My brief experience with Wealthfront
Hi all, just wanted to share my unexpectedly short experience using Wealthfront specifically the cash account. I enjoyed the application/service in the short time I had with, and hoped it would've been longer. Now I'm waiting for my money to be returned to me.
First, I lacked prior experience using any sort of HYSA. I was referred by a friend last month and opened up an account. She's had an account for a while and a generally positive experience. I was hesitant at first, but seeing the interest accrue just after 1 month was very reassuring. I gradually moved more money from my main checking account to Wealthfront.
Suddenly over the weekend, I was unable to log-in to my account via the App or online (incorrect email or password). I thought it was strange because my account was only a few weeks old and I had never changed the password. I was actually quite obsessed and checked my account daily to see the interest grow lol. I went through the process of resetting my password, but never received a confirmation email. Additionally, no information was ever sent to me about any sort of suspicious activities regarding my account. I was just locked out until I could get ahold of someone.
Over the weekend I submitted a ticket to their support email detailing what I shared here. Come this morning, I also decided why not just give them a call too. The news was not good- the customer service agent informed me that my account was permanently closed and that Wealthfront would no longer be servicing my needs. No further explanation was shared with me. I'm sure that they had their reasons and I respect that, so I told them OK and asked the agent about when/how I'd get my money returned to me. They were very vague/unable to provide a timeline, ensuring me their team prioritizes making this process quick. It was very concerning as I have a few months of savings on the line. So now I'm in a "wait and see" for my funds to be returned to me.
I read through many Reddit comments/posts about the positive experiences people have had with Wealthfront for years. But there have also been those who have experienced the limbo that I am in. I just wish I received more information/explanation as a customer. I'm hoping it's a smooth process!
(Update) Customer service experience has been responsive and professional. The phone call at least let me know my account was permanently closed. And support has responded to my email I sent over the weekend informing me know that they're working with my originating institution to return my funds.