Robinhood Financial, a private fintech company known for its no-fee stock trading app, announced at the start of last week its decision to launch a new service called Checking & Savings. However, by the end of the week, it had rebranded the offering and deleted all previous announcements amid tough questions concerning the insurance and protection of the funds, Bloomberg reports.

Robinhood has achieved success as a provider of commission-free investment services in the markets for stocks, exchange-traded funds, options, and cryptocurrencies, building a customer of about six million users. Apparently looking to conquer new ground, the company announced it would get into personal banking with a checking and savings account free of fees and a minimum monthly balance requirement. The service also promised a staggering 3% interest rate plus access to over 7…

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