Consumer Fintech Chime has reportedly submitted a comment to Joint Banking Regulators’ Request for Information on bank-fintech partnerships.
Chime noted in a blog post that they recently submitted a comment letter in response to a Request for Information from federal banking regulators in the U.S. on the “topic of bank-fintech partnerships.”
Chime explained that they did so to share more about their business and how we’re working on behalf of Chime members across the country to “keep their funds safe and continue unlocking their financial progress.”
As the letter noted, Chime’s “direct” relationship with their two longstanding partner banks has reportedly “served to benefit millions of consumers.”
Importantly, Chime explained that their model is based on direct relationships with their partner banks, “not middleware; customer funds that are held in FDIC-insured accounts; and strong ledgering and daily reconciliation practices.”
The consumer Fintech company said that it now looks forward to partnering with regulators to continue “advocating on behalf of Chime members.”
As covered last month, a recent Chime survey has revealed consumers’ feelings or thoughts about cash.
Chime notes in a blog post that consumers may have experienced that moment when you forget to bring cash. In a recent survey, Chime noted that of 2,000 adults across four different generations ranging from Baby Boomers to Gen Z conducted in September 2024 in partnership with Talker, the consumer Fintech firm took a look at America’s “cash spending behavior” in order to understand just how many consumers actually experience that “awkward moment” and how we use their cash day to day.
Chime pointed out that our finances are becoming more digital, from online banking and mobile wallets to peer-to-peer payment services and online check cashing.
But Chime also mentioned that cash still remains a “popular choice,” with 52% of Americans agreeing that “cash is king,” when compared to merely 25% who think it’s dead.
Chime further noted that when it comes to carrying cash, Americans are equally as likely to carry cash out of fear that they might need it as they are to use it as “fun money” at 27% and 26%, respectively.
Notably, Chime revealed that Americans surveyed say that if they could eliminate one form of payment forever, 36% said checks, and 16% would eliminate credit cards, with just 12% reporting they would “eliminate cold, hard cash.”
