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One banking option that is steadily gaining popularity among customers is the neobank. Neobanks are best described as niche fintech, working to bridge the gap between traditional banking and digital alternatives.
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Read more: Best Neobanks of 2023 on GOBankingRates
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Customers new to neobanks, and perhaps existing ones, may question what it means to bank in these spaces. The best approach is to ask first and determine if this is in your financial interest.
Do you have a set of products available?
Rachel Huber, market intelligence lead at Marqeta, said that during the first emergence of digital banks, several neobanks launched specific flagship products, but not many others.
Some customers may only want a single service from their digital bank. Some people want a balanced set of products. Hoover recommends asking whether a neobank offers all the basics of banking. These include checking and savings accounts, debit and credit cards, direct deposits and bill payments. By learning what neobanks offer, a customer may be able to complete as many financial transactions as he can under one roof.
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How do I contact Customer Service?
This is a very important question to ask when choosing a neobank. Digital-only banking may sound appealing, but who do I contact if I have a question or an issue that needs resolution? How do I contact Customer Service?
“Consumers are knowledgeable, but there is still a very human desire to connect with someone and have them help with more complex questions or financial products, especially large or complex transactions such as applying for a mortgage. I have.”
Please contact customer service by phone or online before opening an account with a neobank.
See how this outreach works. Is it a smooth process or a difficult one? Was the representative helpful?
McAdam cites JD Power’s 2022 U.S. Direct Banking Satisfaction Survey. There, the main criticism of customers with neobank accounts was the difficulty of contacting customer service by phone.
A good agent’s experience can tell you a lot about what it’s like to be a client of a neobank, McAdam said.
Pro tip before hanging up: McAdam recommends asking about availability. Customer 24/7 Can I contact his service or are there restrictions on outreach hours, days and times?
How can I access my money?
Interested in opening an account with a neobank? Corey Carlisle, AFC and head of public policy at Varo Bank, suggests asking these questions first:
- How Are Neobanks Regulated?
- Do neobanks have a banking charter? If yes, what protections does the bank charter offer as a client?
- How can I deposit money into my account?
- How can I access my money?
- What ATMs are available?
Additionally, McAdam recommends asking the following account-specific questions:
- How can I be charged fees for this account? How can I avoid these charges?
- What is the availability of neobank funding policies? McAdam said this could delay the ability to use deposited funds.
Why should I be your customer?
As soon as you start talking to neobank representatives, McAdam recommends starting the conversation with a simple question:
“You’ll be amazed at the quality of response you receive,” says McAdam. “This question is a good indicator of the overall level of service you receive if you need a call or chat to resolve your issue.”
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