Community

*personal financial management*

Congratulations on filling this important & long abandoned niche!!!

Disgraceful that Federal regulators would allow US banks to abandon the passbook savings accounts that introduced generations of young Americans to the banking system and personal financial and provided them a taste of economic independence. 

Love seeing another fintech banking entrant offering consumers a 'Fair Shake' on financial products and services.  Certainly NOT something consumers can find at existing banks. 

Good luck One

So customers have to have or have had a bank account with a verifiable history to successfully obtain a Petal Card?

Wondering why Petal doesn't also offer a companion Debit Card that would provide a Virtual Bank Account for consumers who are un-served, under-served or ill-served by existing banks?  Geometrically increasing their target market.  

Critically important for local & state governments and consumers themselves to counter the efforts of tech companies, predatory banks, captured bank regulators, and central banks to eliminate cash to set the stage for a scenario where everyone needs a bank account, banks can charge for holding deposits, and financial transaction and holdings of financial assets are no longer private.

This very public display of how the banking industry is largely responsible for creating the so-called "Un-Banked" consumer population should remind all consumers that financial institutions require both tight regulation and constant oversight -- lest they forget that they exist to serve consumers NOT the other way round.

The government grants banks a regulatory monopoly to hold deposits and make loans in return for their commitment to serve the citizens of the country.  Sadly, captured bank regulators continue to ignore their responsibility to enforce this commitment on the institutions they are supposed to supervise.

At the same time, regulators do nothing to help Challenger Banks and other bank-alternatives succeed in addressing the needs of consumers un-served, under-served or ill-served by High Street Banks.

Perhaps the greatest strength of fintech in dealing with the so-called under & unbanked is its effort to help people accomplish the financial tasks they want/need to do rather than banks that want to force people to do the tasks that banks need/want. 

What could possibly go wrong with consumers handing over their personal financial information to a company that has repeatedly demonstrated an inability and/or unwillingness to protect their members' privacy.

@Melvin Haskins - could not agree with you more.  Banks are granted licenses to serve the financial needs of the public.  Regulators need to ensure that they act accordingly rather than act like the public exists to serve the financial needs of banks.

Fresh from scandals involving mis-selling securities, rigging interest rate and foreign exchange rate benchmarks, money laundering, exorbitant overdraft products, and the government bailout for ill-advised mortgage lending and involvement in risky securities tied to home loans, banks appear to be working to deprive consumers of access to cash.  Cashlessness would force consumers and businesses to use electronic currency.  It would make consumers and businesses entirely dependent on banks and eliminate privacy of financial holdings and transactions -- all while setting the stage for Negative Interest Rates where banks would charge for holding deposits. Cash is the only protection consumers and businesses have against the dangers of such an environment.