In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a relatively high savings rate — and might not technically be a bank at all.
Today, Chime has 8 million accounts, the company said, about half of which use the company for direct deposits. That’s still small compared to the biggest banks, but it’s Chime’s growth that’s catching investors’ attention. In 2018, the company had only about 1 million people signed up. “The majority of our members are coming from the big banks,” Britt said.
Problem is once you get the paycheck early once, it ceases to be 'early' again. Will not fix anything except for rare occasional use but most will just use it every week and still get paid with same frequency.
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