At BankMobile, we promise to continue to work hard to provide you with an account that is affordable, convenient, and financially empowering. As part of our ongoing commitment to you, we want to notify you of five important changes to the Vibe Checking Account and the Interest Bearing Checking Account.
1. Effective May 30, 2019, the BankMobile Vibe Checking Account will earn interest, regardless of your enrollment status! We’re always looking to make competitive improvements and we are thrilled to introduce this incredibly valuable benefit to all customers.
What does this mean?
This means that BankMobile checking account holders who make Qualifying Deposits totaling $300 or more per statement cycle will be able to earn interest on their Vibe Checking Account and Interest Bearing Checking Account. Current Interest Bearing Checking Account holders no longer need to make point-of-sale transactions totaling $500 or more to qualify to earn interest but will need to meet the Qualifying Deposit requirements outlined below.
If you are a Vibe Checking Account holder and make Qualifying Deposits totaling $300.00 or more per statement cycle, you will qualify for interest on your Vibe Checking Account. An interest rate of 2.96% will be paid for average daily balances up to $1,000 with an Annual Percentage Yield (APY) of 3.00%. An interest rate of 0.01% will be paid only for that portion of the average daily balance that is greater than $1,000 resulting in an Annual Percentage Yield (APY) range of 3.00% to 0.04%, depending on the balance in the account, assuming a maximum average daily balance of $115,000.00.
If you are an Interest Bearing Checking Account holder and make Qualifying Deposits totaling $300.00 or more per statement cycle, you will qualify for interest on your Interest Bearing Checking Account. An interest rate of 2.96% will be paid for average daily balances up to $1,000 with an Annual Percentage Yield (APY) of 3.00%. An interest rate of 1.98% will be paid only for that portion of the average daily balances greater than $1,000 up to $15,000, resulting in an Annual Percentage Yield (APY) range of 3.00% to 2.06%, depending on the balance in the account. An interest rate of 0.01% will be paid on the portion of the average daily balance that is greater than $15,000, resulting in an Annual Percentage Yield (APY) range of 2.06% to 0.28%, depending on the balance in the account, assuming a maximum average daily balance of $115,000.
That’s more than you would get with most banks! Check out the national rates here.
Interest rates and APY are variable and may change at our discretion at any time without notice. Fees may reduce earnings. A withdrawal from your account will reduce earnings. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest on your account will be compounded and credited on a monthly basis. At the end of your statement cycle date, we will determine the qualifying posted transactions and we will use the average ledger balance for the statement cycle to calculate the interest on your account. If your account is closed before interest is credited, any accrued interest will not be paid. Mobile deposits are subject to verification and not available for immediate withdrawal.
BankMobile partners with schools to distribute financial aid refunds. Through these partnerships, schools provide BankMobile with your student enrollment status monthly, which is used by BankMobile to determine your eligibility for interest rates and other products. If you have a Vibe Checking Account and you become unenrolled, you will be moved to the Interest Bearing Checking Account. Similarly, if your school is no longer partnered with BankMobile or if you enroll with another school which is not partnered with BankMobile, your enrollment status will become unenrolled and you will be moved to the Interest Bearing Checking Account. When you become unenrolled, you will be moved to this account and, if you have Qualifying Deposits totaling $300 or more per statement cycle, you will earn interest. If you do not have Qualifying Deposits totaling $300 or more per statement cycle, you will not earn interest. Should your enrollment status change at any time from unenrolled to enrolled, you will continue to be eligible to remain in the Interest Bearing Checking Account.
To check your rate, you can always refer to the interest information on your fee schedule or log in to your account and refer to your account summary page.
Qualifying Deposits include direct deposit, transfers from external bank accounts, check deposits and cash deposits such as those made via Green Dot® Reload @ the Register™. Financial aid refunds or other refunds issued by your school, internal account transfers, fee waivers, fee credits, returned items or dispute credits are not eligible toward the $300 in total deposits.
2. Effective March 27, 2019, we have eliminated the Insufficient Funds (ISF) Fee. In addition, if you incurred any ISF fees on or after February 20, 2019, we have reimbursed your account.
3. Effective May 30, 2019, we will be updating the choice of law provisions located in the Account Terms and Conditions and Related Disclosures and BankMobile Web Services User Agreement. The Terms and Conditions and Related Disclosures and BankMobile Web Services User Agreement will now be governed and interpreted under the laws of the State of Pennsylvania. The address for written Notices of Dispute has also been revised.
A party who intends to seek arbitration must first send to the other, by certified mail, a written Notice of Dispute (“Notice”). The Notice to us should now be addressed to: General Counsel, Customers Bank, 1015 Penn Avenue, Wyomissing, PA 19610 (the “Notice Address”).
4. Finally, we are excited to announce that we will be extending our current Cash Back promotion until May 28, 2019! If you have not opted in already, there’s still time to do so and start enjoying 1% cash back on gas or groceries! See promotion Terms and Conditions for more details.
For additional information about these changes, please log in to view your updated Fee Schedule and Account Terms and Conditions.
We value your business and look forward to continuing to service your account; however, please know that you always have the option to close your account, should you choose to do so. If you have any questions regarding these changes, your account or wish to close your account, please contact Customer Care at 1-877-327-9515 between the hours of 8am and 11pm ET.
The BankMobile Team