Robinhood Offers To Bring Cash To Your Doorstep, for a Fee (yahoo.com)
- Reference: 0180064958
- News link: https://news.slashdot.org/story/25/11/13/1712207/robinhood-offers-to-bring-cash-to-your-doorstep-for-a-fee
- Source link: https://finance.yahoo.com/news/robinhood-offers-bring-cash-doorstep-130000451.html
> Robinhood Markets is betting its Gen Z and millennial clientele are as eager to send out for delivery of a wad of cash as they are to order pizza or a pint of ice cream.
>
> The brokerage is joining with food-and-drink delivery app Gopuff to [1]allow customers to withdraw cash from their Robinhood bank accounts and have it brought right to their door. For a $6.99 delivery fee -- or $2.99 if they have more than $100,000 in assets across their Robinhood accounts -- users can skip the ATM and have money delivered in a sealed paper bag while they are at home.
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> It is a new feature that Robinhood first teased in March, when Chief Executive Vlad Tenev unveiled the company's plans to roll out many traditional and -- as with its cash-delivery service -- unconventional banking services.
[1] https://finance.yahoo.com/news/robinhood-offers-bring-cash-doorstep-130000451.html
How dumb can people be? (Score:3)
You'd have to be a real dumb ass to pay for this.
Why? (Score:2)
How is it different than other convenience-for-money transactions?
Paying people to bring you toilet paper or soft drinks is pretty uncontroversial. What makes money different?
I'd also note that $2.99 is less than the ATM fee at the closest ATM to my house. I don't use Robinhood, but it would be $.51cheaper for me to have them bring me money than to go to the nearest ATM.
Re: (Score:2)
You're painting a target on your back.
Re: Why? (Score:2)
> You're painting a target on your back.
And the delivery driver's.
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Because what use do you have for cash at home?
And if you're going out somewhere, you can visit an ATM on the way.
And even if you are going out, how often do you actually need cash? The vast majority of places will accept cards, mobile payments or bank transfers etc.
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Because what use do you have for cash at home?
Drug delivery is the most obvious. I remember a couple of times I was preparing to head to the airport, needed cash, and might well have used something like this.
And even if you are going out, how often do you actually need cash?
I regularly use cash. "Need" doesn't have anything to do with it, I just prefer the simplicity.
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"Because what use do you have for cash at home?"
Allowance for the kid. Pay the babysitter. Pay the guy who just painted your fence. Repay your sister for the birthday card you gave your elderly mother.
Etc.
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I always carry cash. Cash is privacy. Cash is freedom. Digital payments are techy serfdom.
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In an of itself, that's a perfectly cromulant opinion to hold, but I doubt it's going to be shared by a bunch of people with Robinhood accounts paying electronically for the delivery of "freedfrom from techy surfdom". :D
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> Paying people to bring you toilet paper or soft drinks is pretty uncontroversial.
Is it uncontroversial, though? I can't be the only one on here that thinks paying someone else to go pick up a burrito for you is fundamentally stupid.
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Nope. You're spot on.
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You are not alone. For giggles I went to Doordash to see what a Big Mac Value Meal would be delivered. There's a McDonalds less than 5 miles from my location.
"$18.92 total before taxes" and having not used Doordash I'm guessing there is an expectation on top of that. So maybe $24 for a Big Mac meal delivered...that's batsh-t crazy. But no doubt people do this, and those people are likely the ones who aren't in a great position to afford it. I dunno, it's hard to see stuff like this...like paying to
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I've done the doordash thing exactly once. Waste of money. Paid for the meal. Paid for the delivery. Paid a tip. Ate cold food.
Other than it being more expensive, slower, and all-around worse, it was perfect.
Because.... (Score:2)
It depends largely on two things:
- how scarce is time, vs. how scarce is money
- how good are you at planning ahead
Customers of Gopuff / Instacart / etc are mostly, almost by definition, people who don't mind spending some money to free up some time.
And I suspect that they're largely people who don't have a habit of keeping enough of everything at home (in the fridge or otherwise).
Fifty years old, settled into a routine, and frugal? Definitely not the target customer, but maybe in a pinch.
Twenty, well paid,
Re: Why? (Score:2)
paying to not have to be the one to wait in the taco bell line is worth it at 7pm on a cold night; especially when im disabled and its difficult and painful for me to get ready to leave; though thats gotten easier lately i have doordashed most of my food for 5 years; i cant drive and im too disabled to cook anything more than a frozen dinner or maybe some ramen or a quesadilla of all the convenience things that the app economy and smartphones have brought; i am most grateful for easy (usually) quick (some
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I should have been less crass about it. I understand there are completely valid reasons to use such a service.
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Well, if you're the type to pay ATM fees, I guess this service is right up your alley.
996 (Score:5, Insightful)
These are the kind of nasty little services you see in Asian countries where people are working 12 hours a day 6 days a week.
Basically you don't have time for anything so at some point if you have an errand you need to run you end up having to pay somebody else to do it even if it's something as simple and stupid as this.
You justify it by saying that you're getting paid at your job enough to cover this but you're actually massively overworking yourself and you will eventually burn out. Meanwhile the company you work for is using you up and eventually when you're dried up they will throw you out like used toilet paper.
When you see stuff like this it's a sign of a failing system.
Re: (Score:2)
I can't tell you how pissed off I was when I saw the courses and the work they were doing and realized it was literally them being trained to do the job they would do out of college.
You were pissed off to find out your kids were being trained to do their first post-college job? What?
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You're arguing with a poorly implemented LLM. Save your breath.
This (Score:2)
Also to clarify, there is a difference between being taught the general skills and knowledge needed to do a job and being taught specific tasks needed to make someone's business profitable.
Back when I was a kid there was a line between school work and on the job training and you got paid for on the job training. I am pretty certain the old farts floating around this forum also got paid for actual on the job training.
Now not only do kids not get paid for on the job training they pay for the privilege
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> Basically you don't have time for anything so at some point if you have an errand you need to run you end up having to pay somebody else to do it even if it's something as simple and stupid as this.
In my younger days I was working two full time jobs. That's 16 hours a day, 6 days a week. If you would have offered me a service to deliver cash to me I would have said "That's fucking stupid".
Oh yeah (Score:2)
THIS will end well...
Re: (Score:1)
It ends well for Robinhood. It's purely a short-term scam. Get in, make some money, get out.
The security issues would be a nightmare (Score:4, Interesting)
ATMs were already a compromise compared to getting money from a bank that has security guards now we have people who will use your money having the trust not to steal it. Expect "tips" to be taken from your cash if not just take the money and run. Despite the privacy of cash the physical logistics of it all don't work in a trust breakdown.
Re:The security issues would be a nightmare (Score:4, Insightful)
That's not the problem, the problem is that it becomes really easy to find homes likely to have cash stored ... especially with an insider.
He won't take any cash, but some of his friends will make a visit later.
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or the guy who ordered the cash will arrange an "interception"
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or just claim that the driver didn't deliver the full amount (who's gonna believe some immigrant driver). There are so many ways to game this I can't believe it's even being suggested.
Dangerous for the Delivery Person (Score:5, Insightful)
What could possibly go wrong for the Robinhood Markets' delivery people having to carry cash in their vehicles and on on their persons?
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That's the gigger's problem. It is a side gig type job, right?
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and they know how to trick the system to get free food from time to time so they can do with cash and the gig system does not have my real id or address.
The generations least likely to use cash (Score:2)
This service targets the generations least likely to use cash. Outside of a casino, I use cash once or twice a year. I know most of my friend group is the same way. I can't imagine this will generate a large amount of revenue, but it might work as a marketing strategy to drive business from Robinhood to Gopuff.
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My only guess is drugs.
Re: (Score:2)
> My only guess is drugs.
Also Craigslist, Kijiji, Facebook Marketplace, etc.
"If they have more than $100,000 in assets... (Score:5, Insightful)
...across their Robinhood accounts—users can skip the ATM and have money delivered in a sealed paper bag while they are at home" by a rando gig worker who now knows they have more than $100,000 in assets.
The pitch meeting for this must've been amazing: "You know how you can't trust the Ubereats guy to not swirl your cold fries around his asshole a few times before putting them back in the bag? Well what if he knew you were lazy and loaded?"
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I think the intersection between delivery driver and bag man for international scammers is a big one. Not saying ALL delivery drivers, but these are not the kinds of gigs that foster a vice-free lifestyle.
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> a rando gig worker who now knows they have more than $100,000 in assets
Not saying this is a good idea, but I don't think the gig worker would know if you're paying $6.99 or $2.99 for the delivery, which is what would tell them if you have more than $100k in assets.
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> by a rando gig worker who now knows they have more than $100,000 in assets.
... a significant portion of every city has people living in it with more than $100,000 in assets. Like outside of the slums you can bet anyone with a hint of grey in their beard does.
This isn't the security risk you think it is. God my wife is a teacher and her woefully underpaid arse had over $100k in assets when we met. In fact most people who have paid off only 1/4 of their mortgages have $100k in assets. What's the difference between whether that's in stocks, bonds, or housing?
Robs from the rich and gives to the poor? (Score:2)
I guess this cash delivery service only works if you're poor, if you're rich they're going to steal it.
Hoo boy (Score:4, Insightful)
If Gopoof drivers are as clueful as the other delivery app drivers, this is going to end in the most absolutely dumbest way possible. They're just going to toss ten thousand dollars in cash at someone's front door. And not even be on the right street.
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> If Gopoof drivers are as clueful as the other delivery app drivers, this is going to end in the most absolutely dumbest way possible. They're just going to toss ten thousand dollars in cash at someone's front door. And not even be on the right street.
Yes, if. That said, it's entirely possible to do this right. Head office bags the money in front of the driver, who scans a barcode indicating he's agreeing to the amount in the now-sealed bag. Recipient scans the barcode confirming the package is sealed when handed to them. Plus the company only assigns drivers who have established they are capable. It's a stupid service and the company involved is stupid so you're probably right, but it doesn't have to be that way.
Fees indeed (Score:2)
Wow, I thought my bank's ATM fees were ridiculous.
how is robinhood still in business (Score:2)
They literally screwed lots of their Customers with the gamestop short squeeze. If you are still using them you just want to have your money taken.
Facilitating Their Namesake? (Score:2)
Am I the only one that sees the irony that a company called Robinhood is preparing to deliver wads of riches to well-off too lazy people and hoping someone doesn't attempt to rob said rich people and give to themselves?
This is great. (Score:2)
The single best use case is people waiting for their drug dealers, and stoned people shouldnt drive. Everybody else privides alternative payment methods.
Raises hand (Score:2)
> Robinhood Markets is betting its Gen Z and millennial clientele are as eager to send out for delivery of a wad of cash ...
Um... Aren't the younger generations more prone to using electronic payments *rather* than cash?
[1]Gen Z and the Future of Payments: Cards, Cash, and the Shift to Digital [swipesum.com]
> See how Gen Z is transforming payments with a strong preference for digital wallets, contactless cards, and mobile payments over cash.
[2]2024 Diary of Consumer Payment Choice [frbservices.org] (article has nice graph of payment types 2016-2023)
> The findings also show a growing generational divide among those using cash versus electronic payments. Consumers younger than age 55 used cash for just 12% of payments in 2023, compared to 22% for those age 55 and older. Notably, for the first time in Diary history, cash was not the most-used instrument for smaller-value payments of $25 or less.
Google: [3]younger generations cash vs electronic payment [google.com]
[1] https://www.swipesum.com/insights/gen-z-and-the-future-of-payments-cards-cash-and-the-shift-to-digital
[2] https://www.frbservices.org/news/research/2024-findings-from-the-diary-of-consumer-payment-choice
[3] https://www.google.com/search?q=younger+generations+cash+vs+electronic+payment
$2.99 is cheap (Score:2)
I pay more than that in bank fees for using out-of-network ATMs.
On the other hand, I can just stop at one of my broker's ATM when I leave my house for work, groceries, appointments, etc. And take cash out of a debit account, or if I bothered to set it up, an LAL account (Liquidity Access Line).
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So .... I'm going to trust some guy working for "food-and-drink delivery app Gopuff", and who is getting paid nearly nothing, to deliver a bag of cash to me.
Yes. Makes perfect sense. Nothing could possibly go wrong.
Re: (Score:2)
> Nothing could possibly go wrong.
Yep. Everything wil gopuff!
they will be 1099's er and not allowed to C&C (Score:2)
they will be 1099's er and not allowed to C&C
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Yes: getting cash. Anonymity is a cornerstone of freedom.
What could possibly go wrong? (Score:3)
That's the joke I'm looking for on the story--and the obvious answer is that cunning and evil hackers can use it to get cash. Or maybe no hacking will even be required?
Of course any old examples are obsolete, but I'll mention one that I heard about recently. The crooks contacted real estate dealers and arranged for a "private showing" of a house. They got the keys from the realtor and then went to the property and waited for a delivery that was carefully scheduled to arrive at the time of the private showin
robbery setup and other scams (Score:2)
robbery setup and other scams