Robinhood cancels plan to offer no-fee banking after SIPC denies it planned to insure accounts

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Just a couple of days ago, we told you that commission-free trading app Robinhood was adding free no-fee banking and checking to its offerings. The company said it would pay 3% annual interest compared to the .8% that most banks pay out these days. In addition, there would be no minimum-deposit, access to free ATMs across the country, and a free debit card. Robinhood said that the accounts were going to be insured by the SIPC rather than the FDIC. The former is the insurance company that protects the cash and securities in brokerage accounts.
Now, it appears that Robinhood …

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