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Podcast: Planet Money
Episode: The hidden world behind your new "banking" app
Description: You might have seen ads for online banking services that seem to offer a lot of great stuff — accounts you can open in minutes and without a minimum balance or monthly fees. The ads seem to say: "These aren't your parents' boring old banks." But the truth is: Even though they might resemble banks, they aren't.These "bank-like" companies are a type of "fintech" or financial technology company. And this is a story about the potential risks of putting your money into these apps.Banks go through a whole regulatory gauntlet in order to exist. But, in...