Mobile Banking Vibe - BankMobile VIBE is a low-cost, digital, FDIC-insured checking account for students with no monthly fee, no overdraft, and no NSF fees. It is offered to university students who use BankMobile Disbursements® to disburse financial assistance refunds.
BankMobile, the leading provider of financial aid refund disbursement services in higher education in the United States since 2001, announced today that BankMobile VIBE account holders who chose to have their financial aid refunds deposited into BankMobile VIBE accounts save more than $62,000,000 per year in banking fees compared to traditional checking accounts. Customers Bank's BankMobile is a digital bank that provides Americans with the tools, products, and services that make banking more inexpensive and accessible.
BankMobile CEO Jay Sidhu stated, "We are committed to making BankMobile VIBE available to every college student in America." "Students are unlikely to qualify for low-cost checking accounts, guaranteeing that those who can least afford banking fees pay the most." We believe that this is a disservice to students, and we want to change that."
Students must attend a school that works with BankMobile Disbursements to be eligible for a BankMobile VIBE account. Regardless of prior banking experience, all students at partnered colleges are eligible for an account. BankMobile Disbursements provide disbursement services to almost 5 million students on 800 campuses (one out of every four college students in the United States). There is no minimum or opening balance requirements for BankMobile VIBE. Students can continue to use BankMobile's low-cost VIBE account after they leave university, allowing them to make BankMobile their bank for life.
Under US Department of Education standards, students who use BankMobile VIBE are protected from unsolicited marketing, overdraft fees, and credit offers. BankMobile VIBE account customers get access to 55,000 fee-free ATMs throughout the world, which is more than Bank of America (16k), Chase (16k), and Wells Fargo (13k) put together. Traditional student checking accounts have no such fee limits, unlimited cash access, and other benefits.
More than one out of every three college students in the United States is beyond the age of 25, according to the Integrated Postsecondary Education Data System (IPEDS), a component of the United States Department of Education. Banks' student checking accounts do not cater to the growing non-traditional student segment, which often does not qualify for monthly fee waivers on student accounts due to age restrictions imposed by banks – typically 24 or 25 years old. There are no age limits on BankMobile VIBE.
To explore how BankMobile VIBE compares to other student checking accounts, go to www.bankmobilevibe.com/compare.
"We've sought to disrupt the existing banking model while creating the most student-friendly account in America," Sidhu concluded. "Our no-branch, mobile-only, and online-only approach is tailored to today's students' requirements and interests, allowing us to keep their prices low." The complete fee schedule for BankMobile VIBE may be seen at https://www.vibeaccount.com/studentaccount/feeschedules.do.
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Mobile Banking VIBE features are included with this account
Fraud monitoring: When a debit card is used in an unusual location, or you make a string of expensive purchases, your BankMobile Vibe checking account analyzes transactions for potentially fraudulent activity.
Online Bill Pay: With Online Bill Pay, you can effortlessly pay bills from your account.
Mobile Banking: With a BankMobile Vibe checking account, you may manage your finances online or using a mobile app. This includes depositing checks into your account using a smartphone app.
Conveniently transact at a local ATM using the nationwide ATM network.
Soft credit draw: A soft credit pull is performed on your BankMobile Vibe checking account to see if you qualify without harming your credit.