Capway was built to provide fair and ethical financial services to everyone. In the digital banking platform, you can access a debit card with no overdraft fees, send and receive money and get your direct deposits up to 2 days early. Track your spending and saving goals, and access a library of resources to improve your financial literacy.
What is Capway?
Capway is a digital banking platform that strives to provide financial access and opportunities to everyone, especially those under-served by the conventional banking system. This highly inclusive financial provider has gone above and beyond to offer various products and services often inaccessible to specific communities and demographics. Specifically, Capway wants to level the playing field by creating monetary access and opportunities for everyone, making sure everyone has the choice to create a brighter financial future.
How Capway Works
Capway is a neobank, which means it’s a fintech company that offers similar financial services and products as those offered by a traditional bank, such as debit cards. However, unlike traditional banks, neobanks operate primarily via digital platforms, such as websites or mobile applications, instead of physical locations. Despite the name, they are not banks but financial technology companies that partner with an FDIC-insured bank that holds all your deposits. This means your money is FDIC-insured, the same as if you were to keep it with their partner bank.
What Does Capway Offer?
Here is an overview of what Capway provides:
Capway’s debit card service is a money account that offers the following features:
- Allow you to send and receive money
- Physical and virtual cards
- Allows you to get direct deposits earlier
- Makes it possible to track your spending
- Allows you to add financial goals and track your savings toward them
- Makes it possible to deposit and withdraw funds
Capway also has a unique program, Money Goals, that makes it possible to round up your transaction to the nearest dollar every time you swipe your card. In doing so, you can save the extra change in your Money Goal Account. Users can create as many Money Goals as they wish. Doing this allows users to save automatically for various financial goals they may have.
Moreover, you can hold yourself accountable via the HUMAN$ community by publicizing your Money Goals. This community enables participants to see each other’s progress and to contribute to their Money Goals. This will allow you to share your goals with family, friends, and social media followers. This not only helps to keep you on task but can also allow you to receive financial contributions from supporters as well.
If you need help to boost your financial literacy, Capway offers an impressive suite of tools such as:
- Money Talk: Allows users to convene with other members by taking surveys and conversing in the comment section.
- Learn Money: Capway offers various tools to help teach users financial literacy. They include articles, infographics, videos, and random facts and hacks designed to help you boost your financial literacy over time.
- Money Meanings: Capway also offers a section that allows users to study various financial terms that can help boost general financial literacy.
- Phunds: If you want to take your education to the next level, Capway offers a series of financial education modules that enable users to take their financial literacy more seriously.
What are the Benefits of Capway?
Are you curious about the advantages of Capway? Here is a list of the most important benefits:
- No overdraft fees: Capway’s debit card offers no fees for overdrafts.
- No minimum balances: You don’t need a minimum deposit to open an account, nor keep a minimum balance.
- Money goals: Keep track of your financial goals and allow others to hold you accountable and help contribute.
- Transactions: Capway makes sending and receiving money simpler.
- Culture meets money initiative: This program provides more exposure for the Black community within the financial realm.
How Does Capway Compare to Other Fintech Companies?
Capway is comparable to many other fintech companies. It is widely accepted and provides low or no fees for many services. For instance, Capway provides users with one free replacement card and $5 for each replacement after that. Moreover, it has no monthly fees and a convenient mobile app.
Is Capway Safe and Secure?
Issued by the FDIC-insured Metropolitan Commercial Bank, Capway is considered secure. This means all deposited funds are federally insured for up to $250,000 by their partner bank.
Moreover, by using industry-standard procedures, Capway safeguards all personal information.
Should You Open an Account with Capway?
If you are from an underserved community or need a new account that encourages you to save and may even allow you to raise funds via your friends, family, and supporters while also learning financial literacy, Capway may be perfect.
How to Get Started with Capway
To sign up for Capway, visit the Capway website and provide some personal details to create a username. Since there is no minimum deposit amount, you can begin using the network as soon as you finish the signup process.