Moven Review: The Digital, Mobile Bank Checking Account

Moven is a financial service provider and provides digital banking services. Using a handy mobile app, you can track your finances in real time and manage your overall spending in your Moven digital account.

Online and mobile banking is the new trend and it’s worth your while to look into these conveniences, and there’s no need to give up your local bank account.

About The Moven Bank Account

Moven is mobile-only, and is available on both Android and iOS. Being only available on your smartphone, you can be sure they’ve tried their best to incorporate every innovative feature. And, it’s free to sign up.

Anyone over 18 can sign up at Moven.com. The debit card that is issued with your account can be used at a surcharge-free ATM in the STAR network, where the daily withdrawal limit is the standard $500. You’ll also get a RFID card that can be used at merchants that accept MasterCard PayPass.

Every Moven account is FDIC insured up to the $250,000 maximum.

Like most online bank accounts, there is no minimum balance requirement and no monthly service fee to worry about.

Depositing Money With Moven

Here are your options for getting funds into your digital account:

• Via Direct deposit
• Transfers from an external bank account
• Deposit checks using the INGO app

You can deposit up to $10,000 in your Moven account monthly.

Moven Pros & Cons

PROS	CONS
Modern and convenient for “paperless” consumers	No branch visit option you may be accustomed to
Mobile app integrates well with external accounts, helping you manage your finances	You must submit a support ticket online if you need help
Many app features and functionality other banks don’t provide	Overall lack of personal support and customer service that traditional bank accounts provide
Handy categorization of purchases into “Wants”, “Needs”, or “Savings”
Overdrafts are not allowed, keeping your spending in check

Author’s Verdict

The Moven digital account is only going to appeal to a select market – notably the younger generation that is interested in these innovations. You definitely wouldn’t want this as your only bank account if you have a sizable amount of cash to store. You’ll want to find a separate Savings, Money Market, or other type of investment account that Moven does not provide. I’d say a Moven account will appeal to customers with this profile:

• Someone who uses a smartphone whenever possible for life’s needs
• Someone who still needs help keeping better track of their finances, and developing better spending habits
• Someone who doesn’t prefer human interaction and face-to-face service

If a mobile bank account is something that interests you, compare Moven with the Simple mobile bank first.

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