What is MovoCash?
MovoCash is a mobile banking app launched in 2019 that focuses on providing essential financial services and access to consumers who are underbanked or lack access to traditional banking options. The app offers fee-free checking accounts with no minimum balance requirements, early paycheck deposits, and cash back rewards on purchases made with the MovoCash debit card.
Some key features of MovoCash include:
- Fee-free checking accounts with no minimum balance fees
- Early paycheck deposits up to 2 days before payday
- Cash back rewards up to 15% at merchants like Amazon, Target, and Starbucks
- Fee-free overdraft up to $100 as an overdraft line of credit
- Mobile check deposit capabilities
- Access to over 55,000 fee-free Allpoint ATMs
MovoCash targets its services at consumers who are uninsured, underbanked or rely on expensive check cashing services and payday loans. By providing free checking accounts and early paycheck access, MovoCash offers an affordable alternative for people struggling with cash flow issues or lacking access to traditional banking options.
The app has grown in popularity due to its low fees, cash back rewards program, and focus on financial inclusion for underserved demographics. As of 2022, MovoCash manages over $200 million in deposits and has facilitated over $1 billion in payment volume since its founding.