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As banks close accounts, experts point to immigration crackdown

americanbanker.com

37 pointspetethomas18 comments

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.

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.

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.

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.

Banking 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.

Good luck getting your grocery store to accept Monero though.

300+ 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-na...

Walmart supports Apple pay in Canada , so does Home Depot.

Anyway , monero for a PoS crypto system sounds amazing. Do you know if any North America support this? If so specifically which brand / company / provider ?

All your comments are [dead].

No, not all. Are you helping? If you look far enough, you'll find out why: https://news.ycombinator.com/item?id=43911503

They were already told they were banned, I'm not giving new info.

To the remaining clients banks cut the features and decrease the limits "because of fraudsters and thieves". Just like this, no one says a word.

https://archive.is/fxhad

This link is still the blocked, paywalled version of the article.

No? Scroll down the full article is there, I did read it.

cash is still king

Cashapp is also king on their list

surely peter theiil will get right on this debanking crisis.

Reply on news.ycombinator.com