Too many banks, budget, and investment apps on your phone? Toggling back and forth can get confusing and frustrating! What if there was a one-stop shop to do your banking without having to go into a bank? Enter MoneyLion.
MoneyLion is one of the world’s most innovative finance and technology companies. Featuring a mobile banking membership that is flexible and changing the way America does banking! Before we toot our own horn, let’s take a look at a few key elements when choosing where to put your hard-earned money.
Choosing A Bank That Fits Your Needs
Here is a list of a few things you may want to consider before choosing an online banking system that works best for you!
Free or Low-Cost
Most traditional banks require monthly fees and a certain amount continuously held in your account. MoneyLion has two banking options to choose from, Core and Credit Builder Plus. Core is a zero fee membership with user perks like no-fee checking and managed investing. Want to level up? A Credit Builder Plus membership is a $19.99/month membership that includes a Lion’s Share Loyalty Program, access to credit builder loans, and 0% APR paycheck advances.
Available ATMs
Say Bye, Bye to those pesky ATM fees! With a MoneyLion premium black debit card, you’ll have access to over 55,000 free ATMs, zero overdraft fees, no minimum balance, or maintenance fees.
Investing
There are many investing apps out there, but MoneyLion investing is built right into the banking app. Both Core and Plus come with a fully managed investment account that allows you to step up your financial game. You can customize your portfolio based on your preferences with no minimum investment. Set up your account up with Auto Investing with recurring deposits or invest any amount at any time.
Fraud Protection
As technology advances, there comes a greater responsibility to protect your personal information. With a MoneyLion account, you can be sure that your information is secure and protected with 24/7 fraud protection with SHAZAM. They are a fraud management service powered by FICO Falcon using state-of-the-art technology. With real-time alerts, you can lock and unlock your card directly through the app or call directly. This service comes free with all MoneyLion accounts.
Cash Advances
A Cash Advance is a short term cash float typically issued by a credit card or loan company. The loan must be paid back in full, and most often the company will charge an interest fee or a flat rate of around $10 depending on the amount borrowed. Should you choose to open an account with MoneyLion, you can borrow up to $250 Instacash with zero interest and no required fees!
Customer Service
The best banks can be reached in multiple ways. First, head over to the MoneyLion FAQ page to find answers without waiting. From there, you can fill out an online support form or call the customer service number that is open 7 days a week (certain holidays may not apply).
Setting Up Your Account
Creating a new bank account online may seem a little bit like living in the matrix. Below we have compiled a step-by-step guide to ease you into the banking of the future.
Step 1 – Register
Create your login for your new banking account by supplying a few personal pieces of information such as full legal name, email address, address, and create a secure password.
Step 2 – Membership
What are you looking to do more of with your new banking account? Start investing? Boost your credit score? Create your custom membership by answering a few simple questions and you are on your way!
Step 3 – Investing
With MoneyLion, every member gets a fully managed investment account. Are you open to taking a risk that may yield big results? Or are you looking to minimize your risk and keep things stable? With MoneyLion, you can customize your investment portfolio to your level of comfort. You can add a few dollars each week or choose to Auto Invest a set amount. No amount of money is too little to get started!
Step 4 – Legal
Like with any bank, you are obligated to sign a few disclosures. These documents contain information about e-signatures, daily limits for ATM, terms and conditions, and privacy policies. You may request physical copies of these documents at any time at no cost to you.
Step 5 – Loans
Choose which types of loans you would like to unlock based on your preferred MoneyLion membership. Having a Credit Builder Plus membership offers loans up to $1,000 with competitive APRs. If you set up a direct deposit, you can borrow from $50-$250 in Instacash. Looking for more? MoneyLion also offers loan partners to broaden your options.
Online Banking Is The Future!
The dreaded process of banking and investing is something of the past! Choose an all-in-one platform that helps you build wealth. Download the MoneyLion app on Google Play or Apple App today to get your financial future started!
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Disclosures
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.