IRVING, Texas , May 24, 2021 /PRNewswire/ -- For many, student loans are a burden that prevent one's ability to start down a path to financial success. According to the Institute for College Access and Success , about 62 percent of college graduates in 2019 had student loan debt and these borrowers owed an average of $28,950 . Launched today, the "Porte Pays Off Your Student Debt" Sweepstakes is ready to help change someone's life, getting them one step closer to financial freedom.
The "Porte Pays Off Your Student Debt" Sweepstakes is now open to any legal resident of the fifty (50) United States and the District of Columbia , age 18 or older, with at least $2,500 in U.S. federal student loan debt. The grand prize is $28,950 , with runner-up and third-place prizes of $5,000 and $2,500 , respectively. Prize money will be awarded to each winner's Porte account. Odds of winning depend on the number of eligible entrants. A winner who does not have a Porte account will have five days from notification to open a Porte account or else will forfeit the prize. Porte members who enter, sign up for direct deposit, and receive a deposit to their Porte spending account within 30 days of the end of the promotion period will receive an additional 10 entries. Entries close at 11:59 PM CT on June 14, 2021 . For a complete description of sweepstakes rules, go to www.portebanking.com/sweepstakes
"It's well reported that most college graduates leave campus not only with a diploma, but also an overwhelming amount of student loan debt," said Melanie Few , Populus Financial Group Chief Marketing Officer. "That debt limits young professionals from starting a course toward achieving their financial goals, whether it be buying a car, a home, or saving for life's unexpected challenges. At Porte, we truly understand that and have developed a solution that provides insight, expertise and tools for members to manage their finances and make smart financial decisions."
Launched in 2020 by Populus Financial Group , Inc. with banking services provided by MetaBank®, Porte is a mobile banking solution that provides tools and technology to put members on a path to financial freedom. Representing a modern approach to banking, Porte provides members with real-world insights into their financial challenges and resources to help guide them as they make financial decisions.
Based on feedback from consumers, Porte was designed to deliver key benefits and features in a premium package. Among the many benefits associated with Porte, consumers can earn up to 3.00% Annual Percentage Yield on savings account balances, 3 which is about 40x the national average. 4 Porte members can also enjoy having to pay no monthly maintenance fees 5 and no ATM fees at MoneyPass® ATMs that are located across the United States . 6 Through Porte's Giving Program, #DoorToChange, members shop with a purpose. With every purchase made with the Porte card, a donation is made, at no cost to the member, to the Porte charity partner selected in the Porte mobile app. 7 Added benefits include early access to paychecks up to two days faster 8 when enrolled in direct deposit, an optional overdraft service, 9 and cashback rewards at participating retailers. 10
To enter, simply visit www.portebanking.com/sweepstakes Those who enter with the same email address as their Porte spending account, sign up for direct deposit, and receive a deposit to their account within 30 days of the promotion period will automatically receive 10 additional entries. To receive 10 additional entries without having a Porte spending account or qualifying direct deposit, click here , complete the request form in its entirety and print out and affix the bar code to a post with first class postage to: Porte Pays Off Your Student Dept Sweepstakes, 3030 LBJ Freeway, Suite 300, Dallas TX 75234. Limit to eleven (11) total entries per person. No purchase necessary to participate or win, see complete description of sweepstakes rules at www.portebanking.com/offical-rules/ . Void where prohibited.
Porte is a deposit account established with MetaBank ® , National Association, Member FDIC. To start your path towards financial freedom, download the Porte app in the App Store or Google Play. For more information on Porte, visit www.portebanking.com .
About Porte
Porte is a mobile banking solution committed to helping its members navigate a path toward financial freedom. Part of Populus Financial Group, Porte does not have costly physical locations, allowing it to reduce fees typically charged by traditional banks and increase its charitable giving based on member activity. Visit PorteBanking.com for more information. Porte banking services provided by MetaBank ® .
About MetaBank ® , N.A.
MetaBank ® , N.A., a national bank, is a subsidiary of Meta Financial Group, Inc. ® (Nasdaq: CASH ), a South Dakota-based financial holding company. MetaBank, is a financial enablement company that works to increase financial availability, choice, and opportunity for all. MetaBank strives to remove barriers that traditional institutions put in the way of financial access, and promote economic mobility by providing responsible, secure, high quality financial products that contribute to individuals and communities at the core of the real economy. Additional information can be found by visiting www.metapay.com or www.metafinancialgroup.com .
1 NO PURCHASE NECESSARY TO PARTICIPATE OR WIN. Promotion begins May 17, 2021 at 9:00 AM Central Time ("CT"),and ends on June 14, 2021 at 11:59 PM CT . Open to legal residents of the 50 U.S. & D.C., 18+ with at least $2,500 in U.S. Federal student loan debt as of date of entry. Void where prohibited. Subject to full Official Rules at www.PorteBanking.com/Sweepstakes . Sponsor: Populus Financial Group, Inc., 300 E John Carpenter Fwy., Ste. 900, Irving, TX 75062. Visit www.PorteBanking.com/sweepstakes for full disclosure of sweepstakes rules
2 Must register & verify ID to open account. Terms, fees apply. Issued by MetaBank®, N.A., Member FDIC.
3 Visit Portebanking.com/disclaimers#savings for more information on Porte's Optional Savings Account.
4 The national rate is posted by the FDIC and are calculated based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. More details about the calculation may be found at: https://www.fdic.gov/regulations/resources/rates/#one. The national rate for savings accounts is reported by the FDIC as 0.07 % APY as of 04/01/2021. This data is verified on a quarterly basis.
5 Other fees may apply. See Deposit Account Agreement for details.
6 No ATM owner surcharge or ATM Cash Withdrawal Fees for domestic ATM withdrawals at MoneyPass® ATMs ("in-network ATMs"). Visit the Porte Mobile App for a list of in-network ATMs. All other ATMs may apply an owner's surcharge fee in addition to the ATM Cash Withdrawal Fee disclosed in your Deposit Account Agreement. Balance Inquiry Fees apply.
7 Visit Portebanking.com/disclaimers#door-to-change for more information on Porte's #DoorToChange program.
8 Based on comparison of our ACH processing policy vs. posting funds at settlement.
9 The Debit Card Overdraft Service is an optional service made available to eligible PORTE customers by MetaBank, National Association. Once you enroll and meet the eligibility requirements, you will be charged $20.00 for each transaction that overdraws your account by more than $10.00 , up to a maximum of five (5) fees per calendar month. To avoid that fee, you have twenty-four (24) hours from the time of the first transaction that creates the overdraft to bring your Account back to a zero ($0.00) or a positive balance. Transactions subject to an overdraft fee are signature and PIN purchase transactions and ATM transactions. ACH Debit transactions are not eligible for coverage. Any negative balance must be repaid within thirty (30) days. Whether we authorize an overdraft is discretionary, and we reserve the right not to pay. For example, we typically will not pay overdrafts if you fail to meet the eligibility requirements for this service or you attempt too many transactions or transactions that create too large of an overdraft. Call us at 1-800-267-7080 or log in to your Mobile App for additional terms and conditions that apply, including initial and ongoing eligibility requirements for the service. This service is expensive, so we encourage you to research alternatives before enrolling. Once enrolled, you may opt-out at any time; however, you are responsible to repay any overdrawn amounts on your account even if you opt-out of the service.
10 Visit Portebanking.com/disclaimers#porte-perks for more information on Porte Perks.
PORTE is a deposit account established by MetaBank®, National Association, Member FDIC. Certain products and services may be licensed under U.S. Patent Nos. 6,000,608 and 6,189,787.
View original content to download multimedia: http://www.prnewswire.com/news-releases/porte-launches-the-porte-pays-off-your-student-debt-sweepstakes1-301297831.html
SOURCE Porte