New York, NY, July 19, 2018 (GLOBE NEWSWIRE) -- BankMobile today announced it has saved college and university students over $100 million* in banking fees since July 2016 versus had they deposited their funds into traditional checking accounts. This tremendous sum is significant given the issues of college affordability and skyrocketing student debt across the country. BankMobile, a division of Customers Bank and a mobile-first bank, offers Vibe, an optional, full-service, FDIC-insured checking account, available to students at the nearly 800 colleges and universities that BankMobile partners with for its BankMobile Disbursements service.
“It is truly exciting to be saving students across the country so much money and relieving them from the burden of fees other banks would be charging them,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “Since launch, we have made it our mission to financially empower our customers through a banking service that is innovative, simple, technologically-advanced and customer-focused, and we will continue to build the best bank for students as well as millennials, middle-income Americans and the underbanked.”
BankMobile Vibe has no monthly fee for students*, provides access to more than 55,000 fee-free Allpoint® ATMs, offers a one-of-a-kind recognition program, and puts free and convenient budgeting tools in the hands of all accountholders. Through unique features and functionality, it empowers students to save money and rewards them for success in and out of the classroom.
BankMobile recently announced it has partnered with 36 new colleges and universities across the U.S. The bank now serves one in every three college students in the country and more than 89 percent of these students choose to receive their refunds electronically. Additionally, in June 2018, administrators at the nearly 800 campuses BankMobile serves conducted required due diligence on BankMobile Vibe that the account is in the best interest of their students and the fees associated with the account are consistent with or below prevailing market rates. See how BankMobile Vibe stacks up by using their interactive comparison tool.
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.
For more information about BankMobile, visit: www.bankmobile.com. And to learn more about BankMobile Vibe, visit: www.bankmobilevibe.com.
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About BankMobile
Established in 2015, BankMobile, a division of Customers Bank and a mobile-first bank, offering checking and savings accounts. It provides target customers—millennials, the underbanked and middle-income households—with a digital, effortless, and financially empowering experience. In addition to fee-free checking and savings accounts, BankMobile offers lines of credit, joint accounts and access to over 55,000 surcharge-free ATMs nationwide (BankMobile VIP customers have free access to every ATM in the country, which is more than 400,000 ATMs), a guaranteed higher savings rate than the top four banks in the nation, a personal banker for all customers, and a free financial advisor for VIP customers. 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.
*See fee schedule for information on fees and how we determine student status.
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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