BM Technologies (NYSE: BMTX) Disburses $377 Million in Government Funds to its Customers Since March 2020
April 07 2021 - 11:06AM
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the
largest digital banking platforms in the country, announced it has
already disbursed $377 million in government funds to its customers
since March 2020. This indicates that customers are viewing their
BM Technologies (BMTX) account as their primary bank. The
government funds, including stimulus payments and tax refunds, have
been made available to customers up to three days early.* Customers
are earning interest on these funds in BM Technologies’ (BMTX)
interest-bearing checking accounts.
Launched in January 2015, BM Technologies (BMTX), formerly known
as BankMobile, is on a mission to provide a compliant,
digital-first banking experience that is simple, affordable and
consumer-friendly. The company serves over two million account
holders.
While banks were urged to waive fees by federal regulators in
2020, they are expected to collect over $30 billion in fees from
last year, with the average charge being $33.47.** In contrast, BM
Technologies (BMTX) has no-fee and low-fee accounts.
Additional features of BM Technologies’ (BMTX) accounts include:
optional interest-bearing savings accounts; access to more than
55,000 fee-free Allpoint® ATMs; early payday; money management
tools; robust mobile apps; and credit such as personal loans and
credit cards.
“Our biggest priorities at BM Technologies are financially
empowering our customers and using technology to provide them with
the best banking experience,” stated Luvleen Sidhu, Chair, CEO and
Founder of BM Technologies (BMTX). “During these difficult times,
we know how crucial funds are and we are pleased to have already
provided our customers with hundreds of millions of dollars of
government payments, more quickly than traditional banks. And while
these traditional banks have still collected monumental overdraft
fees during the pandemic, we have focused our efforts on continuing
to build a customer-centric banking experience that does not
over-fee its customers.”
BM Technologies (BMTX) has a disruptive, multi-partner
distribution model, known as Banking-as-a-Service (BaaS). Today, BM
Technologies (BMTX) provides its BaaS platform to colleges and
universities through BankMobile Disbursements, which serves
approximately one in every three college students in the United
States.
Additionally, BM Technologies, Inc. (BMTX) expanded its BaaS
strategy with T-Mobile for the launch of T-Mobile MONEY and also
executed an agreement with Google to introduce digital bank
accounts, which will be available to its customers.
# # #
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W) is among the
largest digital banking platforms in the U.S., 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 of being
“customer-obsessed” and creating “customers for life.” The 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
expense than traditional banks, while providing significant
benefits to its customers, partners, and business. BMTX currently
serves over two million account-holders and provides disbursement
services at approximately 725 college and university campuses
(covering one out of every three students in the U.S.). BM
Technologies, Inc. is a technology company and is not a bank, which
means it provides banking services through its partner
banks. More information can also be
found at https://ir.bmtxinc.com/.
*Subject to description and timing of government tax refund and
stimulus payments sent via direct deposit. We typically make funds
available the business day received, which may be up to three days
earlier than scheduled.
**CNBC: “Banks will collect more than $30 billion in overdraft
fees this year. Here’s how to avoid them”
Kati Waldenburg
BM Technologies, Inc. (BMTX)
2128053014
kwaldenburg@rubensteinpr.com
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