Is Southern Bancorp bank Chime?
Southern Bancorp is a traditional community development bank and is completely separate from Chime, which operates as a financial technology company rather than a licensed depository bank. While Chime partners with underlying insured banks to provide online checking and savings accounts to its users, Southern Bancorp functions as an independent, brick-and-mortar and digital community banking institution with its own distinct charter, governance structures, physical branches, and direct deposit portfolios.
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