Google moves into Venmo, banks’ territory with checking accounts

Re:Google moves into Venmo, banks’ territory with checking a... by colejohnson66 on Wednesday November 18, 2020 @03:24PM (#25141977)

Banks (in the US) are a lot more regulated than random companies. They can’t close your account willy nilly without giving you your money back.

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Re:Google moves into Venmo, banks’ territory with checking a... by richardthered on Wednesday November 18, 2020 @03:35PM (#25142118)

"Chase closed my accounts and banned me and I don’t know why" https://www.bogleheads.org/forum/viewtopic.php?t=324148

"How to survive a Chase Shutdown" https://milestomemories.com/survive-a-chase-shutdown/

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Re:Google moves into Venmo, banks’ territory with checking a... by colejohnson66 on Wednesday November 18, 2020 @03:49PM (#25142267)

Credit is different as it’s a loan, not money that is rightfully yours. Due to that, a bank can close those accounts at any point (and still require you pay them down), but checking and savings are regulated in ways that prevent them from holding your money hostage unless a court orders them to. I can’t remember the citation, but these regulations came about over time since the Great Depression.

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Re:Google moves into Venmo, banks’ territory with checking a... by sevencolors on Wednesday November 18, 2020 @04:37PM (#25142757)

Oh I see you were never a WellsFargo account holder?

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