May 8, 2018

Big Banks Don’t Want to Help You Manage Money

The App Store is filled with apps hoping to make everyone’s financial life easier, but big banks are trying to make it hard for you to use those apps.

If we lived in a world where we all looked out for each other, banks would promote services that help us, their customers, the most. But we don’t live in that world. We live in a world where the powerful try to tilt the rules in their favor.

People suffer when banks keep new services like Mint, Digit, Acorns, and EarnIn from having timely access to customer bank transaction data. Such behavior is a symptom of an us-vs-them mindset, instead of one where we believe we’re all in this together.

While banks claim that they’re just looking out for customer safety by keeping data locked down, we wanted to hear what their customers thought about that. So, we surveyed people from hundreds of companies including Starbucks, the Apple Store, Home Depot, and Walmart. We heard from over 1000 average working people for their take on the way banks treat their data.

86 percent said they would choose a bank that shares their data with apps efficiently, over one that does not.

It’s actually in a bank’s best interest to work with new financial apps and service. Doing so can make their accounts more useful and more valuable. In fact, 86 percent of people surveyed said they would choose a bank that shares their data with apps efficiently, over one that does not. That’s a lot of people hunting for a better bank.

Apps like EarnIn help people organize and manage their budgets so they can save money and avoid overdraft fees. For banks, this sounds like less profit. According to Bloomberg, in 2013, Banks and Credit Unions collected $31.9 billion in overdraft fees. With fintech apps cutting into those profits by helping people avoid bank fees, it’s understandable why banks wouldn’t want to be more helpful. Banks are digging their heels in to keep their predatory profits as high as possible. Eventually, we’ll all move to banks that work with the services that we want to use.

46 percent said their bank shouldn’t be allowed to charge fees when their transaction data is not being shared in a timely manner

In the good old days, banks profited because people didn’t have many financial options, but now, people have choices. They want their banks to either get on board with these changes or get out of the way. 46 percent of people surveyed said their bank shouldn’t be allowed to charge fees when their transaction data is not being shared in a timely manner, and 23 percent said the bank should compensate them when this happens.

That all seems pretty reasonable, especially considering the sneaky shit banks have been pulling on their customers. Wells Fargo was finally investigated after years of internal complaints about staff opening accounts without customer consent. It makes you wonder if there would have been a public outcry far sooner if everyone had an app like Mint and could see all their accounts in one easy to understand place. Maybe, then the scandalous practice would have been stopped immediately instead of after 11 years.

69 percent said they need apps to be able to see their transactions immediately instead of after a delay.

Of course, not all banks are blocking apps from using transaction data, some just share the data extraordinarily slowly. So, if you signed up to get an alert from an app when your bank balance is low, but the app doesn’t get accurate information until after you’ve overdrafted your account, then the banks have profited from holding onto your information. Of the bank customers we surveyed, 69 percent said they need apps to be able to see their transactions immediately instead of after a delay.

50 percent of EarnIn users said the most important thing their bank could do for them was to allow apps to work well with them.

If banks are looking to profit in the long term, they need to work well with apps and services that want to utilize their data. 50 percent of EarnIn users said the most important thing their bank could do for them was to allow apps to work well with them. That’s more than twice as many as the 22 percent who wanted free access to ATMs, or the 15 percent who said they preferred a debit card.

We’re about to see a change in the way big banks treat their customer’s data. At EarnIn, we’re already beginning to work directly with a few particularly smart banks. The next wave is coming.


Photo by Etienne Martin on Unsplash

EarnIn is a financial technology company, not a bank. Bank products are issued by Evolve Bank & Trust, Member FDIC. The EarnIn Card is issued pursuant to a license from Visa USA Inc.

1Subject to your available earnings, Daily Max and Pay Period Max. EarnIn does not charge interest on Cash Outs.

2Fees apply to use Lightning Speed. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

1Restrictions on use of Services and/or third party fees may apply, see earnin.com/privacyandterms for details.

2Balance Shield cash out is subject to your available earnings and daily pay period max. Other restrictions and/or third party fees may apply. For more information visit earnin.com/privacyandterms.

3Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% APY and $0 monthly fee service. Other restrictions and/or third party fees may apply, see earnin.com/privacyandterms for details.

1Fees may apply to use Lightning Speed. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see  Earnin.com/TOS for details.

2Restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

3Balance Shield cash out is subject to your available earnings and your daily pay period max. Other restrictions and/or third party fees may apply, see Earnin.com/TOS for details.

4Tip Yourself Account funds are held with Evolve Bank & Trust, Member FDIC and are insured by the FDIC up to the standard maximum deposit insurance amount per depositor, per FDIC-insured bank, and per ownership category. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Other restrictions and/or third party fees may apply. For more information/details visit earnin.com/tos.

5Up to two days early is based on comparison with traditional banks. Exact timing is dependent on your employer’s payroll policies. For more information on eligibility and requirements of Earnin Express, visit Earnin.com/TOS.

6Your Max on Earnin Express is up to 80% of your payroll or $1000, whichever is less. The 80% is dependent on you routing your full paycheck to Earnin Express. For more information on eligibility and requirements of Earnin Express, visit Earnin.com/TOS.

7Learn how we collect and use your information by visiting our Privacy Policy.

1Disclaimer: Restrictions and/or third party fees may apply, see earnin.com/privacyandterms for more details. Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection.

2Disclaimer: Lightning Speed may not be available to all Community Members. Cash Outs may take up to thirty minutes, actual transfer speeds will depend on your bank connection. Restrictions and/or third party fees may apply, see earnin.com/privacyandterms for details

3Disclaimer: Community Member must have had at least 1 successful debit with EarnIn. Limit to 1 Max Boost per pay period. A boost will not adjust a Community member's daily max. Restrictions may apply, see earnin.com/privacyandterms for more details

*Disclaimer: Balance Shield Cash Out is subject to your available earnings and daily pay period max. Other restrictions and/or third party fees may apply. For more information visit earnin.com/privacyandterms

1Restrictions may apply, see earnin.com/privacyandterms for more details. Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information/details visit earnin.com/privacyandterms

2Disclaimer: NO PURCHASE NECESSARY TO ENTER OR WIN. Must be 18 years of age or older and a legal resident of the U.S. or DC. Games begin each Sunday starting 12/6/20 at 9:01 p.m. ET and end the following Monday at 9:00 p.m. ET with the last Game ending 12/19/21. To download the App, view the Official Rules, odds disclosures, prize details, and alternate means of entry, visit https://www.Earnin.com/wewin/game-rules/. Void where prohibited. $10,000,000 grand prize payable over 29 years. Sponsor: Activehours, Inc. (d/b/a Earnin), 200 Portage Ave, Palo Alto, CA 94306.

3Disclaimer: Restrictions Apply. See Earnin.com/wewin/pool-rules/ for more information

1Subject to your available earnings, Daily Max and Pay Period Max. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details

2Balance Shield cash out is subject to your available earnings, Daily Max and Pay Period Max. Other restrictions and/or third-party fees may apply. For more information visit EarnIn.com/TOS.

3Tip Yourself Account funds are held with Evolve Bank & Trust, member FDIC and FDIC insured up to $250,000. Tip Yourself is a 0% Annual Percentage Yield and $0 monthly fee service. Your Tip Yourself Account and any Tip Jars are not Savings Accounts. For more information and details, visit EarnIn.com/evolve-bank-and-trust

4Survey conducted in February 2020 with 889 participants

5PwC, 2022 Employee Financial Wellness Survey

6Calculated on the VantageScore 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore 3.0. Learn more: https://www.experian.com/assets/consumer-information/product-sheets/vantagescore-3.pdf

5BrightPlan, 2022 Wellness Barometer Survey

* Earnin does not charge hidden fees for use of its services. Restrictions and/or third-party fees may apply. For more info, visit earnin.com/TOS.

1EarnIn is a financial technology company, not a bank. The Deposit Account, Secured Account, and EarnIn Card are issued by Evolve Bank & Trust, Member FDIC. The EarnIn Card is issued pursuant to a license from Visa USA Inc.

2Subject to your available earnings, Daily Max and Pay Period Max. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details.

3Internal analysis conducted by EarnIn in January 2021, represents total users who Cashed Out at least once from January 1 to December 31, 2020

4This research was conducted online by FTI Consulting’s Digital & Insights team, on behalf of Brigit, MoneyLion & EarnIn. FTI Consulting researched n=4,735 of Brigit, MoneyLion and EarnIn’s Direct to Consumer (D2C) Early Wage Access service consumers between the dates of April 21st, 2021 – May 18th, 2021, and results were weighted in equal proportions to ensure equal representation among the consumers of each participating company. Due to the standard convention of rounding, some totals may not add up to 100%

5Internal survey conducted in February 2020 with 889 participants.

6EarnIn does not charge hidden or mandatory fees for use of its services. Restrictions and/or third party fees may apply. For more info visit earnin.com/TOS

7$4.68 ATM fee = $3.02 ATM + $1.66 bank fee https://www.bankrate.com/banking/checking/checking-account-survey/

8Internal data June 2022- Dec. 2022.

* EarnIn does not charge hidden fees for use of its services. Restrictions and/or third-party fees may apply. For more info, visit earnin.com/TOS.

Credit Monitoring is subject to approval.

1Calculated on the VantageScore® 3.0 model. Your VantageScore 3.0 from Experian® indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore 3.0. Learn more: https://www.experian.com/assets/consumer-information/product-sheets/vantagescore-3.pdf

2Subject to your available earnings, Daily Max and Pay Period Max. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details

3Actual response times vary

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