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As banks close accounts, experts point to immigration crackdown
- cyanydeez 4mo agosurely peter theiil will get right on this debanking crisis.
- NooneAtAll3 4mo agocash is still king
- itake 4mo agoCashapp is also king on their list
- lifestyleguru 4mo agoTo the remaining clients banks cut the features and decrease the limits "because of fraudsters and thieves". Just like this, no one says a word.
- tamimio 4mo agohttps://archive.is/fxhad https://archive.is/fxhad
- jimz 4mo agoSince when is Chime a bank since their customer service repeatedly told me in no uncertain terms that they are a "spending account" and absolutely not a bank.
- FateOfNations 4mo agoWhile Chime, the company, isn't a bank, they do resell banking services. They are functionally value added resellers for The Bancorp Bank, N.A. and Stride Bank, N.A.
- Wingman4l7 4mo agoOn their own "About Us" page: "Chime® is a financial technology company, not a bank." eyeroll These leeches want all the profits of banking and none of the customer service and regulatory obligations. New rule: if we ask 100 of your customers if they think you're a bank, and the majority say yes, congratulations, you're now a bank under law, because you sure as hell are pretending to be one.
- FateOfNations 4mo agoIt's more that they want to disaggregate the customer service and tech stack responsibilities from the financial ones, with the profits split accordingly. At least in the US, Chime and other "banking fintechs" do have real banks underpinning them (The Bancorp Bank and Stride Bank, in Chime's case). This new the three-way relationship (customer-"fintech"-bank) can present new types of risks, and there's definitely room for overhauling the rules that regulate it, but it isn't an inherently bad business model.
- decremental 4mo ago[dead]
- Cider9986 4mo agoBanking sucks. It's totally against freedom. Monero is the ideal currency. There's no politics to who banks censor, it's all "risk management". Monero is private, secure, and uncensorable. Nobody will ever ask what your using your money for, because they can't. Cash is king too, but it doesn't work online and there's significant restrictions.
- deleted 4mo ago[deleted]
- khriss 4mo agoGood luck getting your grocery store to accept Monero though.
- Cider9986 4mo ago300+ supermarkets accept it in Switzerland. It's not like they choose every crypto they want to accept, they just use a payment processor that supports a bunch. I don't see that as particularly hard to implement if there's demand. Walmart probably won't, considering they don't even accept Apple Pay. Spar Launches Switzerland’s First Nationwide Crypto Payment Rollout https://cryptodnes.bg/en/spar-launches-switzerlands-first-nationwide-crypto-payment-rollout/ https://cryptodnes.bg/en/spar-launches-switzerlands-first-na...