31–40 of 174 posts
>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…
0 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 wil…
It's obvious that when you're charging customers and paying invoices through the same interface, that you'll have more visibility on your cash flow and it'll generally be easier to use, but this goes so much further.
The reason those loans are easy is because Square know your history of charging customers. The reason they can pay "instantly" into your account is because they don't have to actually move any money until you pay out of your account, the reason they can charge no account fees is because they're charging at the point of taking payments from customers.
The economics of the whole offering are far different to what the regular combo of payment service provider + bank + loan company can provide.
Great move. Square has always been the sort of product that makes me wish I was in a business where I could use it.
>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…
These 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 g…
This seems like a promising alternative to Simple, which shut down a few months ago
I think we really have to take a step back away from this annoying scrolling / auto-moving element behavior for product info pages. I had a moment where my mouse was chasing a moving 'Loans' tile.
https://drafts.csswg.org/css-scroll-snap-1/
Here I want to learn about the features of Square Banking but I can't do so at a glance, on the landing page for Square Banking. The best solution is to just give up and search Google News for a summary:
https://finance.yahoo.com/news/square-launches-banking-busin...
https://web.archive.org/web/20210720152407/https://finance.y...