The financial lives of Americans have undergone massive changes since the pandemic-induced mass unemployment and recession. As the harrowing circumstances compelled us to become more financially aware, many worked towards reducing their monthly budget, creating multiple channels of income, and seeking financial advice for smart investment moves.

Although these steps could help, losing your money to high banking fees could still drain your hard-earned money and ultimately delay your savings goals. Traditional banks, for instance, charge fees for almost every banking feature you use. Investopedia reported that traditional banks charge an average account maintenance fee of $14.13 per month, which translates to $169.59 just for having a bank account. They further outlined that wire transfer fees could go up to $30, whereas foreign transaction fees usually stand at three percent of the total transaction amount.

Furthermore, Federal Deposit Insurance Corp. (FDIC) Regulation D states that bank account holders could be charged a fee of $15 if their monthly savings withdrawals exceed six times. Continued violations could also lead to account closure. There's no respite for ATM withdrawals, either, as out-of-network ATM usage could amount to $4 or more.

How Could Digital Banking Platforms Help?

Fintechs are currently using cutting-edge technology and partnering with regional banks to offer digital banking solutions that significantly reduce fees, offer high savings account interest rates, and process paychecks faster than traditional banks.

Reduce Fees and Process Payments Faster

One emerging fintech called Oxygen offers a state-of-the-art digital banking platform with faster processing of direct deposits, cashback rewards, high-interest rate savings accounts, and zero account maintenance fees. All of these banking services are provided by The Bancorp Bank, Member FDIC.

Additionally, the California-based fintech company follows a unique concept of four elements - earth, water, air, and fire - each representing a tier with unique banking features encompassing retail and travel benefits.

Faster Direct Deposits

When employers deposit monthly salaries, traditional banks may take up to two days to clear paychecks. Oxygen's checking accounts, on the other hand, could expedite the process by up to two days with lightning-fast paycheck clearing to make your funds available to you when your employer sends over the payment file.

Oxygen's Earth tier doesn't require any paperwork and you can easily create a checking account through the Oxygen iOS or Android app. You may also create a direct deposit form on the app, fill in the necessary information, and share it with your employer to have your paycheck cleared faster every month.

No-Fee ATM Network

The fintech company offers an Oxygen Visa(R) Debit Card issued by The Bancorp Bank pursuant to a license from Visa U.S.A. With it, you can visit Allpoint ATMs to withdraw cash without any fees. You can even use the app to locate nearby no-fee ATMs. Allpoint has over 50,000 participating ATMs including popular retail stores like Walgreens, Kroger, Target, Safeway, Circle K among others.

Mobile Check Deposits

When you opt for an Oxygen Visa(R) Debit Card, you can deposit checks directly through the mobile app. Their Ingo check deposit feature allows you to scan both sides of the check and enter the transaction amount with the option of an instant deposit for a standard fee of one percent for government or payroll checks with printed signatures.

Instant check deposits for any other kinds of accepted checks cost four percent of the transaction amount plus a $5 minimum fee. You may scan and deposit a check for free using the standard method, and it could take a few business days for the amount to reflect in your Oxygen checking account.

Cashback Rewards

The Earth tier allows you to earn cashback rewards of two percent from certain vendors if you make purchases with your Oxygen debit card. You could earn a flat $1 on food and coffee purchases, and when your cashback returns reach $10, you may transfer the amount directly to your Oxygen checking account.

The Cashback tab in the app allows you to select the type of offer and view details like the minimum purchase amount, the expected cashback, and the number of times an offer can be claimed. You may only activate one offer at a time.

High-Interest Savings Account

As of September 20, 2021, the average interest rate offered by traditional banks on savings accounts stood at 0.06 percent. Savings accounts on the Oxygen app, on the other hand, offer a high-interest rate of 0.25 percent. You may visit the Accounts tab on the app and click on the Open a Savings Account option to make sure your information is accurate before accepting the terms. Oxygen makes sure money transfers from your deposit account to your savings account remain seamless.

Furthermore, the app allows you to create three financial goals with the option of automating funding your savings account with the "Round Up Spare Change" or "Save When You Get Money" features. The former rounds up your debit card purchases to the nearest dollar and transfers the rounded-up amount from your deposit account to your savings account. For example, a debit card purchase of $4.80 will be rounded up to $5.00 and the $0.20 will be transferred to your savings account.

The "Save When You Get Money" feature lets you automatically set aside a portion of each qualified deposit, given that the deposit amount is $50 or more. You may customize the amount you want to save in both the features, as well. Qualified deposits include wire transfers, visa money transfers, mobile check deposits, and any ACH transfers to your deposit account.

Oxygen could help you avoid high banking fees and earn cashback rewards with the option to grow your money in a high-interest savings account. To date, the fintech company has received total funding of $24 million since its inception in 2018.

Download the Oxygen app today.