Customers Bank Introduces ReStart America Biz Checking Account

Rhea-AI Summary

Customers Bank, a leading PPP lender, announced the launch of its ReStart America Biz Checking account, aimed at aiding small businesses in recovery with a 1.00% APY for 28 weeks. This initiative follows its involvement in over 100,000 SBA-approved PPP loans worth more than $5 billion. The account is designed for businesses with 20 or fewer employees, facilitating better management of PPP funds and supporting those without traditional banking access. The bank aims to be a long-term financial partner in business recovery and growth.

Positive

• Introduced ReStart America Biz Checking account with 1.00% APY for 28 weeks.
• Targeted at businesses with 20 or fewer employees, expanding access to banking.
• Developed a white-label PPP solution for over 300 banks to assist small businesses.

Negative

• None.

Customers Bank, a top-5 nationally ranked PPP lender that participated in more than 100,000 SBA-approved PPP loans during the first rounds of the federal stimulus providing an aggregate value of more than $5 billion to small businesses, announced its newest financial account designed specifically to help businesses through this next phase of recovery. The ReStart America Biz Checking account provides a 1.00% APY* for 28 weeks.

For nearly a year, the pandemic has created many challenges, especially for small business owners who had to take swift action and make tough decisions to protect the health of their employees and businesses. Knowing that small businesses are still struggling, the bank made the deliberate decision that to assist a larger number of small businesses, it would go beyond participating in Second Draw PPP loans, as other lenders struggled to overcome PPP fatigue while still assisting their customers.

In January, the bank created a white-label PPP solution to empower other lenders to offer an online PPP loan application, funding and servicing solution to first-time and Second Draw borrowers. More than 300 banks and approximately two dozen chambers of commerce and other organizations are currently offering their members and small businesses in the surrounding communities access to PPP loans through the white-label program.

Customers Bank is furthering its support for small businesses by introducing the new business checking account that is especially helpful for companies with 20 or fewer employees and firms which have not been able to access a banking relationship with a traditional financial institution.

“We understand that regardless of whether you are a sole proprietor or managing a business with hundreds of employees, it’s crucial to have a long-term financial partner focused on your success,” stated Richard Ehst, President and Chief Executive Officer of Customers Bank. “That means having intelligent people capable of creating short and long-term strategies to meet your immediate recovery needs and support your future growth.”

As a leading super-community bank with a growing national footprint, Customers Bank created the ReStart America Biz Checking Account to support the second phase of the American economic recovery. The new account provides commercial customers with convenient access to the accounts and services they need to forge ahead.

“Many financial experts recommend establishing new accounts for First Draw and Second Draw PPP loans to aid in the forgiveness process, but not all business checking accounts are equal,” stated Sam Sidhu, Vice Chairman and Chief Operating Officer of Customers Bank. “We established the ReStart America account to enable small businesses to manage PPP funds and pay for eligible expenses while earning interest.”

Key product features of the ReStart America Biz Checking account include 1.00% APY for the 28-week PPP covered period or 196 days (28 weeks), as well as a low $50 minimum balance to open the account. Businesses interested in opening a Customers Bank ReStart America Biz Checking account can visit www.customersbank.com/restart.

To learn more about Customers Bank’s commercial banking offerings and any of its other products or services, please visit www.customersbank.com.

* Available wherever permitted by law to new commercial customers with no active Customers Bank Commercial Checking account. As of 2/5/2021, earn 1.00% Annual Percentage Yield (APY) on all balances for the period beginning on opening date of the Restart America Biz Checking and continuing 196 calendar days, thereafter earn 0.05% APY. This is a variable rate account and the interest rate APY may change after the first 196 calendar days from the account opening date. Offer may be withdrawn at any time without notice. Fees may reduce earnings. Available to Commercial customers only.

About Customers Bank

Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) a bank holding company, is a full-service super-community bank with assets of approximately $18.4 billion at December 31, 2020. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through digital-first apps, online portals, and a network of offices and branches. Additional information can be found on the company’s website, www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005762/en/

FAQ

What is the ReStart America Biz Checking account from Customers Bank?

The ReStart America Biz Checking account offers small businesses a 1.00% APY for 28 weeks, designed to help manage PPP funds and support recovery.

Who can open the ReStart America Biz Checking account?

The account is specifically for small businesses with 20 or fewer employees, especially those without traditional banking relationships.

How much is the minimum balance required for the ReStart America Biz Checking account?

The minimum balance required to open the ReStart America Biz Checking account is $50.

What is the APY offered by the ReStart America Biz Checking account?

The account offers a 1.00% Annual Percentage Yield (APY) for a period of 28 weeks.

How has Customers Bank supported small businesses during the pandemic?

Customers Bank has participated in more than 100,000 SBA-approved PPP loans, amounting to over $5 billion, and created initiatives like the white-label PPP solution.