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Empower Finance Checking Accounts Review

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Empower Finance is a fintech company that offers customers an interest-bearing checking account with built-in budgeting features. The company was founded in 2016 and is headquartered in San Francisco, California.
 
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How is Empower Finance rated?

Breakdown

4.3/5
Account Features
4.6/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials

Overall Rating: 4.4 / 5 (Excellent)

Empower is an interest-bearing checking account that doesn't charge overdraft fees and allows for scheduled withdrawals to savings to encourage better money habits. But despite these useful features, some users may be disappointed by the monthly maintenance fee and the lack of common features, like mobile check deposit. Some users might not be bothered by this, but it's definitely possible to find a free checking account with more features elsewhere.

Empower Finance Account Features

Account Features - 4.3 / 5

Empower offers an interest-bearing checking account with a robust mobile app so you can manage your money from anywhere. It integrates well with external banks and mobile payment services, but it's missing some common options, like mobile check deposit, right now. However, Empower plans to add this feature in the future. It doesn't have its own ATM network but it will reimburse you up to $10 each for up to three ATM fees per month. This is preferable than an ATM network for some because you don't have to worry about finding a fee-free ATM near you wherever you go.
Types of Checking Accounts
Online Checking Accounts
Interest Bearing Checking Accounts
Methods of Deposits
Online Transfer
Direct Deposit
Integration with Other Online Accounts
Savings
External Banks
Scheduled Withdrawals to Savings
No-Fee ATM
Reimbursement for Domestic ATMs
Reimbursement for International ATMs

Interest (APY)

0.25%

Overdraft Protection

Empower does not offer overdraft protection, so if you try to spend more than you have in your account, the transaction will get declined.
Integration with Mobile Payment Services
Venmo
PayPal
SquareCash
Cash App
Card Blocking
Yes
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
No
Mobile App
Yes

Empower Finance Fees and Restrictions

Fees and Restrictions - 4.6 / 5

Empower is free for 30 days, but after that, you must pay $6 per month to use its service. This seems high when you consider most online checking accounts are free and even many brick-and-mortar banks give you the opportunity to waive your monthly fee. But you may be able to make up for some of this with its 0.25% APY.
Maintenance Fee
$0 for the first 30 days, then $6 per month
Minimum Balance
$0.01
Minimum Monthly Deposit
None
Minimum Number of Transactions
None

Empower Finance Support, Reputation, and Financials

Support, Reputation, and Financials - 4.5 / 5

Empower has only been around for a few years, so there aren't many reviews of its service so far. It currently has a D+ rating with the Better Business Bureau for failing to respond to a customer complaint in a timely fashion, but customers have given its apps a fair amount of praise, suggesting most people are satisfied with its service.
BBB Rating
D+
BBB Total Complaints
5
BBB Resolved Complaints
5
Date Collected
2020-06-25
Year Founded
2016
Live Help 24/7
No

Contact Methods

  • Social Media

Company Profile

Full Name
Empower Finance Checking Accounts
Company Website
https://empower.me/
Headquarters
25 Taylor St., San Francisco, CA, 94102

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Top Rated
Our Partner
  • Earn 0.25% APY
  • Built-in budgeting tools
  • Integrates with mobile payment services
  • No overdraft fees
  • First month free
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