Moven Welcomes Customers: 5 Things to Know for the Week

Simon Zhen

Updated on Tue Jul 15, 2014


Moven, the startup that aims to revolutionize how consumers conduct their banking, is slated to enter its beta phase — allowing a limited number of consumers to try out its mobile-centric style of banking. With many other financial companies trying to change how we interact with our financial accounts, we’re interested in seeing the part that Moven will play in this movement.

  • Monday to Saturday marks America Saves Week, a week in which thousands of organizations promote responsible savings behavior and Americans pledge to improve their financial situations. Have you taken the pledge yet?
  • Moven, formerly called Movenbank, is planning its closed beta launch on Monday. Up until now, the mobile-banking startup has been testing among friends and family during its alpha stage. Moven is now letting people sign up to be beta members.
  • More banks are starting to offer instant issue debit cards — as opposed to having customers wait a week for them to arrive in the mail. First Century Bank, a small Tennessee-based bank, has begun to issue debit cards on-the-spot at its main branch. Chase, the biggest U.S. bank by deposits, has started to roll out such an offering in its branches.
  • Some low-income taxpayers are getting their tax refunds later than expected due to increased scrutiny placed on tax returns that claim the Earned Income Tax Credit (EITC). IRS employees are reviewing these returns because the tax credit is a frequent fraud target.
  • Starting Friday, Social Security benefits will go paperless for good — recipients will no longer receive paper checks. Instead, they have the option of collecting their monthly benefits via direct deposit into a bank account or a prepaid debit card. Anyone who hasn’t made the switch will be contact by the Treasury to select an option.

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  • Brett King


    Thanks – it’s a very exciting time for us and we’re delighted to see our first customers come on stream. There’s quite a backlog so we’re slowly ramping up over the next 3-4 months to ensure that the platform remains stable as we take on hundreds of new customers each week.

    Thanks for the cheer!