Fair Bank
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| ISIN | 🆔 |
|---|---|
| Industry | Financial services |
| Founded 📆 | |
| Founder 👔 | |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Fair is a challenger bank that has identified, and aimed to serve the needs of, customers by offering more than what’s available with basic bank accounts and credit cards.[1]
History and operations[edit]
Fair was launched in Houston, TX, as part of a trend of tech companies avoiding Silicon Valley for reasons such as lower taxes and cost of living as well as robust support from local governments.”[2] Fair doesn't charge any bank fees, offering free international money transfers, and paying 4% APY in monthly cash dividends on an unlimited balance with no penalties for withdrawals.[3] The average return on typical high-yield savings accounts is in the area of 0.4 to 0.6%. Khalid Parekh, Fair Founder & CEO, has been quoted extensively in national and business media as a business expert, including in The Wall Street Journal, where he offered his thoughts on when workers would feel safe and comfortable returning to the office in the face of COVID.[4] Fair has expanded it’s work helping refugees around the globe, a cause that Parekh has long championed. Fair is partnered with USA for UNHCR to raise funds for refugees. When new customers fund a new Fair Wealth Building Account (WBA) Fair has committed to making a $50 donation to USA for UNHCR, as well as match 1% of each new member’s annual WBA balance with a donation to USA for UNHCR each month that the account remains funded.[5][6]
References[edit]
- ↑ "Immigrant-focused fintechs offer lessons for banks". American Banker. 2021-02-05. Retrieved 2022-08-10.
- ↑ Walker, Mark (2021-02-03). "Is Silicon Valley Losing its Lustre? Big Tech and Fintechs Move Out". The Fintech Times. Retrieved 2022-08-10.
- ↑ Parekh, Khalid (2021-10-04). "As an immigrant, I was failed by U.S. banks. So I started my own neobank". Fast Company. Retrieved 2022-08-10.
- ↑ Cutter, Patrick Thomas and Chip (2021-03-15). "When CEOs Really Think We'll Come Back to Work". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-08-10.
- ↑ "How fintech co. Fair is helping with Afghan refugee resettlement". www.bizjournals.com. Retrieved 2022-08-10.
- ↑ rayers (2021-02-03). "Fair, a neobank and financial services platform, raises $20 million". FinLedger. Retrieved 2022-08-10.
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