Since 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.

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Wingman4l7 13 hours ago | parent | next [-]

On 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 8 hours ago \| parent [-]
		It'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.

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FateOfNations 8 hours ago | parent | prev [-]

While 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.