Any opinions on the move by HMBradley to use a network of banks rather than just Hatch bank? I don't understand if this still lets me do pulls from Hatch using Ally.
Answers
Question: Will direct access to ENTIRE balance still be available using Hatch's routing number and account access to pull money from external institution should anything happen?
M1 Response: Yes, you will still have a routing and account number at Hatch and it will still be how you access funds, any funds held at a network bank will still be accessible to you, we will rebalance on the backend
https://twitter.com/tbc3/status/1425230037847052292?s=19
Ken had a really good article after Beam's problem: https://www.depositaccounts.com/blog/banking-fintechs-safety-money.html
Beam was different in that they only provided access to your funds through their app, and you couldn't push/pull your money from an external account. But with any of these FinTechs, it depends on how much you trust the group in charge. As long as they do it right, your funds should be FDIC insured, but customers need to do their due diligence.