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“The statute that we administer says that we protect money with a brokerage firm that is used for the purchase of securities,” he added. “On Robinhood’s help pa
by deadmik3 8y ago
“The statute that we administer says that we protect money with a brokerage firm that is used for the purchase of securities,” he added. “On Robinhood’s help page, it says that you don’t need to invest to use Robinhood checking and savings, that statement is wrong. If you deposit money for any other purpose, it is not protected.”
So it is insured, unless they can prove it's not for investing?
- gonational 8y agoThe burden of proof is not on the insurer, but the insured. Think through this like a court case, where the insured is suing the insurer. The insured doesn't simply go in front of a jury and state, "SIPC owes me $N. I rest my case."
- whitepoplar 8y ago"I deposited $250k with the intention to buy into securities when the market declines by a substantial amount determined by me. Just because I did not purchase stocks does not mean these funds aren't slated for future investment."
- deadmik3 8y agoWhat if I'm buying stocks with just some of the money? So I buy a couple shares of some penny stock but keep the rest of my 25k uninvested, am I only insured for the amount I have invested or is my entire account insured?