Fair is an ethical, digital banking and financial services membership platform created to put people over profit and help you keep more of your hard-earned money. By using Fair, you can avoid unnecessary fees while helping stimulate economic opportunity and wealth equity and experiencing a transparent banking experience.
The online banking services offered by Fair are for members only, so you will need to become a Fair member to hold accounts through Fair. The good news is that membership is now completely FREE as of March 2022.
Currently, members can access spending accounts with no hidden fees and debit card access to 55,000+ Allpoint ATMs with no fees and other banking features like sending money to other Fair members, bill payments, and international money transfers with no fee. They also offer a type of savings account that pays a 4% annual dividend and is SIPC insured.
Fair has no physical bank branches and offers all its banking services through your mobile device or a browser. However, you can make withdrawals at more than 55,000 AllPoint ATMs in the U.S. for free using your debit card.
Since Fair is not a bank but a financial technology company, Fair banking services are provided by Coastal Community Bank, Member FDIC. And the Fair MasterCard® Debit Card is issued by Coastal Community Bank pursuant to a license by Mastercard International, Incorporated. This means your deposits at Fair accounts are FDIC-insured up to the legal limits through Coastal Community Bank.
Fair: Ethical Online Banking
Fair’s membership model puts people first over profits and wants everyone to reach their financial goals by helping the Fair community members. They are up-front with this philosophy and do not charge hidden fees. Some of the examples of how Fair practices in ethical banking are:
- Socially responsible investing (SRI): This approach to investing reduces exposure to companies that could have a negative social impact, like poor labor standards or environmental effects.
- Environmental, social, and corporate governance (ESG) investing: Fair focuses on the sustainability of an investment and its overall impact.
- Refugee donations: Fair donates 2.5% of profits to refugee causes around the world
Fair: Banking and Financial Services
By opening a free Fair account, you can unlock unlimited access to their banking services, avoiding hidden or extra fees in the future. All services and products are managed online through a browser or a mobile app available from the App Store and Google Play Store.
The Fair Membership
Aside from the banking and financial services, Fair members can access live customer support by logging into their accounts online.
This is what the Fair membership includes:
Banking Services
The banking services that are currently available through the Fair mobile banking app are:
- Spending account with no bank fees
- Wealth Building Account for building your savings, with a 4% annual dividend paid monthly
- Get paid up to two days early when you set up direct deposit
- Pay no monthly maintenance fees, no paper statement fees, no wire transfer fees, and no account overdraft fees.
- No monthly minimum balance: have a $0 balance for 90 days before your account is put on hold and reinstate it at any time by making a deposit or transferring funds into it.
- Get debit cards with no fees
- Access to over 55,000+ Allpoint ATMs to withdraw money for free in-network
- Easily make bill payments online through bill pay
- Send money to other Fair members
- Make international money transfers with no fees – most banks charge $30 per transfer!
- Set up debit cards with spending limits for your children to teach them financial responsibility
- Access all Fair online banking and financial services on your smartphone, tablet, or laptop, Android, iOS devices, or in a browser.
- FDIC insured deposits up to the legal limits insured by Coastal Community Bank, Member FDIC.
Future Financial Services
Fair is also working hard to release new products, services, and features for its members, and they have the below features on the roadmap coming up next:
- Lending: They are working on no-interest, equity-based loans
- Small Business: They are working on business spending and savings accounts
How to Get Started with Fair
To sign up for a Fair membership, you don’t need to be a U.S. citizen or a permanent U.S. resident. You can create your account online in just a few minutes.
