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But this next-generation service is not perfect. While Moven’s intent is laudable, a few drawbacks keep it from rising to the top of its category.
Moven’s mobile bank account may be right for you if:
- You’d like to manage your finances via a mobile app.
- Avoiding overdrafts and account fees is a top concern for you.
- You seldom need to make cash deposits.
» MORE: NerdWallet’s best banks for mobile banking
| Our Ratings | |
|---|---|
| Checking accounts | |
| Savings & money market accounts |
N/A |
| Certificates of deposit (CDs) | N/A |
| Consumer experience | |
| Other fees |  |
| Overall | |
Read on to learn more about Moven’s online checking account and mobile app.
Checking account
3.5 / 5.0
| Pros | Cons |
|---|---|
| • No fees for regular use and no minimum deposit requirement. • MasterCard debit card and 42,000 free ATMs. • No overdraft fees — transactions are declined if your account balance is too low. |
• Check deposits take 10 days to clear, unless you pay a fee for one-hour clearing. • No free option for depositing cash; adding cash at MasterCard rePower merchants is expensive — typically $4.95. • Customer service is available only by email. |
» MORE: NerdWallet’s best checking accounts and debit cards
Consumer experience
3.5 / 5.0
The Moven mobile app pings you whenever you swipe your debit card and keeps you notified of your spending patterns. The idea is, you can improve your financial health through constant tracking, just like a Fitbit might improve your heart health by counting your daily steps. If you’re more mindful of your account balances, you might be able to keep overspending at bay.
That said, for a mobile-centric bank account, Moven’s app store reviews are lackluster. The Android app is rated 3.7 out of 5 stars, while the current version of the iPhone app is not yet rated. By comparison, competitor Simple’s app is rated 4.5 for both versions.
» MORE: Simple’s bank account has many benefits
Moven users have several free options for making payments, including electronic bill pay, check requests over the app, instant transfers to other users, and sending money to non-Moven customers using email or a text message. Unfortunately, Moven has no customer service by phone or chat. Customers who run in to difficulty must submit an email ticket to get help.
Other fees
4.5 / 5.0
Moven doesn’t charge you anything to open and maintain the account, and the app is free. There is a $10 fee to close the account. The only other fees are for expedited shipping ($30) or debit card replacement (two free cards per year, $4.99 thereafter). However, you can get hit with fees from Moven’s partners if you use the cash reload service (typically $4.95) or request a rush on check clearing (minimum of $5 per check).
If you can steer clear of the paid services, and you think Moven’s real-time budgeting tools could improve your finances, this mobile checking account may be a good choice. Your best bet is to link the Moven account to a traditional account, if possible, so that when you need to deposit cash, speak to a teller or get a check cleared quickly, you can do it there.But if you’re not convinced that Moven’s benefits outweigh its limitations, browse through NerdWallet’s list of best online checking accounts for other options.
Jeanne Lee is a staff writer at NerdWallet, a personal finance website. Email: jlee@nerdwallet.com. Twitter: @jlee_jeanne.
Ratings methodology
For banks and credit unions, NerdWallet’s overall rating is a weighted average of each subcategory: checking accounts, savings and money market accounts, CDs, consumer experience and other fees. Factors we consider, depending on the subcategory, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.
What the ratings mean:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid
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