Monday, 19 January 2015

America's First and Fee Free Mobile Bank is Finally Here!

Customers Bank (NYSE:CUBI), the banking subsidiary of Bhanu Choudhrie’s Customers Bancorp, Inc. officially launches the first and fee- free mobile and tablet banking platform on 14th January, 2015. Commemorating the revolutionary event, the bank hosted a press conference at the Harvard Club of New York.

Since the first announcement of BankMobile during the analyst day of Customers Bank on May 14, 2014, the anticipation for the Beta (Phase One) launch has been mounting, until recently when the branchless banking service officially rolled out to a group of 5,000 customers.

Speaking at the unveiling ceremony, Luvleen Sidhu, Chief Strategy and Marketing Officer, Bank Mobile, said, “We are here to revolutionize banking, to help those who have often been victimized by the industry through excessive fees and we will always be a bank built by, and for, the people”.

Having identified the need to disrupt the current banking situation with effortless and financially empowering banking facility, the banking revolution endeavours to offer- checking, savings and joint accounts as well as a $5,000 line of credit. In addition, the customers will also have an access to about 55,000 fee-free ATMs across the country. By the middle of this year, BankMobile executive also announced to provide a full range of retail services, including mortgages and auto loans.

Leveraging the latest technology and security measures, the hassle-free banking service, proposes the following facilities:

  • A branch experience which fits the palm of hand along with free financial advices from the professionals.
  • High rates on saving accounts which are at least .25% higher than those offered by the four largest banks in the United States.
  • An access to 55,000 fee-free ATMs across the country- that is more than three times the amount of Bank of America ATMs.
  • Access to a line of credit up to $5,000.
  • Zero charge, including no overdraft fees.

Thrilled at the launch, Warren Taylor, President, BankMobile, also added, “We know that what we have here is ground-breaking, and we look forward to sharing updates with those who seek to become a part of the BankMobile family”.

Tuesday, 13 January 2015

‘Never Pay Another Fee’ With This Digital Banking Innovation

Welcome to the Banking Revolution!

Customers Bank, the banking subsidiary of Bhanu Choudhrie's Customers Bancorp Inc. launched BankMobile, a free tablet and mobile banking platform. BankMobile, an independent operating digital banking division of Customers Bank was established in 2014. In the words of Luvleen Sidhu, Chief Strategy officer, BankMobile, “We want to create a bank for Millennials, built by the Millennials. We will launch in our most basic form, and then use crowdsourcing to co-build a bank with Millennials that they can finally feel they love”.

Ever since the official announcement of BankMobile during the analyst day of Customers Bank on 14 May 2014, the anticipation and interest about its Beta Testing Phase has been on a rise. The phase which rolled out in December this year is all set to make use of the responses provided by a group of 5,000 customers.

The testing phase offers free checking accounts, and a savings account with high rate of interest and lines of credit, to put out feelers for its initial use. These features, which are a part of special custom-tailored applications designed for Android and Apple users, are sure to offer the Big Picture Banking to its customers.

Upon its launch, the customers can benefit from exclusive features like:

Own Your Tomorrow - A branch experience, which fits in the palm of hand along with automated spending alerts. It also promises an easy access to financial consultants who will educate the customers with basic financial knowledge.

LIVE FREE. BANK FREE! - “Americans now pay more in overdraft fees every year than they do for fresh vegetables,” observed CRL senior researcher Leslie Parrish. With $32 billion spent in overdraft fees in 2012, BankMobile offering services with no overdraft fees. The absence of overdraft fees is a new age banking revolution.

You sure can’t ask for more! - High rates on saving accounts, which are at least 0.25% higher than those offered by the four largest banks in the United States.

No other bank can claim this- An access to 55,000 fee-free ATMs on a nationwide network- that is more than three times the amount of Bank of America ATMs.

Checking, savings, and a line of credit all in one place- Access to a line of credit up to $5,000.

Wednesday, 7 January 2015

Customers Bancorp Soon to Be Listed on NYSE

Customers Bancorp, Inc., the parent to Bhanu Choudhrie’s Customers Bank recently announced the transfer of its Voting Common Stock, $ 1 par value per share and its 6.375% Senior Notes Due 2018, from the NASDAQ Global Select Market to the New York Stock Exchange. Approved for listing, Voting Common Stock and Senior Notes are expected to begin trading on NYSE from 30th December, 2014.

Customers Bancorp, Inc., a bank holding company positioned in Wyomissing, Pennsylvania with Bhanu Choudhrie as the Director, is involved in banking and related business processes through its banking subsidiary, Customers Bank (collectively known as “Customers” or “Company”). The bank, which is a member of Federal Reserve System, allows for a whole range of banking services to small and medium sized businesses, professionals, individuals and offices. Engaged in fostering customer loyalty, the bank is committed towards revolutionizing the banking experience for its customers.

Operating through a chain of offices located in Pennsylvania, New York, Rhode Island, Massachusetts, and New Jersey, Customers Bank incorporates industry-leading technology in its various services. Expanding its loan portfolio to small businesses, multi-family projects, mortgage companies and consumers, Customers also made it to the top of Small-Cap Stars financial heaps while exhibiting a potential for big gain and better returns.

Speaking about the new laurel, Jay Sidhu, Chairman and CEO, Customers, said, “Listing Customers’ shares on the NYSE represent an important milestone for us. We now join the many prominent banks that trade on, and benefit from, NYSE’s innovative and proven market model. We believe that listing on NYSE will further raise the profile of our company and provide support and visibility for our current and future shareholders as we continue to deliver solid financial performance”.

Since the transfer is speculated to be completed by December 30, Voting Common Stock and Senior Notes will continue to be traded on NASDAQ under the ticker symbol “CUBI” and “CUBIL” respectively, for that span.

In acknowledgement of this transfer, the representatives from the bank will be honoured by allowing an opportunity to ring the NYSE Closing Bell at 4:00 p.m. on January 7, 2015.