You may have heard of Central National Bank and Chime, but are they the same? Let’s dive into this topic and clear up any confusion.
No, the Central National Bank is not Chime. Stride Bank, N.A. (formerly known as Central National Bank) is a separate entity from Chime. It is a bank that partners with The Bancorp Bank to provide financial services to Chime.
In the rest of the blog, I will dive into the details and discuss everything you need to know. I’ll also talk about the connection between the Central National Bank and Chime. Let’s get started!
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Is the Central National Bank and Chime the Same?
The answer is NO; the Central National Bank, now known as Stride Bank, N.A., is not Chime. However, there is a connection between the two.
Understand it this way:
- Chime is actually backed by two banks: The Bancorp Bank and Stride Bank.
- The Bancorp Bank is a federally chartered bank. It provides banking services to various fintech companies, including Chime.
- Stride Bank, on the other hand, is a state-chartered bank. It has a history of working with fintech companies. In fact, Stride Bank has worked with Chime since 2016 to provide banking services to Chime’s customers.
What Is a Partner Bank?
So, a partner bank is basically a traditional bank. It teams up with a fintech company, like Chime, to offer banking services to customers. What’s neat about this is that the partner bank is responsible for holding deposits. They also ensure they’re protected by FDIC insurance. This means that fintech companies like Chime can offer banking services too. And the best part is that without even having to go through the process of becoming a traditional bank themselves. How convenient is that? It’s a win-win situation for everyone involved.
Stride Bank (Central National Bank) and Chime
Stride Bank, N.A., is a well-established and reputable bank. It has been serving customers since 1913. They have branches located in Oklahoma, Texas, and Kansas. They have built a good reputation amongst their customers with decades of experience. That’s quite amazing!
The reason? Their top-notch quality customer service and reliable financial products. They offer various checking and savings account options. These include interest-bearing accounts, as well as loans for personal and business needs.
And the best part? You don’t have to sacrifice personalized service for convenience. Stride Bank still offers the same exceptional customer service. You can compare their services to a brick-and-mortar bank.
But Chime is an online financial service. It offers mobile banking, debit cards, and savings accounts. Chime is able to provide these services with the help of Stride Banks’s partnership.
Bancorp and Chime
Bancorp Bank offers a wide range of banking services. This includes checking and savings accounts, debit cards, credit cards, and lending services. It also provides specialized banking services for specific industries. For example, healthcare and government.
One of the key benefits of working with The Bancorp Bank is its ability to provide customized banking services. Specially for its partners. This allows fintech companies to offer unique and tailored financial services.
Stride Bank, N.A. is one of the banking partners that Bancorp works with to provide services. Chime is one of the many fintech companies that have partnered with Stride Bank, N.A., and The Bancorp Bank.
Why Is There Confusion About Chime and the Stride Bank (Central National Bank)?
Let me tell you why there’s been some confusion surrounding Chime and the Stride Bank.
First off, both companies have pretty similar branding. Secondly, they offer banking services, which has led some folks to assume that they’re one and the same. But that’s not quite the case.
Here’s how it works: you make small purchases and pay them off on time, which helps boost your credit score. It’s a great way to start building your credit if you’re starting out or trying to improve your score.
Some Chime customers might see references to Stride Bank on their account activity. But don’t stress – it’s all above board and normal. It is because of this partnership between Chime and Stride Bank. So, no need to be alarmed if you see it pop up on your account – everything’s under control.
What’s the History Between the Three Banks?
Since 1913, Stride Bank has been a trusted name in the banking industry. And since 2016, they’ve been teaming up with Chime.
But Stride Bank isn’t the only one helping out Chime. The Bancorp Bank is also in on the action! They’re a federally chartered bank. It provides banking services to a bunch of different fintech companies, including Chime. And they work alongside Stride Bank to provide these services. Pretty cool, right?
Chime has teamed up with Stride Bank to offer more than just regular banking services. One cool thing they’ve added through this partnership is the credit builder program. This helps users build up their credit history by making small purchases and paying them off on time.
So, even if you don’t have a credit score, don’t have a FOMO! Chime’s credit builder program can help you out. It’s just another way that Chime is going above and beyond to provide financial services to its users.
And let’s remember Stride Bank itself! They’re actually a well-respected bank with deep roots in local communities. They offer a bunch of different banking services to their customers. They pride themselves on giving attention and making sure their customers are happy.
Just keep in mind that Stride Bank and Bancorp Bank are totally separate from each other. They both support Chime’s banking services.
Final Thoughts
Before you go, let’s wrap things up with some final thoughts. Central National Bank (now known as Stride Bank, N.A.) and Chime are not the same entity.
Stride Bank is actually a partner bank for Chime, but it only relies on Chime for some things. It’s independent and has its own range of products and services. They go way beyond the partnership with Chime.
On the other hand, Chime isn’t a bank at all. It’s a financial technology company that teams up with banks (like Stride Bank). to offer users FDIC-insured deposit accounts and other financial services. While Stride Bank is a crucial partner for Chime, the two companies are different. They have different roles in the financial industry.
The great news is that as a Chime user, you can have peace of mind knowing that your deposits are held by a partner bank. In fact, a bank that’s FDIC-insured. How secure is that? Plus, Stride Bank has a ton of other banking products and services. And they are available beyond its partnership with Chime.