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I'm wondering how they got around the state banking laws requiring them to be a chartered bank if they want to use the word "Bank" in their name (for example, i
by spolsky 16y ago
I'm wondering how they got around the state banking laws requiring them to be a chartered bank if they want to use the word "Bank" in their name (for example, in New York, Banking Law Section 132). All the confusion in this forum as to whether they are actually a "bank" makes me think they may not yet have heard of these laws...
- i2pi 16y agoWe have certainly heard of that law and similar rulings and are in fairly regular contact with the regulators. BankSimple is the name of our product, our company is Simple Finance Technology Corp. (rolls off the tongue...) There is plenty of precedent for our situation - not being a chartered bank but having 'bank' in our product name and URL. BankFreedom, BankRate, FindABetterBank, etc. Not comparable businesses, but face similar issues. IANAL, but, by god, we pay them handsomely to deal with this and many other banking issues.