Thoughts on Challenger Banks

[ToxikPH]

This has been a topic that's been on my mind for a while. Many of us use the large banks such as Citi, Chase, and BofA but within this community I've noticed a love of credit unions for your main bank choice (mine is BECU). What I'm curious about is your thoughts on "challenger banks" such as Chime, N26, Revolut, Simple, Varo, Aspiration, etc. Have any of you used them? What has been your experience if so? If not what are your thoughts as an outsider?

[Anonymous]

I think those types of banks are really good tools for the unbanked or those with Chex/EWS issues to get access to banking. The biggest complaint I have heard about those types of banks is if you have an issue its hard to get it resolved. Some have minimal customer service or customer service that isn't phone-based. I had an Amex Serve account when they first came out because they were offering cash to open an account but I never used it beyond a few transactions to get my bonus money. 

[M_Smart007]

I just do not think that the customer service is there. JMO

[Anonymous]

Customer service and privacy issues. Also they partner with actual banks for the FDIC insurance but you have to read the terms carefully to find out how long your money isn't insured during the transfer. It just seems like a really awful idea to me.