Open Bank's Checking Account Offering

Open Bank does offer checking accounts, marketed under the name Open Checking. The account is designed as a basic checking product with no monthly maintenance fees and no minimum balance requirement. Open Bank is an online-only bank, so you manage the account entirely through their website or mobile app — there are no physical branches.

Open Bank is a subsidiary of BM Technologies, a company that has operated banking services since 1995. The bank is FDIC-insured up to $250,000 per depositor, which means your money is protected by federal insurance if the bank fails. This is the same protection you get at any traditional bank.

Because Open Bank operates online only, the account setup process happens entirely digitally. You provide identification, verify your Social Security number, and link a funding source — usually an existing bank account or debit card — to move money in. The whole process typically takes 10 to 15 minutes.

Key Takeaways

  • Open Bank's checking account has no monthly fees and no minimum balance, making it a low-cost option for basic checking needs.
  • The account is managed entirely online through their website or app, with no physical branches to visit.
  • Your deposits are FDIC-insured up to $250,000, the same protection offered by traditional banks.
  • You can open an account in about 15 minutes using a computer or phone, and you need a valid ID and Social Security number.
  • Open Bank does not offer overdraft protection or ATM fee reimbursement, so you should understand these limits before opening.

What Features Come With Open Checking

Open Checking includes a debit card that arrives by mail within 7 to 10 business days after account approval. The card works at any merchant that accepts Mastercard. You also receive a routing number and account number, which you can use to set up direct deposit or automatic bill payments.

The account includes online bill pay at no charge, allowing you to schedule payments to companies or individuals directly from your account. You can view your transaction history online and download statements in PDF format. Mobile check deposit is available — you photograph the front and back of a check and submit it through the app, and the funds typically post within one to two business days.

Open Bank does not charge fees for common transactions like transfers, bill payments, or check deposits. However, the bank does not offer overdraft protection, meaning if you spend more than your balance, the transaction will be declined rather than covered. There is also no ATM fee reimbursement, so you pay whatever fee your ATM operator charges when you withdraw cash outside Open Bank's network.

ATM Access and Cash Withdrawal

Open Bank does not operate its own ATM network. Instead, you access cash through ATMs operated by other banks and networks. When you use an out-of-network ATM — one not owned by Open Bank — the ATM operator typically charges a fee, usually between $2 and $3 per withdrawal. Open Bank does not reimburse these fees.

To minimize ATM fees, look for ATMs operated by banks in the Allpoint network, MoneyPass, or other surcharge-free networks. Many grocery stores, pharmacies, and convenience stores have ATMs that do not charge fees. You can also withdraw cash back when you make a debit card purchase at a store, which costs nothing.

If ATM access is important to you, compare Open Bank against banks that offer fee reimbursement or have larger ATM networks. Some online banks reimburse out-of-network ATM fees, while others partner with credit unions or regional banks to provide surcharge-free ATM access.

How to Open an Account With Open Bank

Start by visiting Open Bank's website and clicking the button to open a new checking account. You will need to provide your full name, date of birth, address, phone number, and email address. Have your Social Security number ready — Open Bank will verify it as part of the identity check.

Next, you choose a username and password for your online account. Open Bank will ask you security questions based on your credit history to confirm your identity. This process usually takes a few minutes. Once you pass the identity verification, your account is created and you receive a confirmation email.

To fund the account, you link an existing bank account or debit card. Open Bank uses this to verify your identity by making two small deposits (usually under $1 each) to your existing account, which you then confirm in the Open Bank app. After confirmation, you can transfer money from your linked account into your new Open Checking account. Your debit card ships separately and arrives within 7 to 10 business days.

Fees and Costs You Should Know

Open Bank's checking account has no monthly maintenance fee, no minimum balance requirement, and no fee for basic transactions like transfers or bill payments. This makes it genuinely free to maintain, even if you never deposit money or keep a zero balance.

However, there are costs you should expect. Out-of-network ATM fees are charged by the ATM operator, not by Open Bank, but you will pay them. If you overdraft your account — spend more than your balance — the transaction will be declined, and you will not be charged an overdraft fee because the bank does not allow overdrafts. Some banks charge fees for things like wire transfers, rush card delivery, or paper statements; check Open Bank's current fee schedule on their website to confirm what applies to your situation.

If you receive a check that bounces or a transfer that fails, Open Bank may charge a returned-item fee. International wire transfers, if offered, typically cost $15 to $25. These are not everyday costs, but they are worth knowing about if you think you might need them.

Comparing Open Bank to Other Online Checking Options

Open Bank is one of several online banks offering no-fee checking. Chime, Ally Bank, and Charles Schwab Bank also offer checking accounts with no monthly fees. The main differences come down to ATM access, overdraft policies, and extra features.

Charles Schwab Bank reimburses all out-of-network ATM fees worldwide, which is a significant advantage if you travel or live far from ATMs. Chime offers early direct deposit, meaning your paycheck posts up to two days early if your employer supports it. Ally Bank has a large ATM network through Allpoint. Open Bank's main strength is simplicity — it is straightforward with no surprises, but it does not offer the extra perks these competitors do.

If you need overdraft protection, most online banks do not offer it, but some traditional banks and credit unions do. If you need extensive ATM access without fees, Charles Schwab or a bank with a large regional network may serve you better. If you just need a basic, free checking account with a debit card and bill pay, Open Bank works well.

What Happens After You Open Your Account

Once your account is open and funded, you can use it immediately for bill payments, transfers, and mobile check deposits. Your debit card arrives by mail within 7 to 10 business days. You can activate it through the app or website as soon as it arrives, and you can use it at any Mastercard-accepting merchant.

If you set up direct deposit, your employer's payroll system will need your routing number and account number, both of which appear in your Open Bank app. Direct deposit typically posts on your regular payday. If you are moving money from another bank, transfers between linked accounts usually take one to three business days, depending on the other bank's processing time.

Open Bank sends statements monthly via email. You can download them as PDFs or view your transaction history anytime in the app. If you have questions about your account, Open Bank offers customer support through email and phone during business hours, though response times vary.

Frequently Asked Questions

Can I use my Open Bank debit card internationally?

Yes, your Open Bank debit card works at merchants and ATMs outside the United States because it is a Mastercard. However, Mastercard charges a foreign transaction fee, usually 1% to 3% of the purchase amount. ATM withdrawals abroad also incur fees from both the ATM operator and Mastercard. Check Open Bank's website for their current foreign transaction fee before traveling.

What if I need to deposit cash into my Open Bank account?

Open Bank does not have physical branches, so you cannot walk in to deposit cash. You can deposit checks through mobile check deposit in the app. To deposit cash, you would need to transfer money from another account or use a service like MoneyGram or Western Union to move cash into your Open Bank account, though these services charge fees.

How long does it take to open an Open Bank checking account?

The account creation process takes about 10 to 15 minutes online. Identity verification is usually instant, though it can take up to 24 hours in some cases. Your debit card ships within one to two business days and arrives by mail in 7 to 10 business days. You can start using your account for transfers and bill pay before your card arrives.

Does Open Bank offer savings accounts or other products?

Open Bank primarily focuses on checking accounts. Some online banks operated by the same parent company offer savings accounts or money market accounts, but you should check Open Bank's current product lineup on their website to see what is available.

What happens if I close my Open Bank account?

You can close your account anytime through the app or by contacting customer support. Make sure you have withdrawn or transferred any remaining balance first. Once closed, your debit card stops working. There is no fee to close the account.