SQ Stumbles into Banking Biz

Square stumbles into the banking business
Square customers are treating the payment company’s Cash app more like a bank account than the company intended, and CEO Jack Dorsey says while it wasn’t a goal, he plans to “lean into” the trend.

https://www.cnbc.com/2018/05/18/square-stumbles-into-the-ban…

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I’ve been using my Paypal account lately after a long hiatus, and noticed that they now offer investments through a “micro-investing” company called Acorns. Minimum investment is $5. They charge $1 a month for accounts under $5000, and 0.25% a year for accounts of $5000 or more.

They put your money into fractional shares of a bunch of stock and bond ETF’s representing over 7000 securities.

https://www.acorns.com/investments/

But the $1/month fee is pretty hefty if you’re only adding a few bucks a month.

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