Former Office of Comptroller of the Currency Ombudsman Writes about Banks Developing a Fairer Business Model that "Wipes out Fees Altogether" in New Blavity.com article

HOUSTON, Jan. 6, 2022 /PRNewswire-PRWeb/ -- Sam Golden's recent article in Blavity magazine (https://blavity.com/for-most-americans-getting-rid-of-burdensome-bank-fees-would-be-a-welcome-relief?category1=opinion) explains the problem with bank fees and how membership-driven bank Fair is offering solutions for underserved communities that usually pay excessive fees or even get completely pushed out of traditional banking services.

Golden also explains how mission-driven neobanks like Fair are working to make real change for the better. In his Blavity article, he writes, "Imagine for a minute if banks developed a fairer business model that wiped out fees altogether. This is far from impossible. In fact, I'm proud to be associated with a financial institution that has done just that. Launched this year, Fair is a neobank that offers a new model for handling personal banking: a transparent membership that pays for itself many times over. This membership model can save consumers thousands of dollars in fees, money that millions of them need just to make ends meet."

Samuel Golden is an independent member of the Fair Fintech, Inc., Board of Directors and served as Ombudsman at the Office of the Comptroller of the Currency from 1992 to 2008.

"Sam Golden really hits the nail on the head in his new Blavity article," states Fair neobank Founder & CEO Khalid Parekh. "He points out that Americans pay over a billion dollars a month in overdraft fees, a massive amount of money that could instead be going to pay for their necessities of life during this tough time. In response, Fair is proud to be offering a membership model that can save Americans thousands of dollars over many decades."

Parekh also lists additional ways that Fair is designed to help lift up underserved populations by offering:

• A new wealth-building investment feature that can return annual dividends of up to 4%
• Transparent membership with no overdraft fees, no balance minimums and no additional fees at a network of over 55,000 ATMs
• International money transfers for members with no additional fees
• Debit cards for children included with membership

"The brainchild of Founder & CEO Khalid Parekh, Fair's business model was created to help ease the confounding banking challenges that Parekh faced when he emigrated to the U.S. over 20 years ago as well as to meet traditional halal requirements. You see, in halal banking, an account must not charge or earn interest. So instead, Fair pays dividends to members, a form of profit-sharing based on assets generated from the investment of their pooled funds," writes Golden in Blavity.

Mr. Golden earned a bachelor's degree in business administration, with concentrations in banking and finance, from the University of North Texas. He earned a certificate from the Graduate School of Banking of the South at Louisiana State University. He is a frequent speaker on banking, bank supervision and regulatory issues at industry conferences, trade associations meetings and outreach sessions.

Membership enrollment is available at bankwithfair.com, and the Fair mobile app can be downloaded in the Apple App Store and Google Play Store. Fair membership can be completed with a social security number or a government-issued ID, such as a valid passport or driver's license. Memberships are $69 a year or $6.99 a month. Fair is also offering lifetime membership for a one-time fee of $99 until December 31, 2021.

ABOUT FAIR
Fair is an ethical, socially responsible neobank and digital financial services platform. Fair offers halal-certified, membership-based services to eliminate surprise fees that can prevent financial freedom and savings opportunities. Dedicated to values that place people over profit, Fair practices socially responsible investing (SRI), environmental, social, and corporate governance (ESG) investing and is halal-certified through AAOIFI. Fair donates 2.5% of its profits to global refugee causes and racial economic empowerment initiatives. Fair banking services are provided by Coastal Community Bank, member FDIC.
Investment and retirement services will be provided by Fair Invest, LLC.

Terms and conditions apply and can be found at bankwithfair.com. Connect with @bankwithfair on Facebook, Twitter, Instagram and LinkedIn.

Disclaimers:
Investment and lending products are provided by Fair Invest, LLC, a registered investment advisory firm with the Securities and Exchange Commission. Custodial and brokerage services are provided by Apex Clearing Corporation, a member of the New York Stock Exchange (https://www.nyse.com/), FINRA (https://www.finra.org/), and SIPC (http://www.sipc.org/).

Please note that these products are:

Protected by SIPC insurance for Fair Invest, LLC accounts on APEX Platform, not insured by FDIC insurance. SIPC insurance covers customer claims up to $500,000, with a maximum of $250,000 for cash claims. For details, see http://www.sipc.org

Media Contact

Peter Schwartz, Fair, 520-609-2921, [email protected]

SOURCE Fair