Welcoming Former FDIC Chair Sheila Bair and Former Comptroller of Currency Tom Curry to Wealthfront
At Wealthfront, we’re building a financial system that favors people, not institutions. It’s a big, audacious goal and in order to achieve it, we need a truly stellar team. That’s why we’re thrilled to announce that two giants of the banking industry are joining Wealthfront’s newly formed Banking Advisory Group: Sheila Bair and Tom Curry.
As members of the Banking Advisory Group, Sheila and Tom will use their deep industry experience to help Wealthfront navigate regulatory bodies and partnerships on our quest to reinvent banking. We love that both Sheila and Tom have seen firsthand how broken the current banking system is. As a result, they’re excited to help Wealthfront build a far better alternative. Their expertise will be invaluable as Wealthfront continues to deliver innovative new products that make it easy to manage your financial life.
A distinguished duo
Sheila has been named the second most powerful woman in the world not once, but twice, by Forbes Magazine. She was the Chair of the Federal Deposit Insurance Company (FDIC) from 2006 to 2011 when she steered the agency through the worst financial crisis since the Great Depression. She also won the Kennedy Library’s Profiles in Courage Award, and Time Magazine named her “the little guy’s protector in chief.” On top of that, she’s the New York Times bestselling author of Bull by the Horns, a book about her experience navigating the financial crisis.
She’s also a founding director of the Volcker Alliance, which was established by former Federal Reserve Board Chair Paul Volcker to build trust in government, and is the founding chair of the Systemic Risk Council, which advocates for financial stability. And she’s a senior advisor to the Peter G. Peterson Foundation on financial issues confronting young people.
Sheila is looking forward to helping Wealthfront reinvent banking. “Technology has huge potential to lower costs and improve services for the banking public. I couldn’t be more excited to help Wealthfront create long overdue change,” she says.
Tom was appointed by President Barack Obama in 2012 to be the head of the Office of the Comptroller of the Currency (OCC) and served until 2017. In that role, he led the federal agency that charters, regulates, and supervises national banks and federal savings banks. As Comptroller, he launched the OCC’s Responsible Innovation Initiative, proposed the fintech national bank charter, and established the OCC Office of Innovation, a first among federal financial regulators.
Before that, he was nominated by President George W. Bush to the Board of Directors of the FDIC and confirmed by the U.S. Senate in 2003. He continued to serve in the role until 2017. Tom is currently a regulatory attorney and a partner in Nutter’s Corporate and Transactions Department. He’s also a co-leader of the firm’s Banking and Financial Services group.
Tom is excited to join Wealthfront as we work to build a new and improved financial system. “Wealthfront’s use of technology and complete focus on the client are a welcome innovation and I am thrilled to join in their efforts,” he says.
At Wealthfront, we’re hard at work building a financial system that benefits you instead of big institutions like banks. We’re turning the traditional banking system on its head, and we’re doing it by building delightful, software-based products that optimize your financial life. Because we’re using software, we can lower the cost of delivering our services enough to make money with you, not from you.
Our banking offerings keep getting better. This year we rolled out checking features for the Cash Account so you can direct deposit your paycheck (and get paid up to two days early), send and deposit checks from your phone, pay bills and friends, make purchases with a debit card, and access your cash via a network of 19,000 free ATMs – all while earning an APY many times the national average. Our Cash Account will only keep improving as we progress towards our vision of Self-Driving Money™. Earlier this year we took a major step towards this vision with the launch of Autopilot, Wealthfront’s free service that automates your savings strategy.
We couldn’t be more excited about the new members of our Banking Advisory Group. Welcome to Wealthfront, Sheila and Tom!
We’ve partnered with Green Dot Bank, Member FDIC, to bring you checking features.
Checking features for the Cash Account are subject to identity verification by Green Dot Bank. Debit Card is optional and must be requested. Wealthfront Cash Account Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Wealthfront products and services are not provided by Green Dot Bank. Green Dot is a registered trademark of Green Dot Corporation. ©2020 Green Dot Corporation. All rights reserved.
Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. Interest does not begin accruing until funds arrive at the program banks, which may take up to one business day.
Other fees apply to the checking features. Fee-free ATM access applies to in-network ATMs only. For out-of-network ATMs and bank tellers a $2.50 fee will apply, plus any additional fee that the owner or bank may charge. Please see the Deposit Account Agreement for details.
Other eligibility requirements for mobile check deposit and to send a check may apply.
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Cash Account is offered by Wealthfront Brokerage LLC (“Wealthfront Brokerage”), a member of FINRA/SIPC. Neither Wealthfront Brokerage nor any of its affiliates are a bank, and Cash Account is not a checking or savings account. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Investment management and advisory services are provided by Wealthfront Advisers LLC (“Wealthfront Advisers”), an SEC registered investment adviser, and financial planning tools are provided by Wealthfront Software LLC (“Wealthfront”).
The APY may change at any time, before or after the Cash Account is opened. The APY for the Wealthfront Cash Account represents the weighted average of the APY on the aggregate deposit balances of all clients at the program banks. Deposit balances are not allocated equally among the participating program banks.
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The Wealthfront Team believes everyone deserves access to sophisticated financial advice. View all posts by The Wealthfront Team