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.
DO NOT BANK WITH THIS ORGANIZATION!!!!
I will be moving every dime of my money out of this account and banking elsewhere! This organization makes it extremely difficult for you to access your own funds, customer service is garbage, and the website features are constantly subjected to some sort of malfunction or inaccessible to begin with. DO NOT BANK WITH THIS ORGANIZATION!!!!!! It is not worth the hassles and headaches... please keep your money with a legitimate and reputable financial organization. To Bank Mobile/Higher One/Customer's Bank, I do not want to hear from any of your representatives with a BS response to this post now that my grievances with your company have been presented via the internet; after providing giving your customer service department the benefit of the doubt after painstakingly innumerable and undeserved occasions, There is absolutely NOTHING that you can do at this point to rectify my issues with your company. I will be discouraging whomever I possibly can from banking with or keeping money at your organization!
Data as of Q1 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34444 |
| Year Established | 1997 |
| Employees | 742 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.05% |
| Return on Equity - YTD | 11.47% |
| Annual Interest Income | $83.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2017vs Q1 2016 | $9.89B$9.02B |
| Loans | Q1 2017vs Q1 2016 | $8.24B$7.84B |
| Deposits | Q1 2017vs Q1 2016 | $7.40B$6.51B |
| Equity Capital | Q1 2017vs Q1 2016 | $887.3MM$633.0MM |
| Loan Loss Allowance | Q1 2017vs Q1 2016 | $39.9MM$37.6MM |
| Unbacked Noncurrent Loans | Q1 2017vs Q1 2016 | $31.6MM$25.1MM |
| Real Estate Owned | Q1 2017vs Q1 2016 | $2.7MM$4.6MM |
Always verify rates and promotions with the bank or credit union. We are not BankMobile; we are a rate comparison website and cannot provide official rates or promotions.
BankMobile Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.75% | - | - | High Yield Savings Account |
BankMobile is an Internet only bank and does not have branch locations. Its headquarters is located at 99 Bridge St - Phoenixville, PA 19460