The penalty clears the deck for Robinhood to file for an IPO. That prospectus debuted Thursday, but the filing also revealed several investigations against the company and a search warrant to obtain the CEO's phone.
The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.
The bank becomes the second U.S.-based SIFI, after State Street, to form a crypto-centered business this month — at a time when central banks are casting doubt over the tokens' volatility.
A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.
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