apple Inc.’s app store on nine different days in 2021 …

The backlog, combined with dozens of customer lawsuits and inquiries from regulators about its practices, is eating up executives’ time and company resources while Robinhood works to prepare for an initial public offering later this year … Robinhood opened more new accounts last year than any other do-it-yourself brokerage yet scored lower than Vanguard Group, Charles Schwab Corp. and T. Rowe Price Group Inc. on a J.D. Power investor-satisfaction study.”


https://www.wsj.com/articles/robinhood-has-a-customer-service-problem-11619602202

Comments

  • edited April 29
    Online customer service is crucial especially in this pandemic. Fidelity continues to serve me well.

    Stock and ETF trading are mostly free of commission, except for some mutual funds that are on transaction fee platform. There are quite a bit of research capabilities and tools abailable on large brokerages. We don't considered ourselves volume traders, so Robinhood doesn't offer much for us.
  • Yes-I've been satisfied with Fidelity, Schwab and Vanguard. I would think E-Trade or You Invest would be better choices for these investors.
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