MoneyLion, the New York-based mobile bank, announced the launch of RoarMoneySM, a demand deposit account powered by MetaBank N.A. with Mastercard as its exclusive card network.
RoarMoney promises faster access to customer funds and secure contactless payment options. It features two-day early paydays, mobile wallet capabilities, funding options, near real-time transaction alerts and advanced cybersecurity, the company said in a Wednesday (July 15) press release.
In addition, RoarMoney users also get access to zero-percent instant cash advances up to $250, and personal finance tools, including MoneyLion’s Financial Heartbeat, a weekly spending report.
RoarMoney is priced at $1 a month, with no account minimums and no hidden fees, according to the release.
Mastercard is collaborating with MoneyLion to offer contactless payments, identity theft protection and price Protection, which allows customers to receive a refund of the difference of up to $250 if they find a lower price within 90 days of an eligible purchase.
“With RoarMoney, we’ve completely reimagined the mobile banking experience by going above and beyond what consumers expect from their banks,” MoneyLion CEO Dee Choubey said in the announcement. “While RoarMoney can be used as a standalone bank account, it’s designed to be its most powerful when used in conjunction with our lending and investing products.”
Customers can set up recurring transfers from their RoarMoney account into their MoneyLion Investment account, which offers investment portfolios with no minimums or asset-based management fees, Choubey added.
“MoneyLion shares our mission of providing consumers with greater financial access, making our partnership a natural fit,” Mastercard Executive Vice President, Digital Partnerships Sherri Haymond said in a statement. “We value MoneyLion’s commitment to providing its members with powerful tools to help them take control of their financial lives, and we’re excited to build upon our partnership to deliver top-of-the-line financial services.”
In an interview with PYMNTS earlier this year, Choubey said the FinTech traces its roots to providing financial access to 90 million Americans. Among the digital banking membership’s offerings are fee-free checking accounts, cash advances, fully managed investment accounts and help for consumers in building their credit profiles.
Last month’s edition of the Next-Gen Debit Tracker outlined how financial services providers are paying attention to consumers’ changing needs so that they can best support them.
This includes offering many services digitally that they may have conducted in person to avoid potentially spreading or catching the coronavirus.
In addition, it means adjusting offerings to help consumers who are coping with job losses and supporting those seeking to build up financial buffers against potential future crises, according to Tim Hong, chief product officer at digital banking and investment services at MoneyLion.