Stash processes transactions without customer authorization and arbitrarily locks customers’ accounts

Stash Financial, Inc. is an American financial technology and financial services company providing web and mobile application-based investment accounts. Stash is based in New York, NY, and has annual revenues of $63 Million. 

Stash customers allege Stash processes transactions without their authorization, including transactions from linked external accounts and stock trades within their accounts. Stash users also report their accounts are locked shortly after the unauthorized transactions

One customer reported a $14,000 trade processed within their account, after which the account was locked for over two months. Another customer reported $40,000 being frozen for over three months in their locked account.  

Coinbase was sued in a similar class action, alleging that Coinbase locked users out of their accounts for arbitrary reasons and arbitrary amounts of time, preventing users from being able to invest their money. Coinbase motion to compel arbitration for a separate class action was recently denied due to unconscionability. 

Stash’s advisory agreement contains a mandatory arbitration agreement and class action waiver. 

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