The RobinHood app is a free stock trading application which offers the ability to trade stocks for free. Most trading platforms charge a commission fee of around $6 on up to $9 per trade. To me, trading with RobinHood seemed like a good option considering that I’m just getting going in the stock market and I don’t have a ton of money to use.
Because of the low amount of margins I am trading on I only make a few dollars here and there and commissions add up quick!
It is too good to be true!
>So I created an account and installed the app. When I got to the option to add my bank, the application crash. I tried again and this time RobinHood was electronically verifying my bank when it crashed, yet again.
Once I finally got a bank account established I clicked to deposit funds from my bank into RobinHood. I selected $100.00 and click the confirm button and the app thinking icon stood there spinning like it wasn’t doing anything until…..the app crashed. I tried again, and again the application crash.
Later that evening I opened up the RobinHood app to find that I had $200 available to trade with. Both “crashed” deposit attempts did in fact make a deposit and subsequently, over drafted my bank account.
Lucky for me I used a test bank account which only had $102.99 in it. Unlucky for me, I got charged a $30 over draft fee by my bank and a $9 over draft fee by RobinHood.
Support was quick…
Support from RobinHood was quick, but they pushed all blame on the end user and not their app. They refused to pay me back for bank overdraft fees. No matter what I said, they didn’t give a damn.