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Analysis: Digital banks gain U.S. customers during pandemic, thanks to early deposits

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(Reuters) - Digital banks including Chime, Varo and Current have won over more U.S. customers during the coronavirus pandemic by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals.
FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won (SOUTH KOREA - Tags: BUSINESS)/File Photo
In some cases, the companies pre-funded deposits they expected their customers to receive from the Treasury Department. In others, they received funds quickly and sent them through faster than traditional banks. That generated praise from individuals who celebrated their early deposits online and encouraged others to join their digital banks. ....

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ANALYSIS-Digital banks gain U.S. customers during pandemic, thanks to early deposits

Digital banks including Chime, Varo and Current have won over more U.S. customers during the coronavirus pandemic by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals. ....

New York , United States , City Of , United Kingdom , Anirban Sen , Matthewe Lewis , Anna Irrera , Imani Moise , Sarah Kocianski , Stuart Sopp , Lauren Tara Lacapra , Wesley Wright , Revenue Service , Thomson Reuters Trust Principles , America Corp , Treasury Department , Jpmorgan Chase Co , Wells Fargo Co , Internal Revenue Service , Chief Operating Officer Wesley Wright , Wells Fargo , Cornerstone Advisors , London Editing , Thomson Reuters Trust , Corporate Events , Banking Amp Investment Services Trbc Level 2 ,