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By: R. Patrick Brice (patrick@mph.bank)

As the Senior Vice President and head of mph.bank, I have worked in the banking industry for over 18 years with a specific focus on banking technologies. I’m happy to provide you with interesting and relevant content.

I get a lot of questions about mph.bank. Most questions are about functions and features. I love these types of questions; all I have to do is show and tell. The hardest question I get is “How is mph.bank different?”

I have tried for a while now to find a quick way to answer this question. What I have come up with is that we are a bank that isn’t “banky”. So what makes a bank “banky”?

“banky” banks have lots of fees!

How many times have you signed up for a “Free Checking” account from a bank only to get nickel and dimed to death by fees? Here are some examples.

Foreign ATM fees. “Banky” banks charge you anytime you use another bank’s ATM. This can be in addition to the Fee that Foreign ATM is charging you. mph.bank will never charge you an additional fee for using another bank’s ATM. Additionally, we also have a network of over 55,000 ATMs that are totally free.

Non-Sufficient Funds (NSF) fees. NSF fees happen anytime your current balance falls below $0.00. We don’t charge NSF fees because we don’t let you overdraw. If you don’t have sufficient funds we don’t authorize the purchase.

Service Fees. “Banky” banks may charge you a service fee for things like account research, cashier’s checks, and one-time wire transfers and external account aggregation. mph.bank never charges for leading edge services and great customer service.

“banky” banks spend big advertising dollars!

You can’t watch TV, scan through social media, or even watch an online video without seeing a bank advertisement. Look at those beautiful sports arenas with big bank names. Millions of dollars are spent by “banky” banks to get your business. At mph.bank we spend nothing on advertisement. Instead, we pay our customers that money to refer their friends to mph.bank and we continue to pay that “finder’s fee” every month to that customer and their friends while they continue to bank with us and use their debit cards.

at mph.bank we have fun!

“Banky” banks can be stuffy and don’t have any sense of humor. At mph.bank we are a happy group of professionals that want to make you just as happy by helping you achieve financial success. We take banking seriously, but we don’t take ourselves too seriously.

If you are looking for something different in banking, you found the right bank.

Find out more about mph.bank.

Check us out on social media!

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N26 is leaving the United States market, are you wondering what your online bank options are now?

There are so many online banks out there, which one should you choose? The chart below should help with your decision!

N26 used to offer Ally mph.bank
Rewards Cash Back on debit card spend/discounts on favorite brands and subscriptions No set reward program-offers promotions occasionally Referral Rewards:

$1 every month for everyone you refer and they refer, to 6 levels that qualifies (makes 15 debit purchases). Most you can make:  $8500/month

Debit Purchase tracking tool built for transparency

Fees No min account balance No Overdraft Fee No min account balance

No overdraft fees

No min account balance
No overdraft fee
ATM Fees Free ATM network
2 free out of network
$2 out of network after 2Can’t deposit cash
Free ATM Network

No fee to use out of network ATM

Can’t deposit cash

Allpoint ATM Network

No fee to use out of network ATM

Deposit Cash in ATM Network  *available Jan 2021

Sub/Goals Accounts Yes Yes Yes
Other fees Couldn’t find information RDI $7.50

Outgoing wires $20

Account research fee $25

Only 3rd party pass-thru fees

Others charge us, pass thru to customer, no fee on mph.bank’s end.

Roundup Yes Yes Yes*

Available 1st Qtr 2021

Mobile Wallets Apple Pay
Google Pay
Apple Pay

Google Pay

Samsung Pay

Apple Pay
Google Pay
Samsung Pay
Person to Person Payments MoneyBeam person to person transfer Zelle Zelle *

Available in December 2021

Financial Awareness Tools N/A Lots of articles on money management Credit Score and alerts for Transunion

Link and monitor external accounts on bank app

Create Budgets and track spending

Customer Support Customer Service:

888-626-0626

Customer Service

888-925-2559

Customer Service:

800-892-8798

Links to N26 departure from the US:  https://n26.com/en-us/blog/n26-us-operations

Find out more about mph.bank.

N26 is leaving the United States Market

Wondering what your online bank options are now?

There are so many online banks out there, who do you choose?  Hopefully, the below chart will help with your decision!

N26 used to offer Chime mph.bank
Bank or Fintech? European Bank Fintech with US bank partners US Bank owned by Liberty Savings Bank
Rewards Cash Back on debit card spend/discounts on favorite brands and subscriptions One time bonuses:

$5 bonus for signing up

$100 bonus for direct deposit

$100 for referred accounts

All hinge on direct deposits*

Referral Rewards:

$1 every month for everyone you refer and they refer, to 5 levels that qualifies (makes 15 debit purchases). Most you can make:  $8500/month

Debit Purchase tracking tool built for transparency

Fees No min account balance No Overdraft Fee No min account balance

No overdraft fees if approved for SpotMe

No min account balance
No overdraft fee
ATM Fees Free ATM network
2 free out of network
$2 out of network after 2
Allpoint ATM Network

$2.50 fee for out of network ATM

Allpoint ATM Network

No fee to use out of network ATM

Sub/Goals Accounts Yes Yes Yes
Roundup Yes Yes Yes*

Available 1st Qtr 2021

Mobile Wallets Apple Pay
Google Pay
Apple Pay

Google Pay

Samsung Pay

Apple Pay
Google Pay
Samsung Pay
Deposits Mobile Check Deposit

No cash deposit

Mobile Check Deposit

Cash deposit through Greendot locations with varying fees

Mobile Check Deposit

Cash deposit through allpoint network

Person to Person Payments MoneyBeam person to person transfer Zelle Person to Person Zelle Person to Person * Available in December 2021
Financial Awareness Tools N/A Credit Score for Equifax Credit Score and alerts for Transunion

Link and monitor external accounts on bank app

Create Budgets and track spending

Support Options Customer Service:

888-626-0626

Customer Service:

844-244-6363

Customer Service:

800-892-8798

Links to N26 departure from the US:  https://n26.com/en-us/blog/n26-us-operations

Find out more about mph.bank.

As German-based fintech N26 prepares to close its doors to their United States market in early January 2022, the company’s 500,000 US customers are scrambling to find a new bank to transfer their funds into.

To help narrow down their broad options, here’s how N26 compares to similar US-based fintech’s.

  N26 Mph.bank Chime Wise
Account N26 You Spend Spending Account Multi-Currency Account
Debit Card Included? Yes Yes Yes No
100% Mobile Yes Yes Yes Yes
Interest Rate N/A 0.55% APY* 0.5% APY 0.4% APY
Minimum Balance? No No No €15,000
Monthly Fee $11.16 $0-$9.00* No No
ATM Withdrawals 5 free withdrawals per month Unlimited Free withdrawals at 55,000 Allpoint ATMs $500 per Day 2 withdrawals up to $100 per month
Pays You Each Month Depends on transaction activity Yes,  (with monthly network referral rewards)* No No

 

* You must complete 15 debit card transactions (excluding ATM transactions) each month (between the 1st and last Business day of such month) using the mph.bank debit card linked to your account to unlock these features: 0.55% Annual Percentage Yield (APY) on your Spend account balance up to $5,000, waiver of the monthly $9 membership fee, and the ability to earn Referral Rewards. The default rate, and for all balances above $5,000, is 0.00% APY. Fees could reduce earnings.

To earn monthly Referral Rewards, you must have 15 mphCard (debit) transactions (excluding ATM transactions) post each month (between the 1st and last business day of such month) using the mphCard linked to your account. After that, you will get paid one dollar ($1.00) each month for each verified referred connection (up to six degrees) that completes 15 mphCard qualified transactions each month using the mphCard linked to their account. Each member is limited to earning $8,500 referral rewards per month. See full account agreement information for additional terms and conditions.

The FDIC National Average APY for an interest-bearing checking account is 0.03% APY as of 7/2/2021.

Rates listed are effective 7.27.21 and are subject to change without notice. Some fees may apply, refer to our current Schedule of Fees. All deposit products are provided by, and mph.bank is a brand of, Liberty Savings Bank, F.S.B., Member FDIC.

N26 is closing, what are your mobile banking options?

You woke up this morning, grabbed a cup of coffee, and sat down to read your daily news feed only to find out that your bank, N26, has decided to leave the U.S. market. Now what do you do?

There are plenty of online alternatives to N26, all with pros and cons, some may even have identical offerings. You could choose one and start that process to move everything over and move on with your life, right? Maybe. Or maybe there is something here in the United States that’s even better? Let me introduce mph.bank and all it can offer!

I know N26, who is mph.bank?

mph.bank is an online bank that makes people happy by empowering them to achieve financial success! mph.bank is powered by Liberty Savings Bank, an FDIC-insured community bank with over 132 years of banking experience. It is the brainchild of the latest generation of bankers to own Liberty Savings Bank. A purely digital bank, it offers all the features you would expect from an online bank but with a wonderful Twist.

What’s the twist? Are they different than N26?

mph.bank does not advertise, it is purely a word-of-mouth bank. Instead of spending hundreds of millions of dollars on advertising, they would rather give that money to their customers. mph.bank customers earn 1 dollar every month for every friend they refer and every friend those friends refer down through 6 levels. Think of it this way, if you refer 5 friends and each of those friends refer an average of 2 friends down 6 levels you could earn $315.00 a month, every month! That could be a car payment, grocery trip, or savings for a great vacation! Now, change it up, if you refer 2 friends and each of them refer an average of 5 friends down 6 levels you could earn $7,812.00 a month! That’s $93,744.00 a year. What could you do with that? Need to see more? Try the rewards calculator at Rewards – mph.bank.

I just need a great bank with great features and service!

Rewards are great but you need a great bank, with great features and service. Here are some of the excellent features mph.bank offers.

The happy rate

The mph Spend account has an industry-leading interest that’s up to 12 times the national average for banking interest rates. No minimum balance is required. Make 15 swipes of your cool new mphCard a month and you’re going to get one of the best rates on the web.

Mobile deposit

Have a check you need to deposit? Use mph.bank’s mobile deposit system. Take a picture of your check and deposit it now vs trying to find an ATM.

External account transfer

Do you need to transfer money in or out of another account at a different bank? No problem, set up your external account and transfer in or out whenever you need to, you can even schedule automatic transfers.

See everything in one place

With mph.bank’s Financial Tools, you can see all your bank accounts, credit cards, loans, even your retirement accounts in one place, even if they aren’t mph.bank accounts.

Be in the know

With our credit monitoring tools, updated credit score, and comprehensive credit report you are always in the know about your financial health. See how different things in your credit report can affect your score and your ability to borrow money.

Set goals

With mph.bank’s new Goals-Based Accounts (coming soon) you can set a goal amount and a time to achieve it. The Goals Dashboard will show your progress and warn when you are falling behind in your time frame. You will even be able to round up all purchases to the next dollar increment or a specific amount and have that money transferred from your Spend account to a selected Goals account every time you make a purchase.

Manage your referral rewards

Remember the Twist? mph.bank helps you monitor and manage your Referral Rewards so you can see how you and your referral network are doing. You will be able to see your potential earnings for each month as the month progresses.

Happy helpers

The mph.bank Happy Helpers are available every day to assist you with all your banking needs. You can call them, use their secure messaging system, or use their secure online chat service. Whatever is convenient for you, there will be a knowledgeable and Happy Helper there to get you on your way.

Need more?

We do too! That’s why mph.bank is always innovating and taking customer feedback to make their Mobile Experience even better!

N26 may have just pulled the rug out from under you, but you will soon thank them because now you can bank with the Happiest Bank on the Internet and get paid to do it. Go to https://mph.bank and click “Join”, use referral code “MakeMeHappy”!

As many United States N26 customers already know, the German fintech has announced it will be closing its doors on the US market on January 11, 2022, leaving behind 500,000 US customers.

While N26 has assured its US customers that they will have full access to their funds as usual until the cutoff date and will receive further instructions on how to withdraw their funds to ensure a smooth transition, US customers have been left to determine their next steps on their own.

To help clear some of the weeds, here are the most important next steps for all US N26 customers to take.

Step 1: Take A Breath

Unexpected changes can be stressful, especially when it involves your finances. You may feel emotions like shock, frustration, or even disappointment in reaction to such a sudden change. All these emotions are perfectly normal and will fade away given enough time. Take a moment to breath, collect your thoughts, and accept your situation before forging on towards productive solutions.

Step 2: Double-Check Your Deadline

January 11, 2022 will be here sooner than you think, especially with the holiday season and the end of the year right around the corner. Take a moment to check your calendar and note how many weeks, or even days, you have to remove your funds from your N26 account. This will help keep you on track with plenty of time to prepare for the January 11th deadline.

Step 3: Compile A Wishlist

Ask yourself the question, “What kind of bank would I like to transfer my funds to?”.
Would you prefer another all-digital bank, or a brick and mortar bank? What kind of accounts and features do you want? Would you like to get rewards? Do you need access to ATMs?
These types of questions can help you narrow down your options for a new bank.

Step 4: Research Potential Banks

Once you know what kind of bank you would like to transfer your funds to, do a quick Google search, specifically on the features you want in a new bank. Compare and contrast your different options, almost every question you have about a bank can be answered on their website.

Step 5: Call Banks You Are Seriously Considering

A great way to tell if a bank is a good fit for you is to give them a call!
A bank’s customer service representatives can give you important insight into the quality of a bank and how it treats its customers. How quickly are you able to talk to a real person? Are they attentive to your questions? Do they seem informed and happy to help you?
Plus, customer service representatives can walk you through their banks steps for transferring your funds. Keep in mind, they should want to make it as quick and easy for you as possible!

Step 6: Weigh Your Options

Once you have done your research and talked to banks you like, it’s time to make your decision. Be sure to weigh your options carefully and go with the bank that feels like the right fit for you!

Step 7: Transfer Your Funds

For most banks, transferring funds should be as easy as opening a new account online. If you have any questions about the bank’s transfer or new account process, give their customer service line a call or check out their website for guidance.

Consider mph.bank

To the 500,000 N26 customers affected by this closing, we would like to express our sympathy for you and your unexpected situation. We understand that finding a new bank and coordinating your transfer of funds may feel like an impossible task. However, there are plenty of excellent US based, exclusively digital, mobile banks for you to choose from! We recommend switching to mph.bank, a new mobile bank that wants to make people happy.
mph.bank is powered by Liberty Savings Bank, a FDIC insured community bank with over 132 years of banking experience that offers interest rates up to 12X the national average, no minimum balance, and a one-of-a-kind rewards network that can pay you for your referrals every month!
Interested in learning more? Check out our website and open an account today! www.mph.bank

Less than 2.5 years after entering the United States market, German fintech N26 has announced it will be permanently discontinuing all US operations in January 2022.

N26 customers in the US must migrate

All US N26 customers have until Tuesday January 11, 2022 to withdraw their funds from the global digital bank, after which time they will no longer have access to N26, its mobile app, or their accounts.

N26 has assured its roughly 500,000 US customers that they will have full access to their funds as usual until the cutoff date, and that they will receive further instructions on how to withdraw their funds to ensure a smooth transition.

N26 on terminating their US market

In a press release on November 18, 2021 announcing the withdrawal, N26 expressed gratitude to all its US employees for their immense contributions to building the business in the US market, as well as it’s plan to focus on a “core” European business moving forward. N26 says they hope to apply what they learned from the two years in the US market to their plans for a new investing option for their European users, and to their expansion into the Eastern European Market.

This sudden end in America may not come as such a shock to some observant US N26 users. On top of their withdrawal from the UK market in 2020, in response to intense scrutiny from German financial regulators, N26 was ordered to limit the number of new customers they took on to 50,000 per month in early November of this year.

You can read the full press release here.

The German Fintech’s background

Founded in 2013 and launched in 2015, N26 is a US $9 Billion German based online mobile banking service with operations in 24 European countries as well as, for the moment, the United States. Their mission is to “Build a bank the world loves to use”. They currently have 7 million customers worldwide and a full European banking license.

N26 US customers, when one door closes, another door opens

To the 500,000 N26 customers affected by this closing, we would like to express our sympathy for you and your unexpected situation. We understand that finding a new bank and coordinating your transfer of funds may feel like an impossible task. However, there are plenty of excellent US based, exclusively digital, mobile banks for you to choose from! We recommend switching to mph.bank, a new mobile bank that wants to make people happy.

mph.bank is powered by Liberty Savings Bank,  a FDIC insured community bank with over 132 years of banking experience that offers interest rates up to 12X the national average, no minimum balance, and a one-of-a-kind rewards network that can pay you for your referrals every month!

Interested in learning more? Check out our website and open an account today! www.mph.bank