Downside to anything associated with @jack is that every tweet is flooded with spammy and low-grade crypto comments. (was checking to see if there was info re the 500 errors)
Square Banking
21–30 of 174 posts
Re: Square Banking
#22Yeah, another app-only bank. Or at least that what it seems. The desktop site in unreadable. Giant fonts. So I'll assume they're like the rest - shitty / no customer support outsourced to god who knows, and they'll change "shifts" every 10 minutes. No thank you, I'll stay with the good old, dinosaur banks.
Yeah, I don't trust these startups handling my money. Not only that, but the bank that they have doing back-end services for them, Sutton Bank, seems like a tiny local bank. Guaranteed their own back-end services aren't in-house. Just no all around to this product.
Square is a public company. Not a startup by any means.
Re: Square Banking
#23The brutalist website design for this new product is suffocating. Tried it on many browser widths on my desktop.
This isn’t a brutalist site just because it has little color.
Re: Square Banking
#24"Square, Inc. is a financial services company, not a bank. "
Re: Square Banking
#25These app-only banks seem to prey on the Robinhood customer set: users who respond positively to a nice UI and are willing to pay for it through friction, feature restriction and non-existent customer service.
Retail finance's CLI to the saccharine of these apps is Fidelity. Free CMA with no ATM fees (third-party ATM fees reimbursed), no minimums, free wires in and out, securities able to be held in the account and good customer service on the phone and via chat.
Re: Square Banking
#26>Square Banking
>Square, Inc. is a financial services company, not a bank. Banking services are provided by Square’s banking affiliate, Square Financial Services, Inc. or Sutton Bank; Members FDIC.
Um so they are insured by the FDIC?
Am I doing business with Square, Square Financial Services, Inc., or Sutton Bank?
Do I have any recurse when it comes to typical banking expectations / rules here when it comes to either of the three companies I may or may not be using?
Re: Square Banking
#270 overdraft fees. Yay. More like it. It will force major banks to rethink their overdraft fees as a revenue center. As someone who was not so well financially just a decade ago, overdraft fees seemed like penalty for being poor. When you are living paycheck to paycheck, you never know when your account will get overdrawn. And most evil thing was - bank will deny the charge because you didn’t have enough funds but will still charge you for $34 fee.
Some banks offer overdraft protection but it’s not obvious in lot of banking websites/apps in my experience and has been recent development. Plus - lot of people don’t understand the concept of overdrafts. They assume bank will deny if your account doesn’t have enough funds.
I’m surprised congress didn’t take action on overdraft fees as it mostly affects middle class and poor people.
Re: Square Banking
#28>Square Banking >Square, Inc. is a financial services company, not a bank. Banking services are provided by Square’s banking affiliate, Square Financial Services, Inc. or Sutton Bank; Members FDIC. Um so they are insured by the FDIC? Am I doing business with Square, Square Financial Services, Inc., or Sutton Bank? Do I have any recurse when it comes to typical banking expectations / rules here when it comes to either…
Sutton Bank is a real bank with full FDIC insurance. Seems like Square Banking is just a pretty UI on top of that.
Re: Square Banking
#29"Square, Inc. is a financial services company, not a bank. "
> just one below is says "Square, Inc. is a financial services company, not a bank."
It's Square Banking. Not Square Bank.
Re: Square Banking
#30Yeah, another app-only bank. Or at least that what it seems. The desktop site in unreadable. Giant fonts. So I'll assume they're like the rest - shitty / no customer support outsourced to god who knows, and they'll change "shifts" every 10 minutes. No thank you, I'll stay with the good old, dinosaur banks.
Yeah, I don't trust these startups handling my money. Not only that, but the bank that they have doing back-end services for them, Sutton Bank, seems like a tiny local bank. Guaranteed their own back-end services aren't in-house. Just no all around to this product.
Sutton has been around for 140 years.
They issue the debit cards for Cash App. They also have worked with Robinhood (it looks like Robinhood may have moved on to JPM however)