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.