Stride Bank extends partnership with FinTech Chime

By Gloria Methri

Stride Bank NA, a member FDIC has extended its private-label banking services agreements with US-based FinTech 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 its 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 was founded in 2013 on the premise that basic banking services should be helpful, easy, and free. The company says its model profits with members, not from them, and does not 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 lower-cost options for Americans who aren’t satisfied with traditional banking services.

“Banking customers waited a long time for a company like Chime to come in and disrupt a fee-happy industry,” 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.”