An account specifically designed to satisfy the needs of students, this BankMobile Vibe review will provide you with essential information every potential customer should know.
You probably have heard this before, but really, having a bank account is definitely one of the most important steps towards financial literacy. It does not matter if you are young or an adult. The same rule applies.
For young people, though, there’s a huge advantage if you start saving young. The earlier you start saving whether it be in a bank or other financial institutions, the more likely you are to develop great financial skills. Needless to say, the more likely you are to earn more savings as years go by.
In the Student Banking Survey 2019 conducted by SaveTheStudent.Org, they’ve found that 70% of the total respondents (there were 1,314 of them) have “student” accounts, which usually come with extra perks designed for studying.
While students have several options when it comes to banking institutions to open a student account with, the survey found that during that year there has been an increase in the number of students who use app-based banks. From 16% in 2019, it has grown to 34% in 2019.
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The result is not surprising for us, though. Young people are more inclined to anything technology-related. They choose the easier and more convenient route, which is provided by app-based or online banks.
Banking with online banks has never been such easy. You basically can do what you need to do with just a tap of a finger using your mobile devices or your computer.
Now, over the years, there have been lots of online banks with different products and services out there. The industry increases year after year.
However, only a very few of them focuses on providing online banking services to students — particularly college students. This is not the case though with Customers Bank, a bank headquartered in Phoenixville, Pennsylvania.
The bank created what is called BankMobile Vibe, an account that specifically focused on providing students with their banking needs.
In the next couple of sections, we are going to provide you with the essential information you need to know about BankMobile Vibe.
This BankMobile Vibe review will particularly focus on providing answers to some of the most commonly asked questions about the bank, which include:
- What is BankMobile Vibe?
- Who is BankMobile Vibe best for?
- What is the BankMobile Vibe Passport Recognition Program?
- What are the fees included in the BankMobile Vibe Checking Account?
- When do funds become available?
- How to open a BankMobile Vibe Checking Account?
- Is BankMobile Vibe safe?
- What to like about BankMobile Vibe?
- What not to like about BankMobile Vibe?
WHAT IS BANKMOBILE VIBE?
Surely, there are lots of things you need to know before you even sign up for a BankMobile Vibe account — and one of them is what BankMobile Vibe is all about.
We always say it, and we are going to say it again. Before you sign up or open a bank account, always make time to get to know the institution first. That way, you get to know how credible and reliable they are.
Now, let’s move on to the real agenda — what is BankMobile Vibe?
BankMobile Vibe is a digital-only checking account for students offered by Customers Bank, a bank that has been present in the market since 1997.
BankMobile Vibe addresses the demands of students in a more direct way, with features created based on the needs of young adults who are currently matriculating at colleges and universities. In fact, one of the requirements to be able to open a BankMobile Vibe checking account is to be enrolled in a partner college or university.
While there’s so much to look forward to with BankMobile Vibe, one of the features that really shines the most is its Passport Recognition Program wherein BankMobile Vibe offers “stamps” for certain things like meeting a certain financial goal or performing excellently in class. These “stamps” will give you an entry into the quarterly drawing of up to $10,000 along with fellow BankMobile Vibe customers who met the required “stamps”. Please note “stamps” are earned based on the customer’s paying bills, budgeting, saving, and of course, GPA.
If you are a working student, BankMobile Vibe also has a feature that allows you to receive your paycheck up to as early as two days. Needless to say, customers may also get a chance to earn a 1.49% annual percentage yield on their checking account.
All BankMobile Vibe Checking account holders have access to 55,000 ATMs in AllPoint Network nationwide.
Now, since BankMobile Vibe is an online checking account, it means it available for students of partner colleges and universities across all 50 states.
Meanwhile, know more about how BankMobile Vibe works as Luvleen Sidhu, co-founder, president, and chief strategy officer of BankMobile explains it in the video below:
WHO IS BANKMOBILE VIBE BEST FOR?
In the previous section, we provided you with important details you need to know about the BankMobile Vibe digital-only checking account.
This time, let’s talk about who BankMobile Vibe is best for —
Here’s a disclaimer – not because BankMobile Vibe was designed for students, it means it’s good for all types of students.
Realistically speaking, BankMobile Vibe checking account is most appealing for students who are strong academically, have a good financial position, and have a regular source of income.
Needless to say, you have to be enrolled in a partner college or university in order to qualify for this digital-only checking account.
WHAT IS THE BANKMOBILE VIBE PASSPORT RECOGNITION PROGRAM?
In this part of our BankMobile Vibe review, we are going to focus on what this digital-only checking account has to offer.
As mentioned earlier, BankMobile Vibe has a Passport Recognition Program, which gives customers access to Surprise and Delights, Deals and Discounts, and a chance to win up to $10,000 in the Student Success Sweepstakes.
As the name suggests, the program is designed to acknowledge students for smart money management, good financial behavior, and academic achievement.
How the Passport Recognition Program works is pretty simple. For every smart money management, good financial behavior, and academic achievement the customer makes, he or she gets to earn a stamp. Each stamp you earn also gives you an entry into the Student Success Sweepstakes, which you can use to pay off student loan debt if you win.
According to the BankMobile Vibe website, a winner is chosen every promotional period, while two wins for every promotional period per calendar year (basically, every six months).
To serve as your guide, here’s how you could win a stamp under each category:
Good Financial Behavior
- 1 stamp for every 3 months you maintain a positive account balance
- 1 stamp for every successful online bill payment
- 1 stamp for every $100 deposited to your account
Smart Money Management
- 1 stamp for the first mobile app login each month
- 1 stamp for setting up a mobile alert
- 1 stamp for setting up a reserve
- 1 stamp for setting up a budget
Academic Achievement
- 1 stamp – 1.50-1.99 GPA
- 2 stamps – 2.00-2.49 GPA
- 3 stamps – 2.50-2.99 GPA
- 4 stamps – 3.00-3.49 GPA
- 5 stamps – 3.50 GPA
- 3 stamps – Pass
- 20 stamps – Graduation
By the way, apart from the Student Success Sweepstakes, you may also get access to the deals and discounts once you obtain the Adventurer Status once you get 10 stamps.
Now, if you wish to opt-out of the program, you may freely do so by simply clicking the Unsubscribe link at the bottom of the program website, or you may click the Unsubscribe link in any of the Passport email sent to you.
WHAT ARE THE FEES INCLUDED IN THE BANKMOBILE VIBE CHECKING ACCOUNT?
Every bank has its own rules especially when it comes to charging fees.
So, to get to know BankMobile Vibe better, this time, we are going to talk about the fees that Customers Bank charges to those with a BankMobile Vibe checking account.
Almost similar to most online accounts, BankMobile Vibe does not charge monthly service fees unless you are unable to meet the requirement of making monthly deposits of at least $300. The fee amounts to $2.99.
Apart from that, the BankMobie Vibe also charges $25 for the domestic wire transfer (outgoing) and $3 for the out-of-network ATM fee. We just have to say, though, that the fees are relatively lower as compared to how much other mobile bank charges.
Aside from these three, account holders no longer have to pay for anything else, particularly overdraft fees, which is a very common fee that banks charge customers of.
WHEN DO FUNDS BECOME AVAILABLE?
Now, in this section of our BankMobile Vibe review, we are going to talk about the availability of funds.
With the BankMobile Vibe checking account, most deposits of up to $1,000 are available on the same day. This includes both direct deposits and wire transfers, as well as financial aid refunds.
Meanwhile, for money orders, cashier’s checks, as well as treasury checks, the first $1,000 is made available by the next working day.
As with paper checks, the first $500 is available on the first business day after the deposit has been made, the remaining $500 will become available the day after.
HOW TO OPEN A BANKMOBILE VIBE CHECKING ACCOUNT?
By this time, you are probably wondering already how to bank with BankMobile Vibe.
Here’s the thing, contrary to other online accounts, in this case, online checking accounts, signing up with BankMobile Vibe is a bit crucial. You cannot just go visit the website and follow the account application process.
First of all, you have to be attending classes in a partner college or university to qualify for the account.
Yes, unfortunately, BankMobile Vibe checking account is only exclusive to students at partner colleges and universities in the country.
With regards to the signing up process, you will need to get your BankMobile login and password before you are able to sign up for an account. It is best to inquire with your school first if they are a partner of BankMobile Vibe, and how you can sign up with them to be able to get access to your BankMobile checking account.
Similar to most banks out there, you will be asked to provide your personal information such as your name, address, mobile number, as well as your Social Security number when signing up.
While the initial process seems to be a little tricky, once you have a login, it should be easy for you to do banking using your BankMobile Vibe account.
Although BankMobile Vibe does not have a minimum initial deposit requirement, it is important to note that you must keep a minimum balance of $300 monthly to avoid fees.
BankMobile Vibe has a mobile app that is available for both Android and iOS users. More so, you may also opt to bank online through the BankMobile website.
By the way, just in case you are wondering about what happens to your account after graduation, well, you have the option to continue using it as your primary account once you graduate from college or university or you may choose to close it down. It all depends on you.
IS BANKMOBILE VIBE SAFE?
This BankMobile Vibe review will not be complete if we are not going to tackle the app and the website’s security and safety measures.
Just like almost all online accounts and online banks in general, BankMobile Vibe has put all security and safety measures (for both its mobile app and website) in place to ensure all data are safe and secured, and that fraud and identity theft cases will be avoided.
When it comes to insurance, Customers Bank, the creator, and owner of BankMobile Vibe is a member of the Federal Deposit Insurance Corporation (FDIC), which means all BankMobile Vibe checking accounts are also covered.
All accounts are insured up to $250,000 per person in the event that BankMobile Vibe or Customers Bank fails.
By the way, just in case you are not aware, the FDIC is an independent agency of the United States government that protects depositors against the loss of their insured deposits in case a bank or a financial institution fails.
WHAT TO LIKE ABOUT BANKMOBILE VIBE?
In the previous sections, we have provided you essential details about the BankMobile Vibe online checking account. We talked about what it’s all about, who would benefit the most from it, its Passport Recognition Program, as well as fees the bank charges, fund availability, and of course, the account’s safety and security.
This time, since our BankMobile Vibe review is almost done, we are giving you a summary list of the things to like about the BankMobile Vibe online checking account, which includes the following:
- No Initial Deposit Requirement – Unlike other online checking accounts, BankMobile Vibe by Customers Bank does not require an initial deposit, which means even if you do not have money on hand, you can open a BankMobile Vibe checking account provided you meet all the other requirements.
- Rewards Program – BankMobile Vibe comes with a rewards program called Passport Recognition Program wherein students are rewarded for smart money management, good financial behavior, and academic achievement.
- Easy Bill Pay and Budgeting Features – BankMobile Vibe account holders can take advantage of its easy bill pay and budgeting featured to become more financially literate.
- Excellent Interest Rate – Students have a chance to earn a 1.49% annual percentage yield on their checking account.
- Free Debit Card – The checking account comes with a free debit card, which gives account holders easier access to their money.
- Nationwide Access to Network ATMs – Account holders can access their money through over 55,000 network ATMs across the country.
- Available Across 50 States – The BankMobile Vibe online checking account is available for students attending its partner colleges and universities across all 50 states.
- FDIC-Insured – Customers Bank, the owner and maker of BankMobile Vibe is a member of the FDIC, thus, all accounts are insured for up to $250,000 per depositor in the event of a bank failure.
WHAT NOT TO LIKE ABOUT BANKMOBILE VIBE?
While BankMobile Vibe has lots of things to like about, it also does have some downsides.
Some of the things to not like about BankMobile Vibe are as follows:
- Fees – BankMobile Vibe account holders may be charged a $3 service fee if they are unable to meet the requirement of making monthly deposits of at least $300. Also, $25 is charged for the domestic wire transfers (outgoing), and $3 for out-of-network ATM fees, both are kind of more than the average. Other than these, no other fees are charged.
- Exclusive to Students of Partner Colleges and Universities Only – Unfortunately, BankMobile Vibe is not for all students across the United States. To be able to avail of this product, you have to be attending a partner college or university. This is very important as your account application will not proceed if you are not a student of a partner college or university.
- Minimum Balance Requirement – To avoid the monthly service fee, you have to make a monthly deposit of at least $300. This should not hurt, though, if you are a working student and you are using it as your primary account.
FINAL THOUGHTS ON BANKMOBILE VIBE REVIEW
Overall, we have to say that BankMobile Vibe is a good option for students of partner colleges and universities who want to open an online checking account. While it does have its share of things to improve on, we believe the advantages still outgrow the not-so-good ones.
Also, this online checking account is even more ideal for those who prefer to manage their account online instead of traditional or conventional banking. Needless to say, it’s ideal for those who can bring in at least $300 a month to be able to avoid fees and earn interest.
Having said that, do you think BankMobile Vibe is fit for you?