The Account Reopen page could allow you to retrieve your account if you closed it. Regardless of closing your account, you can still access the Account Management tab with your password and username. For instance, you can change the password, check fund status, or access statements. This post provides a guide on how to reactivate the Robinhood account.
You can go to Manage Account, navigate Settings, and select Reopen Account. The page to reopen the account will pop up. It would be best to ensure that you first update the market data subscriptions and the trading permissions section before you commence with submitting the request.
It would be best to mention that redownloading the app will not reopen your Robinhood account. The explanation for this statement is that you must update your details and submit a request. The law directs the platform to preserve particular records and books. The company highly values the data they collect. In any case, they do not intend to use the information to serve any purpose aside from fulfilling their requirements.
Who Can Access the Reopen Account Page?
Typically, anyone with a Robinhood account and has the password & the username can access the Reopen Account page. However, to submit the reopen account request, the user must meet a series of requirements. They include:
- You must keep the Master account open if you intend to submit an appeal to reopen a sub or client account.
- The user must make sure that the account is compliant with AML requirements. In other words, the Robinhood account must be compliant with the Anti-Money Laundering guidelines that the company provides. Most Robinhood accounts that the company closes meet these guidelines, but it would be best to check it out.
- Another crucial requirement for you to reopen a Robinhood account is that the original account opening date must be after 1st January 2002. Unfortunately, users who opened their accounts before 1st January 2002 cannot access the Reopen Account option in the Account Management tab. Nevertheless, they can pursue alternative options.
How Long Does It Take to Reactivate Robinhood’s Account?
The company does not provide an exact timeframe for reopening an account. Yet, the period to gain access to a closed account again may vary from one broker BackOffice Employee to another. Most brokers state that the process can take up to 72 business working hours after submitting the request.
It would be best to mention that they will only approve the request if you provide all the necessities. Another practical approach to complete the procedure in a short period would be to contact an employee of the broker company you use directly.
They can reopen the account as soon as possible. Generally, it would be best to ensure that you conduct a follow up of the procedure through email or a live chat to confirm the progress.
Can You Reactivate Your Account If Robinhood Deactivated It?
It is possible to reactivate your account if Robinhood deactivated it. To submit the appeal to reopen the Robinhood account, here the step by step to guide you:
- The first step would be to log in to the account. The company allows users with a closed account to access it, provided they have the username and password.
- Once you log into the account, you must navigate to the Account Management tab. It would be best to mention that the Account Management tab in closed accounts often displays a truncated menu.
- After accessing the Manage Account tab, you can navigate to Settings and select the Reopen Account option. Hence, the reopen Account page will pop up. You must ensure that you update your market data subscriptions and the trading permissions before submitting the request.
- The trading permissions must state which countries you would like to trade with and what type of products you will sell. You can complete this step by clicking on the Update Trading Permissions link available on the page.
- The Update Trading Permissions page will provide you with the steps to follow to select the countries you wish to trade with and the products you would like to sell. Luckily, the platform will also provide a specific error message if your account does not comply with the financial criteria, trading knowledge, and experience that the products you select require.
- The next step would be to select Manage Account, navigate Account Settings, choose Close Account, and finally click on Reopen account to access the Reopen Account page once more.
- Next, you will click on the link to Update Market Data Subscriptions.
- The next step would be to follow the page’s steps to choose your apt market data subscriptions. An Update W-8 link will appear if your account features a W-8 form that has expired. An expired W-8 paper describes ones that Robinhood filed over four years before the D-Day of submitting the Reopen Account request.
- You can click on the link to submit a new W-8 form. Next, navigate to Reopen Account to complete the request.
- The next step would be to click on Manage Account, navigate Account settings, select Close Account, and click on Reopen to access the Reopen Account page once more.
- Next, you will click Back.
- After you complete these steps successfully, you will receive the confirmation digits via your email. Hence, you must type in the confirmation digits in the box that the platform will provide under the Reopen Account page.
- Finally, the platform will provide notification to showcase that you submitted the request and it is under review.
Generally, the procedure to reopen a deactivated Robinhood account is simple since the company provides the steps to follow. Nevertheless, system failures have resulted in users losing cash on the platform. Luckily, FINRA offers a reliable platform for users who might have suffered a loss due to erroneous Robinhood account deactivation, outage, or system errors.
Besides, numerous independent attorneys offer services to represent investors on the platform. The initial consultations are usually confidential and free. The best part of it all is that such attorneys have helped numerous investors worldwide.
For instance, on 12th December 2018, the company erroneously deactivated several accounts. These accounts appeared to be related in terms of options. After the company halted the accounts, investors were unable to access their funds. Also, the platform did not offer them telephone access. In other words, the investors did not have any means to trade through their deactivated accounts.
Although the cause of these accounts’ deactivation was Robinhood’s system failure, these innocent investors lost a lot of money. Surprisingly, the company offered $50 Amazon gift cards to compensate them, while most of them lost thousands. Later on, Robinhood Financial sent them the correspondence report acknowledging the system failure. Most of the investors were annoyed about the decision.
On 8th February 2019, the same system failure problem occurred. More than 700 innocent investors also lost access to their accounts and submitted complaints, but the platform could not help. When the system failed, they could not access enough reports about the transaction on these accounts.
In any case, it would be best to demand FINRA arbitration if you would like to solve such issues on the platform. FINRA describes a self-regulatory company that helps to supervise brokerages such as Robinhood. They can provide a reliable forum to arbitrate. In fact, all investors and brokerage firms must arbitrate via the FINRA forum.
All in all, it would be best to ensure that you seek help from a certified attorney. Most attorneys available do not have the experience to handle such cases through a platform such as FINRA. You must opt for attorneys who have received positive reviews from other investors. Other users would like to close the account permanently.
It would be best to understand that Robinhood requires a written request to close a Robinhood account. They will not close your account unless its balance hits the $0.00 mark. Thus, you must sell all the securities and withdraw all the cash to your bank account. The mobile app will enable you to complete this process.
Well, the company features a $0 commission. Therefore, you will not have to worry about incurring costs in the liquidation procedure. If you would like to close your account, you can submit the request to [email protected] and ensure the balance is $0. The process could take up to a week before they close the account permanently.
Above all, the company will not charge you to close the brokerage account. Besides, they do not deduct any IRA fees since the company does not offer Individual Retirement Accounts. However, they usually deduct a $75 fee to transfer securities from one account to another.
The fee is somewhat higher than what most other competitors charge. For instance, Merrill Edge charges $49.95, while TD Ameritrade and Fidelity charge nothing. It would be best to contact a Robinhood associate on Mon-Fri if you need any help closing your account.