Launched in January 2015, BankMobile is an online bank that focuses on serving Millennials, college students, and otherwise tech-savvy banking customers who want to avoid banking fees and having to visit bank branches. As its name suggests, BankMobile offers convenient and secure electronic access to its digital banking services. Its app (iOS and Android) features the ability to open an account, as well as mobile check deposit, personal payments, bill pay, and personal finance and budgeting resources. However, even without the BankMobile app, customers can always access their accounts through the BankMobile website.
As of this writing, funds deposited with BankMobile are insured by the FDIC (up to applicable limits), and it offers access to a large fee-free network of over 50,000 ATMs across the United States. In addition to personal lines of credit, the bank offers deposit accounts, including checking accounts and interest-bearing savings accounts. Both products have no fees and no minimum balance requirements. The accounts can be linked together to provide fee-free overdraft protection for the checking account. Furthermore, BankMobile provides relationship banking perks – including expanded free ATM access and personalized financial advice – to customers who directly deposit their paychecks into a BankMobile checking account.
Originally, BankMobile was an online division of Customers Bank, headquartered in Phoenixville, PA. However, in March 2017, the parent company of Customers Bank, Customers Bancorp, Inc., announced that it would sell BankMobile to Flagship Community Bank, based in Clearwater, FL.