They say, “Money makes the world go round,” and while we don’t know exactly who they are, that statement has validity to a great degree. It is not necessarily that money makes the world spin, but it does give us access to tools and resources that we need to live a good life. Despite that, there are many people in America and around the world who are unfortunately living way below the poverty line with little access to the money, tools, and resources they need. This is not exclusive to those living in third world countries or those who are not employed. In fact, according to the Atlantic Monthly, 47 percent of Americans don’t have enough to pay for a $400 emergency and 20 percent are saving nothing, while 33 percent are living paycheck-to-paycheck.
Some can blame the economy, past financial mistakes, or government policy but when you get down to the crux of it all, financial education has a big part to play. My mother always told me, “If you knew better, you’ll do better,” and the fact still remains that many Americans are being penalized for not knowing! Did you know that Americans are paying up to $32 billion a year in overdraft fees alone? And why, you may ask? Well, traditional banks are still operating on an old and antiquated branch-based model that is truly inefficient and expensive.
This is why BankMobile exists today. It was established two years ago as a division of Customers Bank (CUBI) with the goal to disrupt an industry that currently profits from its customers’ mistakes and start a movement to financially empower Americans across the nation. Low-income people, millennials and the underbanked need and are looking for banking alternatives that are affordable, transparent, and trustworthy.
Add to the fact that Americans are now interacting with their banks through mobile channels 20 to 30 times a month and only walk into bank branches once or twice a year, and it makes sense to replace branches with technology to significantly lower costs and give consumers the affordable banking they want (and deserve). This new model has been working well for us. Recently, Customers Bancorp inked a $175 million deal to sell BankMobile to Dunedin, Fla.-based Flagship Community Bank, which will allow BankMobile to continue providing a branchless, no-to-low fee banking experience with exceptional service (the deal awaits approval from regulators).
Celebrating Two Years, BankMobile BOLD and Financial Literacy
As BankMobile comes into its second year of existence, it has become “the fastest-growing and largest digital bank for millennials in the country.” And in terms of the number of checking accounts, BankMobile is in the top 15 banks in America. As BankMobile continues to grow, we want to always stay true to our mission of financially empowering the American people.
In commemoration of that, to celebrate the launch of BankMobile Bold (our new mobile app for iOS and Android, and online banking portal for desktop users), and in an effort to extend Financial Literacy Month past April (because financial literacy should be celebrated every month), we have collaborated with World of Money, a non-profit organization, to start the #Bank4Good initiative! Founded in 2005, World of Money is a New York City based 501(c)(3) non-profit organization with a mission to empower youth through engaged, local delivery of professional, quality financial education.
From May 1st, 2017 – May 31st, 2017:
1. For every new BankMobile BOLD Totally Free Checking Account opened with the “#Bank4Good” code, $10 will be donated to World of Money and $10 will be added to your new account.*
2. For every photo/video posted on Facebook, Twitter and Instagram that uses the #Bank4Good hashtag and showcases “what financial freedom means to you,” $2 will be donated to World of Money 30 days after the end of promotional period up to $3,000.
Now is the time to #Bank4Good and put your money where it will not only grow, but also where it will be used for a good cause. As we’ve seen with the City of Seattle’s recent $3 billion divesture of assets from Wells Fargo, people are now making sure that their money is helping others and not hurting them.
So, yes… Money does make the world go round, but if you use it in a responsible way then the spin won’t give you a headache, it will actually give you peace of mind!
*Checking account offer is not available to existing BankMobile BOLD Totally Free Checking Account customers. To receive the $10: Open a new BankMobile BOLD Totally Free Checking Account, which is subject to approval with the #Bank4Good affiliate code. After you have completed the above checking requirements and deposited at least $50 within 30 days, we’ll deposit the $10 in your new account 30 business days after account opening. The $10 is considered interest and will be reported on IRS Form 1099-INT. Limit one $10 deposit per customer.
The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.
All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.