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”.

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