[philco]

I might be wrong, but most of these programs have partner banks, which take part of the revenue for themselves. I think it's more likely they make Fed Funds minus some take rate from the bank, so maybe Fed Funds - 0.50bps. Point still stands, but I don't think they're making 3.75-4%. Wealthfront is passing through 3.30%, so likely only making 0.25bps on that cash.