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These accounts are meant for immigrants who cannot obtain a bank account through traditional means
For US citizens, setting up a bank account is a pretty straightforward process, something many us take for granted. For people looking to immigrate to the US, the process is not nearly as easy, and for some, impossible.
Stilt, a fintech company with a focus on immigrants and the underserved, has a new service that should help people unable to obtain a bank account through traditional means. Prior to this banking service, the company focused on providing loans for people unable to secure them in traditional means, and this is basically an extension of that idea.
With this new banking service, it gives immigrants to set up a bank account that can be used globally before even arriving in the US and without the need for a Social Security Number. There are also zero fees with this bank account - including overdraft and annual fees.
Money in the account is FDIC insured and there is never a need to visit any branch for account management.
In addition to the banking features, people with a Stilt banking account can also build credit through the card, with Stilt providing up to $5,000 to people through the bank account.
It's an interesting product from a company that definitely feels the drive to help the underserved. This is made evident by the company's founders, who both dealt with similar issues when moving to the US. You can read about that and more in this Vator interview with the company's co-founder, Rohit Mittal.
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