Stride Bank expands partnership with FinTech Chime

By Gloria Methri

Stride Bank NA, member FDIC, has expanded its private label banking services agreements with US-based FinTech company Chime Financial, confirming Stride as a key banking partner.

Under the terms of the agreements, Stride will continue to hold Chime member deposit accounts, including checking and savings accounts, and issue debit cards and secured credit cards.

The partnership enables Chime to offer its members innovative, user-friendly and fully regulated products with the same important consumer protections in place for traditional banking 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, Head of Payments for Stride Bank.

Chime was founded in 2013 with the premise that basic banking services should be useful, simple and free. The company says the model earns with members, not from them, and doesn’t rely on overdrafts, monthly service fees and minimum balance requirements.

Chime’s partnership with Stride Bank allows Chime to focus on designing innovative member-customized financial products, creating a more competitive market with lower-cost options for Americans unsatisfied with traditional banking.

“Bank customers have been waiting 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 working together to bring the next generation of financial solutions to life.”