Each one of us has our own story, our own complications, and our own ambitions. Together, we complement and counterbalance each other's strengths and weaknesses. We are all social justice warriors, having each been disadvantaged by "the system" in one way or another.
Banking may seem like the biggest, ugliest industry to take on but that is exactly what makes it the right thing to do. For too long, greed and personal biases have ruled the industry, and the American People paid the price.
Yes, we are a for-profit business. Yes, we want to grow and build cool stuff and be successful. That doesn't mean we have to take your hard-earned dollars away from you. We found all the little ways that banks make money and we're going to play the same game, with the ethos that we won't take it from YOU. Here's how:
Whenever you make a purchase electronically, either physically with a debit or credit card or via any of the digital payment platforms, the merchant who is receiveing the money pays a percentage of the sale for "processing." No, it's not really fair but its the field we play on. A small part of that interchange fee goes to the card maker, some goes toward your rewards, and some goes toward the issuing bank (that's us!) Also, if we're your bank as a small business owner, an even smaller portion goes to us as the receiving bank.
It's only pennies, but over time and thousands of transactions it adds up so we can pay our overhead.
Banks will pay a very small % for you to keep your savings with them, typically 1/100th of 1 %. (0.01%). That same money they turn around and lend it to others (or even back to you!) at a higher interest rate, even up to 28%+ on a credit card. Everything in between the 0.01% and the 28% is pocketed. We do the same thing, but we pay the highest rates in the country for your money and as little as possible to lend it back out.
We'll be just fine without the huge spread!
Not just words on the wall, they are the very foundation of who we are.
Value is more than just a dollar-store mantra, it's always pushing to make sure we are valuable to you.
We believe banking is a basic human right, no matter who you are.
When the American people and businesses are financially healthy, the economy can be healthy.
Nothing to hide, legal documents anyone can read, and wearing our motives on our sleeves.
We promote savings, planning, and understanding. We will never push credit, but have it if you need it.
Payments you'll never get out of. Rates that suck you dry. Terms that nobody understands. It's those things that put good people on a slippery slope.
"Free Checking" isn't really free is it? Ours is! On a grander scale, it's also refusing to pull shady stunts like what caused the 2008 crisis.
Adjustable Rate Mortgages. Balloon Payments. Daily pay at exorbitant rates. These were designed for one-thing: to sell an enticing product with a killer secret.
Banking scandals are becoming the norm, but people turn a blind eye soon after because there are no other options. Now there is.
Perhaps the reason our country, business, and individual debt levels are in crisis, we are constantly told it's normal to pay crazy rates.
It's not just about the lavish parties and inconsequential spending, its when there is an opportunity to charge less, they won't take it.
We'd love to hear your story! We're doing some really innovative things that are specifically designed for you, so tell us how it's going to move you closer to your goals!
We're hiring! Do you believe in our mission and want to work for an awesome company? Send us the usual materials and we promise to take a look.