Step banking offers financial tools to teens, opening up financial literacy and transparency to the typically excluded younger generation. The app-based banking system was developed by two financial industry pros, CJ MacDonald and Alexey Kalinichenko. The two wanted to provide youth with a more modern and connected banking solution, offering them the opportunity to build up their credit. Endorsed by the likes of NBA star Steph Curry and Tik Tok celebrity Charli D'Amelio, Step banking features a no-fee approach to banking, so young consumers won't have to worry about monthly, overdraft, ATM, or late fees.
For security's sake, accounts with Step banking benefit from FDIC insurance up to $250,000, Visa's fraud protection, and advanced encryption and authentication. The app has built-in integration with both Apple Pay and Google Pay and operates like a debit card. To ensure safety, Step accounts must be linked to parent accounts.
Image Credit: Step, Techcrunch