Stride Bank, N.A., member FDIC, announced today that it has extended its private-label banking services agreements with U.S.-based financial technology company, Chime Financial, reaffirming Stride as a key banking partner.
Under the terms of the agreements, Stride will continue to hold Chime member deposit accounts, including Chime checking and savings accounts, and issue debit cards and secured credit cards. The partnership enables Chime to offer its members innovative, easy-to-use, and fully regulated products with the same important consumer protections that are in place for traditional bank customers, including FDIC insurance.
"Consumers should not have to choose between innovation and consumer protection. We are proud to partner with Chime as they continue to create easy-to-use banking products that are loved by millions of Americans," said Jimmy Stallings, President of Payments for Stride Bank.
Chime is a different kind of financial technology company founded on the premise that basic banking services should be helpful, easy, and free. The current consumer banking market does not work well for millions of Americans, with huge unmet needs across all areas of their financial lives. In response, Chime built a model that profits with members, not from them, and doesn't rely on overdraft fees, monthly service fees, and minimum balance requirements. Chime's partnership with Stride Bank enables Chime to focus on designing innovative member-aligned financial products, creating a more competitive market with better, lower-cost options for everyday Americans who aren't being served well by traditional banks.
"Banking customers waited a long time for a company like Chime to come in and disrupt a fee-happy industry," Jimmy Stallings added. "Stride looks forward to continuing to serve the needs of Chime members while also working together to bring the next generation of financial solutions to life."
About Stride Bank, N.A.
Founded in 1913, Stride Bank, National Association, is an Oklahoma-based financial institution. Offering a full range of financial services such as consumer and commercial banking, mortgage, wealth management, and treasury management, we have also developed and currently manage highly specialized payment solutions for several national fintech companies. While we are unwavering in our pursuit to continue innovating and offering new financial solutions, we will always remain loyal to our community banking roots in Oklahoma. We have locations throughout Oklahoma, Texas, South Dakota, and Utah. Member FDIC. Equal Housing Lender. Learn more at www.stridebank.com.
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Original Source: Stride Bank Extends Partnership With Chime