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Square is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPM. Square’s shares jumped on the news.
Evidence of the still-unannounced plan appeared in hidden code in a recent update to Square’s app for Apple Inc.’s iPhone and iPad. The code references both types of accounts and indicates that the checking version will integrate with Square’s existing debit card for businesses. It also suggests that Square will differentiate itself by eschewing monthly service charges and fees tied to minimum balances and overdrafts. Square shook up the world of finance when it first debuted its card readers and offered to process payments at one easy-to-understand price -- a stark contrast to the binders with pages and pages of rates that big banks historically gave to their small-business customers looking to accept credit and debit cards.
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