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.
Bank Mobile , When You Hear The Name RUN;
They shouldn't be listed under banks at all however , they should have a listing readily available under a cult! I didn't weigh out my options please learn a lesson from me and use another means to access you're funds. Bank Mobile has the upmost rudest , unhelpful and the list goes on customer service I have ever encountered in my life. Upon setting up my account I made a simple typo in my email instead of the correct edu I accidentally put eud that's an obvious typo to a non existent email address. Upon forgetting my password I contacted customer service and while trying to explain what had happened and after giving them everything except the apparel I was wearing they were unable to verify my phone provider!!! I literally gave them every piece of information that I possibly could , and because they couldn't verify that at&t were indeed my provider they were not able to be of assistance with no help left me holding the bag of a suspended account that held my funds. I tried to ask why I had to set up security questions upon the opening of this account if I wasn't at any point going to be ask any of the questions and wasn't able to request to use my security questions to validate who I am! I became very agitated because all the while I'm trying to get an answer to my question I keep being talked over and I mean to the point I yelled please will you listen to me for a moment , I was so disgusted with this bank as I had never in my entire life had to deal with such customer service. I was told to mail in my forms for identification and I gave them full explanation of why I seriously needed to go another route instead if that long of a wait time of having to use snail mail and they absolutely wasn't hearing it. I had to ask multiple times for a supervisor before myself having to boldly state that I had ask multiple times to be risky spoken over and ignored . Going on week two with no avail , every way I turn it's a dead in with this bank! ALL OVER A THREE LETTER TYPO! THIS BANK WILL BE REPORTED! In ending I just hope that the schools that have a contract with this cult take their students into consideration and find another bank to contract student loans with and to anyone considering , don't just flat out don't!
Experience With Bankmobile
I wouldn't recommend this bank to anyone! When there's a problem you will always have to wait hours for customer service just to get someone that barely speaks English. Call representatives are rude and are huge liars. You'd be lucky to get your problems solved.
This bank also closed my account without a word to me, and gave me the run around about my remaining balance, which they eventually mailed after 3 weeks. They also made it hard for me to cash that check of my remaining balance. They closed my account because some disputes that were made that I didn't authorize. This bank is a joke! After sending emails saying how my account was reinstated (I guess they thought that it was funny, knowing they didn't reinstate my account. I would put my money in a safe before I trust this bank with it.
DON't USE THIS BANK !!!
This bank is the worst!! I had someone steal my account and they never notified me or denied the charges. I found out after 6 transactions and reported almost $3k In transfers that I didn't do. It was one after another to different accounts freshly added and they didn't suspect a thing or notify me!! Now after filling a report they say they won't give my money back to me because nothing looked suspicious. They will steal your money like they stole almost $3,000 from me. DON'T TRUST THEM!!! I'm filing a police report and with the BBB and whoever will listen. If anyone knows how I can get my money back from this bank please help me.
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.
Data as of Q1 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 587 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.72% |
| Return on Equity - YTD | 10.67% |
| Annual Interest Income | $161.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $18.81B$12.01B |
| Loans | Q1 2021vs Q1 2020 | $16.04B$10.17B |
| Deposits | Q1 2021vs Q1 2020 | $12.54B$8.49B |
| Equity Capital | Q1 2021vs Q1 2020 | $1.32B$1.08B |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $128.7MM$149.3MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $49.4MM$52.6MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $57.00K$131.00K |