Bank Mobile, the company many students use to deposit their financial aid refunds into, will be charging a $1.99 monthly fee, unless a $300 deposit is made each statement cycle. Student financial aid refunds are not qualifying deposits either.
In Bank Mobile’s Jan 18 email, they said the fee would not cause an account to be overdrawn, only bring it to zero. Also new, is a $24 non-sufficient funds fee for purchases going over your available amount.
The only good news is, if you use their debit card, they are offering one percent cash back on gas and grocery purchases.
Bank Mobile began tracking deposits Jan 20, account holders have the option of depositing $300 or canceling their accounts to avoid the fee.