Aspiration Banking Services

[nukelierninja]

I am not quite sure if this is the right place to ask this but does anyone know about Aspiration. I have seen many commercials about them as of late.

What caught my eye was there is no monthly fees, and no ATM fees worldwide, and only 1% FTF's.

This is HUGE as my main thing I hate when traveling internationally is ATM Fees... 

My question I guess is does anyone know how legit this is? Are they FDIC backed? If fraud happens are you responsible? etc... 

I just dont want to open any account with them then hear they are closing there doors...

[Anonymous]

They have been blowing up Hulu with the ads too. 

Here is what their website has to say. 

“The Aspiration Spend Account and the Aspiration Save Account are part of a cash management account offering of Aspiration Financial, LLC (“Aspiration”), an SEC-registered broker dealer. After the close of business each business day, the cash balances in the Aspiration Spend and Save Accounts are swept to an account at one or more federally insured depository institutions (each a “Bank”). The deposits at the Banks are eligible for insurance by the Federal Deposit Insurance Corporation (FDIC), subject to FDIC insurance coverage limits. For more information about FDIC insurance coverage, please visit the FDIC website.”

So basically they work with multiple banks to actually deposit your money and those banks are FDIC insured. 

I haven’t seen anything really that great that I can’t get from a credit union though so I never really looked into them. 

[Anonymous]

If no foreign ATM fees is important to you I would look at Schwab checking or Fidelity CMA accounts.

Both refund all ATM fees worldwide.

Schwab requires HP to open account and also 0% FTF for purchases.

Fidelity is SP to open and has 1% FTF on purchases.