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Robinhood quietly stops users from signing up for cash accounts amid scrutiny from regulators

“Robinhood, the no-commission stock trading platform, is no longer letting users sign up for its new cash management accounts” writes Jacob Passy for marketwatch.com. Robinhood first announced the cash management accounts on Dec. 13 and initially described them as no-fee checking and savings accounts that would earn 3% interest.A section of the Robinhood app where users could put their name on a waitlist for the cash management accounts disappeared after some users updated the app over the past week.The change also raised more questions about the future of Robinhood’s cash management accounts, which attracted the attention of U.S. senators after it was revealed that Robinhood had not consulted federal regulators about insuring the cash accounts.The change, which Robinhood did not announce, frustrated some users, who complained on Twitter TWTR, +1.09%  and Reddit that were worried they would lose their spots on the waitlist for the cash management accounts.
 
Source: marketwatch.com



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