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I'm a bit confused about why one would want to do this! If you become your own bank, what are the pieces you have to do yourself? (I imagine things like fraud?)
by randomcatuser 4y ago
I'm a bit confused about why one would want to do this! If you become your own bank, what are the pieces you have to do yourself? (I imagine things like fraud?)
- iancmceachern 4y agoIt seems like a great tool for financial fraud, phising schemes, laundering. What non-nefarious uses would it have?
- meltedcapacitor 4y agoIt's white-label banking, allows non-bank businesses to have a bank account product with their name on it, confusing everybody in the process. It's naff but not nefarious.
- impulser_ 4y agoYou're not actually becoming a bank. They are just providing an API so you can act like a bank. Your money is still going to be held by an actual bank. The banking services are still being provided by an actual bank.
- hbcondo714 4y agoYeah, accounts are with First Internet Bank or Blue Ridge Bank: https://increase.com/terms https://increase.com/terms
- dang 4y agoSubmitted title was "Increase: Become your own bank". Since that seems to be a bit confusing and I don't see that text on the page, I've reverted the title to what the page says.
- zhivota 4y agoYeah it's one of those things where it's not technically correct, but it's probably correct from the user's point of view. Customers of Increase will look a lot like a bank to an end user, but they'll be 2 layers removed from the actual bank, and everything they do will mention the actual bank's name on it for FDIC/regulatory purposes.
- mousetree 4y agoFWIW, you won't be allowed to advertise yourself as a bank either.