Saturday 27 February 2016

BankMobile’s One-stop Banking App to Save Millennials $70 Million a Year

Overdraft fees add up to around $32 billion in the United States. BankMobile, a division of Customers Bank and America’s first zero-fee, mobile, tablet and online bank, understands that and after acquiring Higher One’s student banking is set on college students getting to save up to $70 million a year.

"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, as he talked about the bank’s goals and aspirations. "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 continued.

"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.

BankMobile has clocked 100,000 customers in less than a year of operations and is set to go past 2 million accounts in July.

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.

Saturday 20 February 2016

BankMobile’s Student-Friendly Banking Solutions to Lead Them to 2 Million Customers in July

BankMobile, a division of Customers Bank and America’s first absolutely no-fee, mobile, tablet and online bank, wants to reduce financial burden on students and aims to aid college students save $70 million a year through their business model. 

Mostly targeting millennials and Gen X customers, BankMobile offers 55,000 surcharge-free ATMs and zero overdraft fees. 



"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 vision to lead her fellow millennials to financial freedom.

"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. "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 explained the need for a bank like BankMobile.

BankMobile has gone the extra mile to make its service the favourite of students by adding features like financial tools, personal banker etc. to the app.

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.