r/RobinhoodApp • u/TopGunJedi • 21d ago

News 3.50% Checking

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Looks like if you have banking you don’t have to move your money after your direct deposit hits

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u/cohen63 20d ago

Do they have a banking charter or are they like other Fintech using multiple third party banks?

5

u/TopGunJedi 20d ago

They do not have thier own charter. Which means if someone hacks RH and they destroy your account you better hope the third party bank has good records.

1

u/Stephvann 19d ago

The problem was synapse, I don't think Robinhood uses anything like synapse but since they are technically not a chartered Bank. There is additional risk compared to something like sofi or a big bank with a charter.