BEWARE huge red flags with this app
I opened an account in 2020 when my daughter was born thinking this would be an easy way for friends and family to send money directly to her brokerage account. It wasn’t. There’s no way for an adult to send money without opening an account for THEMSELVES first or they could wire it but most banks have a $30-40 wire charge.
I set up a $100 monthly auto investment for my daughter and largely forgot about it for a while. I’d log on now and then and would see the balance increasing so I thought everything was fine. One time it said the Plaid connection with my bank was broken and needed refreshed so I connected it and it withdrew HUNDREDS of dollars from my bank BY ITSELF. Apparently they had been crediting her account $100/month *without* withdrawing it from my bank so when the bank connection was reestablished the backlog of transactions were pushed through. HUGE HUGE HUGE RED FLAG PEOPLE. So I decided to withdraw her money and just use something I feel safer about like E*Trade. THE WITHDRAW BUTTON DIDN'T WORK. I had to open multiple support tickets and over a week for it to work and get the money out. It literally felt like a scam like FTX or MtGox where the withdraw buttons just stopped working. HUGE HUGE RED FLAG. I wouldn’t trust this place to be a custodian of any meaningful amount of money, you’ve been warned.
I set up a $100 monthly auto investment for my daughter and largely forgot about it for a while. I’d log on now and then and would see the balance increasing so I thought everything was fine. One time it said the Plaid connection with my bank was broken and needed refreshed so I connected it and it withdrew HUNDREDS of dollars from my bank BY ITSELF. Apparently they had been crediting her account $100/month *without* withdrawing it from my bank so when the bank connection was reestablished the backlog of transactions were pushed through. HUGE HUGE HUGE RED FLAG PEOPLE. So I decided to withdraw her money and just use something I feel safer about like E*Trade. THE WITHDRAW BUTTON DIDN'T WORK. I had to open multiple support tickets and over a week for it to work and get the money out. It literally felt like a scam like FTX or MtGox where the withdraw buttons just stopped working. HUGE HUGE RED FLAG. I wouldn’t trust this place to be a custodian of any meaningful amount of money, you’ve been warned.
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Bad Communication and No Customer Support
I enjoyed the app for a short time but no longer needed it. Now that I need to close my account the support is horrendously slow to nonexistent. I’ve reached out through several methods to get this resolved. I’ve been trying to do this since 2022. I just want to close my account. I supported this company. I even told a few friends but after this I looked them up on BBB to find out they are not accredited and have a D rating. Let me warn my friends before signing up.
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This is great
I’m just a kid and I have not used a lot of money because of this I highly recommend using this company for another company. This company has earned me so much and I only spent like a couple hundred and now I have thousands Use this company no other companies Will earn you this much
Makes unauthorized withdrawal from your checking. Will not return your.
I have used this app for a little over a year. Their primary issue is money movement. It takes longer than it should to move money from your checking to Flyte and back. I decided to withdrawal funds from Flyte and send to my checking. Instead, Flyte withdrew money from my checking. They have not returned it. They did not credit my Flyte account with the money they withdrew from checking. Their customer service reps respond every other day. You cannot speak to anyone by phone. They apologize. They promise to fix this but nothing has been done for 15 days.
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Wont close my account out
This service refuses to close out an account I don’t use and they have seemingly lost the money they were transferring into my account… Say it with me folks… it’s a SCAM
Update: it baffles me Apple let’s this app stay on the App Store
I now see why it’s taking 2 months to close an account out the Dev is too busy responding to people on the App Store they can’t check internal messages from multiple chat requests to close out my account it’s actually unbelievable, not to mention my transfer is somewhere in limbo since they claim they’ve sent it to my account…. Please do yourself a favor and DO NOT DO BUSINESS WITH THIS JOKE OF A TRADING COMPANY
Update: it baffles me Apple let’s this app stay on the App Store
I now see why it’s taking 2 months to close an account out the Dev is too busy responding to people on the App Store they can’t check internal messages from multiple chat requests to close out my account it’s actually unbelievable, not to mention my transfer is somewhere in limbo since they claim they’ve sent it to my account…. Please do yourself a favor and DO NOT DO BUSINESS WITH THIS JOKE OF A TRADING COMPANY
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Good concept app
Sorry that some people have bad experience. In my opinion, it is a good app to be used for long term investment for young people. Not for people moving money around frequently. They don’t transfer money in and out as fast, but it will be done. They do respond to messages promptly. I can understand why people are unhappy. People normally expect money transition much faster. This they should improve to give people more confidence they are in control of their money.
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2 years later same issues the don’t fix
Nearly every month I have to contact support because the transfers just seem to disappear. Think they are trying to scam people. Have an automated monthly investment for two custodial accounts from a family member sending for my children, every month I have to contact support because these transfers take the money on the sending end but are never received. I end up having to wait weeks every time and they never come. After contacting support they seem to be able to resolve it after a few weeks, but the support is slow and they don’t ever fix the underlying issue. Support doesn’t care that it’s a constant issue, the always tell me it won’t happen again but it’s happened 15 times by my count. If moving my investments wasn’t such a pain I would have already. Fix your app.
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Response from developer
Hi there - so sorry for the troubles. We have had transaction delays as a result of a supplier outage but these have now been resolved. Please contact us via chat or support@flyte.com and mention this review and we will make sure the CEO attends to these specifics issues to prevent anything like this continuing. Flyte Team
Great despite Slow Support
We had a frustratingly bumpy start with this app, during which things didn’t work as they should, and it took the better part of a week to get replies to support messages. But when they did reply they were helpful and got things ironed out, and my kiddo is really enjoying investing. Some of his friends use Robin Hood accounts in their parents’ names, but I’m not comfortable with the options and margin buying available there for a teen who is still developing good judgment — it’s simply too much responsibility and risk. So this is a great, well-managed option for us that still lets him participate and learn while remaining safe. So I’m overall very pleased.
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Horrible customer service and account is locked!
This is the first time I’ve left a review for an app. I started investing for my 3 nieces last year when this app was called Loved. I’ve had no issues until the app changed to Flyte and all of the sudden my account has been locked. I’ve been emailing back and forth with customer service and apparently I’ve been rejected due to certain risk factors. My last email enquired how I can retrieve the funds that I’ve invested over the last year and I’m now getting no response. I would not use this application for long term investments for the children in your family.
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DO NOT USE THIS APP!
This app started off great and I had no issues for over a year, however after the company switched from “Loved” to “Flyte” I started having issues keeping my bank account connected. I have three different custodial accounts for my kids totaling over 5K dollars and am unable to make any more contributions because of this issue. I’m also not sure if I’m even able to withdraw money at this point since my bank account wont stay connected. I’ve been back and forth with them on this issue for awhile and on three different occasions they have told me it was fixed. Needless to say it is not fixed and my money is stranded for now. Customer service has always been slow as well as useless. If I can’t get this resolved I plan on contacting a lawyer.
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Response from developer
Hi there I am so sorry to hear of this issue. Please contact us at support@flyte.com and mention this review and I will get this resolved right away. Thanks
My teens love Loved!
I can’t recommend this product enough. I started out with my two teen boys who wanted to make some investments in Tesla, but now my wife and I both have our accounts on Loved also. We have a little group chat where we all communicate on investments and little lessons for a better financial future. Also I’ve stopped giving anything but gifts on Loved because an investment in someone’s future is the best. Really excited for the banking product coming soon.
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Response from developer
Thanks so much for your review!
Don’t use this app
I’ve been using this app for almost a year and it was okay until about 2 weeks ago when I opened up the app and seen that my account had been locked. IM UNABLE TO SELL STOCKS OR TRANSFER MY MONEY OUT OF THE ACCOUNT. I contacted support and when they responded, they said they couldn’t give me a reason why the account was blocked. And they asked for a photo ID to verify the account and after sending them a photo of my I’d they told me that they are still unable to verify my account and still has not given me any reason why my account is block and why I CANT TAKE MY MONEY OUT OF THE ACCOUNT. I’ve been in contact with support for 2 weeks and they have not helped me once to try and fix the issue they just keep telling me that they are unable to unblock the account with no reason DONT USE THIS APP. SUPPORT IS SLOW AND UNPROFESSIONAL THEY LOCK YOUR ACCOUNT CAUSE YOU TO BE UNABLE TO ACCESS YOU MONEY & SELL STOCKS.
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LOVED is a criminal organization!!!
I thought it would be good to set up a custodial account to help my young son with investing. After 1 month of no problems, the app is prompting me to set up a new account…as if I don’t already have one. And it won’t let me buy, sell, trade, or withdraw my money, even though I have multiple stocks in my portfolio and cash available in my LOVED account to invest. LOVED won’t allow me to do anything with my current money and account. They have stollen hundreds of dollars from me that is looks like I’ll never get back. They are criminals. DO NOT USE!!!
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Not quite there yet
The idea behind this app is exactly why I downloaded it in the first place. I think investing for your children while they’re young is a fantastic idea. It’s an opportunity I didn’t get as a child and wanted it for my own children. However, I have run into a few issues while setting up the account. For example, something as simple as uploading profiles pictures did not work. My mother even opened an account after I sent her a referral and for whatever reason, she cannot send money for her grand baby. I also did not get any referral “earned cash” for inviting someone. With all that being said, it has scared me away for depositing money considering all the issues I’ve encounter thus far. I would however reconsider this app in time once they work out the kinks.
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No confidence
We’ve had Loved accounts for our children since mid-April 2021. There have been numerous occasions when errors would appear and persist with their respective holdings. Additionally, they’ve experienced times when orders did not fill properly. Whatever confidence we had in the Loved platform has diminished with time. It is not acceptable to advise, reactively, that you have a “glitch” in your system. We’re talking about the long-term savings accounts of minors! They need to know that their money is safe today… and in the years to come. I do not see us recommending that they stay with Loved. There are much better free systems out there, with much better user interfaces and support. Look elsewhere.
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No Instant Deposit and it Remains Pending?
I am a minor using Loved with my uncle. He set it up a few days ago and he successfully put my account and his account in. we tried to deposit money into my account and he wanted to do it every month.
so he clicked the monthly option and apparently it says “Next Transfer: October 12” (the day i am writing this is September 12, 2021)
I haven’t received any money yet though, I will update the review if anything turns up.
so he clicked the monthly option and apparently it says “Next Transfer: October 12” (the day i am writing this is September 12, 2021)
I haven’t received any money yet though, I will update the review if anything turns up.
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Improvement
The best thing about Loved is they are actively working on improving the app. They take feedback, suggestions, and make quality of life enhancing improvements. Personally I feel they have a ways to go before they are a ‘top of the line’ product, but this interactive custodial trading concept is a new frontier.
Not learning how to control my own investments safely at a young age cost me thousands upon thousands into adulthood. Some people grasp the concept of ‘time in the market’ easily, and some people have to learn it the hard way. I learned of the hard way. My kids are privileged to have an opportunity to build this skill set for their future at an unprecedented age.
Not learning how to control my own investments safely at a young age cost me thousands upon thousands into adulthood. Some people grasp the concept of ‘time in the market’ easily, and some people have to learn it the hard way. I learned of the hard way. My kids are privileged to have an opportunity to build this skill set for their future at an unprecedented age.
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Response from developer
Thanks so much for the review! We are excited to help you pass on success to your next generation!
Stay away from this app!
After reading all the reviews, I thought I would give it a try. Once I set up everything, my account didn't work the way it should. When I emailed tech support, a person calls me and told me everything would be ok by tomorrow, and I could use the app with my child. When I tried the app again, it did not work, and when I tried to contact tech support, no one responded. I emailed them again, and no one responded. I sent them a request to close, cancel, and delete my account information, and no one has responded. I'm very concerned about this company because they have sensitive information because of the nature of the business they are trying to do; their app does not have a way to delete your account or certain information. So, I have notified my bank and put up security measures to keep anything from happening. Stay away from this company! If I don't hear from them, I will contact government agencies and file complaints against them to investigate.
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Response from developer
Hi there We're so sorry for the difficult experience you had. I believe we have resolved this for you but if not please contact us directly at founders@loved.com - if it is resolved, we'd love you to update the review, otherwise we'd love to help - we have many many happy customers and we are always improving - we do always appreciate your feedback. The Loved Team
**DO NOT DO BUSINESS WITH LOVED** BEWARE
I have never written a review about any app, but Loved deserves my time here.
On the surface, it’s simple and fun to make partial investments for myself and two custodial accounts. However, as I began digging under the surface, I became very concerned.
Most recently, I made a large cash deposit last week into Loved from my checking account. It appeared as a pending transaction in Loved and Loved took this out of my checking account.
Then it disappeared into an abyss. I cannot find it anywhere. So, I called the 888 number at the bottom of the Loved website.
**THE LOVED 888 NUMBER IS A TEN SECOND AUTOMATED RECORDING TELLING CUSTOMERS TO WRITE LOVED AN ***EMAIL!*** WITH THE ISSUE.***
Any intelligent person is not going to send confidential, sensitive account information to a general “support” email. And any reputable financial services firm is not going to have customers do this.
Secondly, I cannot find a single transparent document about Loved fees.
In short, shame on me - an experienced investor - for being fooled by a shiny penny app that has zero transparency under the surface.
If you decide to deposit money into a Loved account after reading my review, then shame on you.
On the surface, it’s simple and fun to make partial investments for myself and two custodial accounts. However, as I began digging under the surface, I became very concerned.
Most recently, I made a large cash deposit last week into Loved from my checking account. It appeared as a pending transaction in Loved and Loved took this out of my checking account.
Then it disappeared into an abyss. I cannot find it anywhere. So, I called the 888 number at the bottom of the Loved website.
**THE LOVED 888 NUMBER IS A TEN SECOND AUTOMATED RECORDING TELLING CUSTOMERS TO WRITE LOVED AN ***EMAIL!*** WITH THE ISSUE.***
Any intelligent person is not going to send confidential, sensitive account information to a general “support” email. And any reputable financial services firm is not going to have customers do this.
Secondly, I cannot find a single transparent document about Loved fees.
In short, shame on me - an experienced investor - for being fooled by a shiny penny app that has zero transparency under the surface.
If you decide to deposit money into a Loved account after reading my review, then shame on you.
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Response from developer
Hi there We're so sorry for the difficult experience. Loved is a free app, hence there's no page on fees. In regard to the customer service, because we are free we do not currently have a call center but we do our best via email support. We'd love to help out however we can via founders@loved.com Very best, The Loved Team
Just Loving it
As a kid I just love this app while I can invest and save just helps me out with my financial side of my life as a person who wants independence from my family. This app is perfect for investing maybe later in the future they can add crypto currency in to the app for more extra things..
