Bancorp is one of Chime’s banking partners. While your checking account can be with Stride Bank, N.A., Bancorp is the bank that provides Instant Loans. Since they are the lender, your loan agreement and servicing details will come from Bancorp.
With this setup, Chime needs to share some account details with Bancorp to offer and process loans, just like it does for Chime members whose checking accounts are already with Bancorp. Additionally, all Chime members, whose checking account is issued by Stride, will need to go through a Know Your Customer (KYC) check before receiving an Instant Loan.