Robinhood launches 3% checking account
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Robinhood launches 3% checking account
1–10 of 684 posts
Re: Robinhood launches 3% checking account
#2Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit? I'd like to use this but I will be processing a lot of cash in the future and worry about depositing thousands of dollars at an ATM.
Re: Robinhood launches 3% checking account
#3Is it FDIC insured?
Re: Robinhood launches 3% checking account
#4Is it FDIC insured?
It has to be by law.
Re: Robinhood launches 3% checking account
#5I’m not sure why other banks haven’t followed. One month treasury rate is already up to 2.3% now and banks can certainly lend it out at higher than treasury rate.
Re: Robinhood launches 3% checking account
#6Is it FDIC insured?
yes.
Re: Robinhood launches 3% checking account
#7Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit? I'd like to use this but I will be processing a lot of cash in the future and worry about depositing thousands of dollars at an ATM.
ATM is reimbursement based. Very much how shared branching with credit unions work.
Re: Robinhood launches 3% checking account
#8Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit? I'd like to use this but I will be processing a lot of cash in the future and worry about depositing thousands of dollars at an ATM.
They're probably partnering with Cardtronics (which includes Allpoint) which has a really wide ATM network, partially owned and partially thru partnerships with other banks, credit unions, etc.
Re: Robinhood launches 3% checking account
#9Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit? I'd like to use this but I will be processing a lot of cash in the future and worry about depositing thousands of dollars at an ATM.
I use Simple, which is similarly online-only. They recommend depositing cash by getting a money order, which you can deposit via online check deposit by taking a picture of it.
I doubt the ATMs at Target/7-11 can take cash deposits. I've only seen that feature on bank branch ATMs.
Re: Robinhood launches 3% checking account
#10Sorry if this is ignorant but how does the ATM system for this work? Who owns the ATMs at Target and 7-11? Is there a limit to how much cash you can deposit? I'd like to use this but I will be processing a lot of cash in the future and worry about depositing thousands of dollars at an ATM.
The limit on deposit is based on FDIC limits and how much you want to risk. The amount FDIC insures today is $250,000 https://www.fdic.gov/deposit/deposits/