Majority Review

  • 30-day free trial
  • Get paid early
  • FDIC insured
  • Discounts
  • Freephone calls
  • Multilanguage live support

Majority is marketed as an all-in-one mobile banking account for migrants. In this Majority review, we’re having a look at all the ins and outs. We’ll also tell you how this challenger bank fares compared to other digital banks on the market.

But first, here’s our short verdict:

You don’t have to be a migrant to take advantage of this mobile account. No-fee transactions, 55k+ free ATMs, no overdraft fees, and the ability to get paid early are all features of an excellent digital bank account. 

About Majority.com

Majority is “the first-ever financial membership built by migrants, for migrants.” Founded by Swedes that know how difficult it is to be a migrant in America, this young fintech startup will make waves in the immigrant community. 

Although the company was founded only in 2019, it already offers some excellent benefits to its customers in their simple checking account. 

Why is Majority so special?

This digital company is offering an all-in-one account that serves your banking and, surprisingly, telecommunication needs in the form of in-app phone calls to cell phones and landlines in 35+ countries.

Majority’s monthly membership fee is only $5, and you get a Visa debit card for that with local discounts, no minimum balance or deposit requirements, no overdraft or foreign transaction fees, and free international money transfers (that are somewhat limited).

Who can open a Majority account?

Majority is required by law to collect the following from its customers when opening an account:

  • Name
  • US Address
  • Date of birth
  • SSN or ITIN

That means that if you meet the above requirements, you can open an account with Majority. 

How to open a Majority account?

To open a Majority bank account, tap or click ‘Get Started’ on the majority.com website and enter your mobile phone number. Now enter the code that was sent to you and enter your email address. Download the app.

Answer a few basic questions such as: 

  • Which country do you send money to the most?
  • Which country do you call the most?
  • Which state do you live in?

After that, tap ‘Start for free’ and confirm your email address. Create a 4-digit passcode and allow biometric ID. 

How to add funds to your Majority account?

You can add funds to your Majority account by:

  • Linking another bank account to make a bank deposit
  • Depositing cash at any major retailer
  • Using another card to make a card deposit

To deposit money for free to your Majority account by connecting an external bank account, use the following steps:

  1. In ‘Wallet’, tap on ‘Add money’
  2. Select ‘Bank deposit’
  3. Tap on ‘Add bank’ to connect your bank account. If you have already connected a bank account, then you can select that one or connect a new account
  4. Follow the in-app instructions to enter your bank account details
  5. Select the account you want to transfer money from
  6. Select the amount you wish to add to your account and tap on ‘Add money’
  7. The delivery time will be shown in your app before you confirm the transfer

If your bank isn’t listed, then bank deposits are not yet available from your bank account to Majority.

All cash deposits at Majority’s retail partners (Walgreens, Family Dollar, Ace cash express, 7-eleven, Dollar General) incur fees. Still, if you deposit over $300 in one go, you’ll get an automatic fee refund from Majority. 

Pros and cons

Pros

  • Dedicated customer support in your language
  • Unlimited, free calls to Mexico, Canada, and 20+ more
  • 55k+ no-fee ATMs
  • No foreign transaction fees
  • Get paid early

Cons

  • Maximum balance allowed is $10,000
  • Very limited money transfers

Fees

  • $5 monthly membership
  • No minimum balance
  • No minimum deposit
  • No overdraft fees
  • No hidden fees
  • No remittance fees
  • No mobile top-up fees

If you want to have the $5 fee waived, deposit $500 into your MAJORITY Account in a month, and have your subscription fee waived in the next month. All deposits must be made via direct deposit or ACH transfer, though.

Majority debit card

Majority gives you a Visa debit card that is issued by their partner Sutton Bank. You can either get it by applying for the Majority membership or going to their meetup place in Texas or Florida, where their advisor can help you fill out the app registration and provide and activate the card straightaway. 

Their debit card is actually perfect because it has no foreign transaction fees for online or in-store shopping. That makes it great for traveling abroad. After all, the company is aiming this account at migrants.

You also get to withdraw money for free from one of 55,000+ ATMs and take advantage of exclusive local discounts at restaurants, merchants, grocery stores, and even professional services. 

There are also no overdraft fees that are usually around whopping $35 at big banks. 

The Visa card has all the necessary safety features that allow you to lock/unlock your card from the app, instant transaction notifications, and others. 

Money transfers

Majority’s money transfers are free, but they are EXTREMELY limited at the moment. For instance, US money transfers are available only in Texas and Georgia, and international ones only to 5 African countries (Cameroon, Ethiopia, Ghana, Kenya, and Nigeria) and Mexico.  

If you’re sending money to one of these countries, you will have no transfer fees, competitive exchange rates, and fast remittance times. 

International calling

One thing that Majority is offering that no other major digital bank is offering is phone calls directly from the app. This was made possible because their Majority’s sister company is Swedish telecom called Rebtel.

Majority offers free and unlimited calls to mobile and landline to 20+ countries, including the United States, Spain, Singapore, Denmark, Australia, Mexico, France, Japan, Guam, Canada, Germany, Malaysia, Greece, Colombia, Iceland, South Korea, Romania, Puerto Rico, Mongolia, Netherlands, Austria, United Kingdom, Ireland, Sweden, and New Zealand.

Calls to other countries have competitive call rates. There’s no need for an internet connection to make phone calls. 

In-app international phone calls are a great thing to have, but in this day and age, you can make free VIDEO calls over a free wi-fi connection anywhere in the world through, What’s App, Viber, Facebook Messenger, and other apps.  

Mobile top-ups

You can also send mobile top-ups to 35+ countries with the Majority app. They are instant and are without fees. The recipient doesn’t have to have an internet connection to get them, and they can simply be used through their usual phone providers. 

Personalized advisors

Majority is offering dedicated customer support to users in their own language. The company says that most of their personalized advisors are also migrants themselves, so they have personal knowledge of how difficult it can be to build a financial foundation in a new country. 

How is Majority regulated?

Majority USA, LLC is a Delaware limited liability company. Majority is not a bank, and its financial services are provided by Sutton Bank, a member of the Federal Deposit Insurance Corporation.

Sutton Bank is also the issuer of the Majority Prepaid Visa Card. 

Is my money safe with Majority?

The deposits in your Majority account are insured up to $250,000 through their partner, Sutton Bank, Member FDIC.

Who owns Majority.com

Majority was founded in 2019 by Johan Dahlqvist, Johan Granlund, and Magnus Larsson. Its headquarters are in Houston, Texas.

The company raised more than $19 million from just one round of funding in June 2021.

It has 3 investors that include Valar Ventures (Peter Thiel), Heartcore Capital, and Avid Ventures. 

Customer service

You can call them at +1 (855) 553-3388 (available Monday through Friday 9:00 AM – 5:00 PM CDT and Saturdays 11:00 AM – 4:00 PM CDT), email them at support@majority.com, or go to their meetup place at 9801 V Bissonnet Street, Houston, Texas.

Competitors

Revolut

revolut

With more than 15 million users worldwide, Revolut is one of the biggest digital banks in the world. It also has much more features such as multi-currency account, instant international money transfers, crypto, commodities, and stock investing, to name a few. 

Chime 

chime bank

Chime Bank is best for those looking for a simple, completely mobile, low-maintenance bank account. Chime Bank’s features include: get paid early, online banking, fee-free overdraft, no hidden fees, mobile banking, automatic savings, mobile payments, security, and control.

MoneyLion 

moneylion

MoneyLion will appeal to a range of potential customers, especially those familiar with the neo banking scene. If you’re interested in trying a new service that offers saving, borrowing, and investing in one place, MoneyLion might be a good choice.

Varo

varo money

Varo bank account has no fees and is therefore great for everyday banking, spending, and traveling at home and abroad. It offers an excellent savings account, early payday, and more for $0. 

OnJuno

onjuno

OnJuno is marketed explicitly towards immigrants and international professionals. Opening an OnJuno account doesn’t affect your credit score, it can be done fast with only your SSN and passport without visiting a branch, and you can deposit your first paycheck remotely from your phone.

The bottom line

Migrants will certainly love the features that Majority is offering. We really dislike the limited remittance capabilities that Majority is offering and we hope that the handful of countries get expanded very soon. 

Other than that, all the features look great and the fact that there are no fees outside the $5 monthly membership is a very big plus that everyone can make use of, not just migrants.