Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. Cryptocurrency services are not provided by Choice Financial Group or Cross River Bank, and cryptocurrency is not insured by or subject to the protections of the FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
FDIC InsuranceFDIC insurance is available on customer funds through pass-through insurance at Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC, where we have a direct relationship for the placement of deposits and into which consumer funds are deposited. Pass-through insurance is only available if certain conditions have been met, and there may be a risk that pass-through deposit insurance is not available because conditions have not been satisfied. In such cases, funds may not be fully insured in the event the insured depository institution where the funds have been deposited were to fail.
Faster Direct DepositFaster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer's submission of deposits.
FeesSome fees may apply, including out of network ATM fees, late payment fees, and other fees. For more information please see Current Build Card Rates & Fees and the Current Deposit Account Agreement.
Savings PodsBoost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate is variable and may change at any time. The disclosed Boost rate is effective as of August 1, 2023. Must have at least $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying payroll direct deposit of $200 or more is required to earn a Boost rate of 4.00%. No minimum balance required. Please refer to Current Boost Terms and Conditions.
Fee-free OverdraftActual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer toFee-free Overdraft Terms and Conditions. Individual Current Accounts only.
PointsEarning rates over 1x are only available on Individual Current accounts when you make purchases at our participating partner merchants. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. SeeCurrent Points Terms and Conditions.
CryptoCryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements.) Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.
FAQs
Modern banking system offers online services like Internet and Telephone/PC Banking. Customers use their account ID and password to check accounts, pay bills, and print receipts from their home computer. Madhavi Gaur. November 6, 2023. Modern Banking System.
Is current a legit bank? ›
Deposits made into your Current account are FDIC-insured, and Current offers a Visa debit card as well as free withdrawals at more than 40,000 ATMs across the nation. All rates and fees are current as of January 3, 2023, and are subject to change.
Who owns current online banking? ›
Current (Finco Services, Inc.) is a New York City-based financial services and software development company (FinTech). It provides mobile banking services through its partner bank, Choice Financial Group, Member FDIC. Finco Services, Inc. Current was founded by Stuart Sopp June 2015.
What bank does current bank use? ›
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.
How is modern banking different from traditional? ›
One of the most significant differences lies in the accessibility of services. While traditional banking requires customers to visit a branch in person, digital banking allows customers to access their accounts and perform transactions from anywhere. The customer experience also differs between the two.
What is the new way of banking? ›
Simply put, digital banking means banking done through digital platforms like the web and internet-enabled systems like mobile devices, and is based on automating conventional banking processes through the usage of new-age technologies.
Does current charge a monthly fee? ›
Current also offers accounts for teens. Current banking services are provided through partnerships with Choice Financial Group and Cross River Bank, Members FDIC. Current previously offered a paid Premium plan, but the company now offers the formerly Premium features for free. There are no monthly fees or hidden fees.
Is Chime or current better? ›
Savings accounts
All the money in your Chime savings account will earn 2% APY. However, Current imposes a cap on its high-interest payout. You can get only 4% APY on the first $2,000 in each of your three savings pods, for a total of $6,000. Once you reach that limit, the APY drops to 0%.
Does current have a 4% interest rate? ›
Members can seamlessly move money from their spending balance to their Savings Pods and start earning 4.00% APY on funds up to a total of $6,000 annually simply by enabling the feature in the Current App.
Can I use Zelle with current? ›
Although Current is not a bank, Current members can still use Zelle. Current provides banking services through Choice Financial Group and the Metropolitan Commercial Bank.
About Current
The company offers services such as banking, credit building, financial education, and buying and selling cryptocurrency options. It primarily serves the financial technology sector. The company was founded in 2015 and is based in New York, New York.
How many users does current bank have? ›
About Current
Established in 2015, Current is revolutionizing the banking industry. It serves over 4 million users with innovative banking solutions and leverages technology to provide a simplified digital money management experience.
Can I withdraw money from current account? ›
A Current Account allows you to deposit and withdraw money at any point in time. As opposed to a Savings Account, you can use your Current Account as many times as you need to, in a single day.
Where can I withdraw money from current bank? ›
With your personal account at Current, you can conveniently use over 40,000 Allpoint® ATMs across the country without any fees. To locate in-network ATMs, simply follow the steps in the Current app.
Can I deposit cash in current account? ›
A current account holder can deposit cash or cheques at different bank branches which makes it extremely convenient to collect payments from small customers. Availing an overdraft facility against a current account is easy. Having an overdraft helps meet the working capital needs of the business at any point in.
How has banking changed in modern times? ›
Modern Banking and Today's Technology
In the 60 years since the first ATM was developed, banking technology has flourished. Credit cards and mobile apps have made accessing deposits and making electronic payments instantaneous – from just about anywhere.
What is modern banking technology? ›
Banks are adopting faster and more secure payment methods like contactless payments, mobile wallets, and real-time payment systems. These technologies offer convenience, speed, and improved transaction security, enabling customers to make payments seamlessly across various channels and devices.
What are the different aspects of banking? ›
Banks perform a myriad of functions, including deposits and withdrawals, currency exchange, forex trading, and wealth management. Also, they act as a link between depositors and borrowers, and they use the funds deposited by their customers to provide credit facilities to people who want to borrow.
What is the most important aspect of banking? ›
Although banks do many things, their primary role is to take in funds—called deposits—from those with money, pool them, and lend them to those who need funds. Banks are intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money).
