ComplaintsforYieldStreet Inc.

• Initial Complaint

  07/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have an account with ********************** just money in the wallet. I have been trying to transfer funds for the past 2 months but getting the same response of technical issues. Unable to speak to a live person except someone called ***** texting me with the same answer. " We are working diligently to resolve the issue" I'm thinking there's more going on. I'm unable to close the account either. I need my money for my son's college. I trusted them for over 3 years. This is scary.

  Business response

  08/19/2024

  We understand your frustration with the ongoing wallet transfer delays. These issues stem from the Synapse bankruptcy, affecting many fintech companies. We're actively working to resolve this industry-wide challenge.

  Your funds are secure and accounted for in FDIC-insured accounts and we will have a further update soon. We appreciate your long-standing trust and patience as we navigate this complex situation. We'll provide updates as soon as we have more information.
  

• Initial Complaint

  07/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Yieldstreet advertised an incentive for opening an *** with a broker partner. I met all requirements to receive the bonus. I have contacted them several times about this over 2 months. They have informed me they are having 'vendor problems' and can't pay the bonus until the problems are resolved. This is not acceptable. They need to find an alternative way to pay the bonus. Additionally, the company has been delayed transfer of money requests by weeks, due to this same vendor problem. The company needs a more reliable vendor. Delays of weeks on $1000s is not acceptable.

  Business response

  07/18/2024

  Thank you for reaching out to us about the IRA ***** incentive and delayed transfers you experienced.
  
  We apologize, but we have been unable to locate a record of your account based on the information provided. To better assist you, please contact our Investor Relations team directly at ************************************** with your full name and the email address associated with your Yieldstreet account.
  
  We appreciate you bringing this matter to our attention and look forward to resolving your concerns.

• Initial Complaint

  06/28/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Over a period of time, I made investment with Yield street of $400,000. This last of April I requested a distribution of my cash balance. I was told they had a temporary issue with the third party that handle distributions. It's be now over two months and I am still being told they are unable to distribute funds. I am concern that my fund's and investments have been stolen. I wish to close my account and have my funds returned.

  Business response

  07/09/2024

  We apologize for the delay in processing your distribution request and any inconvenience this has caused. I want to assure you that your funds and investments with Yieldstreet are secure. The delay is due to a temporary technical issue with our third-party distribution partner, and our team is working diligently to resolve it as quickly as possible.
  
  We value your trust and investment with Yieldstreet. We will notify you as soon as your distribution is processed. If you have any further questions, please don't hesitate to contact our Investor Relations team directly.

• Initial Complaint

  06/25/2024

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  I attempted to withdraw money from my wallet account. I received a message that they were having problems w/ their 3rd party processor. I've been getting this message for over a month. The wallet account is supposed to be a liquid account.

  Business response

  07/09/2024

  Thank you for bringing this to our attention. We're aware of the ongoing issues affecting Yieldstreet Wallet withdrawals and understand the inconvenience this is causing.
  
  The delay is due to circumstances involving our former payment processor. We want to assure you that funds are secure and accounted for to the cent. Additionally, we're actively working with all relevant parties to resolve this situation as quickly as possible.
  
  While we can't provide a specific timeline, this is our top priority. We're regularly updating affected investors via email with any progress.
  
  For the most up-to-date information on your account, please log in to your Yieldstreet dashboard or contact our Investor Relations team directly.

  Customer response

  07/10/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  They simply state that they are aware of the problem and are working to correct it.  The response does nothing to resolve the fact that they are in possession of over $10,000 of my money.  

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *********************
  
  
  
  
   
  

  Business response

  07/16/2024

  We understand your frustration regarding the delay in accessing your funds. While we are unable to provide immediate access to your capital due to the ongoing issue, please be assured that your funds remain secure and our team is working diligently to resolve this matter.
  
  We value our relationship with you and are committed to keeping you informed. You can expect to receive regular updates from us as we work towards a resolution.
  
  If you have any additional questions or concerns, please don't hesitate to contact our Investor Relations team at ***************************************

• Initial Complaint

  06/24/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I have been a Yieldstreet (***************************************) investor since 2022, I had invested in this alternate investment platform since then ans have slowly increased my portfolio with them. Not only did they mislead me by publishing the rates of return on some of these investments that have never been met (a few of my investments havent provided me with any return), now when I am trying to withdraw my money (from their wallet out) they have been delaying this for over a month. My initial request to withdraw funds was submitted on May 13 and I still dont have my funds.

  Business response

  07/09/2024

  Thank you for contacting us through the Better Business Bureau regarding your experience with Yieldstreet. We appreciate you taking the time to share your concerns.
  
  We strive to provide our investors with accurate information and a transparent investment experience. We have noted your feedback about the performance of your investments and the discrepancy between expected and actual returns.
  
  Regarding your recent withdrawal request, we apologize for any inconvenience caused by the delay in processing. Our team is working diligently to resolve the technical issues affecting our withdrawal process and to process all pending requests as quickly as possible.
  If you would like to discuss your concerns further or have any additional questions, please feel free to reach out to our Investor Relations team directly.

• Initial Complaint

  06/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have had an account with ********************** since July 2019. I typically deposit money into the account once a month and occasionally withdraw funds. I have not been able to access my money for several months now. I cannot deposit or withdraw funds, but get a persistent error message (attached below). I have a balance of $9773.83 that I can't access. I contacted the company and they have not replied.

  Customer response

  07/08/2024

  Better Business Bureau:
  
  At this time, I have not been contacted by YieldStreet Inc. regarding complaint ID ********.
  
  Sincerely,
  
  *******************************
  

  Business response

  07/10/2024

  We have received your message regarding the delayed dividend payments for your investment in the Alternative Income Fund.
  
  We understand your frustration with the recurring delays in processing your quarterly dividend payments. As noted in our previous communications, the current delays are due to an ongoing issue with our third-party payment processor. Please be assured we are working closely with them to resolve this matter as quickly as possible.
  
  If you have any other questions, please do not hesitate to contact our Investor Relations team. We appreciate your continued patience and understanding as we work through this issue.
  

  Business response

  08/06/2024

  We understand your frustration regarding the ongoing delay in accessing your funds. Please know that we are working diligently to resolve the underlying issue with our third-party service provider that is impacting your ability to withdraw.
  
  While we had hoped to provide you with a definitive timeline for the release of your funds, the resolution of this matter has proven more complex than initially anticipated. We recognize the significant inconvenience this is causing and apologize for not being able to give you a specific date at this time.
  
  Please be assured we are exploring all available options to expedite the resolution process and will promptly notify you as soon as we have a clear timeline for the return of your funds.

  Customer response

  09/12/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********.   The response indicates that the company is clueless about their own affairs, as the money has already been deposited in my account.  I would NEVER do business with them again and suggest you give them a low rating.  However, since I did receive my money (FINALLY) I consider the matter to be resolved.

   

  
  
  Sincerely,
  ********* ******  
  
   
  

  
  

• Initial Complaint

  06/11/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Yieldstreet is a private equity firm that I invested $5000 for a ********************** Trust. Upon initially investing, I had trouble accessing the account and website as I don't have a cell phone. This went on for several months, although, at the beginning I had no problem with the initial investment. The inability to access the account was a nuisance, but I figured I would just let the investment grow, so I didn't to track it everyday. There was on point that I wanted to add to the account, but the inability access the account and the apparent incompetence of customer service was resolved by them not accepting my further investment. This was at the beginning of 2023. By February or March of 2024 I was finally able to access the account by using my girlfriend's cell phone number. By that time I had had enough and asked that my account be liquidated, and proceeds sent to me. My investment had grown from $5000 to $4250, but I was told I had to wait until there was release of funds during the quarter. This was March, and I was told that Money would be returned by June. I've been given the runaround and think they've stolen my money. I've attempted to contact them on the website and by phone and they rarely return my calls. The only they were concerned was when I gave them a poor rating on a survey. They say my account is only worth $4250. Fine. Just give me my money.

  Customer response

  07/06/2024

  At this time, I have been contacted directly by YieldStreet Inc. regarding complaint ID ********, however my complaint has NOT been resolved because:

  [Your Answer Here]They continue to hold my funds that I directed they send me.  They tell me funds are on the way, but are not in my bank.  They only write just before the end of business hours and refuse to address my request to liquidate my account and send me the proceeds.  They have also said they reserve the right to limit how much money I can get back from my account.

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  Sincerely,

  ** *************************

  Business response

  08/28/2024

  Thank you for providing feedback on your experience with your YieldStreet account and *************** withdrawal. Allow me to clarify some points:
  The cell phone verification process is an important security measure to protect client data and assets. While an extra step, it aligns with industry best practices.
  
  For the ********************** Trust offering, withdrawals are processed during periodic liquidity windows rather than on-demand. This structure aims to manage cash flows appropriately for the underlying REIT assets and investments.
  
  Your feedback highlights areas where we can improve proactive education around peculiarities of certain alternative investment vehicles compared to traditional public securities.
  
  We appreciate you taking the time to share your perspective. It allows us to evaluate communication practices while upholding necessary safeguards and liquidity management. Facilitating a full understanding of our processes and policies is an ongoing focus.

  Customer response

  08/28/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

   They are still holding my money against my wishes and numerous attempts to liquidate my account fully.

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  ** ******** ****
  
  
  
  
   
  

  Business response

  09/25/2024

  As a real estate investment trust (****), this offering has specific liquidity constraints per the terms you agreed to. Redemptions can only be processed during certain liquidation windows.
  
  We understand your frustration but we are unfortunately unable to make exceptions to this policy for certain investors and not others. Thank you for your patience and for the feedback, which allows us to evaluate how we communicate liquidity terms and processes.

• Initial Complaint

  04/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I hv been trying to get my funds back for over a year. With no such luck excuse after excuse I tried to talk to someone April 8 then checked Nx day my account had a 0 balance no reason or explanation no phone calll

  Business response

  07/10/2024

  We have received your message regarding the issues you've experienced with withdrawing your funds and the unexpected zero balance in your account.
  
  We understand your concern and frustration with this situation. Please be assured that we take these matters seriously and are committed to resolving them promptly.
  
  Our team will investigate the status of your withdrawal request and the reason for the zero balance in your account. We will work diligently to provide you with a clear explanation and resolve any outstanding issues. If you have any further questions or information that could assist us in addressing this matter, please don't hesitate to reach out to our Investor Relations team.
  
  Thank you for your patience while we work to resolve this situation.

• Initial Complaint

  03/26/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I've been a Yieldstreet *** investor since June 2021 in the "Alternative ***ome Fund" and have received quarterly dividends since this time without issue, until recently. The last two quarters I've had to reach out to a Yieldstreet customer representative in order to receive my dividend payment. In December 2023, the issue was resolved in a few business days. ***onvenient and unprofessional but it was the first time this issue occurred and the money was soon in my account. Fast forward to March 12, 2024. I was supposed to receive a dividend payment that I've yet to receive. I initially contacted Yieldstreet on March 19, 2024 to ask where the dividend payment was and was told by the Yieldstreet customer representative that the payment was "pending." I emailed Yieldstreet again on March 21, 2024 and informed them it shouldn't take this long for a pending payment to post to my account. On March 22, 2024 I was thanked for pointing this issue out (which it's not my job to do in the first place) and was then told the issue would be looked into and the representative would get back with me. It's Monday evening on 3/25/24 and I haven't had a reply. I've had many dividends paid from various financial institutions and I can't remember any of them offering me problems like Yieldstreet. I hope it goes without saying that a business that touts it's offerings for their returns/dividends and cannot deliver them on time...that's a problem and big red flag. Time is money and I've lost 13 days of not having the agreed to dividend with no payment or time-cost in sight. This is not what a legitimate business does.

  Customer response

  04/20/2024

  Better Business Bureau:
  
  At this time, I have not been contacted by YieldStreet Inc. regarding complaint ID ********. To be clear, the dividend in question, that I originally wrote a complaint regarding, was paid on 3/27/24. However, an explanation as to why the dividend took more than two weeks longer to be paid was never given to me. A dividend eventually showed ** in my account with no communication from YieldStreet. 
  
  Sincerely,
  
  ***************************
  

  Business response

  07/10/2024

  Thank you for reaching out regarding the delayed dividend payments for your investment in the ************************
  
  We have noted your feedback about the issue you experienced with your quarterly dividend payments. Please be assured that we take these concerns seriously and are working to address them. We understand the importance of timely payments and are committed to resolving this matter promptly.
  
  If you have any further questions or concerns, please don't hesitate to reach out to our Investor Relations team.

  Customer response

  07/12/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and while I do not find the response entirely satisfactory, I have seen changes made to the payments process and will give the business the benefit of the doubt for the time being. 
  
  Sincerely,
  
  ***************************
  
  
  
   
  
  

• Initial Complaint

  02/22/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I completed a promotional bonus offer through Yieldstreet in December of 2023 that promised a $400 reward for signing up for an account and completing accreditation. The offer was advertised on ***********. I completed all requirements for the offer, as confirmed by Yieldstreet. ******* is refusing to pay me the bonus amount that I have earned because Yieldstreet has not confirmed my eligibility with them.

  Customer response

  03/18/2024

  Better Business Bureau:
  
  At this time, my complaint, ID ******** regarding YieldStreet Inc. has been resolved. Rakuten customer service was able to apply the full amount of the originally offered bonus to my account. Thank you for your help.
  

  (By clicking "OK", your complaint will be closed as Resolved.)

  
  Sincerely,
  
  *********************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩