Acorns Investments Unauthorized Withdrawal

[Hypnotiko]

What is the namAcorns withdrew $1,000 from my checking account. Said it was a "one-time investment", but i never withdrew anything manually or agreed to anything. I need an explanation for this. Acorns generally has "round-up investments" that take the spare change from your bank's transactions, adds them up until it's $5, then withdraws the $5. But, there's never been a $1,000 round-up. There's nowhere in the terms & conditions that state that this would happen. Is there any legal action that i can take for this? This is interfering with my bills and other payments.

 

[Zigner]

Sorry, this forum is for US law matters only. Because you failed to tell us the name of your US state (as requested), it is a fair assumption that you are not in the US.

What did Acorn say when you asked them about this?

 

[Hypnotiko]

My bad.

The state is NY. Acorns has email support so i won't hear from them in 3 days. I asked the bank to put a spot payment on it, but since I use acorns it was able to clear. I never had this issue with them so maybe they had a security breach or something. Maybe my account was compromised. I don't know

 

[PayrollHRGuy]

You need to contact your bank and refute the ACH at once.

 

[Hypnotiko]

Thank you both for the quick responses. Right now i'm seeing if the spot payment goes through. If not i have to call the bank when it clears and then report it. Acorns has no call center so i have to wait to see what they're going to say in 3-5 days.

 

[PayrollHRGuy]

You need to contact your bank and explain that even though you are an Acorn user you DID NOT authorize this ACH.

 

[Hypnotiko]

I contacted them and stated that I didn't authorize this transaction and they said my only options were to do a spot payment (and get a $30 fee which i'm going to tell acorns to reimburse me on) or wait for it to go through and report it unauthorized. TD Bank at it's finest. Now i'm bankrupt until further notice.

 

[PayrollHRGuy]

The word is 'STOP PAYMENT'.

Call back to your bank, or go there, and talk to a supervisor.

 

[Hypnotiko]

I'm on the phone right now. I never knew these terms. Thank you.

 

[LdiJ]

I'm on the phone right now. I never knew these terms. Thank you.

There is a big difference between being on the phone where they can blow you off, or going there in person, where its much more difficult to blow you off.