To get around the $250,000 FDIC limit per bank, Robinhood is partnering with six banks that it will spread a user’s cash across as necessary to bundle up to that sum. But each user’s funds will be covered by the Federal Deposit Insurance Corporation up to $1.25 million. It’s even using an identical promo image for its half-translucent green, black, white and American flag debit card designs. Now despite Bhatt claiming “Cash Management is a brand new program built from the ground up,” it will offer the same debit card design and network of 75,000 ATMs. Robinhood Cash Management’s debit cards, featuring the same design from the scrapped Checking launch
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