Banking Law News

Chime Gives Users Paychecks Early, Now It Wants Their Savings

Feb. 20, 2020, 11:01 AM

In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a high savings rate—and might not technically be a bank at all.

Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial services. And despite not having a banking license, Chime operates enough like a regular bank that Chief Executive Offer Chris Britt says it’s stealing away customers from companies like Wells Fargo & Co. and JPMorgan Chase & Co. by the millions.

Today, Chime has 8...

To read the full article log in. To learn more about a subscription click here.