SIPC said it doesn’t protect Robinhood’s checking, savings account deposits

The Securities Investor Protection Corp. said Robinhood’s new checking and savings accounts will not be protected by the industry’s insurance protection against investors losing money due to a brokerage firm’s failure.

In fact, the SIPC is rather emphatic about it.

“I disagree with the statement that these funds are protected by SIPC,” SIPC President and CEO Stephen Harbeck told Bloomberg News Friday. “Had they called us, I would have told them what I just told you in that I have…

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