BankMobile Aims Financial Freedom For Students

BankMobile, America’s first no-fee mobile, tablet and online bank, and a division of Customers Bank, will acquire Higher One’s Student Banking Business, and aims to develop a new banking model that will help students save $70 million a year by eliminating the high-fee existing model.

With a mission to extend its model of affordable banking to millennials, the bank already provides services free of any overdraft charges, along with 55,000 surcharge free ATMs and other lucrative offers.

"During our due diligence at Higher One, we identified the regulatory and compliance risks of the high-fee based model that the company was using to make money from its student loan disbursement business," stated Jay Sidhu, Chairman and CEO of BankMobile and Customers Bank, explaining the bank’s vision. "We are a full service bank and are offering these students checking, savings and loan products and making them affordable and accessible in alignment with our mission. Our goal is to provide these students with a 'wow' experience and make them customers for life due to their positive experience with us. Our banking model will put approximately $70 million more in the pockets of students across America who are working hard to study in the hope of obtaining high paying jobs."

"These students want to buy cars, plan for growing their families, and quickly pay off their student loans. The loans are meant to pay for tuition and textbooks, not high bank fees. Every time banks and credit unions charge overdraft fees, they are charging approximately 17,000% interest on the money they are 'lending,' which amounts to over $30 billion each year. This is outrageous. BankMobile will never charge an overdraft fee. Also, we will provide our student customers with access to over 55,000 free ATMs across the country. This is a commitment from BankMobile", Sidhu added.

BankMobile aspires for student-friendly banking and has gone the extra mile to load its app with features such as consultations with a financial coach, podcasts where successful millennials share their expertise, financial blogs and management tools.

"As a fellow millennial myself, it is my goal to change the -2% savings rate of the millennial generation and make sure they are on solid financial footing so they have the freedom to pursue their dreams," stated Luvleen Sidhu, Chief Strategy & Marketing Officer of BankMobile, shared her ambition to lead her fellow millennials to financial security.

Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has an illustrious board of directors that includes the founder of London-based C&C Alpha Group, Bhanu Choudhrie.

BankMobile Set to be Among Top 25 US Banks by July 2016

BankMobile has started off with a bang! Acquiring 100,000 customers in under a year of operating. However, it comes as little surprise as BankMobile continues to make a mark as a consumer favourite through some immaculate services and offers like free checking and savings accounts and access to more than 55, 000 surcharge free ATMs in US.

At this rate, BankMobile will hit 2-million account holders by July 2016, which would position it among the top 25 banks in the country (in terms of consumer checking accounts). Estimates posit 500,000 new student checking accounts to be added each year.

BankMobile’s parent company, Customers Bank, is trying out new acquisition strategies to tap the GenX and millennial market and it seems to be paying off—the bank recently acquired One Account Student Checking and Refund Management Disbursement business of Higher One, Inc.

"This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families," Jay Sidhu, Chief Executive Officer of BankMobile and Customers Banksaid their ambition is to provide financial freedom to millennials. "Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch."

"It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions," said Luvleen Sidhu, Chief Strategy &Marketing Officer of BankMobile, further adding that the bank’s goal is to provide a financially stable life to all the customers.

"Our mission has and always will be to financially empower our customers and we look forward to not only providing traditional banking services but also the tools and personal guidance they need to build a financially stable life." She said.

Along with ahead-of-the-curve services, features like free-checking on savings accounts and access to more than 55, 000 surcharge-free ATMs in the US are helping BankMobile take the market space by storm.

"By providing a superior product that is easier to use and is more affordable, we hope to create the 'Uber of Banking' at BankMobile," Jay Sidhu said.

Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has a board of directors which includes eminent businessmen including Bhanu Choudhrie, founder of C&C Alpha Group.

BankMobile Set To Be Among Top 25 Banks of the Country by July 2016

BankMobile, America’s first no-fee, mobile, tablet and online bank, revealed that it has reached 100,000 customers in under a year since launch and isfast heading towards a total of two million customers by July 2016.

Customers Bank, itsparent company, is set to acquire the One Account Student Checking business and related Refund Management Disbursement business of Higher One, Inc., a service known for providing refund disbursements to nearly 900 higher education campuses across the United States. BankMobile would be forming a customer acquisition strategy to capture the Gen X and millennial market.

BankMobile will add nearly 500,000 new student checking accounts each year, adding to the initial two million accounts by mid-2016, a time when BankMobile will grow into becoming one of the top 25 banks in the nation in terms of number of consumer checking accounts.

"This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families," said Jay Sidhu, Chief Executive Officer of BankMobile and Customers Bank. "Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch."

"It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions," said Luvleen Sidhu, Chief Strategy &Marketing Officer of BankMobile, while talking about the need of effective student loans in the country.

"Our mission has and always will be to financially empower our customers and we look forward to not only providing traditional banking services but also the tools and personal guidance they need to build a financially stable life." She added.

The rise and rise of BankMobile’scan be attributed to the fact that it offers free checking and savings accounts without any fees and access to more than 55,000 surcharge free ATMs in the USA.

"By providing a superior product that is easier to use and is more affordable, we hope to create the 'Uber of Banking' at BankMobile," Jay Sidhu said.

Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania. It has an illustrious board of directors including the founder, C&C Alpha Group, Bhanu Choudhrie.

A Terrific Opening For BankMobile; Reaches 100,000 Customers in Less than a Year

BankMobile, America’s first no-fee, mobile, tablet and online bank, has had a phenomenal start, acquiring 100,000 customers less than a year after its launch. By maintaining this pace, it can rise to 2 million customers by July 2016.

Its parent company, Customers Bank has been busy developing customer acquisition strategies in order to tap the Gen X and millennial market. It has also acquired One Account Student Checking business and related Refund Management Disbursement business of Higher One, Inc., a service which already has 900 higher education campuses across the United States under its belt, for providing refund disbursements.

BankMobile is set to become one of the top 25 banks in the nation by 2016 in terms of number of consumer checking accounts and nearly 500,000 new student checking accounts will be added each year.

"This acquisition positions BankMobile to be the primary banking relationship for these millennial and Gen X students as they graduate, evolve into young professionals, and start their own families," expressed Jay Sidhu, Chief Executive Officer of BankMobile and Customers Bank. "Our vision of providing financial freedom to millennials and the underbanked through BankMobile has very quickly become a reality. There is no bank in the country that has achieved the level of success that BankMobile has within its first year of launch."

"It is truly exciting that BankMobile can now provide affordable, effortless and financially empowering banking to a large number of students across the United States, who are burdened by student debt, high fees from banks, and lack access to financial education to help them make prudent financial decisions," said Luvleen Sidhu, Chief Strategy & Marketing Officer of BankMobile, while talking about the priority of providing effective student loans in the country.

 "Our mission has and always will be to financially empower our customers and we look forward to not only providing traditional banking services but also the tools and personal guidance they need to build a financially stable life." She added.

One of the reasons BankMobile is generating interest among customers is their free checking and savings account service and an access to more than 55,000 surcharge free ATMs in the USA.

"By providing a superior product that is easier to use and is more affordable, we hope to create the 'Uber of Banking' at BankMobile," Jay Sidhu said.
Customers Bank is a subsidiary of Customers Bancorp, Inc., a bank holding company in Wyomissing, Pennsylvania and has a board of directors including Bhanu Choudhrie, the founder of London based company, C&C Alpha Group.