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Yeah, I don't trust these startups handling my money. Not only that, but the bank that they have doing back-end services for them, Sutton Bank, seems like a tin
by JohnWhigham 5y ago
Yeah, I don't trust these startups handling my money. Not only that, but the bank that they have doing back-end services for them, Sutton Bank, seems like a tiny local bank. Guaranteed their own back-end services aren't in-house.
Just no all around to this product.
- natchy 5y agoSquare is a public company. Not a startup by any means.
- typon 5y agoDo they follow the SV "Move fast and break things" mantra?
- bdcravens 5y agoSutton has been around for 140 years. They issue the debit cards for Cash App. They also have worked with Robinhood (it looks like Robinhood may have moved on to JPM however)
- JohnWhigham 5y agoI'm just saying how it looks. I'm not about trusting my money to a mom-and-pop-looking credit union that outsources everything, I want a powerful firm that does everything in-house and has robust security.
- bdcravens 5y agoThat's reasonable, but pretty much every business that manages money usually has a third-party bank behind the scenes (though many do use a big bank like JPM or WF)