A few years ago I noticed there were tons of “new” banks on every corner. Sometimes so close together to ring my alarm bells.
There cannot possibly be enough real worth to support this. I personally have a small amount in Chime. They state, they are not a bank. I wonder how many of these brick n mortar banks are just like Chime.
I have been happy with Chime for its specific purpose.
A bank executive once told me that his bank could function without any branches at all. But the market research they’ve done over the years consistently shows that customers would much rather do business with a bank that has a local branch even if they never set foot in that branch.