Hi all. I have a really dumb question: Is Envel a bank? Or is it a service like Mint? I signed up thinking Envel was a bank but I just learned there’s no way to deposit a check. Do you all have to use other banks and Envel is just some kind of service? As a Simple refugee, I signed up for Envel because I thought it was a Simple replacement. But now I think I made a mistake and should have check all the features more carefully. Can anyone help clarify? Thanks!
So technically we are a ‘banking app.’ We have a banking partner, NBKC, and are thus able to provide users with banking services. And, in addition, we provide a budgeting service similar to mint! So the answer is both, although for compliance reasons we can’t say that we are a “bank” because of regulations with our banking partner. But we can say “banking app”… don’t ask me why haha.