Square Financial Services is a Utah-chartered industrial loan company (ILC) with FDIC insurance [0]. Savings deposits go here. Checking accounts are at Sutton

Square Financial Services is a Utah-chartered industrial loan company (ILC) with FDIC insurance [0]. Savings deposits go here. Checking accounts are at Sutton Bank (partner bank). I assume the split is driven by Square Financial's three-year supervisory plan w/ FDIC and the mechanics of getting square off chase/wells card rails. Green dot did something similar by purchasing a chartered bank. [0] https://www.fdic.gov/regulations/laws/bankdecisions/depins/square-financial-services-inc-salt-lake-city-ut.pdf https://www.fdic.gov/regulations/laws/bankdecisions/depins/s...