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.
They Overly Restrict Access To Your Deposits!
Beware! They do not allow any outgoing wire transfers at all. They have restrictions outgoing ACH transfers, but they refuse to disclose what those restrictions are "for security reasons." There is a $2500 daily limit on check writing. They provide you with 3 checks and if you want more, you must order them from VistaPrint only. It seems that once they have your funds, they make it very difficult to have access. Check out their terms of service, if you are lucky enough to find where they are hidden on their website.
The Fast Refund Isn't Worth It.
Sure, you get refund quickly but get ready to deal with a ton of nonsense! You're charged a monthly fee, there's no linking to modern apps like Venmo, getting cash is a hassle and there's charges for that too. Bill pay is a joke, Just save yourself. Wait a few more days for your school refund and save yourself headaches. I thought a mobile bank would be good to have but I'm just annoyed. If you join a credit union, your refund gets there just as fast. No need to deal with this bank.
Bordering On Illegal
This bank should be forced to stop doing business be made accountable for the terrible way they handle our money causing personnel financial issues and hardship. They must think the money they work with is theirs by the way they make it unavailable. I don't know what exactly to do however I plan to do something with Better Business Bureau or someone. Stay away from this bank.
Tell Your School NO THANKS.. Find A Better Bank.
I have banked with customers bank for 4 years. At first it was okay, but now that they're trying to go public they have made a bunch of changes that make banking there very inconvenient. It's a mobile banking account that doesn't cater to mobile banking or students. 7-8 days to do a deposit is dumb.
Data as of Q4 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 835 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.89% |
| Return on Equity - YTD | 12.23% |
| Annual Interest Income | $543.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $18.43B$11.51B |
| Loans | Q4 2020vs Q4 2019 | $15.69B$9.99B |
| Deposits | Q4 2020vs Q4 2019 | $11.42B$8.71B |
| Equity Capital | Q4 2020vs Q4 2019 | $1.20B$1.18B |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $144.2MM$56.4MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $71.3MM$23.5MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $57.00K$173.00K |