BankMobile is a mobile-first bank that offers checking accounts with no monthly fees and no minimum balance
BankMobile is an online bank operated by Megalith Bank, a federally chartered bank. It offers checking accounts designed primarily for students and people who prefer to bank entirely through a mobile app or website rather than visiting a physical branch. There are no monthly maintenance fees, no minimum opening deposit, and no minimum balance requirement to keep the account open.
The bank is FDIC-insured, meaning deposits up to $250,000 are protected by federal insurance. BankMobile does not have physical branches — all banking happens through the mobile app, website, or customer service phone line. This is why it can offer checking accounts with lower costs than traditional banks.
BankMobile also operates a payroll card program for employers and educational institutions. If your school or employer uses BankMobile for payroll, you may receive a card and account automatically, though you can also open a personal checking account separately.
Key Takeaways
- BankMobile checking accounts have no monthly fees, no minimum balance, and no opening deposit requirement.
- The bank operates only online and through mobile apps — there are no physical branches to visit.
- Deposits are FDIC-insured up to $250,000, the same protection offered by traditional banks.
- You can receive a BankMobile card through an employer or school payroll program, or open a personal checking account on your own.
- The account includes a debit card, online bill pay, and mobile check deposit, but does not pay interest on checking balances.
How to open a BankMobile checking account
You can open an account through the BankMobile website or mobile app in about 10 minutes. You will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit method — either a debit card, bank account, or wire transfer. You do not need a minimum amount to open the account, though you will need to fund it to use it.
During signup, you choose a username and password, set up security questions, and agree to the account terms. BankMobile will verify your identity using information from your ID and Social Security number. Once approved, you can use the account immediately for transfers and bill pay. Your debit card ships to your address and typically arrives within 5 to 7 business days.
If you already have a BankMobile card through your employer or school, you can link that card to a personal checking account or create a new one. Contact BankMobile customer service if you are unsure whether you already have an account.
What you can do with a BankMobile checking account
BankMobile checking accounts include a debit card for purchases and ATM withdrawals, online bill pay to send money to businesses or individuals, and mobile check deposit so you can photograph checks and deposit them through the app. You can also transfer money to and from other banks using ACH transfers (which take 1 to 3 business days) or wire transfers (which are faster but may have a fee).
The account does not pay interest on your balance. If you are looking for a checking account that earns interest, BankMobile is not the right choice — most online banks that offer interest-bearing checking require a higher minimum balance or have other conditions.
You can set up direct deposit for paychecks or government payments. BankMobile provides your routing number and account number through the app, which you can give to your employer or benefits administrator.
ATM access and fees
BankMobile does not operate its own ATM network. Instead, it reimburses you for out-of-network ATM fees charged by other banks. If you withdraw cash at an ATM that is not part of the BankMobile network, the other bank may charge a fee — typically $2 to $3 — and BankMobile will refund that fee to your account within one business day.
To avoid fees entirely, you can withdraw cash at a bank branch or ATM that is part of the Allpoint network, which has over 55,000 ATMs worldwide and does not charge fees for BankMobile customers. You can find Allpoint ATMs through the BankMobile app.
Some retailers also offer cash back at checkout when you use your debit card, which is free and does not require an ATM visit.
Payroll cards through employers and schools
If your employer or school uses BankMobile for payroll, you may receive a BankMobile card automatically. This card functions as a checking account — your paycheck deposits directly to it, and you can use it to spend, transfer, or withdraw money. You do not have to open a separate personal account unless you want one.
Payroll cards through BankMobile typically have no monthly fees, though some employers or schools may charge a small fee depending on their contract with BankMobile. Check with your payroll or financial aid office to confirm whether there are any fees attached to your card.
If you receive a payroll card but want to move your money to a different bank, you can transfer it out using ACH or by withdrawing cash. There is no penalty for closing the account or moving your money elsewhere.
Security and customer service
BankMobile uses encryption and multi-factor authentication to protect your account. You can set up a PIN for your debit card, enable alerts for transactions, and freeze or unfreeze your card through the app if it is lost or stolen.
Customer service is available by phone, email, and through the mobile app. BankMobile does not have live chat, but phone support is available during business hours. Response times for email inquiries typically range from a few hours to one business day.
If you dispute a transaction or believe your account has been compromised, you can report it through the app or by calling customer service. BankMobile follows federal rules for fraud liability, which means you are not responsible for unauthorized transactions if you report them promptly.
Comparing BankMobile to other online checking accounts
BankMobile is one of several online banks offering no-fee checking accounts. Other options include Chime, LendingClub, and Charles Schwab Bank. The main differences are in features like early direct deposit (some banks deposit paychecks up to two days early), interest-bearing savings accounts, and customer service availability.
If you are a student or prefer a simple account with no fees and no minimum balance, BankMobile works well. If you want interest on your savings, need early direct deposit, or prefer phone support during extended hours, you may want to compare other banks first.
The best choice depends on what you use your checking account for — everyday spending, receiving paychecks, or both — and whether you need additional features like savings accounts or investment options.
Frequently Asked Questions
Can I use my BankMobile card at any ATM?
You can use your card at any ATM, but you will be charged a fee by ATMs outside the Allpoint network. BankMobile refunds those fees within one business day. To avoid fees, use an Allpoint ATM or withdraw cash at a retail checkout.
Does BankMobile offer savings accounts or other products?
BankMobile primarily offers checking accounts and payroll cards. It does not currently offer savings accounts, money market accounts, or credit products. If you need a savings account, you would need to open one at a different bank.
What happens if I close my BankMobile account?
You can close your account through the app or by calling customer service. Make sure you have withdrawn or transferred all your money first. There is no penalty or fee for closing the account.
Is my money safe in a BankMobile account?
Yes. BankMobile is FDIC-insured, which means deposits up to $250,000 are protected by federal insurance. Your money is as safe as it would be in a traditional bank.
Can I receive government payments like tax refunds or stimulus checks to my BankMobile account?
Yes. You can set up direct deposit for tax refunds, stimulus payments, Social Security, or other government benefits by providing your BankMobile routing number and account number to the government agency. Direct deposit typically takes 1 to 3 business days.