Following criticism, Robinhood backtracks on checking and savings feature

Earlier this week, stock-trading app Robinhood announced that it would offer a new feature to users in early 2019: a checking and savings account that didn’t have any fees attached to it. But after the feature received intense criticism, the company appears to have backtracked, saying that it plans “to work closely with regulators as we prepare to launch our cash management program.”

Launched in 2014, the company allowed users to trade stocks on companies listed on the US stock exchanges for free. A year later, its userbase had grown to “hundreds of thousands” of customers who had “transferred $1 billion” on the platform. Earlier this year, it launched a new feature that allowed users to trade cryptocurrencies, and reportedly began…

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Source: theverge
Following criticism, Robinhood backtracks on checking and savings feature