The big banks are everywhere.
Wells Fargo, Chase, Bank of America — they’ve got a million locations, a billion account holders, a trillion ATMs, and branches located on every last street corner in America.
That’s why you’re just a number to them.
Hey, nothing personal, but the big banks aren’t for everyone. That’s why more than 14,000 account holders have switched from Wells Fargo to Aspiration, according to Aspiration’s figures.
Why Are Customers Leaving Big Banks?
Well, not everyone trusts the big banks. Wells Fargo had a huge scandal just a few years ago. Its CEO stepped down, thousands of employees got fired and the bank got slapped with a $185 million fine for secretly opening millions of unauthorized bank and credit card accounts without its customers’ knowledge.
Aspiration, on the other hand, is a fast-growing California startup that focuses on sustainability and commits to donating 10% of its profits to charity.
There’s also this: Young, web-savvy customers are discovering they can simply get a better deal from a choice like Aspiration.
You just have to be comfortable using an online account — and they make it super easy.
An All-in-One Account — With Perks
What’s the difference? Here it is in a nutshell:
- The Aspiration Account gives you a debit card with no ATM fees, so you can use any ATM you want.
- You can earn up to 2.00% APY on your savings.
- It also comes with a debit card that gets you 0.5% cash back on purchases. It basically turns your debit card into a cash-back card.
- You also get access to two investment funds for middle-class investors. They require only a $100 minimum investment.
The Joys of Making the Switch
Also, Aspiration makes it easy and intuitive to use an online account.
Its mobile app makes it easy to access the account from anywhere and deposit checks when you need to. It offers unlimited ATM fee reimbursements. It’ll pay your ATM fees anywhere in the world.
There’s no monthly fee and no minimum balance. Instead of a monthly fee, all of Aspiration’s services work on a “pay what is fair” model. You choose your price and pay as a “tip” — up to $10 a month and as little as $0.
It’s also easy to set up. The whole sign-up process takes about 20 minutes.
The big banks have millions of customers. They don’t need you. And you don’t need them.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He’s trying to go from analog to digital.
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