Bank Free! Customers Bank Launches an ‘App’ Only, Branchless Bank

Customers Bank (NYSE:CUBI), the banking arm of Customers BanCorp, Inc. has launched BankMobile, a fee-free mobile and tablet banking platform. The bank announced its official phase one launch on January 14th, 2015 followed by a press conference hosted by the executives of Customers Bank and BankMobile at The Harvard Club of New York.

Since 14th May, 2014, (the analyst day of ‘Customers’) when the bank first announced this banking app there has been much anticipation regarding the launch of its ‘Beta Phase’ (phase one). Now with the launch of its first phase, Jay Sidhu, Chairman and CEO, Customers Bank and BankMobile, believes that this launch is sure to disrupt the current banking experience hence making it more effortless, enjoyable and financially empowering.

The unveiling of its first phase has brought the following three features into effect–free checking account, savings account and unsecured line of credit of up to $5,000– all vouching for a ‘bank in your palm’ experience. The second phase that is expected to begin in 60 to 90 days will also feature text and video customers service chats, preapproved auto loans and the ability to search and buy cars nearby.

Customers bank is the first bank to offer traditional banking online through specifically designed secure transaction gateways to mitigate any security concerns. The app features multi-layered security checks to protect the accounts along with automated spending alerts, connected with Apple Pay, a mobile-payment system.

Hoping to offer an indulgence to the wired millennials, Director Bhanu Choudhrie, along with all those at Customers Bank, also propose the following via BankMobile:

  • A branch experience, which 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.
  • 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.

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