Former Office of the Currency Ombudsman’s Comptroller Writes About Banks Developing Fairer Business Model That “Wipes Out Fees Completely” in New Blavity.com Article
An article by financial expert Sam Golden explains how Fair Neobank founder Khalid Parekh aims to help resolve economic disparities through wealth-building opportunities
HOUSTON, January 6, 2022 / PRNewswire-PRWeb / – Sam Golden a recent article in Blavity magazine (https://blavity.com/for-most-americans-getting-rid-of-burdensome-bank-fees-would-be-a-welcome-relief?category1=opinion) explains the problem with bank charges and how the member-driven Fair Bank delivers solutions to underserved communities who typically pay excessive fees or even are completely excluded from traditional banking services.
Golden also explains how mission-driven neobanks like Fair strive to make real change for the better. In his article on Blavity, he writes: “Imagine for a moment if banks developed a fairer business model that eliminated fees completely. It is far from impossible. In fact, I am proud to be associated with a financial institution which has just launched this year, Fair is a neobank which offers a new model of management of personal banking services: a transparent membership which amortizes several times. This membership model can save consumers thousands of dollars in fees, millions of dollars of money making ends meet. “
Samuel Doré is an independent member of the board of directors of Fair Fintech, Inc. and was ombudsman in the office of the Comptroller of the Currency from 1992 to 2008.
“Sam Golden hits the nail on the head in his new article on Blavity, ”says Fair founder and CEO neobank Khalid Parek. “He points out that Americans are paying over $ 1 billion a month in overdraft fees, a huge amount of money that could instead be used to pay for their basic necessities during this difficult time. In response, Fair is proud to ‘offer a model membership that can save Americans thousands of dollars over decades. “
Parekh also lists other ways in which Fair is designed to help meet underserved populations by offering:
A new feature of wealth building investing that can yield annual dividends of up to 4%
Transparent membership with no overdraft fees, no minimum balance and no additional fees in a network of over 55,000 ATMs
International money transfers for members at no additional cost
Debit cards for children included in subscription
“The original idea of the founder and CEO Khalid Parek, Fair’s business model was created to help alleviate the bewildering banking challenges Parekh faced when he emigrated to the United States over 20 years ago, as well as to meet traditional halal requirements. You see, in halal banking, an account should not charge or earn interest. Instead, Fair pays dividends to members, a form of profit sharing based on the assets generated by investing their mutual funds, ”Golden writes in Blavity.
Mr. Golden holds a bachelor’s degree in business administration, with a concentration in banking and finance, from the University of North Texas. He obtained a certificate from the Graduate School of Banking of the South at Louisiana State University. He frequently speaks on banking, banking supervision and regulatory issues at industry conferences, professional association meetings and awareness sessions.
Membership is available at bankwithfair.com and the Fair mobile app can be downloaded from the Apple App Store and the Google Play Store. Membership in the salon can be completed with a social security number or government-issued identification, such as a passport or valid driver’s license. Memberships are $ 69 a year or $ 6.99 a month. Fair also offers a lifetime membership for a one-time fee of $ 99 up to December 31, 2021.
ABOUT THE FAIR
Fair is an ethical and socially responsible neobank and digital financial services platform. Fair offers halal-certified and membership-based services to eliminate surprise fees that can prevent financial freedom and savings opportunities. Dedicated to the values that put people before profit, socially responsible investing (SRI), environmental, social and corporate governance (ESG) investment is fair and is halal certified by the AAOIFI. 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 of the FDIC.
Investment and retirement services will be provided by Fair Invest, LLC.
The general conditions apply and can be viewed at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn.
Investment and loan products are provided by Fair Invest, LLC, an investment advisory firm registered with the Securities and Exchange Commission. Custody and brokerage services are provided by Apex Clearing Corporation, a member of the New York Stock Exchange (https://www.nyse.com/), FINRA (https://www.finra.org/) and of the ISDR (http: //www.sipc.org/).
Please note that these products are:
Protected by SIPC insurance for Fair Invest, LLC accounts on the APEX platform, not insured by FDIC insurance. SIPC insurance covers customer claims up to $ 500,000, with a maximum of $ 250,000 for cash claims. For more details, see http://www.sipc.org
Peter Schwartz, Fair, 520-609-2921, [email protected]