Customers Bank Launches Phase One of Their Banking Revolution

Customers Bank, a banking division of Customers Bancorp, Inc. of which Bhanu Choudhrie in a director, has launched the first phase of their fee-free mobile and tablet-banking platform, BankMobile. In an event organized at The Harvard Club of New York on 14th January 2015, the bank officially announced the phase one launch of its much-awaited banking app.

The revolutionary full-service bank that is all set to disrupt markets aims to set a benchmark banking experience which is effortless, enjoyable and financially empowering. Phase one will be soon followed by phase two that offers three features-- free checking account, savings account and unsecured line of credit of up to $5,000 depending on the credit score of an individual.

Offering an indulgence to the wired millennial, BankMobile enables its customers to take pictures of their checks to deposit and pay bills, transfer money via email address or phone number and also allows users to check their balance without logging in every single time along with automated spending alerts, letting its users embark towards a complete banking digital age.

Speaking at the launch, Mr Sidhu, CEO and Chairman, Customers Bank and BankMobile, said, “We want to become America’s true bank that is in the palm of your hands”.

According to a 2012 Consumer Federation of America, most large banks have overdraft fees that average $35 per week for a $100 overdraft that is repaid in one week. Realizing that the banks today are “addicted to fees”, BankMobile took another breakthrough step to waiver fees.

Along with these, BankMobile also proposes the following unique propositions:

• Bank in the pocket facility, which is complimented with free financial tips.

• High rates on saving accounts, which are at least 0.25% higher than those offered by the four largest banks in the United States.

• BankMobile offers its users an access to 55,000 fee-free ATMs nationwide, and reimburses them the cost of ATM surcharges.

• Access to a line of credit up to $5,000.

• With low operational costs, the bank app will go fee-free.

• Checking, saving and line of credit all in one place.