Commission-free trading startup Robinhood made waves when it first announced checking and savings accounts that would pay a 3% interest rate. Concerns were raised that the accounts might not be insured. And soon after it was confirmed that Robinhood hadn’t checked with regulators before making the announcement and backtracked on the announcement. Now the renamed Cash Management Tool and the option to sign up had disappeared completely from the app and website.
More than 850,000 people had signed up for the accounts, which aren’t active yet. Robinhood’s customer support account responded to customers asking about the change on Twitter by saying that the wait-list was removed from the mobile app and website “until further notice” as it makes changes to its cash management program.