An Important Update To Your Evolve Bank & Trust Accounts
We’re writing to share an important update which requires action on your part. To make the Empower experience even better for you, we’re transitioning to a new bank partner to bring you our high-interest Checking and AutoSave accounts and debit card. This new partner is nbkc bank, Member FDIC.
What does this mean for you? Everything you love about Empower remains the same like our easy budgeting and spend tracking, monthly reports, and automated savings. In addition, you’ll now also be able to:
✔ Grow your money faster: Earn 1.60%* APY on all your money with no minimum balance required. That’s 20 basis points higher than right now – and hands-down one of the best interest rates out there on checking. And of course no overdraft fees, no insufficient funds fees, no monthly maintenance fees.
✔ Get 3 monthly ATM reimbursements: Use any ATM machine, and we’ll reimburse up to 3 ATM fees per month (max reimbursement of $10 per ATM withdrawal).
What do you need to do?
You need to complete a brief verification flow and agree to a few new agreements in the Empower app in order to open your new bank accounts. We’ve made the process easy and straightforward and, once complete, we’ll create new bank account numbers for you and also ship you a new debit card in our signature peach (and don’t worry, you can keep using your current card while the new one’s on its way to you).
Once you receive your new Empower debit card, we’ll close your old Empower accounts and help you transfer money over to your new Empower accounts.
What if you don’t upgrade?
We will automatically close your current Empower bank accounts on 05/01/20. If you choose not to upgrade, you should transfer any money from Empower to another financial institution before that deadline and redirect any direct deposit and automated payments on your debit card or bank account. After 05/01/20 you’ll no longer be able to use your Empower debit card, and any funds in your account on 05/01/20 will be mailed via check to your address on file or transferred to your linked bank account.
If you’ve got any questions on how to upgrade your accounts, please reach out to us at email@example.com. If you’re planning to close your account and have questions about account closure, you can also directly contact the third-party bank software provider Synapse at firstname.lastname@example.org.
* New accounts provided by, and Empower Debit Card issued by, nbkc bank, Member FDIC, with an Annual Percentage Yield (APY) of 1.60% as of Jan 6, 2020. APY may change at any time. Empower charges an auto-recurring subscription fee of $6 for access to the full suite of money management features offered on the platform after your first 30 days.