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A comment on Stripe can make automatic LLCs but a wire transfer from Citi nearly ended me. Parent comment

Re:Stripe can make automatic LLCs but a wire transfer from C... by csomar on Wednesday January 15, 2020 @04:09AM (#22052779)
It's not really that expensive to get your foot on the door. There has been a lot of these fintech banks (basically a card and an app). Here is the problem: They don't offer many of the products that banks offer (the most important being credit). Also, from experience, they have a shittier customer service. The guy complains about branches, yet I have found branches much better than having no person to contact what-so-ever.
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Re:Stripe can make automatic LLCs but a wire transfer from C... by marcus_holmes on Wednesday January 15, 2020 @04:20AM (#22052835)
Most fintech startups that look like banks aren't. They use banking services from other banks, and deal with the bank's bullshit for you.
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Re:Stripe can make automatic LLCs but a wire transfer from C... by cm2187 on Wednesday January 15, 2020 @05:18AM (#22053095)
Credit isn’t really what makes a bank. In fact many non banks provide credit (amex isn’t a bank I think). Taking deposits is the key thing. And I understand most fintech use an actual 3rd part bank if they take deposits. And without taking deposits, it is hard to provide cheap long term credit.
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Re:Stripe can make automatic LLCs but a wire transfer from C... by rietta on Wednesday January 15, 2020 @07:50AM (#22053743)
But they are! They even have high interest savings account that are FDIC insured. See https://www.americanexpress.com/personalsavings/home.html
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Re:Stripe can make automatic LLCs but a wire transfer from C... by cm2187 on Wednesday January 15, 2020 @08:18AM (#22053880)
Granted, bad example. But my point is that you don't need a banking license to make a loan, except in certain jurisdictions for certain loans (mortgages).
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Re:Stripe can make automatic LLCs but a wire transfer from C... by GoblinSlayer on Wednesday January 15, 2020 @05:14AM (#22053080)
Pretty sure credit offer spam through SMS and calls is the most useless bank feature ever conceived.
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