Neobanks and Chime, Silicon Valley fintech company screws their customers
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https://www.propublica.org/article/chime
Story about a “financial app” non-bank company closing/freezing customer accounts and land those customers in financial hot water.
Srsly, these consumer facing fintech companies need to be seriously regulated. I am one of the early adopters of “online banking,” but the more I see “online banking” evolve, the more I want to avoid putting my money in any “bank” that does not have a local brick-and-mortar presence near me.
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If people don't like their online banking or financial options, let them start their own company.
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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If people don't like their online banking or financial options, let them start their own company.
@jolly said in Neobanks and Chime, Silicon Valley fintech company screws their customers:
If people don't like their online banking or financial options, let them start their own company.
This is where you miss a critical difference: the dollar that you deposit in one bank or frozen by one fintech company is not a dollar that you can deposit or spend anywhere else; where as for social media sites, a tweet or post or picture not shown by one site can be reposted on any number of other sites.
Even if you want to vote with your feet and take your money elsewhere, you first have to get your money back from the bank or fintech company that you’re unhappy with. You are not similarly beholden by social media sites with your tweets and posts and pictures.
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@jolly said in Neobanks and Chime, Silicon Valley fintech company screws their customers:
If people don't like their online banking or financial options, let them start their own company.
This is where you miss a critical difference: the dollar that you deposit in one bank or frozen by one fintech company is not a dollar that you can deposit or spend anywhere else; where as for social media sites, a tweet or post or picture not shown by one site can be reposted on any number of other sites.
Even if you want to vote with your feet and take your money elsewhere, you first have to get your money back from the bank or fintech company that you’re unhappy with. You are not similarly beholden by social media sites with your tweets and posts and pictures.
