Robinhood Will Retool Checking Product Following Scrutiny

After a backlash around the marketing of its newest product, Robinhood Financial LLC has rebranded the service it had previously billed as Robinhood Checking & Savings.

Initially rolled out with comparisons to traditional bank accounts but offering a sky-high 3 percent interest rate, the company scrubbed the page from its website, deleted tweets about the launch and issued a blog post explaining the change. Robinhood is now calling it a “cash management” service. “We’re excited and humbled by the response to yesterday’s announcement of Robinhood’s cash management program launching in 2019,” founders Baiju Bhatt and Vlad Tenev wrote in a statement. “However, we realize the announcement may have caused some confusion.”