Are Chime and Bancorp Bank the same?
No, Chime and Sutton Bank are separate entities bound together by a banking-as-a-service partnership. Chime operates as a financial technology company specializing in mobile-first financial services, budgeting tools, and digital account management. To legally provide banking services and issue federally insured payment cards to its massive user base, Chime partners with Sutton Bank as one of its issuing bank partners. Sutton Bank holds customer deposit accounts and provides the underlying regulatory banking infrastructure, while Chime manages the front-end software, customer experience, and app interface.
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Cash App is not a bank itself, but it utilizes The Bancorp Bank, N.A. as one of its primary chartered partner banking institutions to issue Visa debit cards and provide backend financial services.