Investing is the new trend, and many people are starting to realize that it is better to invest than save. There are several forms of investment today, from company stocks to other diversified investment forms.
Due to a surge in the investment market, there have been different platforms to make investing more accessible. Robinhood is an example of a platform set up to improve investment operations. It is designed to help beginners and experts make the best investments and monitor their investments appropriately.
Unfortunately, there have been complaints surrounding opening a Robinhood account and getting it verified. If your Robinhood account not approved by now, this article will tell you all you need to know to finally get your account approved.
What Is Robinhood?
Before we talk about the approval and the other concerns regarding your Robinhood account, we want to shed a little light on the platform.
Robinhood Financial LLC is an investment platform that was created in 2013, and its headquarters are in Menlo Park, California. The platform was designed to aid modern-day investments. It was designed to make investments easier for beginners and encourage the younger generation to invest.
The idea of Robinhood is to create a platform that connects all forms of investment and brings them right to your fingertips. You can invest in the stock market, crypto trading, customers for options trading, and several other options.
The way Robinhood works, you have many investment options, and you can select any number of diversified portfolios you want to invest in. Another feature you get from this platform is the commission, and Robinhood runs a commission-free policy. You don’t have to pay for services rendered on some investments.
Robinhood is a next-generation platform, and it is not a surprise that many people are trying to gain access to it. However, we’ve noticed that many people have issues getting their accounts up and running. We will show you all you need to know about registering for Robinhood and getting your account approved.
Robinhood Application Under Review – What Does It Mean?
Before you can start enjoying the benefits of the Robinhood platform, you need to register. However, registration is not always as straightforward as we want it to be. There are numerous complaints regarding completing an application.
But you need to understand that Robinhood is not a common platform. Robinood deals with investments, money, and other sensitive information. Security is a big deal when it comes to a platform like that.
If you tried applying to the platform and keep seeing the application under review message, don’t worry. Instead, just be patient. The Robinhood system has to verify the registration information you’ve provided, and it needs some time to process your application thoroughly.
To better understand what we are saying, let’s look at the information you need to apply for Robinhood.
Applying to Robinhood
If you’ve already opened an account before, you already know the things required for opening an account. However, for those not familiar, let’s take a quick look.
Before you can qualify to open a Robinhood account, you must meet the minimum legal age limit – 18 years old. When you’re registering, you also need to provide a valid means of identification to verify your age.
Social Security Number
On the application form, you will be required to fill in your social security number to confirm that you’re an actual person and that your bank information is legit.
Robinhood is an American-oriented platform, and you need to be located within the country to enjoy the platform’s services. You will be asked to provide a valid residential address, and the address will also need to be verified.
There are exceptions for military personnel who have been deployed outside the country – they can use the location they have been deployed.
Finally, you need to show an affiliation to the United States. You must be a citizen, a permanent resident, or have a valid US visa.
You can see that everything required to set up the account includes sensitive information, and the answers you give will need to be cross-checked. So if you see that your application is under review, just wait for a few days and allow them to run the necessary checks on your account.
Apart from ensuring your security, Robinhood reviews your application because they are required to by the government and FINRA. They also need to ensure that customers are not related to any criminal organizations.
Usually, after providing all the information in your application, you should receive a response after 1 or 2 business days. The response will tell you if your account has been approved or if you need to give more information.
If the email asks you for more information, there was an issue verifying some of the data you initially provided. After giving the extra information, you’ll have to wait for another 5 to 7 days to know the fate of your account.
Can Robinhood Deny Your Application?
Robinhood is within its rights to deny applications that don’t meet the standard or applications that raise suspicion. If your application to Robinhood has been denied in the past, it could be for a number of reasons.
Reasons Why Robinhood Account Not Approved
You Have an Existing Account
The first and most common reason Robinhood applications get rejected is that there is already an existing account. Suppose you already opened an account in the past with your social security number. In that case, you can be certain that any other new account with the same social security number will be denied.
The Robinhood system will flag your new request and indicate the presence of an existing account under the same SSN. It is best to go back to your old account and try to recollect the login details or contact any customer support.
You Made a Mistake While Entering Data
Wrong data, or a typo, is another common reason why accounts get denied. If Robinhood systems run your SSN with some of the other details you’ve provided and notice an inconsistency in spelling, the data will be tagged as invalid, and the application will be questioned.
If you notice that your application is denied, check your data again and ensure that everything is properly spelled out.
You Have a Criminal Record or Affiliation
Robinhood is very strict about crime and criminals. If you have a record of white-collar crime, there is a high chance that your application will be denied. If you have any affiliation with any terrorist group or any other criminal sect, your application will also be denied.
Your Relation to the Financial Market
Robinhood runs a thorough investigation into applications, and this is one of the reasons why verification can take quite some time. When you submit your application, Robinhood runs a check on you to ensure that you don’t have any relations to the financial markets they deal with.
The point of this scrutiny is to prevent cases of insider trading.
The time it takes for your account to be verified sometimes depends on your bank. Robinhood requires you to submit some of your bank details when registering, and they check out the information you’ve provided with your bank first.
If your bank is a big bank with proper automation, it should take a few hours to verify and approve your account. If your bank is small, it can delay the process and take time to get back to Robinhood.
A System Error
A system error refers to a mistake on the Robinhoods side, which is pretty uncommon. However, there are rare cases when Robinhood has a problem that affects an applicant. In this event, the platform will reach out to the applicant and give them further instructions.
If you’ve been trying to get your Robinhood account up and running, go through the list of reasons we’ve provided, and you should figure out what the problem is. However, if you feel that you’re doing everything right and there is no justification for your application being rejected, you should contact their customer service and ask for further clarification.
Why Won’t Robinhood Verify My Account?
We’ve looked at some of the reasons why Robinhood doesn’t verify accounts above, and it could be wrong information, existing account, criminal record, and issues verifying your bank details.
You might need to contact your bank if all the information you’ve provided is correct and you’re sure there is no mistake from your end. You should also check your two-step verification settings – it can affect the account verification process.
How Do I Get My Robinhood Account Approved?
Getting your Robinhood account approved is not much of a big deal, and the important part is to do it right. We already gave you a list of things you’ll need when registering, like your age, SSN, etc.
If you give all the right answers in your application, you should not have any issues getting your account approved. If your account is not approved after giving all the right answers, contact Robinhood customer service.
How Long Does Robinhood Take to Approve Your Account?
The approval time can vary from a few hours to a few days, depending on how smooth things go with verifying your account.
When you first apply to the platform, Robinhood will go over your submitted data. If there is no issue, you will get an email telling you that your account has been approved within two days. However, if there is an issue, you will be required to submit some extra documents.
If you’re required to submit some extra documents, you need to wait for another 5 to 7 days for your account to be verified and approved.
For some, approving their accounts takes a few minutes, but this doesn’t mean it will be the same for everybody. Even if there is no issue with your account and the data provided, your bank may have some delays in getting back to Robinhood.
How to Delete Robinhood Account
If you want to delete your Robinhood account for some reason, there are proper steps you should take. Uninstalling the app doesn’t delete your account, so read through these steps carefully.
- After opening your account, go to your profile icon.
- Select the settings icon.
- From the list, select Account Information.
- Go to Deactivate Account and select it.
- You can close all your open positions with these steps and withdraw.
- You can go ahead to confirm your request to deactivate the account.
Asides from closing your account in the app, there is another way you can close your account – transferring all your assets to another brokerage. We’ll explain how:
- Register to another online platform that supports the transfer of assets from Robinhood.
- Request the new brokerage for you to move your assets from Robinhood into theirs.
- Once your request is granted, and all your assets are moved, Robinhood automatically closes down your account.
When in Doubt, Contact Robinhood Support
The Robinhood Support is designed to answer all your questions. The support interface is designed to give you access to some of the common questions that people ask and other likely problems they run into.
The support page gives you a good intro under the Getting Started section, and then it covers any issues you might have while applying under the My Accounts & Login. There are several other sub-sections, and they are all there to answer any question you can think of.
The process of opening a Robinhood account can seem like a lot, but it is for your safety. Robinhood has to ensure the authenticity of your details to prevent fraud and lawsuits. If you’re having issues getting your account approved, you’re probably doing something wrong.
We’ve given you why Robinhood denies account approvals, go through these reasons and see where you might be doing something wrong. You can also contact their support for more information if you need additional help.