Robinhood, in Need of Cash, Raises $1B from Its Investors

Re:Robinhood, in Need of Cash, Raises $1B from Its Investors by mocko on Friday January 29, 2021 @07:44AM (#25956661)

This x100. A few months ago Monzo froze my account without warning or any reason. Thankfully they de-froze it after an hour, but I've spent months since then in a kafkaesque nightmare trying to get an explanation for their actions. "It was a mistake" ... "the law says we cannot tell you why" ... "if it was a mistake why does a law protect you from having to explain?" ... "the law says we don't have to answer that" ... "which law?" ... "the law says we can't tell you which law".

Absolutely demented. Apart from that they refused to send me a machine-readable copy of their response to a DPA request for my records and the support team behind their app literally ghosted me when I kept politely pointing out the inconsistencies in their arguments.

Bonus: when I complained they used someone else's name when responding to it. When I complained again they sent me their response to _a totally different person's complaint about a totally different thing_.

Eventually I went back to First Direct (which is owned by HSBC). Avoid Monzo like the plague.

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Re:Robinhood, in Need of Cash, Raises $1B from Its Investors by rattray on Friday January 29, 2021 @09:05AM (#25957320)

The law is probably related to anti-money-laundering, sanctions compliance, etc. If they detect something possibly criminal, it's illegal for them to "tip off" the owner of the account.

This is true of basically any financial institution.

Of course, it is a problem that Monzo had a bug that caused your account to get flagged for this.

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Re:Robinhood, in Need of Cash, Raises $1B from Its Investors by drcongo on Friday January 29, 2021 @09:28AM (#25957515)

Very much mirrors my experience, and that of several friends.

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