Wealthfront Corporation CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via	Tags
07/15/2023	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	NY 11746	Web
Problem : Wealthfront Cash Account locked after reporting fraud transaction due to verification issue, followed up immediately with verification documents but no updates from the bank whatsoever, contacted multiple times and resent documents. More than 5 business days now without access to checking account funds. Unacceptable service. Background : - Never ordered a physical debit card - Have a digital debit card in my XXXX wallet thats locked - On XX/XX/XXXX, noticed a unknown transaction of {$100.00} from XXXX made in XXXX XXXX, XXXX - I have never been there in my entire life - Immediately reported the transaction for fraud, customer service initially accused me of having a physical debit card, but after minutes of explaining I dont have one, he proceeded to put in an investigation for me- Forced to me to replace my card ( rightfully so ) and will be giving me a physical one, but required me to go through some verification questions- Ended up receiving an email saying that my account will be deactivated/locked until documents are provided for verification - Followed up XXXX minutes later with my drivers license on XX/XX/XXXX - Called Wealthfront customer service multiple times since then on XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, only to be reassured that this will be looked into and asked to wait two more business days each time - Wealthfront also does not provide contact to XXXX XXXX who services their banking, which is completely unacceptable because verification is through them - I found out a contact to XXXX XXXX corporate resolutions and was able to reach the department on XX/XX/XXXX - Informed me to wait another XXXX hours Im honestly so frustrated at this entire experience. I dont think its acceptable to first accuse me of having a physical debit card when I didnt have one in the first place, then proceed to lock my account and ask me to verification, and not provide an update for many business days after Ive already provided documentation via email multiple times. Furthermore, Wealthfront makes it impossible to reach their verification department and refuse to provide any contact information for resolution. For anyone who uses their bank to deposit their money and make payments, being in this situation sucks especially when Im not the one at fault. Instead, I get penalized for reporting a fraud transaction and left with no access to my account that I use to make payments to my bills. Additionally, false promises of having this case looked into every time I call customer support has prompted me to proceed with filing this complaint. I hope you can help me with this case.
02/22/2023	Yes	Checking or savings account Other banking product or service	Managing an account Deposits and withdrawals	NC 27517	Web
I opened a cash account with Wealthfront. I transferred several XXXX XXXX dollars into that account. I then tried to transfer an additional {$100000.00} into that account. When I went to transfer the money it said I would be transferring into " an investment account ''. That was the default setting for the transfer and I proceeded to transfer the money because as far as I knew I only had a single account at Wealthfront. The next time I logged into my account I saw that an investment account had been opened and instead of going into my cash account the money went into an investment account that then had been invested in various securities that I didn't approve. When I contacted the company they told me this investment account had been closed since 2015 when all of the money was transferred out of it, but this new transfer into it caused it to re-open automatically and automatically invest again. Then they changed their story and told me later that in fact the account had stayed open for 8 years, despite no money in it. This account did not show up in any profile of mine and they have not been providing me any updates, reporting or other compliance activities related to this account for 8 years. I can not understand how they can say this account has been open for 8 years with no notices, notifications, information, changes to policies or privacy settings or anything for 8 years. I have to believe there are requirements for notifications, including tax documents, etc. if you have an open brokerage/investment account with an institution. Again, they first claimed it had been closed in 2015 and was re-opened. Then they claimed no, it had been open this whole time. Ultimately, I was trying to transfer funds into a cash account but because of the way their website is set up, the default setting said " investment account '' and I didn't recognize that was referring to another account because I had not had an active account with them for 8 years. I believe the design and intent of the website is misleading at best and possibly intentionally so.
03/03/2023	Yes	Checking or savings account Other banking product or service	Opening an account Unable to open an account	NY 121XX	Web
I am attempting to assist a Client in opening a " cash '' account. Not sure if it considered a savings account or not. Wealthfront has made the process extremely difficult. We are unable to finish the process online nor on the phone app. They can't get documents uploaded. They can't verify the ID, which has been submitted multiple times and they don't have record of it. I am concerned because this is money for a minor and the custodian, who is my client, is trusting this new online app and they can't seem to keep proper records. I am not sure if there is a resolution other than allowing folks to finish the application on the website rather than the app to make it easier for certain people. Or to avoid the automated system that verifies ids and use a real person instead. We tried to use the app and the system still can not read the images nor does it have record of uploads. They have locked it and forced us again to wait for customer service, who has, in the past, been unable to assist with this problem because they don't have the tools to do it. We have attempting to open this account since Winter of XXXX and have more trouble than any other financial institution I have worked with. Which is numerous, both big and small. Furthermore, the client has listed me with Wealthfront as a " trusted contact '' for this cash account and the robo investor account and I have a legal power of attorney for activity and Wealthfront is refusing to communicate with me, which in turn is making my client more frustrated.
10/27/2023	Yes	Checking or savings account Checking account	Closing an account Company closed your account	PA 180XX	Web
I use my Wealthfront account as a secondary checking account. I had changed my direct deposit to this account on XXXX and my company processed payroll. I logged into my account today and it shows that my account is now closed. There was NO communication about this or any time for me to make other arrangements. Now I have to wait almost another week for the funds to get returned back to my company before I can get my paycheck. This is a terrible way to do business with your customers- at least give them the courtesy of a notice and time to make other arrangements and get the funds out of the account. This is an unfair banking practice that hurts the consumer!
05/28/2023	Yes	Checking or savings account Checking account	Managing an account Funds not handled or disbursed as instructed	NY 10977	Web
XX/XX/2023 I initiated a transfer from my XXXX XXXX rewards account to my account with XXXX XXXX XXXX in the amount of {$7200.00}. I received an email confirmation from XXXX that the funds should arrive to the destination bank XX/XX/XXXX. With the following order # : XXXX I never received the funds although the funds were taken out of my XXXX account. On XX/XX/XXXX I called XXXX XXXX XXXX they say the never received it. I called XXXX they say they sent it and confirmed the correct account number and routing number. At this point XX/XX/XXXX I don't have my money and each bank is sending me to the other bank. Please help me get my money back.
08/17/2022	Yes	Checking or savings account Savings account	Closing an account Company closed your account	CA 93727	Web	Servicemember
On XX/XX/2022, Wealthfront sent me an email saying that they wanted to close my account. The email did not state a reason, nor did it give the opportunity to address or respond to any perceived problem with my account. A reply email was ignored. After waiting approximately a week for a reply to my email, I sent another email asking for an explanation, only to receive a reply saying that their legal team made the determination, and that they refuse to provide a reason, again denying me any opportunity to address whatever problem they have with my account.
08/23/2022	Yes	Checking or savings account Checking account	Managing an account Funds not handled or disbursed as instructed	CA 90302	Web
I had a been with this bank for awhile they had suddenly closed my account at there discretions but before that I had my money deposited into this account from me doing a bank transfer into this account, and before they even closed my account I had done one more transfer to my XXXX account to be on the safe side once I did that bam my account was closed I couldnt log in on the app they had completely closed my account
08/23/2022	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	CA 90302	Web
Bank closed my account at there discretion which I find odd Ive had that account for almost a year already and now that Ive deposited a large amount to my cash account they suddenly closed it Prior to it being closed Ive done a bank transfer to transfer my money to my other bank account before it closed I try reaching out several times via phone but goes to a recording
11/24/2023	Yes	Checking or savings account Other banking product or service	Closing an account Company closed your account	NJ 088XX	Web
I opened a cash management account with wealthfront and a few days after I funded the account and requested a debit card, they closed the account without notice, warning or explanation. The only response I received was, wealthfront didnt think I was a good match for their product.
04/29/2022	Yes	Checking or savings account Checking account	Managing an account Problem using a debit or ATM card	KY 424XX	Web
I had some unauthorized transactions that began on XXXX and ended on XX/XX/15. The bank decided against me even though I did not make the transactions. In total it was XXXX dollars money I do not have to lose.
05/23/2023	Yes	Checking or savings account Savings account	Opening an account Account opened as a result of fraud	XXXXX	Web

04/26/2023	Yes	Checking or savings account Other banking product or service	Opening an account Didn't receive terms that were advertised	IL 61801	Web

04/03/2023	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	HI 96822	Web

03/08/2023	Yes	Checking or savings account Checking account	Managing an account Problem accessing account	NH 03038	Web

11/23/2022	Yes	Checking or savings account Checking account	Closing an account Company closed your account	CA 90028	Web

01/07/2022	Yes	Checking or savings account Savings account	Managing an account Problem accessing account	VA 20189	Web