Neobanks

09 July 2021, 05:59 PM

wtg

Neobanks

quote:
A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Chime, a “neobank” serving millions, is racking up complaints from users who can’t access their cash. The company says it’s cracking down on an “extraordinary surge” in fraudulent deposits. That’s little consolation to customers caught in the fray.

https://www.propublica.org/article/chime

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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

09 July 2021, 07:18 PM

big al

Will we be returning to the Depression-era practice of stashing our spare cash under the mattress?

i am assuming that Chime is a real bank and that FDIC guarantees apply to any deposits, but I don't know for sure if this is the case.

Big Al

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Money seems to buy the most happiness when you give it away.

Why does everything have to be so complicated, all in the name of convenience. -ShiroKuro

A lifetime of experience will change a person. If it doesn't, then you're already dead inside. -MarkJ

09 July 2021, 07:26 PM

Doug

quote:
Originally posted by big al:
Will we be returning to the Depression-era practice of stashing our spare cash under the mattress?

i am assuming that Chime is a real bank and that FDIC guarantees apply to any deposits, but I don't know for sure if this is the case.

Big Al

Chime is not a bank. They’re a technology company that interfaces with banks.

09 July 2021, 09:58 PM

ShiroKuro

quote:
Chime is not a bank. They’re a technology company that interfaces with banks.

Yikes, that’s a super important distinction.

I’m glad I’ve remained very conservative and old fashioned about banking, so no “neobanks” for me!

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My piano recordings at Box.Net: https://app.box.com/s/j4rgyhn72uvluemg1m6u

09 July 2021, 10:04 PM

Steve Miller

Ugh. I’m not sure about any of this.

I pay by check in 30 days like God intended. Now a bunch of these younger guys I deal with want pay by phone. Venmo. Zelle. A few use PayPal but they’ve started collecting big fees and have fallen out of favor.

The whole thing makes me nervous. Zelle goes through my bank and it seems fairly safe, but Venmo is the wild wild West as far as I can tell. Maybe they send money when I tell them to and maybe they just send money to whoever they want to at any given time. I am pretty sure I don’t like any of it.

And I am equally sure this is how business will be done going forward.

09 July 2021, 10:47 PM

ShiroKuro

I agree with you Steve! Ugh!!

Use Zelle but so far only with family. I feel ok about it bc it’s directly associated with my bank.

Mr. SK gets some payments through Venmo, he’s had zero problems so far.

Oh and I pay my piano teacher thru PayPal, almost forget about that!

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My piano recordings at Box.Net: https://app.box.com/s/j4rgyhn72uvluemg1m6u

10 July 2021, 09:46 AM

Axtremus

I am generally OK with direct deposits to bank accounts, old fashioned paper cheques, and sometimes PayPal. Lately I have an HVAC contractor who asked to be paid using Zelle. Since this contractor has done many jobs for me and we know each other well, I figure OK, and he confirmed receipt pretty much within minutes.