SmarterBank trying to woo students with checking accounts online
SmarterBank’s online checking account loaded with features, called SmartBucks, offers a revolutionary rewards program and is exclusively designed for those who have student loan debts. The new rewards program offered by this online checking account from SmartBank automatically credits extra money towards the principal of student loans. This helps students save thousands of dollars that they would have had to pay as interest over the years. This rewards program also helps students reduce the repayment term of their loans.
The CEO and Co-Founder of SimpleTuition which works behind the scenes for SmarterBank, Kevin Walker, says that the current student loan debt in the country totals of $1 trillion and is consistently growing. Added to this, the growing unemployment rate is making it tougher for graduates to find a suitable job that can help them pay off their loans at the earliest. He also said that since the year 2006, SimpleTuition has been consistently helping numerous families in the country curtail the increasing costs of college studies and make better choices in terms of finance. However, today, it is the graduates and students who need assistance and tools that can help them pay off their debts and manage them effectively. He said that SmarterBank was built to provide a revolutionary and innovative way to help graduates and students clear off their student loan dues.
The online checking account by SmarterBank offers a plethora of features such as online bill pay, SmarterBank Visa Debit Card and online banking facilities without charging any monthly fee for account that are active. The other benefits include an extensive network of more than 40,000 ATMs across the country that can be used free of charge and FDIC insured deposits. Unlike many banks that have many hidden fees for their accounts, SmarterBank is very transparent in its operations and does not hold back any information regarding fees or other charges.
However, it is the SmarterBucks rewards program that makes these accounts highly attractive and lucrative as well. It is the key distinguishing factor between this account and the checking and savings accounts offered by other banks. The rewards do not have any expiration date and redemption are in the form of extra principal payments towards any student loan the account holder prefers.