MENLO PARK, Calif.–It isn’t just a Taco Bell order, a missing phone cord or a prescription people can have delivered to their homes—they can now skip the ATM and have cash brought right to their front door.
Robinhood said it is partnering with the food-and-drink delivery app Gopuff to allow customers to withdraw cash from their Robinhood bank accounts and have it delivered for a $6.99 delivery fee—or $2.99 if they have more than $100,000 in assets across their Robinhood accounts.
The cash will be delivered in a sealed paper bag, the company said. The irony, of course, is that all home deliveries are paid for electronically, including the cash delivery.
‘Why Not Cash?’
“Everything gets delivered to their house from burritos to medicine,” Deepak Rao, VP and general manager of Robinhood Money, said in a statement. “Why not cash? Now imagine any reason you could ever think of for going to the bank.”
According to the company, Robinhood Banking’s cash delivery is already rolling out in New York, and the brokerage will launch the service in San Francisco, Philadelphia, Washington, D.C., and other major cities in coming months.
How to Receive Cash
To receive the cash, customers must be members of Robinhood Gold—a subscription costs $5 a month—and must have direct deposits of at least $1,000 a month set up to their Robinhood bank accounts.
The cash delivery service will be available, at least initially, from 9 a.m. to 7 p.m. each day.
Robinhood and Gopuff executives told the Wall Street Journal they have worked together to address some of the security concerns customers might have with requesting cash in the same way they might order takeout. In response, customers will have to present a verification code and grab their cash directly from the driver instead of having a package dropped off.
Driver Doesn’t Know It’s Cash
The delivery worker that picks up an order won’t know if the sealed bag contains dollar bills, diapers or any of the myriad other household and food products that Gopuff sells on its platform, executives told the Journal.
