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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 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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