 | April 11, 2020 |
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| Chime is piloting instant stimulus check disbursals. |
US neobank Chime is running a pilot in which it gives customers their $1,200 federal stimulus checks before the government begins disbursing the payments.
Chime is using its own capital to front the money to customers until the government pays out the checks – putting its own money on the line without requiring any concrete guarantees from customers.
Despite the risks, Chime's move is one of the most aggressive plays we have seen from a neobank to help customers during the pandemic. And if Chime does roll out early stimulus check access to more of its customers, it could significantly boost customer loyalty.
Business Insider Intelligence's Gregory Magana has the full story. |
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