I’ve had an account since Feb. 2015 and don’t remember seeing an in-app notice either. It’s certainly possible I saw it but don’t remember now.

I checked back through my email archives and found the announcement email “Introducing Robinhood Instant” from Feb. 23, 2016.

From the small print terms at the bottom of the email:

“Robinhood Instant is implemented as a limited margin account designed to allow customers to purchase with unsettled funds. Robinhood Instant is free, which means customers will not be charged interest. Further, Robinhood Instant accounts will not be able to purchase securities with more than the account cash amount (leverage) or engage in short selling.”

I signed up on Tuesday and saw no such notice.