Grasshopper Bank advances inclusion, stamps out ‘pattern matching’

January 27, 2020 at 06:30AM New York City-based Grasshopper Bank is geared toward startups, with a focus on pain points for founders. Grasshopper opened in May 2019 after securing FDIC and OCC approval, a rare distinction for a digital-only bank. Jeremy Shure, global head of Grasshopper’s early-stage practice, told Bank Innovation that the company serves … Continue reading Grasshopper Bank advances inclusion, stamps out ‘pattern matching’

Catalyst Fund raises $15m from JPMorgan and UK Aid for emerging market fintechs

January 27, 2020 at 06:00AM Catalyst Fund, a Boston-based accelerator for early-stage technology start-ups, has raised $15 million with its long-term backer JP Morgan and UK Aid to back 30 fintech start-ups founded across South Africa, Kenya, Nigeria, India and Mexico over the next three years. The US and UK-backed accelerator offers mentorship and non-equity … Continue reading Catalyst Fund raises $15m from JPMorgan and UK Aid for emerging market fintechs

Seattle Credit Union targets renters with personal loan offering

January 27, 2020 at 05:01AM While consumers often turn to financial institutions for mortgages, Seattle Credit Union is expanding the field of real estate related credit products by offering a loan product for renters.   Richard Romero, president and CEO of Seattle Credit Union, said renters are a customer segment that often requires assistance. High credit scores are not a prerequisite. With the rental loan, Seattle … Continue reading Seattle Credit Union targets renters with personal loan offering

Part two: Who is best positioned to provide marketplace banking?

January 27, 2020 at 01:00AM Following last week’s analysis on marketplace banking, Oliver Mitchell, CEO at Moneycado, explores how fintech products can compete in the marketplace, and how the revenue models may work for marketplace providers. Oliver Mitchell, CEO at Moneycado. If marketplace banking is the future, then any fintech product that isn’t a core … Continue reading Part two: Who is best positioned to provide marketplace banking?

[Discussion] Low/no fee checking accounts – thoughts on BBVA?

January 26, 2020 at 06:09PM After repeated experiences with absurd fees for the most banal activities with Chase on both my personal and business accounts ($8 check fee for getting a single check cut from a checking account with almost $60k in it?!?), I am looking to make a move and was considering BBVA. I've … Continue reading [Discussion] Low/no fee checking accounts – thoughts on BBVA?

[Discussion] Hello!!! Will send someone Venmo funds if can help with question

January 26, 2020 at 06:30AM Sooo... I’m a personal banker at citizens bank (11th day on the job) and was wondering if anyone else on this sub works there? I just opened a savings account and the person deposited $202,500 into my very first created savings account. Any idea how I can figure out how … Continue reading [Discussion] Hello!!! Will send someone Venmo funds if can help with question

[Discussion] Depositing/cashing large check (vehicle sale, Carvana, Suntrust)

January 26, 2020 at 01:46AM I'm selling my current car to Carvana and then using that money to buy a different car. Does anyone have any experience depositing large checks? If so, how long was the hold time? Would it be easier to just cash the check? I've had an account at Suntrust for 10+ … Continue reading [Discussion] Depositing/cashing large check (vehicle sale, Carvana, Suntrust)

[Discussion] Experience with Radius Rewards Checking for traveling??

January 25, 2020 at 03:48PM I am looking for a bank account that doesn't charge ATM fees or any conversion fees worldwide. Radius Rewards Checking seems to be a good option. Has anyone had any experience using them? What good/bad experiences do you have with them? Thank you! submitted by /u/burk5 [link] … Continue reading [Discussion] Experience with Radius Rewards Checking for traveling??

Video: Top fintech stories this week – 24 January 2020

January 25, 2020 at 08:00AM The FinTech Futures weekly round-up of the industry’s top stories and happenings from across the globe. This week we cover: Aussie neobanks challenge country’s big four banks Tokopedia lines up $1.5bn funding from Alibaba and Softbank Vodafone leaves Facebook’s Libra to focus on M-Pesa Amazon set to turn hands into cards with … Continue reading Video: Top fintech stories this week – 24 January 2020

Why won’t our banks take a simple step to stop fraud?

January 25, 2020 at 07:00AM Every day, life-changing sums are lost to transfer scams – but we’re still waiting for actionThe smartphone message going out to customers of Barclays is warm and friendly. “Coming soon,” it says, “when you pay someone new, you’ll be able to check the name on their account to help make … Continue reading Why won’t our banks take a simple step to stop fraud?

Why won’t our banks take a simple step to stop fraud?

January 25, 2020 at 07:00AM Every day, life-changing sums are lost to transfer scams – but we’re still waiting for actionThe smartphone message going out to customers of Barclays is warm and friendly. “Coming soon,” it says, “when you pay someone new, you’ll be able to check the name on their account to help make … Continue reading Why won’t our banks take a simple step to stop fraud?

[Discussion] Is SPIC as safe as FDIC? I plan to hold VOO and similar ETFs long term. I’m wondering if that’s as safe as keeping the money in the bank. (Aside from the risk of the fund losing its value)

January 24, 2020 at 06:18PM More explanation. I don’t like risk and I don’t like to move money between accounts too much. I also want to be ready for the crisis (I’m holding EFTs long term so idc about short term devaluation). I’m sure you understand or you’re like me. A new question while you’re … Continue reading [Discussion] Is SPIC as safe as FDIC? I plan to hold VOO and similar ETFs long term. I’m wondering if that’s as safe as keeping the money in the bank. (Aside from the risk of the fund losing its value)

CFPB Policy Statement Provides Clarity on ‘Abusive’ Practices Under UDAAP

January 24, 2020 at 09:42PM The Consumer Financial Protection Bureau today issued a policy statement outlining how it intends to cite and challenge “abusive” conduct in supervision or enforcement actions. The post CFPB Policy Statement Provides Clarity on ‘Abusive’ Practices Under UDAAP appeared first on ABA Banking Journal. via ABA Banking Journal http://bit.ly/36nY3Uc

Weekly Wrap: Digit expands automation, Brex grows product suite

January 24, 2020 at 09:05PM Welcome to the latest episode of our Weekly Wrap video series, for the week ending Friday, January 24, 2019. In this episode, editors discuss the following news developments: Brex’s expanded product ecosystem and the rise of digital financial services platforms for businesses; Digit’s new tool that allows users to save … Continue reading Weekly Wrap: Digit expands automation, Brex grows product suite

CFPB Formalizes Policy on Using ‘Compliance Aids’

January 24, 2020 at 08:16PM As part of a broader regulatory effort to clarify the role of guidance, the Consumer Financial Protection Bureau is issuing a policy on how regulated entities may use official bureau “compliance aids.” The post CFPB Formalizes Policy on Using ‘Compliance Aids’ appeared first on ABA Banking Journal. via ABA Banking … Continue reading CFPB Formalizes Policy on Using ‘Compliance Aids’