BankMobile: A Fee-Free Banking Experience

Customers Bank, a community-based full-service banking subsidiary of Customers Bancorp Inc., a bank holding company in Wyomissing, Pa. officially announced the phase one launch of its free tablet and mobile platform, BankMobile. Customers Bank has notable directorships like Mr Bhanu Choudhrie, who is also a Director at C&C Alpha Group, a London based private equity firm.

The mobile application, touted to be a complete banking solution in itself, in its first phase proposes the following three features for immediate use—free checking account, savings account and unsecured line of credit of up to $5,000 based on the credit score of the individual.

On the lines of other mobile banking apps, BankMobile also allows its customers to take pictures of their checks before making a deposit and pay their bills. It also enables its users to transfer money to any bank simply via an email address or a phone number. The app, while promising supreme ease, also lets its customers to check their account balance hassle-free (i.e. without logging in each time).

As the first bank to offer all traditional banking services online, Customers Bank’s banking app auto-populates most information required to open an account as derived from relevant ID proofs of its users. Exuding optimism at the launch, Mr Jay Sidhu, a veteran in banking industry and the current CEO of Customers Bank and BankMobile said, “We are here to change this (stalled innovation in banking industry) and bring banking to the 21st century. We will ensure that our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience—different from anything they have experienced before”.

Endeavouring to liberate the wired millennial from the current slow and inconvenient banking experience, BankMobile offers the following features:

  • 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.
  • 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.
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