BankMobile: America’s First and Only No Fee Mobile Bank

Customers Bank (NYSE:CUBI), the banking subsidiary of Customers Bancorp, Inc. officially launched the first phase of its free mobile and tablet banking platform, BankMobile. Established in 2014, BankMobile is an independent operating digital banking division of Customers Bank, a subsidiary of holding company Customers Bancorp, Inc. based in Wyomissing, Pa. Customers Bank also has notable Directorships including Bhanu Choudhrie, who is also a Director at C&C Alpha Group, a London based private equity firm.

Introduced in a press conference held at The Harvard Press Club of New York on January 14th 2015, the phase one announced the following three features for use—free checking account, savings account and an unsecured line of credit of up to $ 5,000 depending on the credit score of the individual. 

Announced at the Analyst Day of Customers Bank last year, the launch of BankMobile is touted to be a landmark event in the banking industry. With a second phase, which is proposed to begin in next 60 to 90 days, the app will feature text and video customer service chats, preapproved auto loans and the ability to search and buy cars nearby. 

A bank designed with a focus on tangible lifestyle benefits, such as smartphone-supported mobility, ease of access, and financial confidence, it certainly is one progressive and youthful bank. Conceived with an aim to disrupt the current banking experience to make it more effortless, enjoyable and financially empowering, BankMobile is the first bank to offer all traditional banking services online.

Speaking about BankMobile, Mr Jay Sidhu, CEO of Customers Bank and BankMobile said, “There’s a once in a 100-kind of change taking place in banking right now. BankMobile is the cool, trendy, young bank.” 

Upon the launch, the banking app offers the following exclusive features: 

• A branch experience that fits the palm of hand along with free financial advices from the professionals.

• High rates on saving accounts that are at least 0.25% higher than those offered by the four largest 

        banks in the United States.

• An access to 55,000 fee-free ATMs nationwide, and reimburse the customers the cost of ATM  

        surcharges.

• Multi-layered security checks to protect accounts.

• Access to a line of credit up to $5,000, depending on the credit score of the individual.

• Fee-Free banking and a freedom from overdraft fees.

BankMobile: A New High In Digital Banking

BankMobile, an independent digital banking division of Customers Bank announced its official phase one launch on 14th January 2015. Customers Bank (NYSE:CUBI) is a community-based, full-service banking subsidiary of Customers Bancorp. Inc. that provides a complete range of banking services to all small and medium-sized businesses, professionals, individuals and families through offices based in Pennsylvania, New York, Rhode Island, Massachusetts and New Jersey.

Launched at a press conference organised at The Harvard Club of New York, the first phase of BankMobile sets forth the following three features for current use-- free checking account, savings account and unsecured line of credit of up to $5,000 based on the credit score of the individual.

The second phase, anticipated to roll out in the following 60 to 90 days, will also introduce a set of prominent features like text and video customer service chats, pre-approved auto loans and the ability to search and buy cars nearby.

Exalted at the launch, Ms Luvleen Sidhu, Chief Strategy and Marketing Officer, BankMobile, said “We are thrilled to officially launch BankMobile. 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.”

All geared up to infuse a new bit of innovation into the banking sector, the Customer Bank’s mobile app proposes the following unique propositions:

• A branch experience that fits the pocket facility, coupled with free financial tips from the experts.

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

• An access to 55,000 fee-free ATMs nationwide, promising to reimburse the cost of ATM surcharges.

• Access to a line of credit up to $5,000, depending on the credit score of the individual.

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

• Negligible interest on the loans.

• Multi-layered security checks to protect the account.

Being a bank that is committed to fostering customer loyalty, Customers Bank has notable directorships, including Bhanu Choudhrie, who is also a Director at C&C Alpha Group, a London based private equity firm.

Experience Branchless Banking with BankMobile

Just a few years back, mobile banking seemed unimaginable. Today, it is a must-have for every smartphone user. While not all banks can branch out across their client spectrum, smartphone users can carry a branch in their pocket at all times.

As mobile banking continues to evolve and change the retail-banking landscape, Customers Bank (NYSE:CUBI) officially launched phase one of BankMobile, its much anticipated free mobile and tablet banking platform. Customers Bank has notable Directorships like Mr Bhanu Choudhrie who is also a Director of C&C Alpha Group, a London-based private equity firm.

First announced during the analyst day of the bank on 14 May last year, ‘Customers’ rolled out the following three features with its first phase--free checking account, savings account and unsecured line of credit of up to $5,000.

Talking about the mobile app during its launch, Mr Jay Sidhu, CEO, Customers Bank and BankMobile, said, “We are here to change this [stalled innovation in banking industry] and bring banking to the 21st century. We will ensure that our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience—different from anything they have experienced before”.

In the next phase, which is proposed to begin in 60 to 90 days, the app will feature text and video customer service chats, pre approved auto loans and the ability to search and buy cars online. With a goal to open 25,000 new accounts this year, the bank also expects to open 250,000 accounts over a period of five-years.

Being the first bank to offer all traditional banking services online, BankMobile will give access to the following features:

• A branch experience which fits the palm of hand along with free financial advices from the professionals.

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

• An access to 55,000 fee-free ATMs nationwide, and reimburse the customers the cost of ATM surcharges.

• Multi-layered security checks to protect accounts.

• Access to a line of credit up to $5,000, depending on the credit score of the individual.

• Fee-Free banking and a freedom from overdraft fees.