New York, NY, Nov. 15, 2018 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and America’s largest and fastest-growing mobile-first bank, today recognized 94 leading institutions with its second annual ACE Award. The award is given to BankMobile Disbursements partner colleges and universities that Achieve Campus Efficiency by disbursing more than 90 percent of all refunds electronically and promoting the refund disbursement program and process so that more than 40 percent of all students, regardless of financial aid eligibility, complete the refund selection process. BankMobile Disbursements serves more than five million students on nearly 800 campuses nationwide.
“Our disbursements program is meant to help partner colleges and universities efficiently, securely and cost-effectively disburse refunds to students,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “It is exciting to award these 94 institutions across the country, who are so successful in implementing our platform, thereby providing their students with the most financially-empowering, seamless refund program in the country. We congratulate them on receiving the ACE Award and thank them for their successful partnership!"
Institutions that partner with BankMobile have the highest electronic disbursement rates in the industry; 85.3 percent out of 6.1 million disbursements from nearly 800 partner campuses are delivered electronically by direct deposit to an account of the student’s choosing.
BankMobile provides refund management services to one in every three college students in the country. Additionally, it has saved college and university students more than $100 million* in banking fees since July 2016 versus had they deposited their funds into traditional checking accounts.
BankMobile also recently announces its partnership with Flywire, a leading provider of global payment and receivables solutions. Through this partnership, colleges and universities have access to BankMobile’s state-of-the-art disbursement engine and Flywire’s turnkey, end-to-end solution for managing tuition receivables and payments, powered by OnPlanU.
With 1.8 million account holders, BankMobile, a division of Customers Bank, is the largest and fastest growing mobile-first bank in the country. It is also in the top 15 banks in the U.S. in terms of number of consumer checking accounts serviced.
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About BankMobile
Established in 2015, BankMobile is a division of Customers Bank and America’s largest and fastest growing mobile-first bank offering checking and savings accounts and personal loans. BankMobile provides an alternative banking experience to the traditional model and is focused on technology, innovation, easy-to-use products and education with the mission of being “customer-obsessed” and creating “customers for life.” The disruptive, multi-partner distribution model, known as “Bank-as-a-Service,” created by the executive team enables BankMobile to acquire customers at higher volumes and substantially lower expense than traditional banks. Its low-cost operating model enables it to provide low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of “traditional” banks. Today, BankMobile provides its “Bank-as-a-Service” platform to colleges and universities and currently serves nearly two million account-holders at nearly 800 campuses (covering one out of every three students in the U.S.). BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit: www.bankmobile.com.
*According to the CFPB (Consumer Financial Protection Bureau), the average annual cost of a traditional checking account is more than $118 per year. The average annual cost of owning a BankMobile Vibe account is less than $34 per year, for an average annual savings of more than $84 per student per year!
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