HOUSTON, June 30, 2021 /PRNewswire/ — Fair, the first-ever halal-certified neobank and wealth building digital platform in the U.S., launches mobile banking services with lending, investments and retirement and multilingual service to rollout soon. Fair offers two transparent membership models that eliminate hidden fees and account minimums. No-interest loans, socially responsible investing (SRI) and environmental, social, and corporate governance (ESG) investments, to be released early fall, are among the membership benefits created to empower wealth opportunities for more people in the U.S. than ever before.
The average American spends about $329 in bank fees every year, and the average U.S. worker loses up to $40,000 in their lifetime without a low-cost savings account. Fair members pay a transparent cost, either $99 for a lifetime membership or $9.99 for a monthly membership. With business values that promise to always put people over profit, Fair membership includes unlimited access to every platform feature. Its features include:
- FDIC-insured spending accounts, through partner bank, Coastal Community Bank, Member FDIC
- MasterCard® Debit Card for you and your kids
- International money transfers without additional fees
- Up to two-day early direct deposit
- Access to over 55,000 Allpoint ATMs
- Supplemental life insurance
- High-yield wealth building account with up to 2% dividend earnings (coming summer 2021)
- No-interest home, auto and buy now, pay later loans (coming fall 2021)
- Investments and retirement planning (coming fall 2021)
“Fair was created to provide an equitable option for any individual to take control of their finances and have wealth building opportunities within their reach,” Fair CEO and Founder Khalid Parekh said. “Hidden fees and loan interest are business models for traditional banks. As an immigrant to the U.S., the challenge of understanding bank fee structures was further complicated by the inability for any bank to provide information in my native language. Every feature, from our transparent membership to upcoming language releases, is designed to provide an ethical solution to the challenges to financial freedom.”
Fair is the first halal-certified neobank in the U.S., certified by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Halal banking is rooted in shared equity and restricts charging or profiting from interest. Its ethical requirements offer a solution to some of the inequities in traditional banking, such as Black and Hispanic consumers paying twice the amount in fees than their white counterparts. Multiple traditional banks in the U.S. are halal-certified, though they are mostly well-known to immigrant communities familiar with its unique value system and ethical practices.
“We’ve watched banks limit our financial freedom by charging excessive fees and interest, and we’ve accepted it because until now, there haven’t been better options,” Fair CMO Toni Harrison said. “Halal financial practices provide an ethical and equitable alternative to traditional banking. Any individual regardless of culture or income stands to benefit from more transparency and control of their day-to-day finances. The wealth building opportunities that are within reach on the same platform also offer promise for chipping away at the wealth gap that continues to limit financial advancement in communities of color.”
Supplemental life insurance included at no additional cost through Avibra is also included with Fair membership. Equity-based lending will be released on the platform early fall 2021. Halal lending not only prohibits charging loan interest, but it also provides shared equity lending and reduces credit threats like foreclosures.
Fair investments will adhere to SRI and ESG guidelines. SRI and ESG investments exclude companies known to cause environmental devastation and social harm, such as poor labor standards. Equally committed to extending its people over profit values into diverse communities, Fair will donate 2.5% of its profits to racial equality initiatives and refugee causes. Fair has an alliance with World Relief and United Nations Refugee Agency to develop financial literacy programs.
“We are proud to partner with Fair to create financial literacy programs for the thousands of refugee families from various parts of the world who must learn to navigate the U.S. banking landscape,” said Jennifer Foy, VP of U.S. Programs at World Relief.
Membership enrollment is available at bankwithfair.com, and the Fair mobile app is available for download in the Apple App Store and Google Play Store. Fair membership can be completed with a social security number or a government-issued ID, such as a valid passport or driver’s license.
Fair is an ethical, socially responsible neobank and digital financial services platform. Fair offers halal-certified, membership-based services to eliminate surprise fees that can prevent financial freedom and savings opportunities. Dedicated to values that place people over profit, Fair practices socially responsible investing (SRI), environmental, social, and corporate governance (ESG) investing and is halal-certified. Fair donates 2.5% of its profits to global refugee causes and racial economic empowerment initiatives. Fair banking services are provided by Coastal Community Bank, member FDIC.
Investment and retirement services will be provided by Fair Invest, LLC. Lending Services will be provided by Fair Lending, LLC.
Fair is available in the Apple App Store and Google Play Store. Terms and conditions apply and can be found at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn.
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