Hank looks at all monthly payments in relation to when you get paid and determines how much we should debit on a weekly, biweekly, monthly or semi-monthly basis in order to smooth out your cash flow and reduce debt more quickly.
Ranks multiple debts by highest
interest or ‘cost’ and calculates the most efficient way to pay the most expensive debts first.
When you sign up for Hank, we withdraw money from your account on a pre-agreed schedule (weekly, biweekly or monthly) and set it aside in an FDIC-insured account for you.
Hank learns when your bills and debt payments are due, and automatically uses the cash that has built up to make payments on your behalf, on the dates they are due. The more payments and debts you put on Hank to manage, the more you can count on the money left in your bank account being yours to spend because your major bills have been taken care of. No more check writing and calculating how much money you have to keep aside to pay next week’s bills.
We know everyone’s finances are unique. We all have different debts and different payrolls. Hank helps manage your cash flow for you. Whether you try Hank for one payment or all your payments, we recommend you contact us to find out what works best for you.
The Hank Payments™ Automated Payments Program (the “Hank Payments Program”, “Payments Program” or “Program”) is issued through Metropolitan Commercial Bank (“MCB”), member FDIC and is administered by Hank Payments Corp. The Program is marketed and distributed on a non-exclusive basis by Hank Payments Corp. (“Hank Payments”).
2. This benefit is not available to all customers. Eligibility is dependent on (1) your loan repayment schedule and repayment status, and (2) your lender.
The program is powered by Hank Payments. Your funds will be held at or transferred to Metropolitan Commercial Bank, an FDIC-insured institution. While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails if specific deposit insurance requirements are met. FDIC insurance does not protect your funds in the event of Hank Payments’ failure or from the risk of theft or fraud. Additional information about deposit insurance is available on the FDIC’s website at https://www.fdic.gov/resources/deposit-insurance.
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