Member Exclusive, New banks
Challenger bank Current rolls out brick and mortar cash deposits
- Current serves people who live paycheck to paycheck.
- Based on user feedback, it's making it easier for its clients to deposit money.
Current CEO Stuart Sopp is speaking at Tearsheet’s upcoming Challengers Conference.
Current members can now make cash deposits to their bank accounts at major brick-and-mortar retail chains across the country. Current serves individuals underserved by the current banking system.
The big idea: The ability to make cash deposits was the most-requested product feature according to a recent survey conducted with Current’s 1.4 million members.
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Whole-heartedly support the ability to provide deposits via a retail branch/store, however, I’m wondering where the catch is. Other challenger banks have started similar initiatives, which includes fees for people who want to deposit money via a drugstore, for example. If we are doing this to better help people living paycheck-to-paycheck, we need to keeps fees to a minimum (or $0).