Hailey Johnson
BankMobile offers a range of financial products and services that are designed exclusively for students. The BankMobile Checking Account is a digital-first, student checking account that offers a convenient and low-cost way to manage finances. It is available to students attending partner colleges and universities across the US. Students can benefit from features such as early access to financial aid refunds, fee-free access to a wide network of ATMs, cashback on debit card purchases, and mobile banking. Signing up for a BankMobile account typically involves receiving a Refund Selection Kit, which contains important information and a personal code needed to set up the account online.
| Characteristics | Values |
|---|---|
| Account Type | Student Checking Account and Student Savings Account |
| Account Features | Fee-free access to over 55,000 Allpoint ATMs, Cashback on Debit Card purchases, Direct Deposit, MobilePay, Mobile Check Deposit |
| Account Benefits | Same-day financial aid refunds, Early access to tax refunds, No monthly service fee with Qualifying Deposits |
| Account Security | Password protection, Additional security features, Fraud protection |
| Customer Support | Online FAQ database, Email and text notifications, Phone support |
| Sign-Up Process | Receive award letter, Get Refund Selection Kit, Set up preferences on BankMobile Refund Selection website |
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$40.02 $45
What You'll Learn
Signing up for a BankMobile account
To sign up for a BankMobile account, you will first need to receive an award letter from your college or university. Once you have this, BankMobile will send you a Refund Selection Kit in the mail, which contains important information and a personal code needed to set up your account. This will arrive in a green envelope, so keep an eye on your mailbox! If you don't receive the envelope within a few days, you can still set up your account with your student email address.
Next, go to the BankMobile Refund Selection website, where you will set up your preferences for receiving your refund. Enter your personal code from the Refund Selection Kit on the website. If you don't have your code, you can log in using your school email address and request a new one.
After choosing your refund preference, carefully review all the information to ensure everything is correct. Then, submit your choice. You can also choose to have refund alerts sent directly to your mobile phone by logging into your profile, selecting 'Mobile Alerts' under the 'User Profile' tab, and following the prompts.
With a BankMobile Checking Account, you can enjoy benefits such as early access to your financial aid refund, fee-free access to over 55,000 Allpoint ATMs, and cash back on debit card purchases from thousands of online and local merchants.
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Receiving a Refund Selection Kit
BankMobile offers a digital-first, student checking account for those attending partner universities who are seeking a low-cost, convenient way to manage their finances. The BankMobile Checking Account is exclusive to students at 700+ partner colleges and universities across the U.S.
To receive your Refund Selection Kit, you must first ensure you are eligible for a BankMobile account. This means being a student at one of their partner colleges or universities. Once you have confirmed your eligibility, you can expect to receive your Refund Selection Kit in the mail within 5-7 business days.
The Refund Selection Kit will guide you through the process of selecting your refund preference and provide you with important information about your new account. It will include instructions on how to activate your account and choose your preferred refund method. You will also receive a welcome packet with details about your new account, including any fees, terms, and conditions associated with it.
Here's what you need to do to receive your Refund Selection Kit:
- Confirm your eligibility by checking if your college or university is a BankMobile partner. You can do this by searching for your school on the BankMobile website or contacting their customer support.
- Provide your correct mailing address to ensure the kit is delivered to the right location.
- Wait for your Refund Selection Kit to arrive in the mail. This should take around 5-7 business days.
- Once received, carefully review the contents of the kit, including any instructions, terms, and conditions.
- Follow the instructions to activate your account and select your preferred refund method.
By following these steps, you will be able to receive and utilize your Refund Selection Kit from BankMobile, allowing you to take advantage of their checking account designed specifically for students.
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Choosing your refund preference
To set up your refund preference, go to the BankMobile Refund Selection website and enter your personal code. Here, you can choose how you would like to receive your refund. You have three options: Direct Deposit (ACH) to an existing bank account, opening a new BankMobile Vibe Checking Account, or receiving a paper check in the mail.
If you choose Direct Deposit, your refund will be transferred directly to your current checking or savings account. If you opt for a BankMobile Vibe Checking Account, you'll have access to a debit card, mobile banking, and other features, such as cash back on purchases and early access to your paycheck. With this option, you can also receive your tax refund up to three days early. However, there is a $2.99 monthly service fee for the BankMobile Vibe Checking Account, unless you make Qualifying Deposits totalling $300 or more per statement cycle.
If you prefer to receive a paper check, be aware that this option may take longer than the electronic methods and is subject to USPS delays.
After choosing your refund preference, carefully review your selection to ensure it is accurate before submitting. You can also choose to have refund alerts sent directly to your mobile phone by logging into your profile, selecting 'Mobile Alerts' under the 'User Profile' tab, and following the prompts.
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Setting up direct deposit
Step 1: Check with Your Employer
Firstly, confirm with your employer's payroll office if they offer direct deposit. Many employers provide an online portal for setting up direct deposits. If they do, you can simply log in and fill out the necessary information.
Step 2: Obtain the Direct Deposit Form
If your employer does not have an online system, you will need to obtain a direct deposit form. You can usually get this from your bank's website or mobile app. Some banks offer pre-filled forms, which you can download and provide to your employer.
Step 3: Provide Necessary Information
The direct deposit form will require specific details. You will need to provide:
- Your bank's full formal name or the name of your credit union
- The type of account (checking or savings)
- Your bank account number
- Your bank routing number (usually a nine-digit number)
- Your Social Security number or other identification details
Step 4: Submit the Form
Once the form is completed, submit it to your employer's payroll office. They may also request a voided check to confirm your bank details. After submitting the form, you should be set up for direct deposit. Remember to ask your employer about the timing of your first electronic payment.
Direct deposit offers several benefits, including timely payments, security, easier budgeting, and environmental advantages by reducing the need for paper checks. It is a convenient way to ensure your paychecks are deposited securely and directly into your chosen account.
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Managing your account
You can also deposit cheques using your mobile device or tablet, and make transfers. You can see all your finances in one place, track spending, and set budgets. You can also set up regular transfers to a savings or investment account.
It is important to keep your login credentials confidential and to log out of your account when you are finished. You should also be careful about who you send money to. You can change or reset your username or password in the mobile app or online banking.
Some mobile banking apps offer additional features such as virtual assistants, security alerts, and digital wallets.
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Frequently asked questions
You need to be a student at one of their 700+ partner colleges or universities across the US. Once you receive your award letter, BankMobile will send you a Refund Selection Kit in the mail with a personal code to set up your account. You can then go to the BankMobile Refund Selection website to set up your preferences for receiving your refund.
BankMobile offers fee-free access to over 55,000 Allpoint ATMs, a debit card, mobile banking, and mobile check deposit. You can also earn cash back on purchases from 40,000+ online merchants and 12,000+ local merchants.
The BankMobile Checking Account has a $2.99 monthly service fee, but this can be avoided by making qualifying deposits totalling $300 or more per statement cycle.
