Ellevest
Reviews and Complaints

Cannot change the phone number on my account and therefore cannot make deposits or withdrawls because confirmation is required via text. I have called and emailed for TWO MONTHS and keep getting BOT replies. Horrendous service.

My investment account was randomly closed with little explanation as to way. When I emailed Ellevest support no one has responded to my complaint in weeks that was around December ***. How can you go a full month without responding to someone that emailed you numerous times. If someone is reaching out to Ellevest operations department and not getting a response back it seems to me that they are purposefully ignoring me or their clients. Last year the market dropped ellevest lost close to $500 which they haven't recovered. This is extremely unethical to close someone's investment portfolio because they were late paying $9.99 for a bank membership but this company owes me money and is okay with not bringing my investment back to good standing.

I opened a Spend and save account with ellevest, for some reason they automatically transferred my money in my savings account to my checking and when I tried to transfer the money back to the savings account I got an error message saying my transfer failed. I initially contacted ellevest and they said their "Folio" had put a restriction account. after a couple weeks of going back and forth with both ellevest and folio they finally lifted my restriction on my INVESTING account. I still cannot retrieve my money from my spend and save accounts. I have called multiple times but they never answer their customer service phone. I have sent several emails back and forth with a passive aggressive customer serivce agent who hasnt responded to my emails in a week now. Horrible service and very suspicious that I cannot access my own money from this bank.

On March 25 I initiated a rollover from my 403(b) plan to a Traditional IRA with Ellevest. I was excited about this female owned company with goals to help women. My accountant told me I could then do a direct transfer tax free from my traditional IRA to my HSA (with another company). This is where my problems began. I tried calling Ellevest in April-got voicemail. I tried emailing the general support email-no response. The only correspondence I had was with Mica who was involved with my rollover. Mica helped to the best of their knowledge but kept telling me that Folio (who apparently is where my money is actually not Ellevest) required that I put in my bank account info to put the money in before transferring to my HSA. My accountant advised me it had to be a direct transfer and it could not be in my personal account first as it would be taxed. Due to awful communication/misinformation I transferred my IRA again to another company and they've already comp my request.

I have been banking with Ellevest banking for months now. Ive even verified my identity upon setup and was cleared. Then I have continued to get direct deposits from my employer (a Fortune 500 company). Now Ellevest says that I have to re-verify my identity because of a few payments that didnt go through with insufficient funds (Ellevest also doesnt tell you when this happens, so youre left just guessing if an unexpected charge comes through). Because of this ID verification, my paycheck today 8/20 was not deposited ($1400+ floating in cyber space) and now my bills on auto pay will not be paid. These bills include my car payment and settlement bills. Since the settlement wont be paid, I will lose it after paying for months now and being close to finishing it. I also will be late on my car payment and wont get my utility *** paid. Im not sure where my money is either, and my company could take a week to resolve - so not only are my bills unpaid, I have no gas/food money.

I've been trying to close my accounts with ellevest for over a month now. I have a regular investment fund that was easy to withdraw money out of, but I have a relatively new Roth IRA account that has been an absolute nightmare. I've been punted from Ellevest customer service to Folio customer service and back multiple times and finally heard back from Ellevest asking me to confirm that I'd like to close the account a week ago, to which I responded yes. I've followed up twice and still have heard nothing. And I got charged the monthly subscription fee while all of this was happening. It's only $5 but I shouldn't have had to pay it because of the incompetence. I just want my own money back so I can invest it through a more legitimate institution with a customer service phone number that's not associated with Goldman Sachs. Plus, they haven't had the ability to close empty accounts for years and have no way to downgrade a membership. It's honestly a mess and I was really hopeful.

On 6/29 I reached out to the company to make a change to my account, which entitled me to a refund. Additionally, there was a promotional code for $20 towards my account with the code "summer" which I was unable to use during sign up as there was no option to submit a promotional code. On 7/9 & 7/13 I followed up again & received a response on 7/14 saying that a refund was submitted. When neither the promotional value was added to my account or my refund processed, I followed up again on 7/22. On 7/28 they said they submitted the process again. I followed up on 8/4 stating that the refund was not processed and the promotional value wasn't added to my account. I have not received a response and have left two voicemails to the company that has gone unanswered. At this time I am not interested in having an unresponsive company with terrible customer service handle my investments. I am requesting a full refund of $97 and my account to be cancelled with all my money issued back to me.

I signed up for an Ellevest account almost a month ago. When signing up for a savings/checking account, you have to submit personal identification information (such as your ID or mail sent to your address etcetera) which isn't a problem, however, I moved to Virginia in August due to the COVID-19 situation and my license is still from Florida, which according to the information I was provided, wasn't a problem as they would simply send my card to the address on my license and I was in town on business, so I could easily pick it up from my family home. Once I received my card, which took about a week or two (again, this is fine, I assume with COVID, shipping takes a bit longer), I went on their website to activate the card. Now this is where my real problem with this business began - I'd go to the page to enter the card information and it would just be idly loading. I'd try the same process on multiple devices, turn my wifi on and off, and try again. Still loading. I figured it might be an issue with their servers, so I reached out using the chat feature on their website, but you don't actually get to speak with a customer service representative, they just take your information down and say they'll reach out to you. Okay, fine. I'll wait. I gave it about a day or so and tried to reach out directly to their support email, and another day passed by and nothing. I tried calling but you go through a few different automated prompts before being directed to leave a voice-mail. How frustrating! Finally fed up, I reached out via social media, which is something I personally have never had to do. And guess what? They answer with a swiftness and ask for my email address. Within the hour I get an email stating the following: "Our Account Review Department has made the decision to close your account in accordance with our Terms of Service. Access to the Ellevest product has been suspended and will no longer be available. If you need to obtain any documentation for tax purposes in the future, please reach out to ***. Regards, Ercan, Ellevest Concierge Team" What? I am so confused. I have done everything they've asked, I'm truly confused about what I may have done that would lead them to close my account and suspend services. First, they take their time to respond, which honestly I understand to a degree, being in the customer service field myself, but to offer no reasoning, no option to refute the claim, nothing? Not even a small explanation of the supposed policy or policies/terms of service I may have violated. How ridiculous! I was excited to begin investing and working on my finances and Ellevest seemed like a really good fit and I was very excited - even receiving the card! It's not as if they closed my account prior to sending said card out, so obviously whatever happened was afterwards. They're the company, so they can choose to whom they provide and to whom they deny their services. But it would be good business practice to provide some sort of reasoning to those of us seriously inquiring. That, and their customer service is entirely lacking. If you're a woman and wanting to better your financial future, perhaps look elsewhere.