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3 Ways Financial Institutions Can Step Up for Underserved Communities

Perficient

John Doe may come to a financial institution seeking guidance on how to live off his social security money, while Jane Doe may need assistance on how to best invest the substantial amount of money she recently inherited – each customer should be treated with the same amount of care and thought. Education and advocacy.

Community 275
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Chime, Challenger Banks And The Challenges Of (Lofty) Valuations

PYMNTS

The online-only bank lets customers deposit and save money on its platform and spend using a no-fee debit card. Accounts are FDIC-insured through a partnership with Bancorp Bank. Chime earns revenue from debit card transaction fees paid by merchants. As COVID-19 hit, Chime’s users were able to tap into $200 cash advances.

article thumbnail

Chime, Challenger Banks And The Challenges Of (Lofty) Valuations

PYMNTS

The online-only bank lets customers deposit and save money on its platform and spend using a no-fee debit card. Accounts are FDIC-insured through a partnership with Bancorp Bank. Chime earns revenue from debit card transaction fees paid by merchants. As COVID-19 hit, Chime’s users were able to tap into $200 cash advances.