How Long Does it take to Reactivate Robinhood Account: Did the Robinhood company just deactivate my Robinhood account with money in it? Robinhood deactivated my account, Has it ever happened to you? Otherwise, you need to be careful because many users have complained that their account was deactivated by Robinhood. If you ever come across a situation like this, please read the “How to Reactivate Robinhood Account” article below.
Robinhood is an American financial services company that was founded in the year 2013. The app is widely used around the world to trade stocks and cryptocurrencies commission-free. The mobile application for cryptocurrency trading was introduced in the year 2015. According to the latest reports published by the company, it has a total of 31 million users and 1.6 million pending requests to start trading.
How Long Does it take to Reactivate Robinhood Account?
How Long Does it take to Reactivate Robinhood Account? If you have a Robinhood account that you haven’t used in a while, it’s important to know how to reactivate it.
In this article, we will guide you through the process of reactivating your Robinhood account. Please note that there may be some differences depending on when you opened your account. Let us begin.
What is Robinhood
Robinhood is a stock trading platform available via iOS or Android, a web interface compatible with most browsers, and a streamlined watchOS app. While there are quite a few stock trading options on the App Store, Robinhood stands out for its clean, intuitive design and extremely low barrier to entry.
One of the most attractive features of Robinhood, especially for young or new investors, is that it is completely free to use. There are no fees or commissions, and you do not need to maintain a minimum balance or number of shares to open or maintain an account. The platform has some limitations. It does not currently support trading options, futures, or other securities. If you’re just entering the market, this probably isn’t a problem, but it’s something to keep in mind. How Long Does it take to Reactivate Robinhood Account?
How Long Does it take to Reactivate Robinhood Account?
Some of the features of the Robinhood application are
- You can invest any amount of money without any limitation
- You can make your own portfolio and trade with different companies on the platform.
- One of the most important features is that you can trade in Real-time using this application.
The features mentioned above are enough to indicate the popularity of the app. But, the Robinhood company is quite strict when it comes to Terms and Conditions. It deactivates the user’s account every time it sees a violation. So, below is the post that will tell you how to reactivate the Robinhood account. How Long Does it take to Reactivate Robinhood Account?
Why is Your Robinhood Brokerage Account Deactivated?
If your account does not meet Robinhood’s financial criteria, Robinhood may deactivate your account immediately.
Many users have experienced this issue, and even re-downloading the Robinhood mobile app doesn’t work to resolve it.
Whether you are trying to trade other securities, withdraw funds, or buy shares within this broker, your account will simply not function for such purposes, as simple as that.
Therefore, understanding why this issue happened in the first place will help all users and investors to get rid of it through a streamlined process.
Pro Tip: The Robinhood company and most brokers must comply with different banking and financial laws related to regulatory entities. Thus, if you want to enjoy free commission fees trades, you must provide your social security number to the company.
1. Outdated or Incorrect Information
This applies to your linked accounts (bank account) and the general information of any user inside the platform.
If for any reason, Robinhood considers your bank account or card information to be out of date, they might as well prevent you from accessing important features in the app.
Pro Tip: If you Can’t Link a Bank Account to Robinhood during the registration process, you won’t be able to withdraw money directly to it.
2. Fraud Inquiries
Suspicious activity is an immediate cause for account restriction.
If you are trying to withdraw cash or trade for free, but the platform considers your Robinhood account to be non-compliant, you will need to submit a request.
3. Transfer Reversals or Trading Permissions issues
Every user and every investor must abide by the Robinhood rules. There is a process that must be followed when it comes to trading within the app.
For example, you can get a PDT flag, which will require you to reactivate your account by upgrading your fund status to a certain amount required by the company.
4. Robinhood’s System Failure
Nothing is perfect, not even Robinhood.
The platform has already experienced market data subscription errors where users get flagged without a firm reason.
If you consider that you can’t access your Robinhood account due to a failure in their system, then contact the Support Team by clicking on this link.
Can You Reopen a Deactivated Robinhood Account?
No. If you closed the account manually, then coming back to Robinhood with the same account is not possible.
When you Delete Your Robinhood Account, the platform clearly states that all the funds must be withdrawn before you finally close the account via a written request or the platform itself.
Thus, if your account has been deactivated while you have money inside, then yes, you can reopen it.
On the other hand, if you voluntarily closed it, then you must create a new account with a new username, password, and all that.
How to Reactivate Robinhood Account?
Steps to Reactivate Robinhood Account:
Step 1: To begin, sign in to your account on the Robinhood website using the email address and password associated with your account.
Step 2: Once you’re logged in, click on your username at the top right corner and select “Help.”
Step 3: There are 6 different categories with different types of help topics. Click on the one that says “Account Locked” to begin.
Step 4: On this page, there will be an option to “Reactivate Account” if you believe that your account was locked due to suspicious activity. This option will only appear if the account falls under Type 2 (Developer Initiated).
Step 5: If you’re not sure why your account is on hold, select the option “I don’t know.“Next, click on the “Reactivate Account” button.
Step 6: This is the first step of submitting a request for your account. The form will ask you to select the type of help topic you are submitting on behalf of your account, as well as if it is an emergency or not. Select “Account Locked” and click next.
Step 7: Even though we stated that this guide is only for accounts that were locked due to suspicious activity, you will still need to select one of the options. If you’re not sure which one applies to your situation, choose “I don’t know” and proceed with the next step.
Step 8: This page asks what happened to your account. All of the options listed are true, so it doesn’t matter which one you choose. Hover over each option to read more about what happened with your account.
Step 9: This section asks how often you use Robinhood. Select “I don’t know” and click next.
Step 10: This is the final step before we submit a request. This section will ask for your personal information such as name, date of birth, and social security number to help them further review your account.
Step 11: Fill out each field to submit a request for your Type 2 Robinhood account.
How Long Does it take to Reactivate Robinhood Account?
The company does not provide an exact time frame for reopening an account. However, the period for regaining access to a closed account may vary from one Broker’s Back Office Employee to another. Most brokers state that the process can take up to 72 business hours after submitting the request.
It would be better to mention that they will only approve the application if you provide all the requirements. Another practical approach to completing the procedure in a short period of time would be to directly contact an employee of the brokerage company you use.
They can reopen the account as soon as possible. In general, it would be best to make sure you follow up on the procedure via email or live chat to confirm progress.
What Happens When Your Robinhood Account Is Deactivated?
When your Robinhood account is deactivated, you will no longer be able to log in and access the account. All pending orders and funds will remain intact until you are able to access your account again.
How Long Does it take to Reactivate Robinhood Account? FAQ
Q: How long does it take for Robinhood to reactivate the account?
Ans: The account activation process may take up to seven days.
Q: What happens if my Robinhood account is deactivated?
Ans: What happens when you Deactivate your Robinhood account. If you have closed all of your positions on Robinhood, then you will no longer have control.
Q: Can I cash out my Robinhood account?
Ans: To withdraw money from your account, you can withdraw up to $50,000 per day. You may make up to 5 withdrawals in one business day.
Q: Why is my Robinhood account locked?
Ans: There are a few reasons your account may be locked. One possibility is that you have violated our terms of service. Another possibility is that we have detected suspicious activity on your account and we need to verify your identity. If you believe your account has been locked in error, please contact us for assistance.
Q: Can Robinhood lock your account?
Ans: Yes, Robinhood can lock your account. This typically happens if the company suspects that you are engaging in fraudulent activity or if you violate one of their policies. If your account is locked, you will be unable to access it until you contact Robinhood and explain what happened.
Q: Can I use Robinhood for locking me out of my account?
Ans: Yes, you may be able to sue Robinhood for locking you out of your account. If you can show that you were using your account in accordance with the terms of service and that Robinhood arbitrarily locked you out of your account without any reasonable explanation, you may have a case. However, it is always best to speak with an attorney to get specific legal advice.
Q: Can I use Robinhood for holding my money?
Ans: Yes, you can sue Robinhood for holding your money. However, it’s likely that you won’t be successful. Robinhood may be able to argue that they are not a bank and are therefore not required to hold your money. Additionally, they may argue that they are not responsible for any losses that occur as a result of holding your money.
Q: Is there a lawsuit against Robinhood?
Ans: There is no lawsuit against Robinhood. The company has been criticized for a variety of reasons, including its lack of customer service and its vulnerability to hacking, but there is no active litigation against it.
Q: Is there a class action lawsuit against Robinhood?
Ans: There is no class action lawsuit against Robinhood.
Q: Can I use Robinhood for not letting me sell?
Ans: Yes, you may be able to sue Robinhood for not letting you sell. If you can show that you were harmed by their decision, you may be able to recover damages.