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Chime isn't a bank... but they provide bank accounts via bank partners "Chime is a financial technology company, not a bank. Banking services are provided by Th
by ensignavenger 3y ago
Chime isn't a bank... but they provide bank accounts via bank partners "Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC". These bank accounts are still subject to all of the same regulations as any other bank account. Venmo and PayPal don't always store funds in real bank accounts, so they may have some different regulations for those funds, but they still have to comply with many of the same regulations.
- woodruffw 3y agoYep, that's the point in the last sentence: many of these financial services companies end up partnering with banks, but not for the "wallet" component of their services. The "wallet" part remains a relatively under-regulated financial product, while the debit card is only accessible to those who can pass KYC or otherwise meet the underlying bank's requirements.
- ensignavenger 3y agoDoes Chime have such a non bank account backed wallet service?