My bank doesn’t care about how much I’m spending. In fact, it’s happy when I’m maxing out credit cards, getting loans and generally putting my financial stability at risk. (The Consumer Financial Protection Bureau has found that about 61% of bank profits from consumer checking accounts come from overdraft and insufficient-funds fees.) Ever since my income rose, recently, my online banking app keeps telling me I’m eligible for more credit as if it’s something I should jump on — an opportunity instead of a liability.
But there are plenty of apps that help you save and manage money. (Here’s my favorite.) Most of them, however, don’t play well with existing bank accounts. They can read transactions, put out bill reminders, track expenses and savings, etc. What they can’t do is issue loans, manage credit cards when traveling abroad and produce cash. They’re not banks, after all.
What if there were a perfect mix between a bank and a personal-finance app?
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