Who accepts complaints about new apps like Stash?

January 27, 2021 6:56 AM

I ventured into simple investing using the Stash app starting last May. It was easy and only cost me $1 per month. Last week I tried to change my linked checking account from Chase bank to Chime bank in the app, but Stash was unable to make the change. It has been almost two weeks now that I have been dealing with them over email and the phone.

Stash is now refusing to return the approximately $3k I have in my account with them. Does anyone know who I can reach out to for help with this? I do not think the CFPB manages complaints for companies like Stash. Should I complain to the Better Business Bureau? Appreciate any help you can provide.

posted by ponibrown to Technology (5 answers total)

I don't know why you wouldn't be able to submit a complaint to the CFPB - while Stash is an app, the company is also a regular ol' SEC-registered investment advisor (under 'Stash Investments LLC').

If you're able to provide more details, we may also be able to help you figure out how to transfer your money out - for example, if the money you're trying to access is in the form of stocks/ETFs, you can always initiate a transfer from a different brokerage firm (and let that brokerage handle the communication - I've done it with Fidelity several times and it was pretty dang seamless) rather than trying to get them to send it to you directly.

In general, these apps are still providing some sort of traditional financial vehicle, they just do a good job of obscuring what exact vehicle that is. You should be entitled to all the same protections as any other investor.
posted by mosst at 8:29 AM on January 27, 2021

Response by poster: Thanks, mosst. That helps. I'll do a CFPB complaint. I had a handful of stocks that I purchased through Stash, all of which I sold this week because of this bad experience with Stash. I asked for the money to be returned to me via bank transfer or check.
posted by ponibrown at 8:52 AM on January 27, 2021

Outside of that, your best bet is going to be shaming them on Twitter/other Social Media. The Better Business Bureau doesn't really enforce complaints against businesses that don't opt into their system, and very few newer companies bother with it. But a lot of online-focused companies proactively search for people complaining about their brand on social media because it's bad advertising, and that leads to a much higher chance of your issue getting resolved. It seems like the best way to do this on Twitter is to complain about it in your own feed and tag in the company (@Stash), but this definitely works better if you have more followers. You can also reply to posts the company makes on Twitter with your complaint and after doing this a few times they will probably reach out. I don't specifically know how this works on Facebook but I imagine replying to their official page would work
posted by JZig at 9:32 AM on January 27, 2021

There's always your state attorney general's office.
posted by kschang at 11:39 AM on January 27, 2021

all of which I sold this week

If you liquidated this week, the sale hasn't settled yet and so they can't give you the money yet.

What exactly are they saying when you ask for the money to be returned?
posted by Candleman at 11:46 AM on January 27, 2021