[xyst]

The amount of red tape involved to become a fully regulated bank will make even a “trillion” dollar company bend the knee.

There’s a reason why tech companies partner with well established banks in the first place. To avoid the headache involved with day to day operations of a bank.

GS leveraged their reputation and greased the regulators to get into the consumer bank business. Now they are paying the price.

Maybe Apple would be a decent bank. But at the same time I don’t want to discuss my financial details with a random Apple Store employee. Lol

[judge2020]

On the other hand, Apple already has a direct relationship with Green Dot Bank for Apple Cash, and Green Dot is an expert in this field of running consumer accounts for tech companies. The only issue with Green Dot is they don't offer HYSA accounts, as far as I can tell (Wealthfront only uses Green Dot for Checking account features and money is swept between their actual HYSA and Green Dot to provide these checking account features).

[s_dev]

With that much money Apple can just 'buy' banks. Like FTX did.