Square continues their push into banking by offering a new debit card to business owners; “We now offer all sellers who use our point of sale a place to store their money, and a MasterCard to spend it instantly,” Jack Dorsey, the CEO of Square and Twitter, said in a tweet according to American Banker. “No bank account needed.”; the funds are held in pooled accounts and not in FDIC insured bank accounts; this will allow for instant funding and a 2.75 percent discount on purchases with Square merchants; Square continues offering banking services while not yet becoming a bank, though they did refile their ILC charter application. Source.
