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Robinhood Cash Management Account


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Just for info Robinhood is coming out with a cash management account with a debit card.  My friend works there.  She said they will not use Chex , only credit report to verify identity.  Now they could change there mind later to use Chex. There is a waiting list you can join on there website so when they launch it you are on it.  If your can’t find on website google robinhood cash management account

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I'm sure Robinhood will speed things up. If not, the dinosaurs will have returned before we get their cash management account. They got into trouble with the SIPC at the end of last year, when they assumed they'll insure their interest earning checking type of account, so they had to scrap the debit card and go back to the drawing board.

 

Other brokers, like Schwab, Fidelity, Merrill Edge, E*Trade, TD Ameritrade, SoFi and Interactive Brokers offer debit cards with low minimum balances. I'm unsure which ones check Chex, but they all verify identity.

 

Vanguard, TradeStation and also Firstrade offer debit cards but I'm not listening them above because I believe these all have higher balance requirements to obtain one. I think Vanguard requires assets of $500,000 in their accounts to get a debit card. That's a huge amount to tie up, if you have that. 

Edited by Burgerwars
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I'm a sucker for this stuff. Betterment sent me a link for their new checking account. I clicked on it, logged into my investment account, and the debit card/checking account was immediately credited. I'm unsure if any Chex/EWS was done, as I check that once a year. Next time will be in February.

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On 11/9/2019 at 3:47 PM, Burgerwars said:

I have Robinhood and their app says I'm number 214,625 in line for the cash management account, and I moved up 8 spots today. At this rate, I'll be signing up in 588 years. 😕

I am like 435,236 in line, but you can move up 1000 spots a day by just tapping on the Robinhood debit card picture that tells you your place in line.  I literally click it 1000 times a day lol lol.. I was 435, 896 in line at one time. 

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8 hours ago, mckbulldog02 said:

I am like 435,236 in line, but you can move up 1000 spots a day by just tapping on the Robinhood debit card picture that tells you your place in line.  I literally click it 1000 times a day lol lol.. I was 435, 896 in line at one time. 

I moved down one spot today. The dinosaurs will be roaming the earth again before we can apply. But really, I think they'll open things up when they want. One day they'll probably let everyone apply. I'm in no rush. These accounts aren't anything special.

 

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  • 3 weeks later...
On 11/13/2019 at 5:14 PM, mckbulldog02 said:

I am like 435,236 in line, but you can move up 1000 spots a day by just tapping on the Robinhood debit card picture that tells you your place in line.  I literally click it 1000 times a day lol lol.. I was 435, 896 in line at one time. 

I noticed that too. Will you be tapping for the next year?

I don't have the patience to do all that tapping. Besides, they've been moving me up, and down, the waiting list. They could cancel out the tapping any time they feel like it.

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  • 1 month later...
On 1/5/2020 at 7:59 AM, pandmel said:

This is a turd account. You can get all the same features plus debit card / checking access at 

TD, Fidelity or Ally

Commission free trading has become the norm. I'll keep my Robinhood account open to see how long it takes for the turd debit card. Today I'm 187,000th in line.

Robinhood isn't the disrupter as some of the press may have you believe. I feel it's OK to play with, but not as a primary brokerage/investment account.

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2 hours ago, Burgerwars said:

Commission free trading has become the norm. I'll keep my Robinhood account open to see how long it takes for the turd debit card. Today I'm 187,000th in line.

Robinhood isn't the disrupter as some of the press may have you believe. I feel it's OK to play with, but not as a primary brokerage/investment account.

They are moving along alot faster now.. I moved up almost 2,000 spots a day. was at 700,000 in line and now im 406,000 in line 

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  • 3 weeks later...

Like an idiot, I did some tapping today. I'm about 158,000 in line.

A couple weeks ago I moved all but about $600 of what I have in Robinhood into my Schwab account. Schwab will reimburse you the $75 Robinhood charges for an ACATS transfer out if you ask them.

The advantage of Robinhood has faded, since all the major brokerages do no-commission trades. I'll keep the account open for the debit card and some small trading, but for nothing else.

Edited by Burgerwars
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  • 1 month later...
4 hours ago, tmcgill said:

Anyone else get an email saying they're off the wait list?

 

Any benefits to this account?

I got off the waiting list about a month ago. It was moving quick, over 15,000 a day, when I got to the top.

I find it's nothing special. It's like debit cards you can get from Schwab, TD Ameritrade, E-Trade and so on. The bigger brokerages offer more investment choices and check writing if you need it. Anyway, I'm keeping the account, although I don't use it much.

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6 hours ago, Burgerwars said:

I got off the waiting list about a month ago. It was moving quick, over 15,000 a day, when I got to the top.

I find it's nothing special. It's like debit cards you can get from Schwab, TD Ameritrade, E-Trade and so on. The bigger brokerages offer more investment choices and check writing if you need it. Anyway, I'm keeping the account, although I don't use it much.

Can you use it like a primary bank account (other than check writing)

Can you deposit checks by mobile deposit.  What are the options for depositing money into the account..  Thanks

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1 hour ago, mfins said:

Can you use it like a primary bank account (other than check writing)

Can you deposit checks by mobile deposit.  What are the options for depositing money into the account..  Thanks

The account can do direct deposits and ACH transfers. No check deposits. I wouldn't consider it a primary bank account.

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  • 3 months later...

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