Spencer Tierney

In fact, new banks and other fintech apps, early direct deposit services played a key role in the rollout of COVID-19 stimulus checks. These fintech firms are able to take more risks and move faster into new services and and consumer segments than banks generally can.

In fact, new banks and other fintech apps, early direct deposit services played a key role in the rollout of COVID-19 stimulus checks. These fintech firms are able to take more risks and move faster into new services and and consumer segments than banks generally can.

In fact, new banks and other fintech apps, early direct deposit services played a key role in the rollout of COVID-19 stimulus checks. These fintech firms are able to take more risks and move faster into new services and and consumer segments than banks generally can.

For example, banking for kids and teens with the likes of Greenlight and GoHenry by Acorns are combining debit cards with digital chore charts and financial literacy tools for kids and parents to have a more customized experience than a bank typically offers.

For example, banking for kids and teens with the likes of Greenlight and GoHenry by Acorns are combining debit cards with digital chore charts and financial literacy tools for kids and parents to have a more customized experience than a bank typically offers.

For example, banking for kids and teens with the likes of Greenlight and GoHenry by Acorns are combining debit cards with digital chore charts and financial literacy tools for kids and parents to have a more customized experience than a bank typically offers.

And just so folks know, Acorns is a NerdWallet partner, but as ever, that does not affect how we talk about them. So Spencer, any other thoughts for folks who want to take advantage of the new banking products while also protecting their cash?

And just so folks know, Acorns is a NerdWallet partner, but as ever, that does not affect how we talk about them. So Spencer, any other thoughts for folks who want to take advantage of the new banking products while also protecting their cash?

And just so folks know, Acorns is a NerdWallet partner, but as ever, that does not affect how we talk about them. So Spencer, any other thoughts for folks who want to take advantage of the new banking products while also protecting their cash?

Yeah, neobanks have a role in the banking industry. Just be mindful of their risks when things go wrong. The Synapse Collapse is an extreme cautionary tale that doesn't reflect how many neobanks operate, which is with their own bank partnerships.

Yeah, neobanks have a role in the banking industry. Just be mindful of their risks when things go wrong. The Synapse Collapse is an extreme cautionary tale that doesn't reflect how many neobanks operate, which is with their own bank partnerships.

Yeah, neobanks have a role in the banking industry. Just be mindful of their risks when things go wrong. The Synapse Collapse is an extreme cautionary tale that doesn't reflect how many neobanks operate, which is with their own bank partnerships.

What tends to happen when a neobank business is not working out, in my experience covering them for a few years, is that the neobank will announce that it's closing and give usually a month's notice to customers to withdraw funds. For folks who missed that memo, the neobank typically mails out checks of remaining balances to customers' addresses on file.

What tends to happen when a neobank business is not working out, in my experience covering them for a few years, is that the neobank will announce that it's closing and give usually a month's notice to customers to withdraw funds. For folks who missed that memo, the neobank typically mails out checks of remaining balances to customers' addresses on file.

What tends to happen when a neobank business is not working out, in my experience covering them for a few years, is that the neobank will announce that it's closing and give usually a month's notice to customers to withdraw funds. For folks who missed that memo, the neobank typically mails out checks of remaining balances to customers' addresses on file.

Now, I would say consider neobanks if you need a way to spend and save money that's an alternative to banks, especially if you've been burned by banks before or want certain banking tools that you can't find at a normal bank. Online banks are no doubt safer, as well as credit unions, which have equivalent FDIC insurance, called NCUA insurance, to banks.

Now, I would say consider neobanks if you need a way to spend and save money that's an alternative to banks, especially if you've been burned by banks before or want certain banking tools that you can't find at a normal bank. Online banks are no doubt safer, as well as credit unions, which have equivalent FDIC insurance, called NCUA insurance, to banks.

Now, I would say consider neobanks if you need a way to spend and save money that's an alternative to banks, especially if you've been burned by banks before or want certain banking tools that you can't find at a normal bank. Online banks are no doubt safer, as well as credit unions, which have equivalent FDIC insurance, called NCUA insurance, to banks.

Know what type of banking institution you're joining and how your money is protected ahead of time.

Know what type of banking institution you're joining and how your money is protected ahead of time.