HOLYOKE, Mass., May 20, 2020 /PRNewswire/ -- ZYNLO Bank (ZYNLO), a digital-only startup powered by PeoplesBank, has launched in Madison, Wisconsin. As a comprehensive digital bank offering, ZYNLO provides a wide range of online and mobile banking, P2P, and mobile pay service, as well as a 24/7 call center. It also offers security as all deposits are insured in full through FDIC and DIF. PeoplesBank is a mutually chartered bank, based in Holyoke, Massachusetts, that is known for its corporate values of innovation and environmental sustainability.
"Our assessments indicated that a digital bank offering, backed by the security of a community bank, would be an advantage to consumers in Madison," explained Tom Senecal, President and CEO of PeoplesBank. "We are also a bank that values environmental sustainability, having built three LEED-certified banking centers. Digital banking is probably the most environmentally friendly banking solution that we have been able to offer to date."
Mr. Senecal noted that several factors stood out that made Madison an ideal digital banking launch market, including its fast population growth and significant levels of higher education, as well as a large portion of its population in the 25- to 44-year-old category, which is theoretically predisposed to digital banking.
A fee-free account, ZYNLO features Zyng, a benefit that rounds up debit card purchases to the nearest dollar and deposits the difference into the customer's savings account. ZYNLO is also matching those roundups 100% for the first 100 days and then 10% after that for an added savings boost.
Another popular feature is the Early Pay feature, which gives customers access to their direct deposit funds up to two days in advance of deposit into their account. An alert feature is also offered on ZYNLO accounts that provide customers with daily balance information as well as upcoming scheduled payments notifications.
Free ATM transactions are also available at 55,000 Allpoint locations.
"We know that a digital bank is not for everyone," noted Mr. Senecal. "Yet, for those with busy lifestyles looking for a way to manage their finances with ease, we feel that ZYNLO is the answer. And, its digital efficiencies allow us to, in turn, offer additional customer benefits like Zyng and Early Pay."
ZYNLO is currently only offered to customers in Madison, Wisconsin and Anchorage, Alaska.
About: ZYNLO is a digital-only bank designed to make banking just a bit easier for all of us. While we may seem "Brand New", ZYNLO is actually backed by PeoplesBank, with over 135 years of experience in creating satisfied customers. We believe we offer the ideal combination of convenience, - with banking services available in the palm of your hand 24/7, and security - with all deposits 100% insured through our relationships with the FDIC and the DIF. Services provided by PeoplesBank, Holyoke, Massachusetts. More information can be found at ZYNLOBank.com.
About: PeoplesBank is a leader in innovation, corporate responsibility, environmental sustainability, and employee engagement. Our three LEED®-certified offices are environmentally friendly, and we have financed more than $188 million in wind, hydroelectric, and solar energy projects.
As the largest community bank in the market, we have a unique ability to help the communities we serve through volunteer efforts and millions of dollars in donations to charitable and civic causes. Our associates devote an average of 10,000 hours to volunteer work each year, and 48 of the bank's officers serve on the boards of directors and committees of 115 nonprofit organizations in the area.
PeoplesBank is a mutual bank and therefore responsible to our depositors, employees, and the community. This organizational structure allows us to focus on the long-term viability of the bank and the best interests of our customers. We currently have 20 banking centers located in Massachusetts and Connecticut.
GCAi for PeoplesBank
Darcy Young, 413-736-2245