New York, NY, July 12, 2018 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank and America’s largest and fastest growing mobile-first bank, today announced it has partnered with 36 new colleges and universities across the U.S. Over 500,000 additional students now have access to BankMobile Disbursements and the BankMobile Vibe checking account.

Prior to partnering with BankMobile, many students would receive their refunds by paper check. This was inconvenient and inefficient, as checks were often lost or returned. By moving to BankMobile, partner schools are more efficient and students now have digital options including depositing funds into an existing account as well as depositing funds to a BankMobile Vibe account. The universities will be saving hundreds of thousands of dollars through this partnership.

BankMobile now serves one out of every three college students in the U.S. and more than 89 percent of these students choose to receive their refunds electronically. Additionally, BankMobile Vibe account holders have saved nearly $100 million* in banking fees since July 2016. The account was designed to promote and help students develop responsible spending habits.

“We are thrilled to have so many new partners utilizing our BankMobile service and applaud our team for these recent successes!” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “Schools are excited to work with us because of the ease and convenience of our full-service solution and now these students have access to our BankMobile Vibe account. In a time when student banking choices have significantly narrowed, we are proud to provide millennial students with reinvented banking that makes managing their finances effortless and empowering.”

The new partnerships are with: American Career College/West Coast University, Atlanta Metropolitan State College, ATP Flight School, Avila University, Berkeley College, Central Michigan University, Central Wyoming College, Citrus College, College of Western Idaho, Concord University, Contra Costa Community College District, Copper Mountain College, Georgia Southwestern State University, Glendale Community College, Georgia State University, Holyoke Community College, Grossmont-Cuyamaca Community College District, Husson University, Imperial Valley College, Johnson & Wales University, Jones County Junior College, Kern Community College District, Lake Michigan College, Lock Haven University, Molloy College, Muskingum University, Rancho Santiago Community College District, San Bernardino Community College District, San Mateo Community College District, Santa Monica College, Seminole State College of Florida, Taft College, Texas Southern University, The University of Texas at Tyler, University of Arkansas at Pine Bluff and Valencia College.

With BankMobile Vibe, there is no monthly fee for students.* The account offers students access to over 55,000 fee-free Allpoint® ATMs, a one-of-a-kind recognition program, and convenient budgeting tools.

“We launched BankMobile in January 2015 with the understanding that everyone needs financial services, yet it is one of the least customer-centric industries that exists today,” added Sidhu. “BankMobile came into being to address this problem and provide an alternative banking experience focused on technology, innovation, easy-to-use products, and education with the mission of being ‘customer-obsessed’ and creating ‘customers for life.’”

With 1.8 million account holders, BankMobile is the largest and fastest mobile-first bank in the country. It is also in the top 15 banks in the U.S.in terms of number of consumer checking accounts serviced.

Visit http://bankmobiledisbursements.com to learn more about BankMobile’s disbursement program. For more information about BankMobile, visit www.bankmobile.com.

# # # 

About BankMobile
Established in 2015, BankMobile, a division of Customers Bank, is America’s largest mobile-first bank, offering fee-free checking and savings accounts. It provides target customers—millennials, the underbanked and middle-income households—with a digital, effortless, and financially empowering experience. In addition to fee-free checking and savings accounts, BankMobile offers lines of credit, joint accounts and access to over 55,000 surcharge-free ATMs nationwide (BankMobile VIP customers have free access to every ATM in the country, which is more than 400,000 ATMs), a guaranteed higher savings rate than the top four banks in the nation, a personal banker for all customers, and a free financial advisor for VIP customers. BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit www.bankmobile.com.

*See fee schedule for information on fees and how we determine student status.
According to the CFPB (Consumer Financial Protection Bureau), the average annual cost of a traditional checking account is more than $118 per year. The average annual cost of owning a BankMobile Vibe account is less than $34 per year, for an average annual savings of more than $84 per student per year!

Attachment

• Vibe