Acorns review: Investing/checking

Customer Unfriendly, price gouging and misappropriation of funds

To Whom It May Concern,

I currently hold an Acorns investment account valued at $5,823.73 and a checking with a balance of $650.

I moved out of the area where I lived when I opened the account on/around 2020. As a result of that move, I closed my primary bank accounts tied to Acorns and opened new accounts at a local bank in my new community.

For weeks I was trying to change the bank account and update but Acorns would not accept the new information via their website requiring a voided check from my old institution. There were no alternative documents accepted to prove the account closure. I have been using on-line banking through my credit union for over a decade and do not own a traditional paper checkbook so Acorns and I were at an impasse. I was having difficulty location a live customer support line for additional help to determine how to proceed. As a result of the lack of customer care, I elected to move all funds to my broker opening up a retail account with Edward Jones as they handle the majority of my investments.

Edward Jones had some difficulty and resistance from Acorns in transferring the account. Acorns required a signature in writing on a document and advised there would be a $35 transfer fee which I had been aware of. I signed all required documentation and Edward Jones submitter by registered mail receiving notification the documents arrived as Acorns on January 20.

Edward Jones attempted to follow up on my direction and Acorns refused to cooperate with them. I was brought in on a three way call with the broker at Edward Jones, identified myself, answered security questions and instructed Acorns to transfer fund to the Edward Jones Account.

Acorns refused to make the transfer indicating they had taken one account and divided it into 6 separate accounts to gouge fees of $245. hey refused to explain the reasoning of why they opened 6 separate accounts without my knowledge or consent. Ultimately, Acorns refused to facilitate the transfer of the assets to Edward Jones even after I said I would authorize the the gouged fee of $245 just to be rid of their scam.

I then told them to close the account and send all monies to me. I had already requested the checking be closed on January 20 and a check be mailed (since they refused my new bank info to transfer electronically). The closed the account and have no record of where the $650 is. It seems Acorns seized those funds as a penalty of closing my accounts.

I learned during that call, that once Acorns learned I was closing the account, they divided my account into 6 separate accounts to price gouge at $35 per account for a total of $210 in fees just to exit. They refused any and all explanation as to why they opened so many additional accounts when they knew I had intent to move the assets. Acorns could not explain or justify their price gouging tactic.

Ultimately, I authorized the $210 and instructed Acorns to initiate the transfer to Edward Jones and they still refused to do so. My only option was to cash out and close the account.

They said they were charging the $210 to close the account IF IT IS APPROVED. They were putting through a request and told I would receive an email letting me know if the closure of the account is approved. They refused access to the money they hold in the investment account for at least a minimum of 14 days of the closure of the account is approved by Acorns.

I was told I was not eligible for an electronic transfer of funds because I moved and opened up all new accounts at my new residence and do not have any physical checks from my old banking institution they had on file.

They refuse to hold any accountability or provide any timelines on when they will take action on customer requests.

I demanded they put a check in the mail and send me a tracking number which they also refused to dol

I was told they are asking for permission to close my investment account and distribute payment. They said IF permission is granted they will send an email and stated it will take a minimum of 14 days before a check can be cut and probably longer. I asked for a date to hold Acorns accountable and I was told that they will not provide any information.

At the end of the day ACORNS refuses all access to money invested and they have illegally seized money in the checking account with no record of where that money went.