BMTX) has been providing $ 377 million in public funds to its clients since March 2020

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Radnor, PA, April 7, 2021 (GLOBE NEWSWIRE) – BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the nation’s largest digital banking platforms, announced that it has already paid out $ 377 million in government funds to its clients since March 2020. This indicates that clients consult their BM Technologies (BMTX) as their main bank. Government funds, including stimulus payments and tax refunds, have been made available to clients up to three days in advance. * Clients earn interest on these funds on interest-bearing checking accounts by BM Technologies (BMTX).

Launched in January 2015, BM Technologies (BMTX), formerly known as BankMobile, is dedicated to delivering a compliant, digital-first, simple, affordable and user-friendly banking experience. The company serves more than two million account holders.

While banks were urged to waive the fees by federal regulators in 2020, they are expected to collect more than $ 30 billion in fees compared to last year, with the average fee being $ 33.47. – expense accounts.

Additional features of BM Technologies (BMTX) accounts include: optional interest-bearing savings accounts; access to over 55,000 free Allpoint® ATMs; anticipated salary; money management tools; robust mobile applications; and credit such as personal loans and credit cards.

“Our top priorities at BM Technologies are to empower our customers financially and to use technology to provide them with the best banking experience,” said Luvleen Sidhu, President, CEO and Founder of BM Technologies (BMTX). “In these tough times, we know how critical funds are and we’re happy to have already provided our customers with hundreds of millions of dollars in government payments, faster than traditional banks. And while these traditional banks still levied colossal overdraft fees during the pandemic, we have focused our efforts on continuing to create a customer-centric banking experience that doesn’t overcharge their customers. “

BM Technologies (BMTX) has a disruptive, multi-partner distribution model known as Bank as a Service (BaaS). Today, BM Technologies (BMTX) provides its BaaS platform to colleges and universities through BankMobile disbursements, which serves about one in three students in the United States.

Additionally, BM Technologies, Inc. (BMTX) has extended its BaaS strategy with T-Mobile for the launch of T-Mobile SILVER and also performed a agreement with google to introduce digital bank accounts, which will be available to its customers.

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About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American: BMTX, BMTX.W) is one of the largest digital banking platforms in the United States, providing access to checking and savings accounts, personal loans, credit cards and to financial well-being. It focuses on technology, innovation, easy-to-use products and education with a mission to be “customer obsessed” and create “customers for life”. The BMTX digital banking platform uses a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), which enables customer acquisition at higher volumes and at significantly lower costs. to those of traditional banks, while offering significant advantages to its customers, partners and businesses. BMTX currently serves over two million account holders and provides disbursement services at approximately 725 college and university campuses (covering one in three students in the United States). BM Technologies, Inc. is a technology company, not a bank, which means that 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 by direct deposit. We usually make funds available on the business day received, which can be up to three days earlier than expected.

**CNBC: “Banks will collect over $ 30 billion in overdraft fees this year. Here’s how to avoid them

Kati Waldenburg
BM Technologies, Inc. (BMTX)
2128053014
[email protected]

Source: BM Technologies

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