Robinhood has shown itself to be innovative about tech but casual about fin. A few years ago they advertised what they falsely called "checking and savings accounts," and, while not mentioning FDIC, falsely claimed the accounts were "insured by SIPC." The very next day, the head of SIPC told reporters that he didn't think they were, and shortly thereafter Robinhood took down their web pages about it. In my imagination, someone said "I think they're probably SIPC insured so let's not take the trouble of checking with the SIPC, let's just say they are and see what happens."
USA Today, 12/14/2018
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USA Today, 12/14/2018
Cash deposited in Robinhood's 3% checking and savings isn't insured, SIPC says
Statistics: Posted by nisiprius — Fri Jun 21, 2024 8:08 pm