BM Technologies, Inc.'s (BMTX) Student-Focused Checking Account, BankMobile Vibe, Considered a Must-Have on College Campuses

Rhea-AI Summary

BM Technologies, Inc. (NYSE American: BMTX) announced that over 97% of its college and university partners value the BankMobile Vibe Checking Account for students. This account is recognized for its low fees and beneficial features, including financial literacy programs. BMTX operates on about 750 campuses, serving one in three college-bound students. The company disbursed $13.8 billion in the last year, with $1.7 billion going into Vibe Accounts. A merger with First Sound Bank is also underway, pending regulatory approval.

Positive

• Over 97% of partners confirmed BankMobile Vibe is beneficial for students.
• Disbursed $13.8 billion in the last 12 months, with $1.7 billion in Vibe Accounts.
• Strong retention with over 98% of higher education institutions based on enrollment.

Negative

• None.

Over 97% of Colleges and Universities Confirm That BankMobile Vibe is in the Best Interest of Students

RADNOR, PA / ACCESSWIRE / September 26, 2022 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, announced that over 97% of BMTX college and university partners across the U.S. have provided feedback that they value the BankMobile Vibe Checking Account as an option for their students, and attested that it is in their students' best interest.

Due diligence is completed every two years by BMTX college and university partners who review the BankMobile Vibe Checking Account and confirm that the low fees associated with the account are consistent with or below the prevailing market rates. This includes an analysis of the mean and median costs incurred by students who use the BankMobile Vibe Checking Account. It also entails a review of the Consumer Financial Protection Bureau's "Data Point: Checking Account Overdraft Report" and a comparison of the BankMobile Vibe Checking Account to other accounts from banks such as Wells Fargo, Chase, and Bank of America. Per regulation from the U.S. Department of Education, every two years, schools are required to attest that the account offered by a tier one provider is in the best interest of students.

Some of the BMTX college and university partners that have attested to conducting reasonable due diligence include the Austin Community College District, California State University, Bakersfield; California State University, Fresno; Los Angeles Community College District Office, Nassau Community College, SUNY Broome Community College, SUNY College at Oswego, SUNY College at Plattsburgh, SUNY College at Potsdam, SUNY College of Environmental Science and Forestry, SUNY College of Technology at Canton, SUNY College of Technology at Delhi, SUNY Corning Community College, SUNY Empire State College, SUNY Oneonta, the University of Arkansas, Fayetteville; and the University of Houston.

"It is an honor that the majority of the colleges and universities that we serve report that the BankMobile Vibe Checking Account is in the best interest of their students," said Luvleen Sidhu, Chair, CEO, and Founder of BM Technologies (BMTX). "As a company that invests in the financial education and literacy of students, this vote of confidence is a testament to the financial empowerment and easy to use disbursement and banking products that we provide to colleges and universities across the U.S."

BMTX has forged relationships and provides disbursement services at approximately 750 college and university campuses across the country, enabling BMTX to reach one of three college-bound students, introduce them to BMTX, and offer them a choice to open a competitively positioned BankMobile Vibe Checking Account. BMTX is the engine through which several hundred thousand new accounts are opened annually, helping students across the country better save, grow, and manage their money. BMTX has disbursed $13.8B over the last 12 months, with $1.7B of that into BankMobile Vibe Accounts. Additionally, BMTX retained more than 98% of its higher education institutions based on enrollment.

Features of the BankMobile Vibe Checking Account include interest-bearing accounts; access to more than 55,000 fee-free Allpoint^® ATMs; early payday; money management tools; robust mobile apps; and financial wellness. Students who use BankMobile Vibe have access to Passport, the account's recognition program. Users earn stamps for smart money management, academic achievement, and good financial behavior. Every stamp earned also gives them an entry into the Student Success Sweepstakes for a chance to win money to put toward paying off their student loan debt.

About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American:BMTX) - formerly known as BankMobile-is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. The BM Technologies (BMTX) digital banking platform employs a multi-partner distribution model, known as "Banking-as-a-Service" (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expenses than traditional banks while providing significant benefits to its customers, partners, and business. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 750 college and university campuses (covering one out of every three college students in the U.S.). BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can be found at www.bmtx.com.

BMTX has signed a definitive agreement to merge with First Sound Bank, a Seattle, Washington-based business bank. The combined company will be a fintech-based bank focused on serving customers digitally nationwide. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2022.

SOURCE: BM Technologies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/717409/BM-Technologies-Incs-BMTX-Student-Focused-Checking-Account-BankMobile-Vibe-Considered-a-Must-Have-on-College-Campuses

FAQ

What percentage of colleges support the BankMobile Vibe Checking Account?

Over 97% of colleges and universities that partner with BM Technologies support the BankMobile Vibe Checking Account.

What financial benefits does the BankMobile Vibe Checking Account offer?

The BankMobile Vibe Checking Account offers low fees, interest-bearing options, and access to over 55,000 fee-free ATMs.

How much money has BM Technologies disbursed to students?

BM Technologies disbursed $13.8 billion over the last 12 months, with $1.7 billion allocated to Vibe Accounts.

What is the current merger status of BM Technologies?

BM Technologies has signed a definitive agreement to merge with First Sound Bank, pending regulatory approvals.