Intro: BankMobile Review | What You Need to Know about BankMobile.com
This BankMobile review hopes to provide information on BankMobile services. Many banks now offer mobile banking apps, but BankMobile claims to truly revolutionize this concept by offering services only online or through the BankMobile app.
While other BankMobile reviews may focus strictly on BankMobile’s hopes for its bank as it grows, this BankMobile review will focus on the realities of what BankMobile offers right now.
Image Source: BankMobile
Mobile banking apps are increasing in use, and BankMobile claims to offer its services without charging any fees. How it accomplishes this and who it benefits will also be a couple of areas covered in this BankMobile review. This review will explore the innovation and limitations of BankMobile’s approach and hopes to answer the question: Is BankMobile legit?
How Does BankMobile Work?
One of BankMobile’s primary goals is to make banking easy and available for those who are tired of high fees or who have had bad banking experiences in the past. It also seeks to reach out to the many people who don’t remember life without their electronic devices.
To open a BankMobile account, all a consumer needs to do is download the BankMobile app to their device and follow the directions.
The BankMobile banking application makes it possible for consumers to take a picture of their identification and then answer basic questions to establish their identity. Consumers have the opportunity to view disclosures and review their account application, and once that is complete, the account is open.
What Accounts Does BankMobile Offer?
Unlike many online banks that offer banking applications, BankMobile actually offers more than just a checking account. This BankMobile review will give an overview of all accounts offered.
Bankmobile stresses that it not only offers a checking account but a completely free checking account. Features of the BankMobile checking account include the following: over 50,000 ATMS, P2P payment services, check deposit and bill pay, personal bankers, online banking, text alerts, direct deposit, and lock and unlock features for the consumer’s debit card.
Bankmobile credits its low overhead, due to not having any physical branches, for its ability to offer higher interest rates on savings accounts. Though rates can change at any time, its free savings account is paying higher than most big banks right now. However, it’s necessary to have a checking account with BankMobile before a savings account can be opened.
- Line of Credit
If approved, consumers will have access to a line of credit. If consumers pay their line of credit payment late, does not charge a fee, though it does discourage this practice since it can adversely affect a consumer’s credit.
How Is Money Deposited and Withdrawn?
One big mystery this BankMobile review hopes to solve is how consumers deposit and withdraw money without physical locations. Some other mobile banking apps offer the features that BankMobile does and have to face this same dilemma. However, it’s obvious the creators of BankMobile definitely had convenience in mind when creating their product.
BankMobile’s app lets customers take pictures of their checks for deposit. As long as the device the app is downloaded to has a camera, consumers can deposit checks from anywhere. Direct deposit is also available, and BankMobile customers are even rewarded for using it. Direct deposit with Bank Mobile guarantees free ATMs nationwide and financial advice from an advisor for no charge.
With so many ATMs available, depositing cash shouldn’t be a problem. BankMobile customers can simply take their cash and deposit it for free at over 55,000 ATMs. If consumers find themselves somewhere that does not have one of BankMobile’s ATMs, they can always have cash transferred to a money order and then deposit it using the BankMobile’s mobile banking app. A small fee is usually charged by merchants who provide money orders.
As far as how to withdraw cash, a debit card is provided for easy use. BankMobile also offers a unique feature called PhotoPay that allows customers to pay their bills by taking a picture of the statement. ATM access is available for cash withdrawals, and customers can transfer funds from person to person without any fee.
How Do Customers Access Overdraft Protection?
In theory, BankMobile makes the need for conventional overdraft protection obsolete. BankMobile customers are encouraged to open both a checking and savings account so that the two can be linked together. If customers overdraw their checking, money is pulled from their savings to cover the difference. There is no charge for this service.
Another option is using the BankMobile line of credit as a backup in case a checking account is overdrawn. Again, no fees will apply if money has to be pulled from the line of credit to cover a deficit in the checking account. Those applying for a line of credit will need to pass a credit check.
An account can still be overdrawn if customers choose not to use their savings or line of credit as a cushion. If the savings or line of credit is linked to the checking but does not have enough money to cover the necessary shortage, that would also result in an insufficient funds fee. However, those fees will not come from BankMobile since it truly believes in getting away from all fees.
How Safe Is Money and Information Trusted to BankMobile?
All of what BankMobile has to offer sounds good, but can a bank functioning strictly on a mobile banking app or online be real? Is it safe?
How safe BankMobile is can be assessed by looking at two different issues: money protection and data protection. BankMobile is FDIC-insured, so customers are guaranteed protection up to the FDIC limits. That should help consumers rest easy.
As far as data goes, that’s a more complicated question to answer. When opening an account, consumers turn over a picture of their identification as well as type in their Social Security number on BankMobile’s app. While most people live in the age where having personal information floating around in the digital world is normal, it’s still important to make sure the companies we trust with our information have proper protection in place.
BankMobile allows users to turn off their debit card when it’s not in use. This lessens the chance of someone unauthorized using it. BankMobile is also partnered with Apple Pay. Apple is known for using unique approaches to avoid hacking issues, so this is good for BankMobile customers who have Apple products.
BankMobile believes its banking application is more secure than online banking due to encryption techniques. Information is not stored to the device with BankMobile’s app on it, so account details cannot be pulled up without a password.
The one inconsistency with BankMobile’s data safety approach is rather glaring. For convenience, it allows customers to see their balance and 15 recent transactions without signing into their account. That means if a stranger finds a customer’s phone and opens the app, that individual will have at least a portion of the phone owner’s personal banking information at his/her fingertips. This convenience seems like an obvious security risk, though it is a low risk.
Is BankMobile Legit?
The legitimacy of the company can also be measured in different ways. It was reported in 2015 that BankMobile gained 100,000 customers within the year after it was launched. The ideal BankMobile customers are Millennials who tend to be digital natives, the middle class, and those who are untrusting of conventional banks. For those consumers, BankMobile seems to feel like a real option.
Mentioned in over 60 articles, BankMobile’s ability to let consumers deposit checks by phone, use online mobile banking, and still offer reliable customer service obviously grabbed attention. Many BankMobile reviews popped up after the bank came on the scene as well as articles discussing how BankMobile works.
BankMobile is a division of Customers Bank, a well-established part of Customers Bancorp. Customers Bank has assets of over seven billion dollars. This helps paint a picture of BankMobile as a part of a stable, successful company.
Who Will Benefit from BankMobile’s Approach?
BankMobile wants to be the bank of Generation Xers and the Millennial crew. College students and young adults are obvious targets for these services, though it also hopes to serve people who rely on their phones regularly in everyday life. That means that as more people become comfortable with mobile banking apps and online mobile banking, potential clients for BankMobile will increase.
BankMobile is also perfect for those who have grown tired of fees. Many consumers have spent years trying to dodge high fees that are charged for simply having an account, and most have accepted this dilemma. However, BankMobile changes everything consumers previously thought about banking by offering a variety of convenient services for free.
What Is Customer Service Like?
Other BankMobile reviews often focus only on the features and conveniences that come with mobile banking apps. However, this BankMobile review desires to explore what customer service looks like when consumers deal with banks that have no physical branches.
BankMobile gives its customers different options for contacting it when customer service help is needed. Customers can search BankMobile’s knowledge base to find answers to frequently asked questions. They also have the option of emailing BankMobile with their questions. Finally, there is a number where customer service representatives can be reached.
Though there are no face-to-face interactions when using this banking application, customers aren’t left without assistance.
Image Source: BankMobile
How Easy Is It to Use the BankMobile App?
It’s obvious from BankMobile’s own words that it finds itself a suitable banking choice for those who are familiar with mobile banking apps and technology. However, its app was created in such a way that even those who do not consider themselves digital natives can easily use it.
Downloading the app to either an Android or Apple device is easy to do from BankMobile’s page.
Image Source: BankMobile
Once the app is downloaded, customers can see their balance and recent banking transactions without logging in. Anything further than that requires customers to log in to their account on their mobile device.
The BankMobile app is intuitive for anyone, no matter how new they are to mobile banking apps. The ability for consumers to deposit checks by phone and open an account simply using a camera phone makes BankMobile stand out in the market of mobile banking. Its simple, easy-to-understand app design highlights these features perfectly.
This BankMobile review looks at details of what BankMobile has to offer and finds that, for most people, BankMobile is a good option. While only time will tell if the majority of the general public is ready to get rid of physical banking locations, BankMobile seems to take its commitment to customers seriously.
Luvleen Sidhu, chief strategy & marketing officer, states that BankMobile “will always be a bank built by, and for, the people” – a statement that is a far cry from the general feeling among big banks. If a consumer has a device and is ready to move fully into the age of mobile banking apps, then BankMobile could be a perfect fit.
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