• Dec. 8, 2016, 9:51 pm

Ingo Money unveils new app

A series of announcements has Ingo Money positioned to grab increased market share in the increasingly competitive money transfer industry.

The new Ingo Money App provides comes with several unique features. A check splitting option allows users to cash a check and then allot portions of the amount to different accounts. The funds can also be directly deposited into a PayPal account or used to pay down a credit card balance. Checks valued up to $5,000 are eligible for the splitting option. A fee is charged.

In an era where technology is improving every aspect of life, sectors of finance are remarkably behind the curve. Close to 73 million Americans regularly receive paper paychecks while another 40 million often receive other funds by paper check.

Checks submitted to the Ingo Money app are processed, cashed and funded by national entity First Century Bank. Funds transfer is both immediate and guaranteed.

Ingo Money CEO Drew Edwards

Ingo Money CEO Drew Edwards

Ingo Money CEO Drew Edwards said the app will benefit people who are financially struggling.

“More than 138 million Americans struggle to make ends meet, and check deposit delays and reversals wreak havoc on their finances. The new features and funding options in the Ingo Money App make it even easier for them to unlock funds safely and quickly and meet their financial obligations without the fear of bounced checks.”

“We have now replicated on a mobile device the immediate and reliable access to check funds that have traditionally required consumers to visit a retail bank location or check cashing outlet, and we continue to add services that enable them to move their money any place they need it.”

More than $20 trillion worth of paper checks are issued each year and many of those funds are not accessible for as long as five days. NSF, overdraft and other fees cost Americans $30 billion each year.

Checks submitted to the Ingo Money app are processed, cashed and funded by national entity First Century Bank. Funds transfer is both immediate and guaranteed.

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