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Mobile Banking

Mercury Bank Review: An Online Banking Platform For Small Businesses

In this Mercury Bank review, you will find out how this online financial platform makes business banking cheap and easy.

Mercury Bank Review: An Online Banking Platform For Small Businesses

On one hand, opening a business credit card is fairly easy for as long as you have a solid credit score and a legit side hustle. On the other hand, finding a business bank account can be quite a challenge.

Unfortunately, most brick-and-mortar banks out there make it a little more challenging. Needless to say, one cannot open a business bank account without having to step into a physical bank location.

According to the United States Small Business Administration, currently, there are 28.8 million small businesses in the country with 57.8 million employees working under these businesses.

The small business industry comprises 99.7% of all businesses in the country, while the number of employees they employ covers 48% of the whole U.S. employee population.

If you think about it, they may be considered “small,” but these businesses actually play a huge part in the economy may it be on the local or the national scene.

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Now, whether you are a current small business owner or a soon-to-be one, one of the most important things you need to ensure is to have a systematic cash flow.

In a study conducted by the U.S. Bank, it was found that 82% of business failures were caused by poor cash management.

Cash flow refers to the virtual movement of money. According to Investopedia, it is “the net amount of cash and cash-equivalents being transferred into and out of a business. Cash received is inflows, and money spent are outflows.“

Having a system in place to help you manage your business’s cash flow will definitely help a lot in keeping the business operations smooth and easy.

Mercury bank is not your typical bank. It actually is designed to help small businesses manage their cash flow better. The bank makes it easy for any business or startup company with formation documents as well as an Employer Identification Number (EIN) to be able to open a business bank account.

This online banking platform offers a business account and a business savings account that are fee-free, which, honestly, is a breath of fresh air for people in the business industry.

Are you getting more curious about what this online bank has to offer?

Well, in the next couple of sections, we are going to go deeper to know key facts about Mercury Bank.

Specifically, in this Mercury Bank review, we are going to tackle the following:

  • What is Mercury Bank?
  • Who is Mercury Bank best for?
  • What does Mercury Bank offer?
  • How does Mercury Bank work?
  • Are there fees involved?
  • Is Mercury Bank safe?
  • What to like about Mercury Bank?
  • What not to like about Mercury Bank?

WHAT IS MERCURY BANK?

Mercury Bank was founded in April 2019 by Immad Akhund, Max Tagher, and Jason Zhang. It is based in San Francisco, California.

Mercury Bank was established to provide an online banking platform that specifically caters to small businesses. The bank offers both a business checking account and business savings account with no monthly fees.

Furthermore, Mercury Bank offers scalable digital tools. Needless to say, each account provides read-write application programming interface access for a customized banking experience.

Know more about Mercury Bank in this video below by Global From Asia:

In addition, Mercury Bank offers an upgraded version of its banking platform — the Mercury Tea Room. This product was designed for businesses that hold a balance of $250,000 or more in their accounts.

The account comes with added perks including free domestic and international wires, as well as exclusive partner discounts on business products and services. Also, customers under the Mercury Tea Room account get eligibility for the Mercury Treasury cash management account.

Customers with this account can make payments through wire transfers, debit cards, ACH transfers, as well as payroll processing platforms. Account-holders can also collect money from payment processors like PayPal and Stripe. More so, the accounts may be linked to online accounting software for easier processing.

As mentioned earlier, Mercury Bank aims to help small businesses or startup companies to manage their cash flow better by making it easier to open a business bank account for any company with documents and an Employer Identification Number (EIN).

Unfortunately, it is important to know what Mercury Bank is not available for sole proprietors. Also, it does not accept cash deposits like some of its competitors.

WHO IS MERCURY BANK BEST FOR?

Mercury Bank was designed to cater to small businesses.

However, to be more specific, the bank is ideal for small-business owners who want to take advantage of a free business banking platform with no transaction fees.

It is also best for those who prefer managing entirely their business finances online since Mercury does not have physical branch locations like what traditional banks have.

Since the bank does not have a cash deposit option, this makes it a good choice for business owners who do not need ATM or branch location to deposit money into their accounts.

It’s a great online banking platform for those who want to customize their banking by using the online tools and integration that Mercury Bank offers.

Meanwhile, technically speaking, Mercury Bank is ideal for small businesses within the U.S. The owners must be U.S. residents, and the business must service U.S. clients.

Additionally, money service businesses of companies that are involved with adult entertainment, marijuana, or internet gambling are not eligible to open an account.

Also, keep in mind that Mercury is not for businesses that are a sole proprietorship.

WHAT DOES MERCURY BANK OFFER?

Mercury Bank offers “full-stack bank accounts”.

To be clear, full-stack does not mean full-service. Mercury Bank, as mentioned earlier, does not have physical branch locations, and does not accept bank deposits.

Mercury Bank account holders can make fee-free cash withdrawals from any of Allpoint network ATM. However, it should be noted that as stated on the bank’s FAQ page, it is clearly stated that its products are designed to benefit startup companies, which means they do not fit all types of businesses that frequently need cash.

There are a couple of things that makes Mercury Bank stand out from other available business banking options out there.

Some of the most notable though is the following:

  • Streamlined Application Process
  • User Permissions
  • Mercury Tea Room
  • Minimal Fees

Now, let’s take a closer look at what each of these items is all about –

Efficient Application Process

Mercury Bank works entirely online. Unlike typical banks, it does not have any physical branch location.

While traditional banks may require you to fill out lots of forms and ask you to present different types of documents, Mercury Bank offers a very simple and easy process in applying for an account.

For small business owners who have their articles of incorporation as well as their EIN number from the IRS will be able to complete the whole application process online in just a few minutes.

Mercury Bank offers a simple process to help small companies get started. All it takes is to have a few government documents ready and you get to open an online business account immediately.

Digital Tools

Mercury Bank provides its customers access to built-in digital tools that allow them to send and receive online payments, track transactions, as well as cash flow analytics and monitoring spending.

In addition, the bank offers the ability to create virtual credit cards, at the same time, manage your debit card through the app, which is available for iOS users. By the way, users can freeze the card, edit spending limits as well as add the account to a mobile wallet.

Mercury Bank also allows its users to integrate their accounts with third-party business tools like Xero, QuickBooks, PayPal, Shopify, and Stripe.

User Permissions

By having a Mercury Bank business account, founders get to share financial responsibility among their team members easily without turning over the keys to the business’s bank account.

Mercury Bank offers virtual cards and variable permissions for employees. More so, founders can also interact using their account via API. This ability makes it easier for finance teams to develop reporting or for developers to integrate apps and others.

By the way, Mercury Bank allows you to add as many team members as you want to your account.

Also, account holders have two options when it comes to user access.

The first is by adding users as admins and allowing them to receive a debit card, change permissions, as well as move money.

The second is adding users as bookkeepers, which means they can only access transaction history and statements, and are not allowed to do any transactions or changes.

Mercury Tea Room

Mercury Tea Room is available for businesses that can hold a balance of $250,000 or more.

The account comes with lots of perks including free domestic and international wires, access to exclusive partner perks such as two months free of OpenPhone or one year free of Rippling payroll, as well as free tea, which is inspired by the bank’s company culture of serving tea to one another.

Furthermore, Mercury Tea Room account holders are eligible for Mercury Treasury, which is an automated cash management account that allows account holders to put extra funds into the U.S. government securities and money market funds to earn interest.

Account-holders can create a customized portfolios with a mixture of bonds and services by simply using the information provided in a suitability questionnaire.

As of this writing, Mercury Tea Room accounts can earn up to 0.07% annually for idle funds. No worries about fees as this does not require any.

HOW DOES MERCURY BANK WORK?

In this part of our Mercury Bank review, we are going to talk about how to actually open an account.

As mentioned earlier, Mercury Bank does have eligibility requirements, which include:

  • The business must be located in the United States with a federal employer identification number
  • Must cater to US-based clients
  • Not for sole proprietors or trusts
  • Not for businesses in the money services, adult entertainment, marijuana, or internet gambling industries
  • Business owners must be residents of the United States

As mentioned earlier, the account opening process is made simple and easy, provided you have the required documentation, which includes:

  • A government-issued ID for you and any co-founders
  • Owners with 25% or more ownership or officers who have control over your finances
  • Business formation document (which varies based on your entity type)
  • Employer Identification Number (EIN) verification from the IRS

Meanwhile, for verification purposes, you will need the following information and documents:

  • EIN verification letter
  • Company formation documents
  • Company contract and contact details
  • Social Security Number (Not needed for foreigners)
  • Government ID
  • Company profile (The form is available on the Mercury Bank website.)

To apply, all you have to do is visit the Mercury Bank website. You must, first and foremost, create an online account and then complete and submit your application.

Again, everything has to be done online.

Once your account application is approved, you can now fund your account, as well as send payments, and manage transactions and spending.

You may download the Mercury Bank mobile app to your iOS device, and then start adding users to your account. Also, you can now start integrating third-party business tools.

In addition, you will also receive a business debit card within eight to 10 days from the day your account was approved. The bank also allows you to generate virtual cards from your online account, in case you need to use them before the actual physical card arrives.

Deposit and Withdrawals

To do mobile check deposits in your account, you will need to show a history of funding as well as transactions within your account.

Mercury Bank enables this feature on a case-to-case basis. However, once enabled, users can use the mobile app to deposit checks via the Add Funds flow.

Meanwhile, to withdraw funds, account holders may do so through any of the over 55,000 Allpoint network ATMs for free.

ARE THERE FEES INVOLVED?

Unlike typical banks, Mercury does not charge monthly maintenance fees as well as overdraft fees.

The only fees charged by the bank are wire transfer fees — $5 for domestic, while $20 for international transfers. The charges can, however, be waived if you are a “Tea Room” client.

IS MERCURY BANK SAFE?

The security of your personal and business information and your account is very important. Thus, Mercury uses bank-level security features to avoid fraud, identity theft, or any other similar unfortunate circumstances.

Although technically not a bank, Mercury offers banking services through Evolve Bank & Trust, its partner bank.

Because of the partnership, all accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) in the event of a bank failure.

WHAT TO LIKE ABOUT MERCURY BANK?

This Mercury Bank review will not be complete without giving you the pros and cons.

So, in this section, we are going to tackle the things to like about Mercury Bank first, which include the following:

  • No Minimum Deposit – Unlike traditional banks, Mercury Bank does not require any minimum opening deposit.
  • No Monthly Maintenance and Overdraft Fees – Another perk of opening a Mercury business bank account is that you get away from paying off monthly maintenance fees as well as overdraft fees, which are very common in traditional banking institutions.
  • Checking and Savings Account in One – Mercury Bank provides checking and savings account in one platform, which definitely makes everything so much easier for small business entities.
  • Large ATM Access – Mercury Bank account holders get access to over 55,000 fee-free Allpoint network ATMs across the country.
  • API Access – With the API access, account holders get to automate and customize their banking experience.
  • Mercury Tea Room – For business accounts with balances of $250,000 or more, they get to access additional amazing perks.
  • Employee Permission Levels – Mercury Banks provides two employee permission levels, which we believe is very unique to it.
  • Multiple Third-Party Platform Integrations – Mercury allows users to integrate different types of platforms like QuickBooks, Stripe, PayPal, etc.

WHAT NOT TO LIKE ABOUT MERCURY BANK?

To complete the whole review, here are some of the things that Mercury lacks or may need to improve on:

Not Available to Sole Proprietors – Unfortunately, small businesses owned by a sole proprietor are not eligible to open a Mercury Bank account. Only businesses with multiple founders can avail of the bank’s products and services.

No Cash Deposit Option – At the moment, Mercury does not have a cash deposit option. You may fund your account via mobile check deposit instead.

Low-Interest Rate – Compared to other banking institutions, Mercury Bank offers a low interest rate of only 0.07% annually (as of the moment).

Mobile App is Available for iOS Users Only – Unfortunately, Mercury Bank mobile application is only available for iOS devices. We thought the bank may already working things to make it available for Android users soon as well.

FINAL THOUGHTS ON MERCURY BANK

Mercury Bank is an online banking platform specifically designed for small businesses or startup companies. It helps make business banking easier by providing tools, services, and amazing perks.

Overall, Mercury Bank’s business bank accounts are low-cost (because the bank does not charge monthly maintenance and overdraft fees), easy to open (everything is done entirely online in just a few minutes), and integrates very well with other business tools like Quickbooks, PayPayl, etc.

With all these, we wouldn’t be surprised if Mercury Bank becomes one of the most sought-after business banks out there. Do you agree?

To conclude, this Mercury Bank review made us see that there’s so much potential with the online banking platform and that it surely benefits small businesses or startup companies.

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Investment Apps and Websites

Zeta Review: A Finance Management App Designed For Couples

In this Zeta review, you’ll see how this financial management app helps couples specifically in handling their finances. We bet you’ll love it.

Zeta Review: A Finance Management App Designed For Couples

Marriage is such a beautiful thing. Do you agree?

It’s nice knowing that you have someone with you for richer or for poorer, in sickness and in health, until death you part.

But successful marriages do not come so easy. It definitely is not a walk in the park. Truth is, it takes a lot of hard work to make a marriage last.

A couple deals with lots of problems and challenges along the way, and unfortunately, one of the common causes of conflicts among them is — yes, you guessed it right! Money.

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In a study entitled, “For Richer, for Poorer: Money as a Topic of Marital Conflict in the Home,” which was published online at the United States National Library of Medicine – National Institutes of Health, it says:

“Contrary to findings from previous laboratory-based surveys, spouses did not rate money as the most frequent source of marital conflict in the home. However, compared to non-money issues, marital conflicts about money were more pervasive, problematic, and recurrent, and remained unresolved, despite including more attempts at problem-solving.”

Meanwhile, according to a study conducted by the Institute for Divorce Financial Analysis, 22 percent of all divorces in the United States were caused by money issues.

So, you see, while money is not the primary cause of failing marriages and relationships in general, it does take a big part of the picture.

But, you know what? There is nothing in the world that cannot be resolved, right?

Every problem comes with a solution or at least a way to make things work.

There are actually a lot of things that couples can do to not let money get the best of their relationship.

One of the many ways to make things work in terms of handling finances between married couples is using a financial management app like Zeta that is specifically designed for them.

While there are lots of financial management apps out there, the majority of them are for personal use. But this one, Zeta, was designed to help couples be better in handling their money as one.

Are you curious now to know more about this app? Well, in a couple of sections, we are going to share with you key information about the Zeta app.

In particular, this Zeta review will provide answers to the following questions:

  • What is Zeta?
  • What makes it different from other financial management apps?
  • Who is Zeta best for?
  • How does Zeta work?
  • What are the best features of Zeta?
  • How to get started with Zeta?
  • Are there fees involved?
  • Is Zeta safe?
  • What to like about Zeta?
  • What not to like about Zeta?

WHAT IS ZETA?

While most budgeting apps are great for solo users, Zeta is a financial management application that was specifically designed with couples’ needs in mind.

It was founded by Aditi Shekar, a family finance expert with a mission to “help couples get smarter about money.“

Zeta is a great financial tool that allows couples to stay on top of their finances as one. You know, promoting teamwork between couples, which is actually what it should be.

Anyway, the Zeta app helps couples merge their finances, set common goals, as well as track their financial progress together — not leaving the other behind.

Zeta is a free app, which honestly makes it even better!

Zeta can be accessed online or through a mobile app, which makes it even more convenient to use. So, even if you two are apart, you can still see what’s going on with your money with just a click.

Using the app, you can connect all of your accounts including checking, savings, investments, as well as debts — all in one place.

Although you can opt to let your partner see all your accounts, you also have the power to choose only what you want to share with the other person while still using the app to manage the others without them knowing.

On a business note, Zeta is backed by world-class investors, which include “a group of diverse, experienced and hands-on operators and venture investors from financial and consumer industries.”

If you’re interested in knowing more about what the Zeta app is about and what it has to offer, here’s an insightful video by Money at 30:

WHAT MAKES ZETA DIFFERENT FROM OTHER FINANCIAL MANAGEMENT APPS?

Similar to other money management app out there, Zeta has features that make it easier for users to track income and expenses.

The app allows you to customize how you categorize several expenses and allows the user to review transactions, check bills calendar, as well as ensure that the expenses are within the budget.

However, what makes Zeta different from other apps you see in the marketplace is that it specifically focus on helping couples manage their finances together at different stages of their relationship.

As mentioned earlier, one of the major triggers of marriages that do not work is money issues. The main founder of Zeta wishes to address that by providing a tool that will help couples become more transparent with each other in terms of finances.

Moving on, Zeta has features that allow users to categorize transactions as “his,” “hers,” and “ours” (tagged with names, not with pronouns), which makes it easier to track shared as well as individual expenses.

By the way, Zeta also includes a savings bucket, which is not common among budgeting apps.

Furthermore, the app is flexible enough that couples can share as much or as little with the other person as they want. It allows users to still have that personal space.

The app allows you to link all your accounts at the same time, letting you choose only the ones you want to share with your partner and manage the others on your own without the other person knowing.

WHO IS ZETA BEST FOR?

Obviously, Zeta is specifically designed for couples. Whether you are married, engaged to be married, or living together, this app is best for you.

Well, of course, for as long as both parties are in for this shared financial management journey, this should work.

As mentioned, while it primarily promotes “shared” financial management, couples can still use the same app to manage their “personal” accounts. It’s like hitting two birds with one stone, yeah?

As for single people, you can still use the app although of course, you cannot enjoy the majority of its features because, again, it’s designed for couples.

HOW DOES ZETA WORK?

If you have used a budgeting app before, then it should be easier for you to get familiarized with how Zeta works.

However, if you are totally new to the whole financial management app thing, then this part of our Zeta review is for you.

Basically, like any other financial management apps in the market, Zeta tracks the user’s income and expenses.

To be able to do that, you either sync your transactions automatically or do it manually.

Zeta helps couples simplify their finances.

Once the user adds an account, he or she could mark it either “personal” or “shared.” Obviously, when you share the latter that means your partner gets to see it as well.

The software updates spending in real-time. More so, it allows couples to create their own budgeting categories or opt to use the preset ones in the app.

Zeta has a feature that allows users to track shared financial goals at the same time, keeping expenses separate.

WHAT ARE THE BEST FEATURES OF ZETA?

In this part of our Zeta review, you will see the best features of the app so far. This includes the following:

Bill Splits

Some couples prefer splitting the bill between each other. To be honest, this could sometimes be a headache when you do not have a system in place.

But, with the Zeta app, couples can easily keep track of bills that are meant to be shared, at the same time, keep track of who owes what.

Bill Calendar

Obviously, this feature allows couples to stay on track of their monthly financial obligations specifically — bills.

This feature shows when a bill is due to help ensure you do not miss paying anything.

Budgets and Goal Setting

Using the Zeta app, you can set up budgets and goals together. At the same time, track their movement.

Having budgets and goals will surely help you as a couple to stay motivates, make adjustments when necessary, and celebrate wins together.

Memos

What’s nice about the Zeta app is that it comes with this feature that allows you to leave a memo for your partner.

You can use this when making a purchase that the other person does not know about, or when you want to ask your partner about a particular expense.

Net Worth Tracker

One of the best ways to improve your financial situation is by tracking your net worth. This allows you to spend within your means and not go overboard.

Net worth refers to the value of your assets after subtracting your liabilities. With the help of Zeta, the process is simplified by syncing all your accounts in one place and doing the math on your behalf.

The tracker lets you see your net worth go up and down based on you and your partner’s choices.

Joint Cards

This is actually the company’s attempt at couples banking. By partnering with Radius Bank, Zeta gets to offer a joint bank account that comes with two debit cards allowing each couple to manage their finances and goals with the tools provided by the app.

Zeta Joint Cards allows couples to merge all or a part of their money. For some couples, this helps them manage their finances better. It makes things easier, in fact.

The Zeta Joint Cards provides the following features:

  • No Account Fees or Minimums
  • Account-holders could earn 0.14% APY
  • FDIC-Insured through Radius Bank for up to $500,000
  • Instant notifications
  • Early Direct Deposit
  • Allows transferring money from an individual or joint accounts
  • Mobile check deposit
  • Digital checks (write and send)
  • Access to 32,000 ATMs for free
  • Contactless payment via Apple Pay, Google Pay, or PayPal
  • Unlimited transfers
  • Bill pay

To avail of this feature, all you need to do is follow these simple steps:

  • Tell Zeta about you and your relationship.
  • Invite your partner and have their information confirmed.
  • Receive your respective Zeta Joint Card.
  • Start spending and saving as a team.

The Zeta Joint Cards is ideal for married duos, the newly moved-in, families, trusting roommates, or any other case where a joint bank account is handy can work.

HOW TO GET STARTED WITH ZETA?

Signing up with Zeta is pretty simple. All you have to do is go to their website, look for the Get Started button, and click it.

Provide all the information that will be required from. They’re basic information such as your email address, name, address, phone number, etc.

Also, you will be asked to link your financial accounts, and then, invite your partner to join in.

The whole signing-up process does not take long. In fact, you can finish it within 10 minutes.

ARE THERE FEES INVOLVED?

Now, here’s one of the most important things about the Zeta app — anyone can use it absolutely for free!

To be honest, it’s quite surprising since some of the most popular budgeting apps out there come with a cost.

By using Zeta, couples get to enjoy all the perks that come with the app without having to worry about paying for the services they use.

Zeta is a powerful budgeting tool that allows users to do automatic transaction importing, net worth tracking, the ability to customize categories, as well as a bill payment calendar, and keeping track of your personal and shared accounts and expenses.

IS ZETA SAFE?

Since users will have to link their accounts to the Zeta app, it is important that in this Zeta review, we also look into how secure the app is.

So, how secure is the Zeta app?

Zeta uses bank-level security measures to ensure that your personal information is secured.

None of your logins are stored in the Zeta app. They also use reputable third-party technology to link your financial accounts to the app without storing information anywhere.

Once you invite your partner to join, there is a two-step identification process in place before the other person can see the shared information. Rest assured that Zeta will never access your account unless you permit it to.

Meanwhile, we mentioned earlier that one of the perks Zeta users can enjoy is the Joint Cards, a joint bank account that comes with two debit cards allowing each couple to manage their finances and goals with the tools provided by the app.

Once you enroll for the said account, your money gets insured through Zeta’s partner bank, which is an FDIC member. All deposits are insured for up to $500,000 in the event of a bank failure.

WHAT TO LIKE ABOUT ZETA?

There are a lot of things to like about Zeta especially if you and your partner are so game with sharing financial information and are willing to work as a team.

Some of the things that really stand out are the following:

  • Free App – Zeta is available for all for free! Imagine getting all the perks it offers without having to pay a cent!? That’s great, right?
  • Financial Management App Designed for Couples – Unlike the majority of budgeting apps you find in the market, Zeta is specifically designed to help couples be better at handling their finances together. This, hopefully, helps saves marriages from breaking up because of money issues.
  • Zeta Joint Cards – This feature allows couples to have a joint bank account that comes with two debit cards allowing each couple to manage their finances and goals with the tools provided by Zeta. This one’s nice to have for couples, really.
  • Zeta Joint Cards are FDIC-Insured – What’s nice about this feature is that all deposits are insured by the FDIC through Zeta’s bank partner. The insurance is up to $500,000 in case of a bank failure.

WHAT NOT TO LIKE ABOUT ZETA?

While there are a lot of things to like about Zeta, it also has its share of drawbacks.

In this section of our Zeta review, we are going to share with you some of the drawbacks of this financial management app for couples. It includes:

  • Work In Progress – Zeta app is still a work in progress. New features are still being added, which is actually good because it means there’s a lot more to look forward to.
  • App Tends to be Slow – Well, we thought, since the app is still a work in progress, this explains why some users find it slow. Don’t worry, though, because the team is working on speeding things up. Also, we thought it’s fair to be a little forgiving since this one’s a free and a newly-built app anyway.
  • Tracking Progress on Savings Goal Falls Short – Unfortunately, in case you are saving up for something, Zeta does not update your progress automatically at the moment. So, you have to do it manually instead. We, however, believe that the team is also working on it.

FINAL THOUGHTS ON ZETA

Zeta is a financial management app designed specifically for couples. The app provides a number of helpful features to help couples be better at handling their finances together.

Since the app is relatively new (needless to say, it’s free), there is still a lot of work in progress. But, imagine when it’s done and the app is already very functional. It would definitely be a big help.

So, given all the information we shared, are you thinking about downloading the app already?

Overall, with all the information provided in this Zeta review, we thought the app has so much potential. There’s so much to look forward to. Also, it definitely tries hard to provide what they think will help their users in terms of budgeting and goal setting.

Categories
Mobile Banking

Aspiration Review: Helping You Make Ethical Choices With Your Money

In this Aspiration review, you will see how this online-only financial firm is geared towards providing consumers compelling financial products, as well as helping customers in making ethical choices with their finances.

Aspiration Review: Helping You Make Ethical Choices With Your Money

Digital banking has definitely changed the way people bank. It made managing finances and making transactions so much easier.

Digital banking has been around for some time already. However, it initially attracted the younger generations more, which is not surprising because they’re the ones who are more tech-savvy.

However, things rapidly changed when the pandemic hit in 2020. In fact, in research conducted by RFi Group, the financial services insights provider, it was found that 71% of consumers around the world are now using digital banking channels on a weekly basis because of what happened.

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Meanwhile, in a TIME report, it says that based on an analysis by Fidelity National Information Services, an international financial services firm, there was a 200% jump in new mobile banking registrations in April 2020.

In a snap, digital banking has become essential to every consumer’s day-to-day life.

Experts believe that the rise in numbers and changes in digital banking will continue post-pandemic, especially since people now already know the essence of having mobile banking access.

Now, even before this whole pandemic thing happened, there are already a lot of online financial firms competing with one another – providing the best services and rates possible to attract as many clients as possible.

Among all the choices available, Aspiration is one of them.

Aspiration is an online-only financial firm that focuses on providing compelling financial products as well as helping consumers make ethical choices with regard to their money.

Unlike banks, the firm does not offer traditional savings or checking accounts. But, it does offer products that are equally beneficial like typical bank offerings.

If you find Aspiration interesting, then, continue reading on.

For your reference, in the next few sections of this Aspiration review, we are going to answer some of the most commonly asked questions about the firm, which include:

  • What is Aspiration?
  • Who is Aspiration best for?
  • What does Aspiration offer?
  • How does Aspiration work?
  • Are there fees involved?
  • Is Aspiration safe?
  • What to like about Aspiration?
  • What not to like about Aspiration?

WHAT IS ASPIRATION?

Aspiration is an online-only financial firm that was established in 2015.

The banks pitched themselves to customers who are already fed up with the traditional banking industry. The bank focused more on targeting Millennials who want to patronize a do-good business.

Earlier we mentioned the firm is geared toward helping customers in making ethical choices with their finances.

True to that vision, Aspiration set an example by donating 10% of its income to good causes and offering an in-app feature that guides the firm’s customers to the environment and people-friendly businesses. In fact, Aspiration users can even get sustainability scores on their respective spending habits.

How the company does promote making ethical choices while you shop? Check this video by Magnified Money wherein he explains how Aspiration actually does it:

As mentioned earlier, Aspiration is not a chartered, federally insured bank rather a brokerage that offers a cash management account.

Before you freak out about the fact that it is not insured federally because it’s not a bank, the firm’s relationship with banks helps ensure that the money you put into your Aspiration account is protected by the Federal Deposit Insurance Corp or FDIC.

So, yes, technically speaking, whatever amount you keep through Aspiration is automatically insured by the FDIC through its partnership with an FDIC-member bank.

WHO IS ASPIRATION BEST FOR?

As mentioned in the previous section, Aspiration is an online-only financial firm, which obviously means, it should appeal to customers who want the convenience of online banking and not minding the absence of a physical branch location.

Furthermore, Aspiration is a great option for those who do not want to pay monthly maintenance fees, as well as ATM fees.

Also, it should be ideal for consumers who want to earn cash back on debit card purchases.

But of all, Aspiration is a financial firm that appeals to those who want to bank with a company that does not only focus on earning, but also on sustainability.

WHAT DOES ASPIRATION OFFER?

Unlike typical brick-and-mortar banks and other mobile banking platforms, Aspiration does not offer many account-type choices.

However, the financial firm offers products that come with several incentives that customers who are considering online banking may appreciate.

Aspiration has two major product offerings. These are:

  • Aspiration Spend & Save Account, and
  • Aspiration Investment Accounts.

Aspiration Spend & Save Account

The Aspiration Spend & Save is basically a credit monitoring arrangement (CMA) for customers. It allows account holders to spend and save, at the same time, providing them with many benefits of a checking account.

This product comes with two different plans to choose from. The first one is a free plan, while the second one is a paid plan.

Customers may opt to go free with some restrictions while still earning 3-5% cashback on Conscience Coalition purchases or option the paid plan, which costs $15 a month (or $12.50 per month if paid annually) to enjoy all its features.

By the way, Conscience Coalition purchases are from companies like Warby Parker, Blue Apron, and TOMS. You may visit the Aspiration website to see the full list.

Moving on, let’s dig deeper into each of these product options —

Aspiration (The Free Plan)

The Aspiration Free Plant, allows customers to decide what they want to pay. The firm calls it “pay what is fair” regardless if you do not pay for anything at all.

The Aspiration Free Plan comes with the following features:

  • Deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs
  • 3-5% cashback on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every roundup

Aspiration Plus (The Paid Plan)

Aspiration Plus is the paid plan, which costs $15 a month, or $12.50 per month if you pay annually. Unlike the Free Plan, Aspiration Plus comes with fewer restrictions and more benefits, which is fair enough since you are paying for it, right?

All Aspiration Plus account holders will get to enjoy the following features:

  • Deposits won’t fund fossil fuel exploration or production
  • 55,000 free in-network ATMs
  • 10% cashback on Conscience Coalition purchases
  • Personal impact score to help you shop to match your values
  • Option to plant a tree with every roundup
  • Up to 1.00% APY on your savings
  • One out-of-network ATM reimbursement monthly
  • Carbon offsets for all your gas purchases with Planet Protection

Now, you are probably wondering if the monthly payment is indeed worth it.

Well, it is worth it if you spend a lot on companies within the Conscience Coalition, because it entitles you to a 10% cashback.

Additionally, the Aspiration Plus plan comes with carbon offset purchases, which means that the firm buys carbon offset to counter the climate impact of their customers’ purchases.

If you care about the environmental impact of your actions, then, the paid plan should be worth it.

As mentioned, the plan allows customers to earn 1.0% APY. However, it does have some restrictions. In order to 1.00%, APY interest on Aspiration Save Account balances up to and including $10,000 in any month, you must be enrolled in Aspiration Plus and spend $1,000 or more monthly using the Aspiration debit card.

Meanwhile, balances of more than $10,000 will earn 0.10% APY. If in case customers do not meet the requirements every month, the APY will be 0.25% on Save Account balances up to and including $10,000, while balances over $10,000 earn 0.10% APY.

Both Aspiration and Aspiration Plus comes with a digital debit card, which allows users to use it instantly while waiting for the physical card. Of course, it also comes with a physical debit card, which can be used to withdraw money, and in making purchases.

Aspiration Investment Accounts

Aspiration has four investment products. Two of them are allocated for sustainable investing, also known as environmental, social, and governance (ESG) investing, while the other two are the Flagship Fund and Flagship IRA, both have a low-volatility theme.

The Redwood Fund and the Redwood IRA invest in companies that are participating actively in different concerns like gender diversity, ethnic diversity, addressing climate change, and better ethics.

These accounts are managed by UBS Asset Management.

Meanwhile, the Flagship Fund and Flagship IRA target investors who are risk-averse. These funds are basically made up of other funds with approaches that lessen the ups and downs of the overall market and produce risk-adjusted returns.

To avail of these products, Aspiration requires a minimum initial deposit of $10.

It is important to know that all securities are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000.

The financial firm’s Flagship products are under Emerald Asset Management.

HOW DOES ASPIRATION WORK?

First of all, you have to be at least 18 years old and a citizen of the United States or a permanent resident of the country to be eligible.

Opening an Aspiration account is very easy. All you have to do is process your application online.

Once you have opened your account, download the Aspiration app, which is available for both Android and iOS users, and start making transactions.

To open a Spend and Save account, the firm requires $10 as the minimum opening deposit. No minimum balance is required.

Meanwhile, you may use your debit card to withdraw money from your account in any of the Allpoint ATMs for free.

Bonus Offer

As of this writing, all newly opened Aspiration Spend and Save accounts get a $100 bonus for a deposit of at least $10 or more, as well as using the Aspiration debit card to make minimum cumulative transactions of $1,000 within the first 60 days from account opening.

Customer Service

Aspiration has a thorough FAQ section on its website, which is very helpful both for new and old customers.

However, if you wish to talk to a customer service representative instead, the financial firm’s customer support phone line is available from 6 a.m. to 6 p.m. PST Monday through Friday and from 8 a.m. to 4 p.m. PST on Saturday and Sunday at 800-683-8529.

Unfortunately, Aspiration does not offer live chat support. So, you only have two choices — either to call via phone or to send a written request.

ARE THERE FEES INVOLVED?

One of the major factors that attract customers to banks or any financial institution for that matter is either the less or no fee features.

So, in this part of our Aspiration review, we are going to look into how the firm fares when it comes to fees.

Generally, Aspiration Spend and Save account holders do not have to worry about monthly fees (unless you are enrolled in the Aspiration Plus Plan, which costs $15 per month or $12.50 per month if settled annually) as well as overdraft fees.

In fact, Aspiration does not charge any international or domestic ATM fees as well. If you have the Aspiration Plus Plan, you even get to reimburse once per month if the other bank charges you a fee for an ATM withdrawal made.

However, there are some fees that every Aspiration customer must be aware of. This includes:

  • Returned item fee (check or debit) – $4.50
  • Stop payment – $1.19
  • Domestic wire in – $2.06
  • Domestic wire out – $4.50

IS ASPIRATION SAFE?

Customer data and account security and safety are very important, which is why as part of our Aspiration review, we also looked into how Aspiration handle this common customer concern.

The Aspiration team ensures that all its digital channels – website and mobile app – are safe and secured by using bank-level encryptions and other added security features.

The app is highly rated on both Apple and Google, which means users have not encountered any major concerns using the online platform.

Meanwhile, although Aspiration is not a bank, the firm has partnered with an FDIC-member bank to ensure that all money kept through the firm is insured for up to $250,000 in case the firm fails.

WHAT TO LIKE ABOUT ASPIRATION?

In this part of our Aspiration review, we are sharing with you a list of the things that really stand out about the firm, and this includes the following:

  • Impressive APY for Aspiration Plus – Aspiration Plus account holders get to enjoy a 1.0% annual percentage yield on balances up to $10,000, while 0.10% for balances higher than $10,000, which is still higher compared to what traditional banks offer.
  • Planet Protection Benefit – This perk is available for Aspiration Plus account holders. With this feature, Aspiration automatically buys carbon offsets based on the number of gasoline purchases an account holder makes with the debit card. Aspiration Free Plan may also avail of this perk by signing up for the service for a fee of $5.99 per month or $59 per year.
  • “Pay What Is Fair” Policy – This is applicable on the Aspiration Free Plan wherein customers get to choose their monthly fee amount, between $0 and $20.
  • Little to No Fees – Although there are monthly fees involved particularly on the Aspiration Plus Plan, generally, customers do not need to worry about other common bank fees like overdraft and ATM fees.
  • Large ATM Network – Aspiration account holders have access to 55,000 fee-free Allpoint ATMs.
  • FDIC-Insured – Aspiration partnered with an FDIC-member bank. Thus, all deposits are insured up to $250,000 per depositor, per account category in the event that the firm fails.
  • Highly-Rated Mobile Application – Aspiration mobile app is downloadable for free on both iOS and Android devices.

WHAT NOT TO LIKE ABOUT?

To complete this Aspiration review, below are some of the not-so-good things we found about the firm.  It includes the following:

  • Several Eligibility Requirements to Earn Highest APY – While the 1.0% APY is impressive, it is only available with the Aspiration Plus account that comes with a fee. More so, to be eligible, the account holder must spend a minimum of $1,000 using the Aspiration debit card. Balances that do not meet the requirements will only earn 0.10%, which is still higher though compared to traditional banks.
  • No Cash Deposit Option – Aspiration does not offer cash deposits, unlike other digital-only banks.
  • Highest Cashback for Aspiration Plus Customers Only – To earn a higher cashback from making purchases at companies within the Conscience Coalition, you must be enrolled under Aspiration Plus Plan.
  • No Physical Branches – Similar to other online-only digital banks, Aspiration does not have a physical branch location where customers can visit and do in-person transactions.
  • $15 Monthly Fee for Aspiration Plus Account – To enjoy more perks you will have to avail of the Aspiration Plus plan, which comes with a fee of $15 per month or $12.50 a month if paid annually.

FINAL THOUGHTS ON ASPIRATION REVIEW

Aspiration, although not a bank provides customers an alternative by offering compelling financial products as well as an opportunity for customers to making ethical choices with their finances.

Needless to say, to ensure all deposits are safe, the firm partnered with an FDIC-member bank. Thus, in the event that the firm fails, account holders’ money will not be put to waste.

If you are up for something new and exciting, then this one’s for you. Are you?

Generally, with this Aspiration review, we found a company that does not only care about earning but also making sure they get to create an impact in the society – particularly, the environment.

Categories
Mobile Banking

NBKC Bank Review: High APY Checking Account Without Fees

This NBKC Bank review is ideal for customers who are looking for an online banking platform that provides competitive rates on deposit accounts particularly checking, and opportunities to avoid common bank fees.

High APY Checking Account Without Fees

Digital banking is booming.

In fact, the digital banking industry has never been in this state until 2020 when the pandemic hit the United States and the rest of the world.

People across all ages have relied so much on digital banking.

In fact, according to Forbes Advisor report, that although digital banking had been into the mainstream especially with the younger generations, last year, consumers of all ages have already hopped on board.

Furthermore, a financial analyst said that what happened last year, which continues on to date “is the greatest acceleration of digital banking in history.”

Meanwhile, an article by Reuters says that digital banks have won over American customers during the pandemic “by processing stimulus payments quickly, setting them apart from traditional banks and generating valuable word-of-mouth referrals.”

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Of course, in traditional banking, you can never make transactions easily. Sometimes, it takes a day or two to complete one transaction alone. But, with digital banking, everything happens in real-time.

But apart from reliability, and the convenience that digital banking platforms provide, consumers also need to look at other helpful rather amazing features to make the best out of their online bank accounts.

Apart from convenience and superb online banking capabilities, customers also need to look into fees and rates.

To be honest, finding a bank that offers convenience, competitive rates, and low to no fees at all can be quite a challenge. Normally, you only get one or two but you could hardly find a bank that provides all of these.

NBKC Bank is actually one of the very few that offers consumers the convenience of online banking, high-yield checking account, as well as ways to avoid common bank charges.

It’s a bank that is focused on providing consumers a great digital banking experience, and we are going to tell you more about how they do it in the next few sections.

Specifically, this NBKC Bank review will provide answers to these most commonly asked (yet very important) questions:

  • What is NBKC Bank?
  • Who is NBKC Bank best for?
  • What does NBKC Bank offer?
  • How to bank with NBKC Bank?
  • Are there fees involved?
  • Is NBKC Bank safe?
  • What to like about NBKC Bank?
  • What not to like about NBKC Bank?

WHAT IS NBKC BANK?

NBKC Bank was founded in 1999 as Horizon National Bank, and then was known for a while as the National Bank of Kansas City before converting to its current name in December 2015, hoping to appeal to a larger market.

Although the bank has a handful of branch locations in Kansas and Missouri where it is based, NBKC is primarily geared toward consumers who prefer to bank digitally over traditional ones.

NBKC Bank provides customers access to online banking and mobile apps for both Android and iOS devices. Additionally, the bank also provides access to more than 34,000 ATMs through the MoneyPass network.

Moving on, NBKC Bank is known for its mortgage lending services as well as for offering competitive rates on deposit accounts. But apart from that, NBKC Bank is also a great choice especially if you are also looking for convenience and ways to avoid common bank fees.

While the bank is not the biggest player among digital banking platforms, it boasts having $456 million in deposits to date.

With all these on its plate, NBKC Bank is sure to grow in the coming years. Definitely, something to look forward to.

WHO IS NBKC BANK BEST FOR?

NBKC Bank’s primary aim is to reach a bigger audience by providing a banking platform that is easily accessible digitally. Thus, it should appeal the most to people who prefer digital banking over traditional banking.

NBKC Bank is known for providing competitive rates on deposit accounts, so, if you want to save and earn more from your money, this bank is a good option for that.

Additionally, NBKC Bank also provides ways to avoid common bank fees, which makes it ideal for consumers who want to get away from paying off monthly fees and the like.

Know more about the NBKC Bank in the video below:

Furthermore, the bank requires a low minimum deposit particularly on its certificate of deposit account. So, if you are looking for that particular feature, then, NBKC Bank is for you.

Finally, NBKC Bank should also appeal to those who do not want to worry about maintaining account minimums as well as to consumers who are looking for a low-cost bank that provides strong customer service.

WHAT DOES NBKC BANK OFFER?

NBKC Bank offers a wide selection of products including mortgages, Home equity lines of credit (HELOCs), loans, as well as health savings accounts (HSAs).

However, for the purpose of this NBKC Bank review, we are going to focus only on the following:

  • Checking Accounts
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Checking Accounts

For this review, we are going to tackle both the personal and business checking accounts, namely:

  • Everything Account
  • Free Business Account

Everything Account

The NBKC Bank Everything Account combines everything that consumers need and expects from a savings and checking account into one simplified option.

The Everything Account is an interest-bearing account that offers a high annual percentage yield (APY) of 0.25%. The rate varies so it can sometimes be greater or lower, but still competitive enough compared to what other banks offer.

Unlike other checking/savings accounts, the Everything Account does not have a minimum balance requirement. Needless to say, the same APY applies across all balances, which means the more money you save, the higher your earnings will be.

With this account, consumers can save, spend, as well as pay bills in just one place.

Furthermore, Everything Account holders will get to enjoy the following amazing perks:

  • No monthly maintenance fees
  • No overdraft fees
  • No minimum balance requirements and fees
  • No foreign transaction fees

Apart from these, since the account is essentially a combination of checking and savings accounts, consumers can expect to manage their money more efficiently. Other features that Everything Account provides include:

  • One Bill Payment
  • Savings Goal Trackers
  • Option to link external accounts to your Everything account

The latter allows you to have a complete view of your finances, which is great and very helpful, right?

To open an Everything Account, all you have to do is go online. According to NBKC, customers can complete the whole opening process in as little as five minutes.

Similar to other banks, to apply, you must be a citizen of a resident alien of the United States, and must be at least 18 years of age.

Additionally, you will be asked to provide your personal information including your name, valid address, phone number, email address, as well as your Social Security Number. You will also need to present a valid government-issued identification like a passport or driver’s license to complete your bank account application.

For this particular type of account, the bank does not have a minimum deposit requirement. However, the account holder must make a deposit within the first 30 days of account opening. Also, it is important to know that any deposits made within that period will be held for five business days. In some cases, deposits may even be held for up to nine business days before the money becomes available.

Meanwhile, new account holders may have to wait for up to 90 days before they can send or receive international wire transfers. Wire transfers come with a fee. Sending a domestic wire transfer costs $5 while receiving is free of charge. As for international wire transfers, the cost is $45 to send and receive.

Everything Account comes with a debit card, which can be accessed for free in over 32,000 ATMs nationwide.

Free Business Account

NBKC Bank also offers Free Business Checking, which is another area that sets them apart from everyone else.

Similar to the bank’s Everything Account, this does not charge monthly maintenance fees and is very easy to use.

While it does not offer any interest on the account, the bank’s Free Business Checking has no minimum deposit requirement, no monthly fees, no overdraft fees, as well as no incoming wire transfer fees.

Additionally, account holders have access to mobile check deposits via the NBKC Bank app, which makes collecting money so much easier.

Certificate of Deposit (CD) Account

If you want to earn a little more, the NBKC certificate of deposit account is perfect for you.

Generally speaking, CD accounts have higher interest rates. Needless to say, the longer you keep your money in the bank, the more interest you’ll earn.

NBKC Bank offers Personal CD as well as IRA CD accounts with terms that range from three months up to five years.

Meanwhile, the rates range from 0.10% for a 3-month CD term to 0.30% for a 5-year CD term.

The minimum balance requirement to open a CD account varies depending on the term. For terms up to one year, the minimum balance requirement to open a CD account is $1,000. For CDs with terms of two to five years, the requirement is only $250.

In addition, the bank also offers a special one-year Add On CD, which you can open for as low as $0. This particular CD account earns an APY of 0.30%. An Add-On CD account allows you to make additional deposits during the CD term.

It is important to know that total deposits cannot be greater than $240,000. If you wish to withdraw money from your CD account ahead of its maturity reason, similar to other banks, an early withdrawal penalty applies.

Upon opening a CD account, there is a minimum of 75-day hold required before an account holder can withdraw funds.

To open an NBKC Bank CD account, you must also be at least 18 years old, and a U.S. citizen or resident alien with a valid ID and Social Security number.

Money Market Account (MMA)

Technically speaking, NBKC does not offer a savings account. So, in lieu of that, customers may opt to open a money market account instead.

Money market account holders may earn the current rate of 0.25%. Apart from that, they may benefit from certain account features similar to that of the bank’s checking account — including no fees for the most part.

The MMA comes with a debit card, check-writing capabilities, as well as a free book of starter checks.

To open a money market account, the bank requires a minimum deposit of $5 only.

HOW TO BANK WITH NBKC BANK?

There are two ways to open an account with NBKC Bank. The first is to visit a branch location, and the second is online.

For the former, only residents living in Kansas and Missouri can avail of that option as the bank physical locations are only limited to that area.

Meanwhile, the latter is ideal especially for those living outside Kansas and Missouri, and those who prefer online banking.

As mentioned earlier, NBKC claims that opening an account online only takes as little as five minutes to finish.

The standard requirements for opening a bank account application. You must be at least 18 years old, and a citizen or resident alien of the United States.

Additionally, you must also hold a Social Security number and must be able to present valid government-issued identification such as a passport or driver’s license.

Deposits and Withdrawals

NBKC Bank allows customers to deposit in different ways. It could be via electronic transfers from other banks (be mindful of a daily limit though), direct deposit, or mobile check deposit using your smartphone.

Meanwhile, customers with checking and money market accounts may withdraw cash using their debit card at any MoneyPass ATM for free. In case you use an out-of-network ATM, you get an automatic refund for fees (up to $12 per month) charged by other banks.

Customer Service

To report a lost or stolen card, you may reach NBKC customer service anytime, any day.

Meanwhile, for any other concerns related to your account, you may reach the bank’s customer service support via phone or online chat on weekdays from 8 a.m. to 5 p.m. CST.

You may also opt to send an email if you have further questions.

As for those living in Kansas and Missouri, you have the option to visit a branch near for in-person customer support.

ARE THERE FEES INVOLVED?

NBKC Bank does not charge common bank fees like monthly maintenance fees, non-sufficient funds, as well as overdraft fees.

Furthermore, the bank does not require a minimum balance to avoid fees.

The only fees that the bank charges are the $5 domestic wire transfer fee (for outgoing transaction only), as well as the $45 international wire transfer fee (for both incoming and outgoing transactions).

IS NBKC BANK SAFE?

Account safety and security are very important. So, in this NBKC Bank review, we are also going to look into that.

NBKC Bank provides a safe and secure online platform for its customers. It uses bank-level security features to ensure that all personal data gathered are safe.

Meanwhile, NBKC Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which protects all deposits for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Overall, NBKC Bank is a safe and secured online banking platform.

WHAT TO LIKE ABOUT NBKC BANK?

In this section of our review on NBKC Bank, we are going to share with you a list of the things that makes this bank stand out. This includes the following:

  • Competitive Rates on Deposit Accounts – The bank’s checking account offers a competitive interest rate. Although it changes from time to time, the rates are still relatively high. The same goes for NBKC’s money market accounts.
  • ATM Reimburses Up To $12 Per Month – NBKC Bank does not charge ATM fees if you transact within the MoneyPass network. However, in the event of an out-of-network transaction, the bank reimburses up to $12 a month for fees incurred.
  • Almost Fee-Free Deposit Accounts – The bank does not charge some of the most common bank fees including monthly maintenance, overdraft, and insufficient fund fees. Additionally, it also does not charge returned items and stop payment order fees, as well as no minimum balance is required.
  • Superb Customer Support – Customers may reach the bank in different channels including phone, live chat, as well as through email.
  • User-Friendly Online and Mobile Banking – NBKC ensures customers have the best digital banking experience by providing user-friendly online and mobile banking platforms.

WHAT NOT TO LIKE ABOUT NBKC BANK?

While it seems like NBKC Bank is perfect, it’s not. In fact, it does have some flaws as well, which include the following:

  • Limited Physical Branch Locations – Unfortunately, NBKC physical branches are only located in Kansas City, Missouri area.
  • High Early Withdrawal Penalty for CD Accounts – Although early withdrawal penalties for CD accounts are normal, NBKC charges a bit higher than the average.

FINAL THOUGHTS ON NBKC BANK

NBKC Bank is a generally online bank that offers competitive APYs for checking and money market accounts.

But apart from that, it also stands out because it does not charge monthly maintenance, overdraft, insufficient fund, and other common bank fees except for wire transfer fees.

Also, it offers a user-friendly online and mobile interface, which makes digital banking easy for its customers.

Don’t you just think this bank has everything or at least most of the things that consumers are looking for in a bank?

Well, we do hope that this NBKC Bank review was enough to convince you that this bank has almost everything consumers hope for in an online bank especially if you are eyeing to open a checking account.

Categories
Mobile Banking

Huntington Bank Review: What Makes It Your Bank of Choice In The Midwest

In this in-depth Huntington Bank review, you will see how this financial institution fares among other banks particularly located in the Midwest, and what makes it an ideal choice.

Huntington Bank Review: What Makes It Your Bank of Choice In The Midwest

When choosing a financial institution to bank with, you have to consider a lot of different factors. You have to look into where the bank is situated, how awesome its customer service is, how convenient banking with the institution is, and of course, the product offerings.

Many consumers prefer having the best of everything under one roof. While it seems unrealistic, there are some banks that try to provide such needs, which is why full-service banks exit.

There are a lot of full-service bank options out there, but, specifically for people living in the Midwest, there’s one to look out to — and it’s Huntington Bank.

It’s full-service banking that offers lots of banking products not only for consumers but for businesses as well.

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For people not living in the Midwest, you probably have not heard about it yet, but Huntington Bank actually has a large presence in eight states. Needless to say, the bank is one of the largest banks in that area of the United States.

In fact, according to a Bloomberg report, Huntington Bancshares Inc. acquires TCF Financial Corporation in an all-stock deal valued at almost $6 billion. The said tie-up is considered one of the largest regional tie-ups for 2020.

Furthermore, the article states that the merger will help boost the assets of Huntington Bank to about $168 billion, which will definitely help nudge the bank closer to its in-state competitors Fifth Third Bancorp and KeyCorp.

Needless to say, the merger will also help the bank serve its customers better and in a larger state. It will also help a lot in terms of the bank’s stability, which one of the things also that consumers look into when is choosing a bank.

Now, with so much to look forward to, in the following sections, we are going to share with you a couple of key pieces of information about Huntington Bank to hopefully convince you that this is one of the best choices for Midwest residents.

In the next sections of this Huntington Bank review, we are going to particularly tackle the following:

  • What is Huntington Bank?
  • Who is Huntington Bank best for?
  • What does Huntington Bank offer?
  • How to bank with Huntington Bank?
  • Are there fees involved?
  • Is Huntington Bank safe?
  • What to like about Huntington Bank?
  • What not to like about Huntington Bank?

WHAT IS HUNTINGTON BANK?

Based in Columbus, Ohio, Huntington Bancshares (also known as Huntington Bank) was formed in 1866.

To date, Huntington Bank is one of the largest regional banks in the country.

In fact, it is currently ranked 26th in the list of largest banks in the United States based on consolidated assets  — as reported by Federal Financial Institutions Examination Council. The bank’s assets to date are totaled $122,838 billion.

Furthermore, the bank is also listed among the Fortune 500 list — currently ranked 500th.

As mentioned earlier, the bank recently acquires TCF Financial Corporation in an all-stock deal valued at almost $6 billion, which makes it one of the largest regional tie-ups in 2020.

Know more about this all-stock deal in the video report below by CNBC Television:

Huntington Bank is a full-service bank and services customers in the Midwest. The bank has 900 traditional and supermarket branches primarily situated in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin. More so, Huntington currently has over 1,800 ATM locations.

The bank offers a wide variety of product deposit accounts, as well as loan products, investments, and insurance. For the purpose of this Huntington Bank review, though, we are only going to focus on its deposit account offerings, which include savings, checking, certificate of deposit, and money market accounts.

WHO IS HUNTINGTON BANK BEST FOR?

Huntington Bank is a full-service banking institution in the Midwest. Thus, it should appeal to consumers living in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

But apart from location, it should also appeal to customers who are looking for a bank that provides almost anything they need as Huntington Bank provides a wide range of products including loan products, investments, insurance, and of course, deposit accounts.

Furthermore, the bank is ideal for those who want a stable and reliable bank that also provides safe and secure mobile banking access as well.

If you are looking for a basic checking account that is fee-free, Huntington Bank is also a good choice.

More so, the bank offers an all-day deposit, robust customer support, as well as a 24-hour grace period on overdrafts.

If you want to avail all these perks, then Huntington Bank is the way to go.

WHAT DOES HUNTINGTON BANK OFFER?

In this section of our Huntington Bank review, we are, obviously, going to talk about the products offered by the banking institution.

As mentioned, Huntington Bank offers a wide selection of banking products and services, including loan products, investments, and insurance. However, for this review, we are going to specifically focus on the available deposit account options only.

Currently, the bank offers the following deposit accounts:

  • Savings Account
  • Checking Account
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Savings Account

Huntington Bank has two savings account options. These are the Premier Savings and the Relationship Savings.

Huntington Premier Savings

The Huntington Premier Savings is the basic savings account option offered by the bank. It is fee-free for customers who meet any of the following requirements:

  • A linked Asterisk-Free Checking account
  • Maintain a $300 or more average daily balance

Failure to meet any of the above requirements entitles you to a $4 monthly maintenance fee.

To open a Huntington Premier Savings account, the bank requires a minimum deposit of $50.

Huntington Premier Savings account holders could earn a 0.02% annual percentage yield (APY). Unlike other savings accounts offered by other banks, customers only need at least a $0.01 balance to earn an APY.

Moreover, the bank provides deposit-to-deposit overdraft protection for customers who have a linked checking account.

If you’ve overdrawn, however, Huntington will automatically transfer money in increments of $100 covering the overdraft from your Premier Savings account.

While there is no fee for this protection, it is important to know that there are potential transfer limits.

Huntington Relationship Savings

If you want an improved APY that gets better as you link an additional account, Huntington Relationship Savings is best for you.

For this savings account type, the basic APY is 0.02%. However, it could go higher depending on the type of accounts you also have with Huntington Bank.

When linked to a Huntington 5 Checking, the APY is 0.03%; for Huntington 25 Checking, it’s 0.05% APY; as for when linked to a Private Client Account, you get to earn 0.08% APY. Please note that the APY changes, so it’s best to always check with the bank first.

Although it seems a good call, there is a downside to it. The bigger the rate, the higher the costs are as well.

To avoid the $10 monthly maintenance fee, Huntington Relationship Savings account holders must meet any of the following requirements:

  • Maintain an average daily balance of $2,500
  • Link your account to either Huntington 5 or Huntington 25 checking account (both of these accounts also have minimum daily balance requirements and also charge a fee if the required balance is not met).

Similar to Premier Savings, Relationship Savings also offers deposit-to-deposit overdraft protection for as long as you link your account to a Huntington 5 Checking account.

Checking Account

Huntington Bank has three different types of checking accounts to choose from. These are:

  • Asterisk-Free Checking,
  • Huntington 5 Checking, and
  • Huntington 25 Checking

Asterisk-Free Checking

Huntington Bank makes sure that this checking account lives up to its name.

Asterisk-Free Checking account holders will get to enjoy the following perks:

  • No minimum deposit to open an account
  • No monthly maintenance fee
  • No minimum balance requirement
  • Free paper statements

Apart from all these amazing benefits, Asterisk-Free Checking account holders also gets to take advantage of the all-day deposit policy feature. This basically treats all deposits made before midnight on a business day as getting in on the same business day.

In addition, Asterisk-Free Checking account holders also get a  24-hour grace policy for overdrafts allowing customers to make a deposit or transfer funds to cover the overdraft until midnight the day after. More so, customers also get to enjoy the free deposit-to-deposit overdraft protection with a Premier Savings account.

Huntington 5 Checking

Huntington 5 Checking is the bank’s lower-level interest-bearing checking account.

With Huntington 5 Checking, customers can earn an APY of 0.04% on their account balance.

With this particular checking account, the customer will get to enjoy the following perks:

  • No minimum balance to earn interest
  • No minimum deposit requirement to open an account

Furthermore, as a Huntington 5 Checking account holder, you may also enjoy a free monthly maintenance fee as long as you are able to maintain $5,000 in total relationship balances. Otherwise, you will be charged $5 per month.

Similar to Asterisk-Free checking, Huntington 5 Checking account holders may also enjoy a 24-hour grace period, and overdraft protection. To enjoy the overdraft protection, you will need to link your Huntington 5 Checking to your Relationship savings account.

Additionally, all Huntington 5 Checking account holders are eligible to earn a 1.05% cashback with a linked Voice Credit Card with Rewards. The bank also waives five out-of-network ATM fees per month.

Huntington 25 Checking

Huntington 25 Checking is ideal for customers who want to earn higher rates on their checking account.

With the Huntington 25 Checking account, account holders earn 0.06% APY in all balances.

While there is a $25 monthly maintenance fee, customers may avoid it by maintaining $25,000 in total relationship balances in all your accounts.

Similar to other Huntington Bank accounts, Huntington 25 Checking account holders will also get to enjoy an all-day deposit, a 24-hour grace period, and overdraft protection (with a Relationship Savings account).

Apart from those, Huntington 25 checking account holders will also enjoy other major perks including:

  • Free paper checks
  • Free credit and identity monitoring
  • 1.25% cashback on purchases made using a linked Voice Credit Card with rewards
  • 0.15%–0.50% rate discount on a home equity line of credit (HELOC), plus an annual fee waiver
  • A mortgage relationship discount of up to 0.375%
  • Unlimited out-of-network ATM fee waivers
  • 100 commission-free online equity or exchange-traded fund (ETF) trades per year through Huntington Financial Advisors

Certificate of Deposit (CD) Account

For customers who want to keep their money in the bank for a longer period and earn more, Huntington Bank also offers certificate of deposit (CD) accounts.

The bank offers standard CDs with terms ranging from one month up to 72 months. Meanwhile, CD rates vary from 0.01% to 0.25%.

To open a CD account, Huntington requires a minimum deposit of $1,000.

In addition, Huntington Bank also offers Jumbo CDs, which require a minimum deposit of $100,000. For this particular type of CD account, the term range from seven to 1,825 days (or approximately 60 months).

As with the rates, it varies from 0.01% to 0.25%.

Money Market Account (MMA)

The Huntington Relationship Money Market Account is similar to Huntington Savings, which offers better rates if customers have additional accounts.

To earn an APY that ranges between 0.21% and 0.29%, Huntington Relationship Money Market Account holders must meet the minimum balance requirement of $25,000. Accounts with balances below $25,000 will not earn interest.

Similar to other account types, the Huntington Relationship Money Market Account also comes with a monthly maintenance fee of $25. However, this can be waived if you maintain a $25,000 minimum balance in your account, or you have linked either a Huntington 5 or Huntington 25 checking into your account.

Relationship Money Market account also provides an all-day deposit, a 24-hour grace period, and overdraft protection.

HOW TO BANK WITH HUNTINGTON BANK?

By now, you have probably chosen your preferred account type and are wondering how to actually bank with Huntington.

Unlike other banks, Huntington provides its customers two options to open an account. You may opt to either open online or visit a branch near you.

However, it is important to take note that Huntington is only present in the Midwest if you choose the latter option.

If you live outside the Midwest and still prefer Huntington, you may opt to open an account through its online channel instead.

Huntington Bank also has a mobile app, which allows customers to manage their accounts, as well as handle transactions anytime, anywhere. The Huntington mobile bank app is highly rated on both Apple and Google.

Meanwhile, to open an account, just like other banks, Huntington requires customers to provide personal information including name, address, phone number, as well as your Social Security number. The bank will also require you to present a valid government-issued identification like a passport or driver’s license to prove your identity.

ARE THERE FEES INVOLVED?

Another important thing to know when choosing a bank is the fees involved. So, in this section of our review on Huntington Bank, we are going to tackle just that.

Apart from monthly maintenance fees (which can be waived as long as customers meet the bank’s requirements) and overdraft fee, Huntington also charges the following:

  • Extended Overdraft Fee – $25
  • Non-Huntington ATM Fee – $3 (excluding fee charged by the ATM owner)
  • ATM Extended Statement – $2
  • International Transactions Fee – 3% of the amount posted for each debit card or ATM transaction processed abroad
  • Stopping Payment Fee – $31
  • Return Deposit Item – $37.50
  • Cashier’s Check – $6
  • Checking Reserve Account Fee – $12

IS HUNTINGTON BANK SAFE?

There are two things that we are going to look into in this Huntington Bank review when it comes to safety.

First, how safe is Huntington’s mobile banking platform?

To ensure that all personal data gathered as well as your account are safe, the bank uses bank-level encryptions. Huntington makes sure that all security and safety measures are in place to avoid fraud or identity theft cases.

Second, how safe is your money with Huntington Bank?

Huntington Bank is a member of the FDIC, which means all deposits are insured for up to $250,000 per depositor, per account category, in case the bank fails.

So, overall, is Huntington Bank safe? Definitely, it is.

WHAT TO LIKE ABOUT HUNTINGTON BANK?

Now, in this part of our review, we are going to provide you a list of the things to like about Huntington Bank, which include the following:

  • Fee-Free Basic Checking Account – Asterisk-Free Checking has no minimum balance, no monthly fee, as well as no minimum deposit requirement to open an account. Paper statements are also free.
  • All-Day Deposit Feature – With this feature, the cut-off is extended when getting in a deposit on a business day to midnight. When making a deposit on a business day prior to midnight, the bank will consider that same day to be the day when the deposit was made.
  • Robust Customer Support – Huntington Bank customers may reach a customer service representative by phone daily from 7 a.m. to 7 p.m. (EST). Customers may also send inquiries to them anytime by sending a message via an automated assistant on the website, or through Facebook or Twitter.
  • 24-Hour Grace Period on Overdraft – In case you overdraw, the bank has a 24-hour grace policy that gives customers until midnight on the next day to make a deposit or transfer to cover the overdraft.
  • Lots of Product Options – Apart from deposit accounts, the bank also has loan products, investments, as well as insurance products.
  • Fees Can Be Avoided – While there are fees, the bank also provides a number of ways to avoid them so you end up not paying any fees at all.
  • Strong Branch Network in the Midwest – The bank has branches across the following states: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin.

WHAT NOT TO LIKE ABOUT HUNTINGTON BANK?

To complete this Huntington Bank review, here are some of its downsides:

  • Limited Availability – Unfortunately, Huntington’s physical branches are only available in the Midwest. Outsiders may still bank with them, though, by opening an account online.
  • Low APY – Compared to other full-service banks out there, Huntington does not have a very appealing APY on its products.
  • High Overdraft Fee – Although it can be avoided, should you miss it, you will be charged $37.50 per overdraft.
  • High Minimum Balances – Particularly on the bank’s interest-bearing checking accounts, the minimum balance requirements are quite high as compared to other banks. Interest-bearing accounts require either at least $5,000 or $25,000 minimum balance requirement to avoid fees.

FINAL THOUGHTS ON HUNTINGTON BANK REVIEW

Huntington Bank is a full-service bank in the Midwest that provides a wide selection of products and services.

Although the bank has limited physical branches (only across the Midwest), outsiders may still bank with them through its online channels. The bank comes with a highly-rated mobile banking app that allows customers to transact and manage their accounts anytime, anywhere.

Very convenient, right?

With this Huntington Bank review, hopefully, we get to convince you that this financial institution is definitely one of the best choices out there especially if you are from the Midwest.

Categories
Mobile Banking

Investors Bank eAccess Review: What Makes It One Of The Best Online Banks

There are so many amazing online banks out there. In fact, some of them you may not have heard yet. So, in this Investors Bank eAccess review, we are going to provide you key information on what makes this digital banking platform one of the (unnoticed) best choices in the industry.

Investors Bank eAccess Review: What Makes It One Of The Best Online Banks

The presence of technology has definitely changed the way banking is. Back in the day, people have to visit physical branches to make banking transactions like opening an account, depositing and withdrawing money, and more.

Today, thanks to digital technology, banking has never been so much easier and convenient. You can do whatever you want to do right at your fingertips.

While initially, digital banking attracted more of the younger generations (because obviously, they are the ones who are more tech-savvy), when the pandemic hit the world in 2020, people across all ages have relied so much on online banking.

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In fact, an article published by Forbes Advisor says that digital banking has become the new norm. Big banks and experts in the banking industry project the biggest acceleration of digital banking in history.

In the same article, Wells Fargo Securities analyst Mike Mayo told American Banker says that what took place during the peak of the pandemic in the United States may have taken place over two to 10 years if Covid-19 did not happen.

Meanwhile, in a PwC survey, it was found that because of the pandemic, about a quarter of consumers in the country prefer online banking to visit a physical location of their banks.

So, you see, the future of digital banking or online banking is absolutely bright. No doubt why banking institutions are working double-time to ensure they get to offer the best products and services possible to gain as many customers as possible.

Sure, there are already a lot of online banking platforms out there, but, as a customer, the route is to always choose the best option possible, which also has a lot.

One of the best options out there is the Investors Bank eAccess. It is the online division of one of the largest banks in New Jersey, Investor Bank.

As stated earlier, in this Investors Bank eAccess review, we are going to share with you some of the most important facts about this online banking platform – particularly, sharing with you why it is one of the best online banks out there.

In the next few sections, we are going to specifically tackle the following:

  • What is Investors Bank eAccess?
  • Who is Investors Bank eAccess best for?
  • What does Investors Bank eAccess offer?
  • How does Investors Bank eAccess work?
  • Are there fees involved?
  • How to bank with Investors Bank eAccess?
  • Is Investors Bank eAccess safe?
  • What to like about Investors Bank eAccess?
  • What not to like about Investors Bank eAccess?

WHAT IS INVESTORS BANK eACCESS?

Investors eAccess was established in early 2019. It is the online division of Investors Bank, which is one of the largest banking companies in New Jersey with $25 billion in assets.

Needless to say, the bank appeared on the “Best Bank in America” list of Forbes Magazine in 2013. More so, Investors Bank was also awarded four stars by Bankrate on their “Safe & Sound” rating system.

Founded in 1920s, Investors Bank was originally known as the Washington Rock Building and Loan Association of Millburn.

Investors Bank is based in Short Hills, New Jersey, and has branches throughout the state as well as in New York.

If you want to know more about the Investors Bank, check the video below:

Going back to Investors eAccess, it offers a selection of online banking products and services including checking accounts, money market accounts, and certificate of deposit accounts.

Furthermore, the online banking platform also provides access to several features such as electronic statements, online banking, mobile banking, and a lot more.

Although the bank’s parent company is physically present in New Jersey and New York only, the Investors eAccess serves customers nationwide allowing account holders to bank online and through their mobile devices.

Investors Bank eAccess is a member of the Federal Deposit Insurance Corporation (FDIC), which is “an independent agency of the United States government that protects the funds depositors place in banks and savings associations.”

Since Investors eAccess is insured by the FDIC, this means that all deposits can receive up to $250,000 per depositor, per account category in the event of a bank failure.

WHO IS INVESTORS BANK eACCESS BEST FOR?

Before we move on with our Investors Bank eAccess review, in this section, we are going to talk about who will benefit the most from this online banking platform.

As a potential customer, it is important to see to it that the bank or online bank for that matter that you are eyeing meets your banking needs and preferences.

Generally speaking, Investors eAccess is ideal for people who prefer online banking to traditional banking.

What does this mean?

Obviously, you must be the type of depositor or account holder who likes the accessibility and convenience that online banking gives. As you know, online banking provides access to your account anytime and anywhere as long as you have an internet connection and a mobile device where you can open and manage your account.

Furthermore, Investors eAccess should appeal to customers who want to take advantage of a higher annual percentage yield as compared to the average APY in the market.

Since Investors eAccess requires low minimum deposit requirements, this should also be great for those who cannot afford higher minimum deposit requirements.

Investors eAccess offers a no-penalty certificate of deposit (CD) account, which is ideal for cautious savers who value liquidity over the usual CDs offered by other banks that normally requires you to park your money for a while so it gets to earn the best rate possible.

Ultimately, Investors eAccess is also a good choice for those who also want to enjoy ATM rebates of up to $15.

If you think you are this type of customer, then, Investors eAccess is perfect for you.

WHAT DOES INVESTORS BANK eACCESS OFFER?

This review on Investors Bank eAccess provides you the most important details you need to know about its product offerings for you to better gauge if this online bank is right for you.

Investors eAccess offers three different accounts. These are as follows:

  • Checking Account
  • Certificate of Deposit (CD) Account
  • Money Market Account (MMA)

Now, let’s take a look at what each of these has to offer —

Checking Account

The first product that Investors Bank eAccess offers is a checking account. Similar to most checking accounts out there, this does not earn a yield. However, it does offer a range of features that customers can enjoy. This includes credit monitoring, bill pay, as well as the ability to link it to Apple Pay, Google Pay, and Samsung Pay. Additionally, Investors eAccess checking account holders are eligible for ATM rebates for up to $15 every month.

To open an Investors eAccess checking account, a minimum of $50 initial deposit is required.

The checking account comes with a monthly service fee of $10. However, this can be avoided if you are able to maintain a $1,000 average monthly balance, as well as meet any of the following requirements:

  • A direct deposit of $500 to your checking account during the statement cycle
  • Make combined mobile check deposits of at least $500 during your monthly account cycle
  • Make 10 point-of-sale transactions within your statement cycle

Certificate of Deposit (CD) Account

Investors Bank eAccess currently offers two short-term certificates of deposit (CD) account options. First is the six-month, no-penalty CD account, and second is the traditional 10-month CD account.

The no-penalty CD account allows account holders to withdraw their savings without having to pay a penalty or forfeiting any interest in the process. It’s actually an ideal choice for cautious savers or those who are not risk-takers financially. It is a good option for those who want to earn a decent yield but want to keep their money liquid.

With the no-penalty account, customers can make penalty-free withdrawals six days after opening the CD account. Withdrawals made before six days of opening the account entitles the account holder to pay for the seven days’ simple interest.

What’s nice about the two-CD account options is that they both offer a yield that is above the national average but below what other online banks that offers top-tier rates.

To open an Investors eAccess CD account, the bank requires a minimum initial deposit of $500.

Unfortunately, both accounts do not offer debit or ATM card access, as well as check-writing abilities. To withdraw money, it can only be done through ACH (pull) transfer.

Meanwhile, both types of CD accounts can be fully accessed through the bank’s website and mobile app.

Money Market Account (MMA)

If you are looking for the best APY for a money market account, Investors Bank eAccess is definitely one of the best ways to go.

With the Investors eAccess money market account, you can earn up to 0.75% APY. The APY is variable, though, which means it can change at any time.

And the good things about this account do not end there. With the eAccess MMA, you can open an account as low as $0!

If it’s not the best deal, we do not know what it is.

Anyway, it is important to know, however, that the account’s best yields are usually capped, and only apply to accounts with balances of up to $2 million. Balances that go over that amount won’t earn any interest.

Withdrawing money from your money market account can only be done through ACH electronic debits.

Additionally, take note that MMA account holders can only withdraw up to $250,000 per 30-day rolling month. This can be quite a challenge for account holders who want to move large sums of money.

All transactions for your Investors eAccess money market account can only be done online (and not in Investors Bank branches), including opening an account.

HOW DOES INVESTORS BANK eACCESS WORK?

As mentioned earlier, eAccess is Investors Bank’s digital division, which means, customers can access the online bank’s products and services entirely online – either via the website or the mobile app.

Unlike its parent company, the Investors eAccess only provides three products, which include checking accounts, money market accounts, and certificate of deposit accounts.

Apart from its product offerings, account holders may also take advantage of other digital banking features such as access to electronic statements, online banking, mobile banking, as well as mobile check deposit (as stated on the website’s FAQs, ” to protect against fraud you must endorse the check with the wording, “For Mobile Deposits Only” under your signature and include your account number“).

In addition, by opening an eAccess account, all existing accounts with Investors Bank will be automatically linked to it so you get to manage your accounts more efficiently.

ARE THERE FEES INVOLVED?

As part of our Investors Bank eAccess review, we are also going to look into the fees involved in the different accounts offered by the bank.

For both the money market and CD products, the bank does not charge monthly maintenance fees. Additionally, Investors eAccess money market account has no hidden fees.

Meanwhile, the six-month certificate of deposit (CD) account does not have penalties. Account holders can withdraw money from the CD, including the principal amount without incurring an early withdrawal fee and any other fees.

However, for the 10-month CD account, a penalty will be charged if the money is withdrawn prior to maturity. Account holders who will withdraw their money before the maturity date will be penalized based on 90-days simple interest against the total amount withdrawn.

As for the Investors eAccess checking account, a $10 monthly service fee is charged unless the account holder meets certain requirements to avoid the said fee.

HOW TO BANK WITH INVESTORS BANK eACCESS?

Accessing Investors Bank eAccess is entirely online, including opening an account.

As mentioned, the online bank offers checking, money market, and certificate of deposit accounts.

Whatever account type you choose, the eligibility and requirements are the same — except for the minimum initial deposit requirement.

To be able to open an eAccess account, you must be a citizen or a permanent resident of the United States of America and must be at least 18 years old.

You may open your account using either your computer, smartphone, or tablet.

To complete the account application process, the bank will ask you to provide personal information including:

  • Name
  • Phone Number
  • A physical U.S. address (PO Boxes are not eligible)
  • A valid email address
  • Social Security Number
  • Government Issued ID (Driver’s License, US Passport, Permanent Resident ID, or State Issued
  • Non-Drivers ID)

As soon as your application is approved, your account is immediately created. Initially, the account will be opened in eAccess system with a zero balance until the user completes the funding process.

For eAccess Money Market and checking accounts, account holders are given 35 days to complete the funding process. Meanwhile, the bank gives 15 days for CD accounts.

Please take note that Investors eAccess allows you to open more than one account. It does not have any limitations with regards to the number of accounts a user wishes to have.

Deposits and Withdrawals

As mentioned, eAccess allows mobile check deposits. ACH transfers are also available, particularly for withdrawals of funds for both the money market and certificate of deposit accounts.

Meanwhile, checking account holders may access cash through a debit card. Checking account holders enjoy unlimited free non-investor ATM transactions. Furthermore, the bank reimburses up to $15 per month for ATM fees charged by other ATM networks.

Customer Service

In case you need assistance with your account, you may reach Investors Bank eAccess Client Care Center at 855-422-6548.

A customer service representative is available from 8:00 a.m. to 10:00 p.m. ET (Monday through Friday), and 8:00 a.m. to 8:00 p.m. ET (Saturday through Sunday).

Furthermore, you may also contact them through the Contact page on the Investors eAccess website.

IS INVESTORS BANK eACCESS SAFE?

According to Investors eAccess, customers’ privacy and security are extremely important to the bank.

So, to protect your login credentials, the online bank uses 256-bit level encryption.

Furthermore, customers may opt to use the Instant Account Verification procedure for added security.

Meanwhile, as earlier mentioned, the bank is a member of the FDIC, which means all deposits are insured up to $250,000 per depositor, per account category in case the bank fails.

So, with all that’s been said, indeed, Investors Bank eAccess is safe.

WHAT TO LIKE ABOUT INVESTORS BANK eACCESS?

There are some features that Investors eAccess provides that really stand, and this includes the following:

  • Competitive APY for MMAs – Investors eAccess offers competitive rates for its money market accounts. Customers could earn up to 0.75%.
  • Low Minimum Initial Deposit Requirements – Whether you open a checking, money market, or certificate of deposit account, the bank requires a fairly low minimum initial deposit requirement as compared to what other banks of the same type require.
  • Offers up to $15 ATM Rebates for Checking Accounts – Investors eAccess reimburses ATM fees of up to $15 per month.
  • No-Penalty CD Account Option – Investors eAccess offers a no-penalty CD account option. For this CD account type, the bank does not charge early withdrawal fees should the account holder opt to withdraw the money six days after opening the account

WHAT NOT TO LIKE ABOUT INVESTORS BANK eACCESS?

To complete this Investors Bank eAccess review, we are also giving some of the downsides of the bank, which include the following:

  • No Branch or In-Network ATM Access – The eAccess is only accessible online. So, if you want to open an account with physical branch access, this is not the bank for you.
  • CD Rates are Not as Competitive – Unlike its money market account, eAccess CDs rates are not as competitive compared to what other banks in the market offer.

FINAL THOUGHTS ON INVESTORS BANK eACCESS REVIEW

Investors Bank eAccess is the online division of one of the largest banks in New Jersey, Investors Bank. It offers checking, money market, and certificate of deposit accounts with corresponding features that attract a particular group of customers.

But among all its product offerings, the one that really stands out because of its high rates is the bank’s money market account, which is why we highly recommend the bank for those who want to earn as much as 0.75% for MMA from an online bank.

So, having all this information, do you think Investors eAccess is the one you are looking for?

With this Investors Bank eAccess review we hope to have provided you everything you need to know to see if it meets your needs and preferences in an online bank.

Categories
Investment Apps and Websites

Linus Review: What Makes It An Ideal Choice For Building Emergency Fund

This Linus review focuses on providing you everything you need to know about this fintech company — including both the good as well as the risks involved – which is ideal in building your emergency fund.

Linus Review: What Makes It An Ideal Choice For Building Emergency Fund

Saving for our future has become necessary especially when the pandemic hit not just in the country but the world in 2020.

A lot of people struggled because of a lack of savings. It was very unpredictable no one was prepared for it to happen.

If there is one good thing, though that the pandemic brought us, a lot of people realized how valuable it is to have savings especially in case of unforeseen events. Many had to reevaluate how they spend and manage their money to hopefully become better at that, and so next time the same thing happens, they’re already prepared.

Now, if you are one of those people, here’s a tip.

If you are thinking about saving money in a financial institution, it is important to look into the options available.

Yes, there are lots of deposit account options out there. There’s checking, savings, money market, as well as a certificate of deposit accounts. Each has its respective pros and cons. Needless to say, you also need to look into the different banks out there and see what suits your needs and preferences.

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In this article, obviously, we are going to focus on Linus, a financial technology company that provides a high-yield savings account.

If you are wondering what a high-yield savings account is, it basically is a savings account that offers a high annual interest rate.

While you may opt for a traditional savings account, in an article published by CNBC, they spoke with Shon Anderson, a certified financial planner and president at Anderson Financial Strategies. The expert recommends opening high-yield savings account especially for those who need to start using their emergency fund soon, or anyone worried that they have won’t be enough.

A high-yield savings account is the best account type for people who want to start building their emergency fund, which is very essential especially these days when everything is so uncertain. This helps you earn more from your money.

Unlike other deposit accounts like a certificate of deposit wherein you have to park your money in the bank for a specific term (and you can only withdraw until it matures), a high-yield savings account makes your money still accessible anytime you need it.

Going back to Linus, as mentioned, the company specifically offers a crypto-based high-yield savings account, which has no fees and is very easy to manage.

For your information, according to Investopedia, cryptocurrency is “a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.”

Moving on, in this Linus review, we are going to particularly tackle the following:

  • What is Linus?
  • Who is Linus best for?
  • What does Linus offer?
  • How does Linus work?
  • Are there fees involved?
  • How to bank with Linus?
  • Is Linus safe?
  • What to like about Linus?
  • What not to like about Linus?

WHAT IS LINUS?

Before moving on to the more technical matters, let first and foremost know what Linus is all about.

Linus Financial, LLC or simply Linus is a financial technology or fintech company located in Nashville, Tennessee. It was founded in 2019, which means it’s one of those companies that are new in the industry.

Linus offers customers a flexible, excellent high-yield alternative to a traditional savings account.

Basically, the fintech company earns through digital asset lending. In return, it gets to offer consumers an interest rate that is very compelling.

Unfortunately, while the high-yield account seems very attractive, unlike banks and other financial institutions out there, Linus is not insured by the Federal Deposit Insurance Corporation (FDIC). It is not associated with any bank.

With that, it means there is more risk involved than saving money with a traditional bank. However, if you don’t mind it at all, and you are after the high-interest rate, then, it would be best to consider it more of an investment rather than a typical savings account.

Know more about Linus and what’s in store for you by watching this very insightful review by Eddie Yoon. This basically highlights the most important facts you need to know about the company.

WHO IS LINUS BEST FOR?

Now, obviously, in this section, we are going to talk about who would benefit the most with Linus.

Well, as mentioned, Linus is a fintech company that offers a crypto-based high-yield savings account, which means this should appeal most to those who want to earn more from their money without having to park it in a banking institution to be able to earn bigger interest.

It is best for those who want to start building their emergency fund, and be more ready should unforeseen circumstances happen in the future.

Linus is also ideal for those who are willing to take the risk. As mentioned, Linus is not affiliated with any bank, which means it is not FDIC-insured. So in case it fails, you won’t get any insurance. However, this should work if you see it as more of an investment rather than a typical savings account.

Ultimately, since Linus is entirely online and does not have branches like traditional banks, it should appeal most to those who like the idea of managing their accounts online, and do not mind not having a physical branch.

Now, if you think you fall in all these, then, you got to keep reading as Linus may probably the one you are looking for.

WHAT DOES LINUS OFFER?

In this part of our Linus review, we are going to dig deeper into the most important information you need to know — what Linus offers.

Using Open Finance protocols, the company provides retail consumers the opportunity to benefit from high-yield savings.

The company offers consumers a way to access the advantages of cryptocurrency investment without having to work hard for it at all.

With a $500 initial deposit requirement, customers are able to earn up to 4.5% on annual percentage yield (APY) on their savings account.

To compare, traditional savings accounts only offer around 0.08% APY. So, if you think about it, the difference is extremely high.

Another thing is that, unlike traditional or online banks, Linus does not require any maintaining balance. Needless to say, the company does not charge fees for its services.

So, if you come to think about it, you get to save yourself from all that, which definitely is a breather.

Bonus Offer

Linus is a relatively new fintech company having been established only in 2019.

Thus, the company is still working hard to attract more users. In order to do so, Linus currently offers a $20 bonus with your first deposit.

Apart from that, they do offer regular promotions to help boost your Linus account. You can get a $20 bonus every time you refer a friend.

Additionally, in September 2020, the company also offers a 1.0% bonus on deposit transactions. We won’t be surprised if Linus continues to offer promotions and bonuses in order to attract more new users.

HOW DOES LINUS WORK?

By this time, you are probably wondering already how Linus actually works. How in the world is the company able to produce such a high yield?

Well, the answer to that is simply converting your savings into cryptocurrency.

As mentioned in the previous section, Linus utilizes Open Finance protocols, which allows them to provide their customers with high-yield savings.

Furthermore, Linus also uses blockchain contracts via Ethereum. It is another cryptocurrency and set of blockchain protocols. This means that the company is also involved with blockchain credit markets.

Once you deposit your money into your Linus account, it is tokenized into USDC. USD Coin or USDC is a type of cryptocurrency that is referred to as a stable coin. A stable coin, meanwhile, is tied to some real estate asset.

Basically, USDC is backed one-to-one by US Dollars. Once your money is converted into USDC, it becomes available to digital capital markets. Unfortunately, Linus did not disclose the details of these markets, which could be a concern in terms of transparency as compared to banks that would provide those kinds of details.

Moving on, people get to borrow your USDC, which of course means they pay interest for borrowing.

Now, how does Linus avoid loan defaults in these digital credit markets? Basically, the markets used by the company require borrowers to put up collateral that is worth more than what they owe. This helps protect Linus’s investment.

So, how the company reduces risk? The loans that Linus are involved in are fully collateralized. More so, the company also sets aside a specific undisclosed amount of reserve based on deposits.

Everything, both digital trading and conversion happens behind the scenes.

Now, as an investor (which is a better term than the word saver given how it all works), you get to make deposits and withdrawals just like how you would do it with a regular savings account.

ARE THERE FEES INVOLVED?

Perhaps you are wondering about the fees.

Well, here’s some good news for you —

Linus does not charge any fees including transfer fees. Additionally, the fintech company does not require a minimum balance in your account.

However, it is important to be aware that if you keep a zero balance for an extended period of time, Linus may be forced to close your account.

HOW TO BANK WITH LINUS?

To open a Linus account, all you have to do is visit its website.

Again, Linus is a fintech company, which means, unlike banks, it does not have physical branches for in-person transactions.

Initially, you will be asked to provide your email address as well as your preferred password to start the online application process. To proceed with your account application, you will also be asked to provide some personal information including your legal name, address, phone number, date of birth, as well as an image of a valid government-issued identification such as passport or driver’s license.

Depositing Funds

There are two ways to transfer money into your Linus account.

First, you may use your bank’s debit card, and second, you may also use ACH to transfer money in and out of your account.

Good thing is, Linus does not limit the number of transfers you make in a month. However, it is important to remember that your Linus account is not a checking account and that it should never be like one.

Also, keep in mind that the money in your Linus account may not be accessible as soon as you want it. Don’t worry, though, as they’re not locked in your account like that of a certificate of deposit.

Withdrawals

To make withdrawals, it’s pretty much the same as when you deposit money into your Linus account.

All you have to do is transfer money from your Linus account to your regular banking account.

It takes time, though, so make sure to have lead time when making withdrawals.

Typically, a wire transfer with Linus takes one business day to get into your bank account. Meanwhile, ACH transfers can take longer, between three to five business days.

To withdraw, just log into your Linus account and then link your checking account or debit card.

IS LINUS SAFE?

Since Linus operates entirely online, it is important to look into its security features as well.

Based on the information they provided on their website, Linus uses Passbase to store sensitive personal information. Passbase allows Linus to verify the identity of its customers without having to store their sensitive information on Linus’s server.

Linus also allows users to set up two-factor authentication to further strengthen their account’s safety and security.

While Linus seems to be a perfect choice to store your money and earn high interest, unfortunately, it lacks FDIC insurance, unlike regular banks.

If you open a Linus account, there are a number of risks to consider like the fact that its underlying infrastructure is based on cryptocurrency, as well as the use of new technologies to achieve high returns.

WHAT TO LIKE ABOUT LINUS?

This part of our Linus review will provide you with a list of things to like about Linus. These basically are the pros of using Linus, which includes the following:

  • High-Yield Savings – Unlike regular savings accounts, Linus allows you to earn up to 4.5% annual percentage yield. It’s definitely high considering that traditional savings account only earn around 0.08% annual interest rate.
  • No Fees – Another thing to like about opening and maintaining a Linus account is that it does not charge any fees at all. You can use the platform and make transactions absolutely for free, which is a not-so-common thing among financial institutions like banks.
  • No Maintaining Balance Required – Linus does not also require any maintaining balance. You can even withdraw everything when you need it. However, it is important to note that Linus may close your account if you leave it with zero balance for a certain period of time, which is totally fair.
  • Minimal Initial Deposit Requirement – Considering all the benefits you get, the $500 initial deposit requirement is definitely low. Needless to say, it’s the only requirement that the company asks you to comply.
  • Ability to Deposit USD and Leverage into Cryptocurrency – With Linus, you no longer have to spend time studying cryptocurrency. They do everything for you. Once you deposit money, the company immediately turns it into USDC, and then, that’s it. You can just sit back and relax and wait for your money to grow.
  • Online Access – Linus is accessible entirely online, which is how fintech company operates really. What’s nice about it is that you can access your Linus account anytime you want, and anytime you need without having to go through the hassle of visiting a branch like in typical banks.

WHAT NOT TO LIKE ABOUT LINUS?

Of course, to complete our Linus review, here are some of the downsides of this fintech company:

  • Not FDIC-Insured – Linus is not affiliated or partnered with any bank, thus, it is not insured by the Federal Deposit Insurance Corporation (FDIC), which protects depositors in case of a bank failure. To be honest, this one of the greatest risks in opening a Linus account – unless of course if you see it as an investment rather than a savings account.
  • APY Subject to Fluctuation – Linus says that customers can earn up to 4.5% APY. But of course, this is subject to fluctuation. You may earn big now, or a little lower next time. Nevertheless, the APY is still high compared to what regular savings accounts offered by banks.
  • Entirely Online – For most, especially the tech-savvy ones, this is a pro. However, for those who are a little old-school, this may be a risk as well. Unlike banks, you can go to a branch anytime you have concerns, with this one, everything is done virtually.

FINAL THOUGHTS ON LINUS REVIEW

Linus is a fintech company that provides a crypto-based high-yield savings account. It is great for individuals who want to save their money and earn a high annual interest rate.

While it seems ideal, it does come with risks especially since Linus is not insured by the FDIC. Although it works like a savings account, Linus looks more like an investment, which is why it is a great choice to build up your emergency fund.

With that said, unless you are willing to take the risk, this may not work for you. Are you?

With this Linus review, hopefully, you are able to get all the information you need to convince you that this fintech company is worth a try especially when building an emergency fund.

Categories
Mobile Banking

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

If you are looking for a full-service bank that comes with mobile access and a wide selection of banking products and services, then, this BMO Harris Bank review is perfect for you.

BMO Harris Bank Review: Full-Service Banking And Accessibility In One

In an article entitled, The Mobile Banking and Payment Revolution, which was written by Sunil Gupta, the Edward W. Carter Professor of Business Administration and co-chair of the executive program on Driving Digital Strategy at Harvard Business School, it says that mobile technology has revolutionized the global banking and payment industry.

He further states that it offers new opportunities to banking institutions to provide added convenience to their customers. In the said article, it says that mobile penetration in the United States as well as in France is 105%.

Meanwhile, data by Statista says that as of 2018, the total number of mobile banking users in the United States is 57 million, and the number is expected to increase further as years go by.

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In fact, according to Fidelity National Information Services (FIS) as reported in a CNBC article, there was a 200% jump in mobile banking registrations in early April of 2020, which was the peak of the pandemic in the country.

Furthermore, mobile banking traffic increased to 85%, definitely higher as compared to previous years. This was not surprising at all, though, since a lot of bank branches had to close, and tellers were not available for health and safety reasons.

While 2020 was a challenging year for almost all industries, it was in a way a game-changer for the banking industry per se.

It was then that banks had to step up and ensure they are able to cater to the needs of their customers – whether it be in-person or online.

It was also during that time that a lot of people realized the value of having a bank that does not only provide a traditional banking experience but a great online banking experience as well.

One of the banks that actually offers both ways before the pandemic hit the world is BMO Harris Bank.

In this BMO Harris Bank review, we are going to tell you more about what to expect in this full-service bank, and what makes it a good banking option.

In the next few sections, we are going to particularly tackle the following:

  • What is BMO Harris Bank?
  • Who is BMO Harris Bank best for?
  • What are the products offered by BMO Harris Bank?
  • How to bank with BMO Harris Bank?
  • Is BMO Harris Bank safe?
  • What to like about BMO Harris Bank?
  • What not to like about BMO Harris Bank?

WHAT IS BMO HARRIS BANK?

First of all, we are going to share with you key facts you need to know about BMO Harries Bank. This provides you a picture of what the bank is all about and where it stands out as compared to other banks of the same kind.

So, with that said, here’s what you should know about the BMO Harris bank —

BMO Harris Bank is a full-service financial entity that runs over 500 brick-and-mortar locations across eight states. It is a subsidiary of Canada’s Bank of Montreal, with U.S. headquarters located in Chicago.

Founded over 130 years ago, BMO Harris Bank is currently in the eighth spot among the largest banks by assets in North America. The bank boasts having over 12 million customers to date.

If you want to know more about BMO Harris Bank, check the video below by nctv17:

BMO Harris Bank offers a wide selection of banking products and services including checking and savings accounts, certificates of deposit (CD), IRAs, as well as other investing and loan options. Needless to say, providing customers with a large ATM network of over 40,000 nationwide.

Moreover, the bank offers a high-yield money market account, while its checking accounts are generally affordable and provides several options to waive fees.

Adapting to the needs of its customers, and providing better banking services, BMO Harris Bank comes with a mobile banking application that provides some distinct features such as a service that links all your accounts, including non-BMO ones, to give you a full picture of your current financial situation.

Furthermore, the mobile app also allows its users to withdraw money from some BMO Harris ATMs even without their physical debit cards. 

WHO IS BMO HARRIS BANK BEST FOR?

Obviously, in this section of our BMO Harris review, we are going to talk about who is the bank best for.

Generally, BMO Harris Bank should appeal to customers who want a Midwest-based bank that offers a wide variety of banking products and services.

As mentioned in the previous section, BMO Harris is a full-service banking institution making it an ideal choice for those who want to manage all their finances in just one bank.

Furthermore, BMO Harris Bank is a good choice for clients who are looking for competitive money market account, as well as multiple checking account options.

Since the bank offers over 40,000 ATM networks, this should also appeal to those who want easy access to cash.

BMO Harris Bank has brick-and-mortar locations, and it is also accessible through its mobile banking app. Thus, making it appealing to those who want to have access to both.

WHAT ARE THE PRODUCTS OFFERED BY BMO HARRIS BANK?

Similar to other full-service banks, BMO Harries had everything you need financially. Apart from traditional checking and savings accounts, the bank offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.

BMO Harris has over 500 physical branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin. Needless to say, the bank has over 40,000 ATMs, allowing customers to withdraw their money anytime.

Now, for the purpose of this BMO Harris review, we are going to focus only on its deposit product offerings such as checking and savings accounts, as well as money market and certificate of deposit accounts.

Checking Accounts

BMO Harris Bank offers three different types of checking accounts. These are:

Smart Advantage Checking

This checking account type is the most popular among all of the bank’s checking account offerings.

The Smart Advantage checking account requires no monthly maintenance fees as well as ATM fees. While electronic statements are free, if you prefer receiving a paper statement, you may do so for a fee of $2 per month.

Smart Advantage checking account comes with a debit MasterCard, which enables the account holder to withdraw money from the bank’s large ATM network.

To open a Smart Advantage checking account, BMO Harris only requires a minimum of $25 opening deposit, which is definitely lower as compared to other banks.

The only downside of this account type is that it does not earn any interest.

Smart Money Checking

Unlike Smart Advantage, the Smart Money checking account comes with a monthly maintenance fee of $5. This fee is waived only if the account holder is 25 years old and below.

Additionally, Smart Money checking account is free from overdraft fees or non-sufficient fund fees. Basically, this is because customers can only spend the funds available in the account.

Similarly, Smart Money checking account electronic statements are free. However, if you opt for a paper statement, this costs a $2 fee.

Also, this checking account type comes with a debit MasterCard and can be used in over 40,000 ATMs.

To open a Smart Money checking account, the bank requires a minimum of $25 initial deposit. This account type does not earn interest, as well.

Premier Checking

Of all the three checking account types offered by BMO Harris Bank, Premier checking is the only one that bears interest.

With Premier checking, all account balances earn interest. However, you need to have a minimum of $25,000 in your account to earn the highest interest rate, which currently is 0.10% APY.

The Premier checking account comes with a monthly maintenance fee of $25. However, this can be waived only if you meet any of the following requirements:

  • Maintain a $10,000 minimum daily balance
  • Has $25,000 in combined BMO Harris accounts
  • Has a BMO Harries investment account

Similar to other checking account types, this also comes with a debit MasterCard. More so, it also offers up to a $25 rebate monthly on out-of-network ATM fees. Fees are also waived on cashier’s checks and money orders.

Overdraft fee can be waived if you set it up by linking your savings account, MMA, or other checking accounts. The fee is $36 for every overdraft over $5 with a maximum of four overdrafts per day. Additionally, a $10 fee is charged for transferring funds to cover the overdraft.

To open a Premier checking account, the minimum initial requirement is also $25.

Savings Accounts

BMO Harris Bank only has one savings account option. This is the one they call the Statement Savings.

Similar to the bank’s checking account options, BMO Harris only requires at least a $25 initial deposit.

Unlike other savings account offerings from other banks, the Statement Savings only offers a 0.05% interest rate, which is below the national savings account average rate.

The savings account also comes with a monthly maintenance fee of $5, which can be waived for account owners who are 25 years old and below, or those who are keeping a minimum daily ledger balance of $100 for the month.

Money Market Accounts

If you want to earn a competitive interest rate, one of the ways to achieve that is by opening BMO Harris’s Platinum Money Market account.

Currently, account balances between $5,000 and $999,999.99 earns 0.95% annual percentage yield (APY), while balances that range $1,000 or more earn 0.75% APY.

While it requires a minimum opening deposit of $5,000, the account does not have an ongoing balance requirement.

Unlike the previous account types, the Platinum Money Market account does not charge a monthly maintenance fee. Furthermore, it comes with check-writing privileges.

Generally, the Platinum money market account is ideal for people who want to keep an emergency fund.

Certificate of Deposit (CD) Accounts

BMO Harris Bank offers two kinds of certificate of deposit (CD) accounts. These are Standard CD and Add-On CD accounts.

When it comes to interest earned, it is handled similarly with the two account types. For CD terms below 12 months, the interest is compounded daily and credited at maturity. Meanwhile, for CDs 12 months or greater, the interest is compounded on a daily basis and is credited to the CD account quarterly.

Now, to understand the difference between the two-CD account types here’s a brief explanation of each:

Standard CDs

This CD account type features terms from three to 60 months. It has an option for one-month and two-month CDs for balances of at least $100,000.

Standard CDs have tiered fixed rates depending on the term as well as the account balance. Rates vary from 0.05% for 1 month CD term up to 0.70% for 60 months CD term. Occasionally, the bank offers special rates for certain term lengths.

The minimum balance requirement for this CD type is $1,000.

Add-On CDs

As the name of the product suggests, this allows account holders to add more funds to their CD account after opening.

Unlike the other CD type, Add-On only has a one-year CD term, which at the moment earns 0.30% APY.

Similarly, the bank requires a minimum deposit of $1,000 to open an Add-On CD account.

For both CD types, the bank charges an early withdrawal fee of up to 545 days interest if you opt to withdraw your money prior to its maturity date.

HOW TO BANK WITH BMO HARRIS BANK?

This part of our BMO Harris review will focus on how to actually bank with BMO Harris.

What’s nice about BMO Harris is that the bank pairs some of the best in-person banking features with its digital banking functionality.

To open an account with BMO Harries, customers have the option to either visit any of the banks’ over 500 branches located in Arizona, Florida, Illinois, Indiana, Missouri, Minnesota, Kansas, and Wisconsin or do it online via its website.

Similar to any other financial institution out there, BMO Harris Bank requires all new customers to provide some personal information including their name, address, phone number, and Social Security number. Additionally, government-issued identification such as a passport and driver’s license is also required.

ATM Access

As already mentioned, BMO Harris has over 40,000 fee-free ATMs where customers can access cash.

Mobile Banking

For those who prefer mobile or online banking, BMO Harris Bank provides digital banking services so you can access your account anytime and anywhere.

The bank’s mobile app is highly-rated in both App Store and Google Play.

Using the mobile app, customers are able to enjoy the following features:

  • Mobile cash withdrawals in most of the bank’s ATMs
  • Mobile check deposit
  • Bill Pay
  • Total Look account management
  • Apple Pay and Zelle integration

Customer Service

If you have any concerns, you may contact someone at BMO Harris’s call center, which is available 24 hours a day, seven days a week.

IS BMO HARRIS BANK SAFE?

Of course, we made sure to also look into the bank’s digital platforms’ safety and security features.

As mentioned, you can access your BMO Harris Bank account either through the website or the mobile app.

Having been in the banking industry for more than 130 years, BMO Harris surely knows how to keep its customers’ personal data and accounts safe and secured.

The bank uses bank-grade encryption to ensure all accounts and personal data are free from possible fraud or identity theft.

Additionally, BMO Harris Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all deposits are insured for up to $250,000 per depositor, per account category in case the bank fails.

WHAT TO LIKE ABOUT BMO HARRIS BANK?

In this section, we are going to give you a list of the things that really stand out about BMO Harris Bank, and the list includes the following:

  • Several Product Offerings – BMO Harris is a full-service bank. Thus expect to find a wide variety of banking products and services. Not only does it offer traditional checking and savings accounts, but that it also offers personal loans, wealth management services, mortgages, retirement and investment accounts, as well as business and commercial banking.
  • Inexpensive Checking Accounts – For only $25, you can easily open a checking account of your type.
  • Waivable Monthly Maintenance Fee – For most of its products, the bank charges a monthly maintenance fee. However, the fee is waived if you meet certain requirements.
  • Competitive Rates for Money Market Accounts – Of all the deposit products offered by BMO Harris Bank, the best in terms of rates would be Money Market. It definitely offers one of the best rates out there.
  • Large Fee-Free ATM Network – The bank has over 40,000 ATMs free of charge.
  • Physical Branches – Apart from providing a highly-rated mobile application, as well as online access, the bank has over 500 physical branches in select states.

WHAT NOT TO LIKE ABOUT BMO HARRIS BANK?

While there are a lot of things to like about BMO Harris Bank, it sure does have its share of downsides as well, and this includes the following:

  • Low-Interest Savings Account – Unlike other banks of the same type, BMO Harris Bank’s savings account is not that appealing. It offers a low-interest rate. In fact, below the national average for savings accounts even.
  • Limited Branches – Although we like the fact that BMO Harris Bank does have physical branch locations, it is limited to eight states only. It would be nice, though, if they could have more and eventually be present across all 50 states.

FINAL THOUGHTS ON BMO HARRIS BANK REVIEW

BMO Harris is a full-service bank that offers a wide selection of banking products and services. It comes with over 500 physical branches across eight states and provides access to over 40,000 ATMs.

While it does have a few downsides, the good things that it provides overshadow them.

Setting the not-so-good things about the bank, would you consider opening an account with BMO Harris?

To sum up, with this BMO Harris review, we found that the bank, while imperfect, is definitely one of the best options out there especially if you want a full-service financial institution that provides an access to both a physical branch (if you are from the Mid-west) and excellent digital platforms.

Categories
Mobile Banking

Copper Review: An All-Digital App Teaching Teens Financial Literacy

Teaching financial management to teenagers can be quite a challenge. With this in-depth Copper review, you will find essential facts about this all-digital banking platform that is specially designed to help parents teach their children how to successfully manage their finances.

Copper Review: An All-Digital App Teaching Teens Financial Literacy

Personal finance management is generally not taught in high school. Thus, it leaves room for parents to step in and be the ones to train their kids on how to manage their money responsibly.

While this can be a bit of a challenge for parents, good thing there are banking platforms such as Copper that are made to allow parents to monitor their teen’s spending and saving habits. Essentially, help their young ones how to handle their finances well.

According to the National Financial Awareness Day Survey, which was provided by the Junior Achievement USA, while most teens today love technology, a lot of them still rely on cash when it comes to making purchases and getting their allowances from their parents.

In fact, the survey shows that “80 percent of teens who receive money from parents or caregivers say it is in the form of cash and 75 percent of teens say they have made purchases in cash.”

Meanwhile, “26 percent who received money from parents or guardians said it was wired into their bank account, while nearly as many (23%) used their parent or caregiver’s credit card for online purchases,” while only 10 percent used financial apps like mobile banking apps such as Copper to receive money or purchase items.

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Another noteworthy finding is that although most receive money in cash, 48 percent say they use mobile or online apps to help manage their money. Particularly for budgeting and planning purposes.

To be fair, we see the result of this survey in a positive light. Although most of the respondents receive and purchase using cash, we like the fact that nearly half are using mobile apps to help manage their finances.

For us, it is a good sign that many of the young people today care about their money. Unlike the older generations, thanks to technology, younger generations are more literate or are more willing to learn when it comes to proper handling of their money.

It’s nice knowing that with their easy access to mobile apps or mobile/online banking, young people learn. Needless to say, it makes the task of parents when it comes to teaching their children financial management easier.

Now, going back to Copper.

Obviously, in the next couple of sections, we are going to share with you answers to some of the most frequently asked questions about this all-digital banking platform.

In particular, we are going to tackle in the Copper review the following:

  • What is Copper Banking?
  • Who is Copper Banking best for?
  • What are the products offered by Copper Banking?
  • How to bank with Copper Banking?
  • Is Copper Banking safe?
  • What to like about Copper Banking?
  • What not to like about Copper Banking?

WHAT IS COPPER BANKING?

Similar to when you are choosing a bank for your banking needs, as parents, you also need to check and do your own research when it comes to selecting a tool that will help you teach your children financial management.

There are a couple of online banking platforms that are targeting teens, so finding the best one that fits your preference as a parent and what you think is best for your teenager is important.

So, in this part of our Copper review, you will find out some of the key information about this online bank.

Copper Banking is a free digital-only banking platform that was established in April 2019 and is currently based in Seattle, Washington.

Learn more about Copper in this video below:

The online banking platform was founded by Eddie Behringer and Stefan Berglund, and was specifically designed for teens.

As of this writing, Copper Banking has raised $4.3 million through seed funding.

Copper Banking provides a digital checking account and a debit card for teenagers with a strong focus on financial literacy.

The mobile app comes with exclusive content as well as quizzes designed by Certified Financial Planners and other financial education experts to help the users learn more about financial management.

Additionally, the bank app also features built-in savings tools to help teens reach their respective financial goals.

While it does earn an annual percentage yield, it’s not as compelling as regular checking accounts. Nevertheless, it definitely serves its purpose.

WHO IS COPPER BANKING BEST FOR?

Copper Banking is an all-digital banking platform that is specifically designed for teens.

Obviously, it will benefit teenagers aged 13 to 17 years old the most. The app features exclusive content, quizzes, as well as built-in savings tools to help teens become better at managing their finances.

Copper Banking is ideal for parents as well who want an effective tool to teach their kids how to properly handle their money.

While the app is made for their children, it comes with certain parental controls particularly allowing parents to view transactions made by their kids, enable notification when the user is making a purchase, and a lot more (we are going to share with you the detailed feature in a different section).

WHAT ARE THE PRODUCTS OFFERED BY COPPER BANKING?

Now that you already know what Copper Banking is all about and who will benefit from it the most, it’s time to share with you important information about the fintech’s product offering.

By now, you probably have figured already that Copper only offers one – checking account with a debit card.

Before we move on, we just want to reiterate that technically speaking, Copper is not a bank but a fintech company. Fintech is the term for financial technology, which, according to Investopedia is “used to describe new tech that seeks to improve and automate the delivery and use of financial services.”

Copper uses SynapseFi, a partner of Evolve Bank & Trust for the backend technology of its app. The relationship between these two entities makes it possible for Copper to offer banking services to consumers.

As mentioned, Copper Banking is a mobile app that was specifically designed to help young people particularly teens aged between 13 and 17 years old learn about financial literacy.

While there are a lot of banks out there, most of them do not have accounts that are made to cater to the needs of teenagers.

Copper offers a digital checking account that comes with a MasterCard debit card, which enables the users to withdraw money from or use it in making purchases.

What’s nice about this all-digital banking platform is that it comes with a parental involvement feature that allows adults to track and monitor their teen’s spending habits.

With Copper Banking, sending and receiving money between parents or guardian and their teens easier. Everything is done digitally. So, with just a few clicks, parents or guardians are able to immediately transfer funds to their teen’s account.

As stated, Copper Banking offers a digital checking account. Unlike other banks that offer the same product catering to teens, Copper does not have a compelling APY. In fact, it’s too minimal you won’t feel it.

Moving on, the account comes with a MasterCard debit card that enables the users to withdraw cash at over 55,000 ATMs, at the same time, use it in making purchases where MasterCard is accepted.

What’s nice about it is that you do not have to wait until the physical card arrives before you can use it. As soon as parents or guardians fund the account, the virtual debit card is automatically activated.

Furthermore, the Copper debit card can be added to Apple Pay as well as Google Pay digital wallets.

Now, apart from the checking account and the debit card that comes with it, the Copper Banking mobile app also comes with other interesting and helpful features.

Now, let’s dig deeper into what these features have to offer —

Financial Education

Copper Banking was not only designed to provide banking services to teens but more importantly, to help them learn more about financial management.

Having said that, the fintech company actually has two primary ways to teach teens about financial literacy.

First is by offering a financial literacy quiz allowing teens to test their knowledge about financial management, at the same time, learn about it.

The second is by providing financial lessons, which they call “Cheat Codes.”

The company’s financial education department is headed by Liz Frazier who is a Certified Financial Planner, as well as an author of the book entitled, “Beyond Piggy Banks and Lemonade Stands: How To Teach Young Kids About Finance.”

Parental Involvement

Copper acknowledges the fact that the app is not enough to teach teens how to manage their finances. Parental guidance still plays a very important role.

So, with that, the app was created to ensure there is still parental involvement.

Copper provides parents or guardians certain controls through the app, and this includes the following:

  • View transactions made by their teens
  • Enable notifications every time a purchase is made
  • Ability to easily send as well as request funds between accounts
  • Ability to automate recurring transfers between parent and teen account for allowance or other regular funding purposes

HOW TO BANK WITH COPPER BANKING?

In the previous section of this review, we talked about what product does Copper Banking offers. This time around, we are going to talk about how to actually bank with Copper.

First of all, to be able to sign up for a Copper account, the parent or guardian must be at least 18 years old, while your child should be between 13 to 17 years old.

You must be a citizen or a permanent resident or non-permanent resident alien in the United States on a valid long-term visa. You must also have a valid Social Security number or a tax identification number, as well as an existing checking account to link to Copper.

When signing up, you will also be required to provide your personal information as well as your teen. Your Social Security number or tax identification number will also be asked, and of course, you will need to provide your login information for your linked checking account as well.

Since Copper is an all-digital banking platform, you will have to sign up online. Here’s a step-by-step guide for you:

  1. Click the Apply Now button on the website.
  2. Enter your phone number, and then, you will receive a link to download the Copper Banking app for teens.
  3. Once downloaded, launch the app and click How Does It Work?
  4. Click Let’s Do This.
  5. You will have to enter your phone number and then, click Next.
  6. Enter your security code.
  7. Choose whether you’re a teen or a parent.
  8. Provide your name, birthdate, email address, and zip code.
  9. Follow the next few steps to invite your teen or parent.

Cash Deposits

Apart from transferring funds online, another way to fund your teen’s Copper account is via cash deposit.

Copper uses the Green Dot network to enable cash deposits. So, all you have to do is visit the nearest Green Dot retailer location.

It is important to note, though, that retails usually charge a fee for this transaction. It varies depending on the retailer, but it could be up to $4.95 per transaction.

We highly suggest you only take this route when you have no other options left or when you have a good amount of money to deposit to make the fee worthwhile.

Deposits, Withdrawals, and Spending Limits

Unlike a typical deposit account, Copper has some depositing and spending limits. This includes:

  • $250 for daily load limit for debit card funding or ACH
  • $2,000 monthly load limit for debit card funding or ACH
  • $2,000 daily spending limit

While transferring money into a Copper account through ACH is fee-free, it takes 3 to 5 days before it gets credited to your account.

Additionally, if you use a debit card when transferring funds to a Copper account, there would be a small fee to cover the transaction cost.

Another option to transfer funds into a Copper account is by using online remittance platforms like Cash App, PayPal, and Venmo.

Meanwhile, to withdraw money from your account, you may opt to use an ATM, cashback at a retailer, ACH transfer, or fund transfer to a linked checking account.

Customer Support

Since Copper is a digital banking platform, it obviously does not have any local branches for in-person support.

So, in case you have any concerns, its customer support is only available through email at support@getcopper.com.

Fees

Unlike other fintech companies, Copper does not charge monthly fees, overdraft fees, as well as account maintenance fees.

The only possible fee you will encounter is the one charged by Copper’s third-party ATM operators should you decide to withdraw cash.

Also, as mentioned earlier, you may also be charged by Green Dot retailers if you opt to deposit cash.

IS COPPER BANKING SAFE?

Copper understands and acknowledges the importance of the safety and security of your personal as well as account details.

Thus, the fintech company features round-the-clock fraud monitoring to help ensure your teen’s money is safe from any suspicious activities.

Apart from that, the app also put other bank-grade security measures to avoid any untoward events.

With Copper Banking’s affiliation with Evolve Bank & Trust, all Copper deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor, per account category in case of a bank failure.

WHAT TO LIKE ABOUT COPPER BANKING?

At this point of our Copper review, we are going to share with you a few things we like about this all-digital banking platform. This includes:

  • No Monthly Fees – Unlike other online banking platforms, Copper Banking does not charge monthly fees, as well as overdraft and account maintenance fees.
  • Parental Involvement Feature – Copper knows how essential the involvement of parents or guardians is in terms of teaching financial management among teens. That is why Copper provides them certain controls through the app to see how their teens are doing with their finances.
  • Exclusive Financial Literacy Content – We love this feature. We thought it is a nice touch for a teen banking app. This will definitely help broaden young people’s knowledge and understanding of financial management.
  • Lots of Deposit and Withdrawal Options – Apart from digital transfers, Copper also enables users to fund their account via Green Dot retailers for a minimal cost. Meanwhile, withdrawals may be done using the MasterCard debit card that comes with the Copper account in any of the over 55,000 ATMs nationwide.

WHAT NOT TO LIKE ABOUT COPPER BANKING?

Of course, this Copper review will not be complete without a list of the things that we do not particularly like about Copper, which includes:

  • Very Low APY – Unfortunately, Copper accounts can only earn a 0.001% annual percentage yield, which when compared to other mobile banking platforms that also cater to teens is very, very low.
  • Fees for Cash Deposits – While Copper allows cash deposits through Green Dot retailers, it does come with a fee of $4.99. So, unless it’s an emergency or you have a good amount to deposit, we highly recommend doing everything digitally.
  • Very Limited Customer Support – Since Copper is an all-digital banking platform, it also comes with a very limited customer support feature. Right now, customers may only contact them via email. No phones, no live chat support available.

FINAL THOUGHTS ON COPPER REVIEW

Copper is an all-digital banking platform that was specifically designed to help teens develop better financial management skills.

This also helps parents or guardians teach their teens how to handle their money properly to avoid future financial mistakes.

If you are a parent or guardian, does Copper meet your preferences? We do hope so.

Generally, we found through this Copper review that while there are a couple of good things about the banking platform, it also has some notable downsides including not earning a good APY as compared to others. So, unless that does not bother you, overall, it still is worth it.

Categories
Mobile Banking

Dave App Review: A Low-Cost App That Provides Fee-Free Cash Advances

Hitting a $0 balance on your checking account can be very stressful. With this Dave App review, we do not only provide you essential facts about this membership app/service but hopefully, this gives you an option to ensure that you always have money in the bank especially when you need it most.

Dave App Review: A Low Cost App That Provides Fee-Free Cash Advances

While nobody wants to lose money before the next paycheck, the reality is, a lot of people actually experience that. Many people try hard enough to make ends meet every time, but there are just some instances when their money runs out even before it gets replenished.

Worse is, you do not have money in the bank and then there’s an emergency. That is a kind of situation we all do not want to be in, right?

When things get worse, a lot of us rely on loans. Many of us apply for payday loans or personal loans or borrow money from someone we know just to get through until the next payday.

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Last year, when the pandemic hit the United States, a lot of people were unprepared. Many struggled financially especially since many Americans live paycheck to paycheck.

In fact, according to an article published by CNBC, based on a recent report from CareerBuilder, 78% of full-time workers in the country fall into that category.

While the option of taking a loan is a good idea, we cannot deny the fact that it can be stressful, too, given the fact that there is interest to take into consideration. That’s a lot of money, to be honest, especially for the minimum wage earners.

But, what if there is a financial institution that provides an interest-free cash advance feature?

Sounds too good to be true?

Well, it is true! That is exactly what makes the Dave app stand out from the rest. Dave app is not your typical financial service provider. It is actually something that could potentially help every individual who runs out of cash to avoid interest-bearing loan programs and save a lot eventually.

In the next few sections, we are going to share with you key information about the Dave app and hopefully, at the end of this Dave app review, we get to convince you that this one’s worth it.

In particular, we are going to provide answers to the following questions:

  • What is Dave App?
  • Who is Dave App best for?
  • How does the Dave app work?
  • How to sign up for Dave App?
  • Is Dave App safe?
  • What to like about the Dave App?
  • What not to like about the Dave App?

WHAT IS DAVE APP?

By now you are probably curious to know what the Dave app is all about, what makes it special, etcetera.

Well, we won’t keep you waiting because, first of all, in this section, we are going to give you a little background on what the Dave app is all about.

As we always say, it is important to get to know the bank or the financial service provider first before signing up so you get to gauge if it’s really the one you need or the one you are looking for.

So, here are some key points you need to know about the Dave app —

Dave app is a low-cost membership application. It was specifically designed to offer customers fee-free checking as well as provide up to $75 in interest-free advances. Needless to say, outsmart overdraft fees, which could potentially help Americans avoid paying billions of dollars per year just on overdrafts alone.

The app comes with a monthly membership fee, but for a very minimal cost of $1. Considering the app’s features, you definitely get the best of what you are paying for.

Furthermore, the Dave app helps its users to budget. It looks at the user’s traditional cash flow throughout the month and lets the user know if a pinch is upcoming so he or she can plan ahead.

Before moving on, if you want to know more about the Dave app and how it benefits customers, watch this very informative and insightful video review below by Mr. Modern Financials:

WHO IS DAVE APP BEST FOR?

Now that you already know something about the Dave app, it’s time to assess if this fits you.

While there are no restrictions as to who can only use the app, Dave would be most useful to those people who live on a paycheck-to-paycheck basis.

This will surely help them a lot in making ends meet without having to fall into payday loans or other types of loans that charge a certain amount of interest.

Through the app’s cash advance feature, you get to have access to a certain amount of money without having to worry about paying for interests.

So, if you want that kind of service, the Dave app should appeal to you the most.

Of course, as we’ve already mentioned, this app should be ideal for people who live paycheck to paycheck. They are the ones who will benefit from the Dave app the most.

Additionally, this would be great for those who want to get away from overdraft fees, and also those who want to keep a track of their monthly budget.

Also, this should be a good app for those who are willing to pay $1 a month for a monthly maintenance fee. Unless you have a Dave debit card and you use it in shopping at your preferred merchants, this fee can be eliminated.

HOW DOES THE DAVE APP WORK?

In this part of our Dave app review, we are going to tell you more about this app. In particular, how it actually works.

Generally, the Dave app works in two ways —

First, it helps users to budget and looks at their traditional cash flow for the entire month provided your debit card is connected to the Dave app. The app automatically lets the user know if it looks like funds are almost running out or if the user over budgets.

Second, this provides an overdraft fee-avoiding solution through the cash advance feature.

Now, let’s take a deeper look into each of these functions.

Budgeting Feature

Basically, the app helps you track your budget, and let you know how low your money gets before your next paycheck comes in.

The app uses your monthly expenses such as your utility bill, phone bill, and etcetera to calculate just how much you have left until the next payday. If you overspend in a month, or your bills are higher than how much they’re usually are, the app automatically sends you an alert. This is very helpful so you get to avoid fees.

Cash Advance Feature

Dave app’s cash advance feature is actually what makes it special. Customers are into it for that very reason.

The app’s cash advance feature is available for customers whose bank accounts are linked to the Dave app.

As mentioned, cash advances provided by Dave app have no fees involved, and definitely, no interest rates as well.

It basically is like taking a mini loan against your own paycheck to help you make ends meet before your next payday comes.

As soon as you are able to connect your checking account to the app, you immediately get to avail of the cash advance feature. The app lets you advance money of up to $100.

This may not be as big as what you can borrow at lending companies, but, this surely could help tide you over for a couple of days without having to deal with fees and interests.

When using this feature, it is important to note that standard transfers take up to three days for free. However, if you wish to receive the money sooner (in 8 hours or less even), this incurs a small fee of $4.99.

Now, you are probably wondering how to repay your advance, right?

Well, it is so easy. You simply repay your debt automatically as soon as you receive your next paycheck. Once paid, you can utilize the cash advance feature again as needed.

Fees

As already mentioned earlier, while the cash advance feature saves you from interests and fees, using the app comes with a monthly fee.

The Dave app comes with a $1 monthly membership fee. This overs access to cash advances, account monitoring, as well as other helpful resources.

If you come to think of it, $1 is not a big amount. However, when added up, it means spending $12 a year to monitor your cash flow and for the cash advance feature, which may not be worthwhile for a mid-earner.

But, for those who live paycheck-to-paycheck or those who constantly need a buffer, the Dave app is definitely a huge help.

Here’s some good news, though. There is a chance that the $1 monthly fee can be waived if you shop at certain stores. But of course, you don’t want to keep shopping just to forgo the $1 fee, right? At the end of the day, every penny counts.

Mobile Support and Accessibility

Obviously, the Dave app is an entirely mobile platform, which means it is not accessible via computer.

The Dave app is available for both iOS and Android mobile devices.

Dave app is very easy to use. Even new users won’t have a hard time using it. All they have to do is follow the prompts to be able to set up as well as manage the account.

The app also comes with different alerts such as text messages or push notifications, which makes it easier to know when your account threshold has already been reached or almost there.

Customer Support

Dave app has a Support section on its website wherein a ton of frequently asked questions are answered. Also, it provides screenshots that walk you through the steps of managing your Dave account.

However, if you couldn’t find the answers in there, you can contact Dave customer support through the app or the contact form, which can be found on the website.

Unfortunately, it does not say how long it takes to get a response. Also, Dave does not have a direct hotline where you can speak with a real person. This can be quite a challenge if you have an immediate concern.

HOW TO SIGN UP FOR DAVE APP?

Now that you already what the Dave app is all about, its features as well as other key information about it, it’s time to look into the process of signing up.

Opening an account with Dave is quick and easy. It all starts with downloading the highly-rated app on your mobile device (could be your smartphone or a tablet). As mentioned, the app is available for both iOS and Android devices.

The sign-up process requires you to share a few personal information such as your name, email address, date of birth, and even your Social Security Number — similar to any other financial platform.

Apart from personal information, you will also be asked to make a few account choices, select your preferred form of communication for when or if your estimated account balance drops.

Additionally, you will also be asked to choose your account balance threshold for notifications. It could be anywhere between $0 and $1,000.

To finish the whole process, you will have to accept the terms and conditions.

Once done, you can already link your debit card to your Dave app account, which allows you to access the fee-free cash advance option.

IS DAVE APP SAFE?

The safety and security of your account are very important. That is why in this section of our Dave app review, we are going to see how secure this financial platform is.

When opening a Dave account, you will be asked to provide personal information. Additionally, to be able to benefit from its features, you will have to link your bank account to the app.

With all this information, it is imperative that the Dave app be as secure as possible.

According to Dave’s website, the app uses “industry-standard” 2048-bit encryption when managing users’ sensitive information. The app utilizes a two-factor authentication process to further protect its users and their accounts.

In addition, the employees of Dave also receive rigorous security training every year to ensure that the company provides a secure and safe online financial platform.

To help ease your worries, your banking information is not stored. It is only used once for authentication purposes as well as in linking your account.

Furthermore, it is important to note that on the website, Dave has this disclaimer with regards to sharing less-sensitive information with a third party:

“We may share personal information about you as follows: With third parties to provide, maintain, and improve our Services; In connection with, or during the negotiation of, any merger, sale of company stock or assets, financing, acquisition, divestiture, or dissolution of all or a portion of our business; To respond to subpoenas, court orders, or legal process; In order to investigate, prevent, defend against, or take other action regarding violations of our Terms of Service, illegal activities, suspected fraud, or situations involving potential threats to the legal rights or physical safety of any person or the security of our network, Sites or Services; To respond to claims that any posting or other content violates the rights of third parties; In an emergency, to protect the health and safety of our Site’s users or the general public, or As otherwise required by law. How we secure your information. We use the highest security industry standards to ensure your information is kept safe and only available to you and the required Services provided by Dave.”

While it is unclear what particular information is shared, it is just right to be aware that there is a possibility of information-sharing.

WHAT TO LIKE ABOUT THE DAVE APP?

This review on the Dave app will not be complete without a summary of the things to like about this online financial platform.

Some of the things we particularly like about Dave are as follows:

  • Fee-Free Cash Advances – Of course, this has to be on top of the list. With Dave, borrowing money is easy and free. Once your account is linked to the Dave app, you automatically become eligible to advance money of up to $100 free of interest and fees.
  • Low Monthly Membership Fee – To use the features of the Dave app and benefit from it, you will need to pay $1 per month. Compared to how much you pay for interest and fees when borrowing money elsewhere, this monthly fee is still cheap.
  • Easy to Use App – The Dave app is very easy and simple to use. As long as you have a mobile device like a smartphone or a tablet, you can download it, and use the app anytime, anywhere.
  • Alerts and Notifications – Dave app sends alerts or notifications once you reach your account limit based on your expenses. This saves you from overdraft fees, as you can easily borrow money once you need a little more to cover any excess cost.
  • Pause Account As Needed – If you feel like you need to take a break from using the app, you can pause your membership through the app. This also means you won’t be charged anything until you activate your account again.

WHAT NOT TO LIKE ABOUT THE DAVE APP?

Just like any other financial platform, the Dave app has its share of downsides as well.

So, below, we are sharing a few of the things to not like about the app:

  • Takes Up To 3 Days for Advances to be Credited – Unfortunately, it takes up to three days before your cash advance is credited to your account. However, if you wish to expedite the process and receive the money in 8 hours or less, you’ll need to pay $4.99.
  • No Web Platform – All Dave accounts are only accessible through the app. Sure, it has a website, but it does not provide access to your account.
  • No Phone Support – The Dave app does not have phone support. For concerns, Dave customer support may be reached through the app or the contact form.

FINAL THOUGHTS ON THE DAVE APP REVIEW

Dave app is a mobile app that is known for providing a fee-free cash advance feature.

While it does have a monthly membership fee of $1, as compared to the interest you will have to pay when borrowing money from lending companies and banks, it definitely is still cheaper. Needless to say, the fee can be waived if you shop using your debit card at selected stores.

Now, given all the information we provided, do you think the Dave app is the right one for you?

With this Dave app review, we hope you are able to see how it can be very beneficial especially among people who paycheck-to-paycheck.