Comment by 15457345234
2 years ago
> online banks
You keep using that word and it's masking the real problem here.
The problem is that this company isn't a bank and isn't regulated as a bank. If they were a bank this wouldn't be happening. There would be recourse.
Use banks. Keep your money in regulated institutions. History has countless examples why.
I'm just gonna come out here and say 'don't use fintech companies'
Heads up that all financial institutions in the US, regardless of if they're regulated as a bank or not, are subject to following KYC/AML laws. Bank's are just as much, if not more subject to scrutiny in this area.
You can't use a bank to skirt KYC/AML laws, sorry. And you have a similar amount of recourse (little to none) if you run afoul of them.
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