Unlock quick cash with Empower Cash—instant advances with minimal effort. Fast, hassle-free financial access at your fingertips when you need it most.
What is Empower Cash?
Empower is a cutting-edge financial technology company that is not classified as a bank.
Banking services are provided by NBKC Bank, a proud Member of FDIC.
Additionally, Empower Thrive services are offered by FinWise Bank, which is also a Member of FDIC.
By partnering with these reputable institutions, Empower ensures secure and reliable financial solutions for its users.
How does Empower Cash work?
Trial Offer: Highlight that Empower Cash offers a generous 14-day free trial exclusively for first-time customers.
Providing them with an excellent opportunity to thoroughly explore and experience all the features and benefits of the platform at no cost.
This trial period allows new users to fully understand how Empower Cash can enhance their financial management and make informed decisions before committing to a subscription.
Subscription Fee: Emphasize that once the 14-day trial period concludes, Empower Cash automatically transitions to a monthly subscription model, charging a recurring fee of $8 per month. This fee is billed regularly, ensuring continued access to all of Empower’s features and services. Users will be billed automatically each month unless they decide to cancel their subscription before the end of the trial period.
Cancellation Policy for New Users: Clarify that if new users decide they do not wish to continue with the subscription after the trial period, they must ensure to cancel their subscription before the trial ends. Failure to cancel before the end of the trial period will result in the automatic application of the monthly subscription fee. It is important for users to take action within the trial period to avoid incurring any charges.
Returning Customers: Mention that for returning customers, the $8 subscription fee is charged immediately upon resubscribing, and they do not receive a trial period. This means that as soon as they choose to reactivate their subscription, they will be billed the monthly fee right away. It’s important for returning users to be aware that there is no opportunity for a free trial upon resubscribing.
Easy Cancellation Process: Describe the straightforward and hassle-free cancellation process, which allows users to easily manage their subscription preferences. To cancel, users can simply navigate to the “Billing” section within the mobile app, where they will find clear instructions for terminating their subscription. Alternatively, they can reach out to customer support directly by emailing help@empower.me for assistance. This process ensures that users have a convenient and efficient way to cancel their subscription if needed, without any unnecessary complications.
Empower’s Commitment: Highlight Empower’s unwavering commitment to delivering flexible financial solutions and transparent service. Empower Cash is dedicated to ensuring that users have the ability to manage their subscriptions in a way that aligns with their individual needs and preferences. This commitment means providing clear information and flexible options, so users can easily adjust or cancel their subscriptions as required while benefiting from Empower’s comprehensive financial tools and support.
Customer Satisfaction: Emphasize Empower’s strong dedication to customer satisfaction and financial empowerment. Empower Cash is committed to providing exceptional service and support, ensuring that every user has the tools and resources needed to achieve their financial goals. This dedication extends to actively listening to customer feedback, continuously improving their offerings, and providing reliable solutions that empower users to take control of their financial future.
What Are the Eligibility Criteria and How Do They Work?
Not everyone will be eligible for a Cash Advance offer, as eligibility is determined by specific criteria set by Empower. The available offer amounts can vary widely, ranging from $10 to $300, depending on how well the applicant meets Empower’s eligibility requirements. As of March 31, 2024, the average amount offered is approximately $145. It’s important to note that instant delivery of the cash advance is an optional feature, and additional fees may apply for this service. For detailed information regarding the fees associated with instant delivery, please refer to Empower’s Terms and Conditions.
Subject to Credit Approval: Access to the Thrive line of credit requires an Empower membership of $8 per month. Customers who open a Thrive line of credit will not be eligible for a Cash Advance while the line of credit account is open.
Credit Reporting: We report your payments to the credit bureaus. Failure to make your monthly minimum payments by the due date each month may result in negative reporting to the credit bureaus, potentially harming your credit score.
Soft Inquiry: If you apply for a Thrive line of credit, we perform a soft inquiry on your credit report, which does not impact your credit score.
Instant Delivery Fees: Instant delivery is an optional feature, and fees may apply.
When you enroll in Automatic Savings, you will need to open a deposit account in your name through nbkc bank, a Member FDIC. All funds you hold with nbkc bank, including those in your Empower accounts, are aggregated and insured up to $250,000 per depositor through nbkc bank. nbkc bank employs a deposit network service, which means that, at any given time, your funds may be placed in and held at various other depository institutions insured by the Federal Deposit Insurance Corporation (FDIC).
For a complete list of these participating depository institutions, please visit this link. Funds transferred to network banks become eligible for FDIC insurance once they arrive at these institutions. To understand more about the pass-through deposit insurance that applies to your account, please review the Account Documentation. Additional details about FDIC insurance can be found on the FDIC website.