MoneyLion helps tackle burden of bank charges.
BANKING AND CREDIT NEWS-October 13, 2017-MoneyLion helps tackle burden of bank charges
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To tackle the challenge of overdraft fees and NSF (non-sufficient fund) fees, which affect a disproportionate number of its 1.5 million users, MoneyLion has launched new features in its mobile app to prevent and reduce consumers' vulnerability to overdraft fees and other bank charges, the company said.
Data collected by MoneyLion between July 2015 and June 2017 on the checking accounts of over 200,000 non-prime users revealed the following insights about the size and frequency of overdraft fees incurred:
51% of users averaged one or more overdraft fee per month and 22% averaged 3 or more overdraft fees per month;
43% of users who went into overdraft were charged multiple overdraft fees on the same day, since each transaction triggers a separate fee;
86% of accounts that incurred at least one overdraft fee in a given month will incur additional overdraft charges sometime over the next 3 months;
Overdraft fee charges most frequently occurred 3 days before a customer's paycheck deposit.
Together, these data points illustrate the regularity of overdraft and other bank fees in the financial lives of middle class Americans, and represent a significant impediment to their ability to build meaningful savings.
MoneyLion has made a suite of free personal finance tools and personalized alerts available on its mobile app to help its users prevent unnecessary charges, better manage cash flows and ultimately, save more.
MoneyLion is a mobile finance platform that empowers consumers to take control of their financial lives through free spending, saving and credit tracking tools, and smarter credit products. Founded in 2013 by a team of technologists and financiers, MoneyLion uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users' personal finances, enabling better underwriting and the development of tailored financial product offers. With its built-in system of Boosts, points and rewards, MoneyLion endorses good financial behavior. MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Oct 13, 2017|
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