Sometimes it seems that big banks have treat customers more like victims. Banks make it difficult to understand when money is available for withdrawal and the “float” on checks makes it difficult to know what the checking account balance really is. This makes it difficult to avoid overdraft fees.
Increasingly, moderate income people are turning to payday lenders and check cashing services to avoid high banking fees, often leaving them no better off.
Enter Motiv. This new banking service provides customers with a no fee debit card. Motiv makes its money off of the fees merchants invisibly pay when customers use their Motiv cards.
Motiv also offers a savings accout structured to build credit for customers who need to establish or re-establish credit.
Interview with Ed Preuss, the Co-Founder, CEO of Motiv.
The following is the pre-interview with Ed Preuss. Be sure to watch the recorded interview above.
For-profit/Nonprofit: For-profit
Revenue model: Motiv makes money when users deposit funds in…