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by zonethundery
1796 days ago
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Square Financial Services is a Utah-chartered industrial loan company (ILC) with FDIC insurance [0]. Savings deposits go here. Checking accounts are at Sutton Bank (partner bank). I assume the split is driven by Square Financial's three-year supervisory plan w/ FDIC and the mechanics of getting square off chase/wells card rails. Green dot did something similar by purchasing a chartered bank. [0] https://www.fdic.gov/regulations/laws/bankdecisions/depins/s... |
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