Common Pitfalls in Reg E Compliance
About Episode 16: Common Pitfalls in Reg E Compliance - Sarah Fernandez, Kaufman Rossin In…
We challenge the status quo of banking to deliver financial innovation and education that benefits us all.
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Providing exceptional value with personalized service
Delivering financially wise solutions for our customers
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How can we help you move forward on your financial journey?
Strategic Partner Lending
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Our partnership programs support top fintech brands to streamline how they generate loans for their consumers.
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We continue to serve families and small businesses through our full-service, top-ranked community bank.
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Reach Your Business Goals
We help solve some of your most pressing business challenges through our point-of-sale consumer loan solutions for retailers, SBA loan programs, and equipment financing options.
About Us
Let’s rethink what banking means.
FinWise Bank is stepping forward to advance the future of financial technology. We support fintech brands that share our vision for equity, innovation, and inclusion at every level of financial decision-making. From one person’s online purchase to thousands of small business loans that support our economy, we’re generating non-traditional solutions that give greater financial access to those who need it most.
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Our flexible credit, lending, cards and payments solutions eclipse traditional banking capabilities, removing critical roadblocks to fintech innovation.
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Our mission is to strengthen the communities we live and play in. We guide people to improve their financial situation, contribute financially to non-profit organizations, and volunteer our time at various non-profits.
Moneywise
Make wiser financial decisions.
What’s Moneywise?
It’s your education hub for all things financial. From mortgages and small business loans to credit scores and savings advice, Moneywise offers you actionable content to help you save and earn more, make smart investing choices, and navigate many other money matters.
Frequently Asked Questions
Our experts answer your questions.
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Which documents do I need to move forward through the loan process?
Provide balance sheet statements for your year-to-date income verification with profit and loss statements. You will also need the previous two years’ tax returns.
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How long does the application to approval process take?
Typically, one week based upon all documents received.
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After I’m approved for my loan, how long will it take to close?
We order appraisals and title work immediately, so the close timeframe is between 2-3 weeks after final approval.
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Who is authorized to make credit decisions?
Credit decisions are made by the SBA or qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
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What kind of collateral is needed?
Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation) and must take available equity in the personal real estate (residential and investment) of the principals as collateral.
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Can I make additional deposits during my term?
All deposits must be made at the beginning of your term and can be withdrawn at maturity.
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How safe is it to stash cash in a CD account?
CD savings accounts allow you to save with low risk. FinWise Bank is a FDIC insured1 institution. You can rest assured that your CD account will be just as safe as traditional savings accounts.
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What happens at the end of my CD term?
At the end of your term, you may withdraw from your account the full amount you deposited into the account plus any interest you have earned while carrying out your term. Or keep it set to auto renew2 for even more earnings!
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What if I need access to my funds before the end of my term?
Before opening CD account, you should consider when you need access to your funds. To receive the full benefits of a CD Savings account you should refrain from withdrawing from your account. However, we understand life happens.
If you withdraw early there is a penalty of 90-day loss of interest. If your Account has not yet earned enough interest so that the penalty can be deducted from earned interest, or if the interest already has been paid, the difference will be deducted from the principal amount of your Account. For fixed rate Accounts, we will use the rate in effect for your deposit. -
What features are available in online banking?
Our online banking gives you added control and convenience for personal and business accounts. Here are some of our most-used features:
- The FinWise mobile banking app to access your existing online bank account on the go
- Make, collect, or schedule payments
- Customize activity alerts and account notifications
- Pay bills or transfer funds across accounts
- Complete ACH and wire transfers
- Deposit checks remotely
- Stop payments that have not yet cleared
- Send money to friends and family
- View statements and reports
Available 24/7, online banking is the best way to monitor and manage your FinWise accounts without extra trips to the bank!
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Is a small-dollar loan right for you?
Small-dollar loans (SDLs) are designed for an emergency such as an unexpected car repair or a large retail purchase. Intended to help consumers meet an immediate financial need and enable them to improve their overall financial situation, SDLs often feature “graduation” provisions that allow successful borrowers to qualify for lower interest rates and better terms the next time they apply for credit.
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Why was I denied online access?
If you are a FinWise Bank customer and are enrolled in online banking, login here or go to our Help Page. To enroll in online banking visit one of our locations to get started.
If you are a borrower trying to access your loan account made through a third-party Strategic Platform, visit Strategic Platforms to learn more about your loan service provider.
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What does FinWise Bank have available for me?
Our products include checking and savings accounts and personal loans. Finance your new home construction project or leverage the value of your home with our home equity lines of credit. Browse the accounts and services we offer by visiting our Personal Banking page.
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What is a Strategic Platform?
Online or mobile platforms may be created by third-party technology companies, and as a leader in FinTech innovation, we develop new products and services using tech platforms that make banking easier and more accessible to our customers. Through online or mobile portals, we process loan applications quickly, give simple financing options, and may be able to reach new customers who have had trouble accessing credit or banking services in the past. Our Strategic Platforms offer different types of lending services and go through a rigorous approval process to ensure they comply with strict banking regulations and compliance standards. To find a credit service that’s right for you, learn more here.
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FinWise moves you forward.
We adapt in ways traditional banks won’t. Learn how our forward-thinking philosophy benefits you.
Secure and Insured
Your trusted financial partner.
Our commitment to your financial well-being means we never sacrifice credibility for progress.
