Robinhood adds 24/7 phone support for users
Online broker Robinhood has launched a 24/7 phone support service.
The company added that it was working on a solution that would allow users to contact the helpdesk when they cannot log in to their account. The broker has promised to more than double its support staff by the end of the year.
Robinhood chief operating officer Christine Brown said in a comment to Decrypt that in addition to the new service, the broker has "taken steps to address the root causes of outages in March 2020" and reduce the risk of future incidents.
Earlier, it was reported that Robinhood would pay a record $70m fine to settle with FINRA. In March, the firm estimated these costs at $26.6m. The regulator noted frequent technical failures occurring in the app between 2018 and 2021.
Criticism from the community may also have prompted the innovation. In June, a group of investors filed a class action lawsuit against bitcoin exchange Coinbase - they claimed that the platform illegally blocked their accounts for up to several months. Some customers said they were unable to contact the company promptly.
In February 2021, the parents of 20-year-old Alex Kearns accused Robinhood of driving their son to suicide. The trader received an erroneous notice of a negative balance of $730,000, failed to contact support and committed suicide.
Recall that in June, the Consumer Financial Protection Bureau noted an increase in complaints from US citizens about cryptocurrency exchanges.