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finder.com’s rating: 4.0 / 5.0
★★★★★
BankMobile Vibe is a checking account for students that rewards you with free ATM access, cashback rewards and incentives to save. You can earn up to 1.5% APY as long as your balance is less than $1,000.99 otherwise you’ll earn 0.01% APY. BankMobile Vibe works as a middleman between you and your school by processing and disbursing funds to students on behalf of their colleges — but it doesn’t work with all schools.
$2.99 per month
Fee
APY | N/A |
---|---|
Fee | $2.99 per month |
To waive the fee | Have qualifying deposits totaling $300 or more per statement cycle |
ATMs | Over 55,000 fee-free Allpoint ATMs |
ATM transaction fee | $0 |
Out-of-network ATM fee | $3 |
Overdraft fee | $0 |
Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
BankMobile’s checking account is designed specifically for students. The account offers cashback rewards, access to free ATMs around the world and a seamless way to receive school refunds. You’ll also earn up to 1.5% APY on balances less than $1,000.99, otherwise you’ll earn 0.01% APY.
But you’ll pay $2.99 a month if you don’t make qualifying deposits of $300 each billing cycle.
If you’re looking for a student account with minimal to zero fees, you’ll want to keep looking. As always, compare your options when choosing a checking account.
To qualify for this account, you must be a student receiving financial aid at one of BankMobile’s partner universities or colleges.
You’ll get a refund selection kit from your school, and from there you can opt to receive your refunds through the BankMobile Vibe account. The kit will walk you through the steps for opening the account and creating a username and password.
If you haven’t yet received a refund selection kit or personal code, here’s how you can get one.
The application will ask for the following information:
You’ll also need to provide identifying documents, such as:
These drawbacks may sway your decision:
Dip your debit card into 55,000 AllPoint ATMs around the world for free. In the US, the ATMs are located in major retailers, such as Target, Costco, CVS, Kroger, Walgreens and Safeway. To find one near you, search by ZIP code on the AllPoint website.
If you withdraw cash from an out-of-network ATM, you’ll have to pay a fee of $3. The ATM provider may charge additional fees. If you’re just checking your balance, you won’t be charged a fee by BankMobile.
The maximum daily ATM withdrawal limit is $500.
Deposit or withdraw funds to and from your Vibe account in several ways.
What happens to the account when I graduate, or if I stop receiving financial aid?
Keep your BankMobile Vibe account open for as long as you like.
How can I contact BankMobile?
There are a few ways to reach the customer service team:
Who issues the debit card?
The BankMobile Mastercard debit card is issued by Customers Bank, which is a member of the FDIC.
What are the spending limits?
You may spend up to $2,500 per day. This can be a combination of swipe-and-sign purchases, PIN-based transactions and teller withdrawals.
However, you can’t spend more than $500 a day in PIN-based debit card transactions — including merchant purchases and ATM withdrawals.
What do I do if I see an unauthorized transaction on my account?
Firstly, log onto the BankMobile app and temporarily turn off your card using the Debit card on/off switch.
Then, contact customer care at 877-327-9515 to report the transaction, and cancel your card if necessary.
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We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
BankMobile Vibe is not currently available on Finder
Have you considered BMO Harris Smart Advantage Account?
Earn a $200 cash bonus after $4,000 deposits in the first 90 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs.