PYMNTS
MARCH 19, 2020
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). FDIC staff found that Square satisfied each of the statutory factors required for approval, subject to certain conditions.
Finovate
SEPTEMBER 18, 2024
As a result of this nightmare, the FDIC has advanced a notice of proposed rulemaking for what it is calling Requirements for Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors. A large piece of this provides clarity about FDIC insurance.
PYMNTS
JULY 24, 2019
The average national yield of savings accounts is 0.10%, whereas Betterment’s annual yield is 2.69%. Like other FinTechs, Betterment will partner with FDIC-insured institutions since it doesn’t have a bank charter. Checking accounts will be insured up to $250,000 and savings accounts up to $1 million.
Finovate
MARCH 11, 2024
Our FIs have told us that their customers are searching for ways to have more security, including wanting to know how they can limit their risk of exposure and how to structure their accounts for FDIC limits. Financial institutions are actively pursuing ways to strengthen their deposits bases by reviewing FDIC limits.
PYMNTS
MAY 15, 2019
Safra Bank to offer its traders deposit accounts backed by the Federal Deposit Insurance Corp. FDIC) — the FDIC-insured accounts will be linked to a crypto prime dealer. “These are quite different from speculative assets like bitcoins, and more promising.”. And SFOX is partnering with New York-based M.Y.
Payments Source
MARCH 6, 2019
By applying to become an industrial loan company, the fintech would be able to use insured deposit accounts as a cheap source of funding without having to comply with the tough rules banks face.
PYMNTS
APRIL 29, 2019
Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. There will be no fees attached to the account.
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