Sort of, yes. I think they’re owned by the same holding company as Bank of the Wichita’s.
When I applied for a mortgage a few years ago, I was asked to provide some bank statements. The underwriter saw the letterhead from Redneck Bank and told me the underwriting process is no joke and asked for real non photoshopped statements. After some convincing we finally closed a few weeks later.
Yes, perfect comparison. This is super popular nowadays. Fintech startups like Varo, Sofi, Chime, GreenDot, and I think Simple all use the FDIC of their 'partner' banks. IMO not much risk, all my money is in the first two I mentioned.
Sure. Basically all these new checking and savings accounts that are coming out, Robinhood, Google, Credit Karma, etc., are actually being serviced by a real bank.
When I applied for a mortgage a few years ago, I was asked to provide some bank statements. The underwriter saw the letterhead from Redneck Bank and told me the underwriting process is no joke and asked for real non photoshopped statements. After some convincing we finally closed a few weeks later.