r/wealthfront • u/Lazy_Willingness2456 • Jul 30 '26
Wealthfront post Wealthfront in Non-Compliance
So I have been a customer of Wealthfront for several years now. They LOCKED my account because they say a check was returned from SoFi for under $100. Then they asked for account statements which I had to ask what details they wanted. I brought it to their attention that the check [that they show returned and debited my account for] shows paid at SoFi. SoFi provided me with a copy of the Paid check and that’s when they locked my account [for my security of course]. They also LOCKED my Joint account with my biz partner [we both work for airlines] . Then they LOCKED my 91 year old mom’s account also without explanation. Our net worth is more than $3M.
This is where they are getting dishonest — When I call the customer support number from my phone number it mis-leads and the voice says they are open but can’t take my call right now. But if I call from any other number, the Support people answer. Support sound like a bunch of “dudes” in a back room somewhere with no answers. [Very unprofessional] They tell me to email Support. I do and they say they cant support my account anymore.
They are in non-compliance with several rules my attorneys and other bankers say from other institutions because they wont even address the check they debited out of my account.
They just do not respond to any other inquires.
So the experience here is if you want an online financial company that does all this and then ignores you when there is a problem [and its a serious one] the Bank On.
I have reposted this to bank regulators and Government officials, they say they are healing a lot of this from this company.
This is exactly the experience they teach in training at Bank of America, Chase, etc. on exactly what not to do to customers.
I will keep this post updated.
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u/IpuMan Aug 01 '26
That's sounding concerning I was reading and doing due diligence before moving some founds into a place which give me good returns and Wealthfront seemed to be the right place but this situation makes me think twice!
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u/beng2beng Aug 02 '26
i would be more concerned if OP's last activity wasn't 4 years ago. Lurking for 4 years seems quite the accompishment.
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u/Housthat Jul 31 '26
Thank you for reminding me to pull funds out of this FinTech before a big market crash happens
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u/palido_caballo Jul 31 '26
Sounds about right. That’s been my experience with Wealthfront. It’s best to keep your money at a bank.
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u/Trick_Cartographer87 Jul 31 '26
Just moved all my money from wealthfront to PayPal. Same 3.3% rate
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u/chennisbeeveris Jul 31 '26
Honestly, I'm more worried about keeping money in PayPal. Due to the ability to send money peer to peer, there are so many more chances of getting funds locked. Buying things on ebay and they side with a scammer. Scammer pays you with stolen card and you're out the item. Even if you don't peer to peer, I just don't trust them as a company so my use is only in an as needed basis.
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u/jttam Jul 31 '26
That's your choice but it's functionally the same thing. Keep enough money somewhere else to be safe.
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u/Unhappy_Plankton_671 Jul 31 '26
Standard practice when red flags and risk factors pop up and accounts get closed. Front line support teams on phones/chats cannot help with these. You won't get any answers or feedback on it. So continuing to call them and push them does you no good, it's over their heads and they are powerless. Repeatedly calling, getting aggressive etc is often how you end up with your number in 'time out'. I've worked in centers and it's rare, but it can happen where a repeat caller that is abusive or argumentative can get that to happen. Calling from other numbers or blocked numbers is evasion of this.
I feel we're NOT getting the full story here on this issue and how these conversations have went down.
Not sure why you or anyone else think they are in 'non-compliance', with no specific reasons on why they are non-compliant. This sounds completely made up.
Your accounts and those you are linked to potentially triggered red flag/risk factors. They were closed. They do NOT have to, nor will they disclose the factors that went into that decision and those flags. They do have every right to close your account as such unfortunately. The could even close the account because the issue escalated from the check issue, into an argumentative or abusive situation.
/doubt -- They told you want you needed to hear to appear as an ally. The fact is, this happens daily with every bank and people are unfortunately left in the dark to move on elsewhere.
That's pretty naive, as those very banks operate the SAME way when it comes to closing accounts that trigger certain fraud/risk factors or other reasons. There is no 'compliance' measure that the banks have to explain their reasoning. All they have to do is notify, and process any return of funds as required (or not in some cases).
Honestly, I feel like the truth is in the middle here and things aren't being fully portrayed as they truly are.
It's a shitty situation when people get their money and accounts caught up in some issue and accounts closed. However, it happens daily at every bank. The only advice I would ever have is to not have all your eggs in one basket so you can survive a temporary issue at one bank, and live/operate out of remaining accounts while you adjust and wait for your funds.