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It's a bit jaw dropping that they've launched this without talking to the SIPC to check that they agree with the statement that they provide FDIC-like protectio
by obeattie 8y ago
It's a bit jaw dropping that they've launched this without talking to the SIPC to check that they agree with the statement that they provide FDIC-like protection on these accounts. I wonder what happened here…
- toomuchtodo 8y agoMove fast towards to IPO exit, break users' personal finances. This is what happens when your growth team runs up against competent regulators.
- objektif 8y agoGrowth team = MBAs is that right?
- toomuchtodo 8y agoCould just as easily be amoral technologists. Lack of ethics doesn’t discriminate.
- ryandrake 8y agoAlso, as in all of these products, at the end of the day a developer (or developers) typed in the code. "Whelp, boss said to do it!"
- Mtinie 8y agoAFAIK they haven't yet launched, it's not going to be until "early 2019". Not a defense of Robinhood, but their lack of (apparent) SIPC protections today do not necessarily imply they will be missing when they formally launch with actual customer deposits.
- EpicEng 8y agoYet it's being marketed as SIPC insured _today_.
- Mtinie 8y agoYou're right. I thought I had read it as "will be insured" but now that I go back and look at the content on https://checking.robinhood.com https://checking.robinhood.com I see it reads "Every Robinhood account is SIPC insured up to $250,000 in cash and protected by modern encryption so you can rest easy and save confidently." No bueno.
- iscrewyou 8y agoSo it’s securities fraud?
- saalweachter 8y agoThey almost have the UI changes to the phone app done, which is the hard part. What's a little paperwork?
- sjroot 8y agoThis made me laugh out loud. "We just shipped the new tab bar item!"