Your Checking Account is intended for daily spending needs, while your Security Savings Account is for building savings and potentially long-term wealth. Think of it like this: one for now and one for later.
Frequently Asked Questions
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No, you must establish a Meed account with a Meed Member Bank to join Meed.
If available, checks can be deposited directly from your mobile phone. Simply open the More menu and click on Check Deposit, then follow the simple instructions.
When signing up with a Meed Member Bank, you are given the option to automatically have the outstanding balance of the Line of Credit automatically reviewed to determine if there is an amount owed. If you choose to automatically move funds from your checking account to the loan payment balance, the funds will be moved automatically to cover the outstanding amount. This is done to help limit your interest charges, and provide automated management tools for your financial well-being. This service is optional and requires you to opt in.
Yes, each Member Bank has established hardship rules that allow users to withdraw funds from their Security Savings Account without penalty. You have the option of withdrawing on demand outside of such hardship rules; however, in such instances your Meed Member Bank accounts will be closed. Please check with your Member Bank for the specific details on qualifying for a hardship withdrawal.
You should always alert your bank in advance of traveling abroad so the account isn’t frozen while traveling due to suspicious activity.
Immediately contact your Member Bank and let them know of the situation so they can protect your account and further investigate the circumstances.
As a precaution, you should alert the bank which administers your Meed Member Bank account immediately if your phone or card are ever stolen. Upon alerting your Member Bank, a representative will review your account for any unauthorized transactions. Please note that when you report your card as lost or stolen, we will immediately deactivate your card and send a new card with a new account number to you for your protection. We are very sorry for this inconvenience.
Meed Member Banks have made it a priority to be fully compliant with applicable requirements. Your money and your account are held by the respective Member Bank and protected by regulatory oversight.
We are proud to have partnered with Kony. Kony is trusted by the world’s largest and most highly regulated companies in industries such as financial services and healthcare, and is committed to the highest levels of security for it’s enterprise customers.
We sympathize with your loss and the respective Member Bank associated with the Meed Package account will be able to help identify the steps you need to take.