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In most cases, virtual banks: - Do not require minimums (something that until recently was standard practice across all major banks) - Offer products that hel
by sarora27 4y ago
In most cases, virtual banks:
- Do not require minimums (something that until recently was standard practice across all major banks)
- Offer products that help customers through cashflow issues (Example: Chime's SpotMe feature)
- allow you to create a bank account in a matter of minutes regardless of your geography (atleast in the States)
- Offer a network of ATMs that you can withdraw money from (again w/o a fee)
- Provide a digital product experience that isn't a series of compromises due to having to work w/ legacy systems (unlike most established banks or credit unions)
- deleted 4y ago[deleted]
- pc86 4y ago- Many banks have very low minimums on their lower accounts. - I'm not familiar with SpotMe specifically, but this seems like a credit card with extra steps and less security, depending on the exact implementation - I can do this for new accounts at my current bank, and in 10-15 minutes at a new bank - Most banks (admittedly not for lower level accounts) will reimburse ATM fees. - No argument with me on this one, consumer bank tech is some of the worst out there
- Shindi 4y ago> - Most banks (admittedly not for lower level accounts) will reimburse ATM fees. > - very low [ie non zero] minimums on their lower accounts. > - No argument with me on this one, consumer bank tech is some of the worst out there Not sure if this comment was attempting to refute it's parent but it doesn't sound like a very strong argument when most of your points support the parent
- snotrockets 4y agoYou seem to be banked, and unware how it is to be non-banked or marginally banked, which is the target customers those neobanks in the US