Bank Mobile is a financial technology company that holds and moves money for people who don't have a traditional bank account
Bank Mobile is a digital banking platform owned by Megalith Financial Technology. It offers checking accounts, savings accounts, and payment services entirely through a mobile app or online portal — there are no physical branches. The company partners with banks like Customers Bank to hold your actual deposits, which means your money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
Bank Mobile targets people who find traditional banks inconvenient or who have been turned away by them. The platform charges no monthly fees, requires no minimum balance, and does not perform a hard credit check to open an account. You can deposit checks by taking a photo with your phone, receive direct deposits, send money to other people, and pay bills — all without visiting a branch or talking to a person unless you choose to.
The company also runs a separate service called BankMobile for Students, which handles refunds and financial aid disbursement for college students at partner schools. That is a different product from the consumer checking account.
Key Takeaways
- Bank Mobile is a mobile-first bank with no physical locations; your deposits are FDIC-insured through a partner bank.
- There are no monthly maintenance fees, no minimum balance requirements, and no credit check to open an account.
- You can deposit checks by photo, receive direct deposits, send money peer-to-peer, and pay bills through the app.
- Bank Mobile is separate from BankMobile for Students, which is used by colleges to disburse financial aid and refunds.
- The company makes money from interchange fees on debit card transactions, not from account fees charged to you.
How to open and fund a Bank Mobile account
Opening an account takes about five minutes. You download the Bank Mobile app, provide your name, date of birth, Social Security number, and address, and create a PIN. The company verifies your identity using information from credit bureaus and public records — this is a soft inquiry and does not affect your credit score. You do not need a minimum deposit to start.
Once your account is open, you can fund it in several ways. Direct deposit is the fastest and most common method — you give your employer or benefit provider your Bank Mobile routing number and account number, and money lands in your account on payday. You can also deposit checks by photographing the front and back with your phone, transfer money from another bank account using ACH, or add money at certain retail locations if you have a Bank Mobile debit card.
Withdrawals work the same way in reverse. You can use your debit card at any ATM that accepts Mastercard (though some ATMs charge a fee), transfer money to another bank account, or request a check. Bank Mobile does not charge you for these transactions, but your ATM operator or receiving bank might.
What Bank Mobile charges and what it does not
Bank Mobile charges no monthly account fee, no overdraft fee, and no minimum balance fee. There is no fee to open an account, close an account, or transfer money between your own accounts. You will not be charged for incoming or outgoing ACH transfers, check deposits, or direct deposits.
The company does charge a fee if you use an out-of-network ATM — typically $2.50 per withdrawal, though the ATM operator may charge an additional fee. Bank Mobile reimburses some of these fees if you maintain a direct deposit of at least $500 per month, but the reimbursement policy changes periodically, so check the current terms in the app.
Bank Mobile makes its money from interchange fees — the small percentage that Mastercard pays the bank each time you swipe your debit card. This is why the company can afford to charge you nothing. If you never use your debit card, Bank Mobile still makes money from your account through other means, but your account costs you nothing either way.
How Bank Mobile handles fraud and disputes
If someone uses your debit card or account number without permission, you are protected by federal law. You must report the fraud to Bank Mobile within 60 days of the unauthorized transaction appearing on your statement. The sooner you report it, the better — if you report within two business days, your liability is capped at $50. If you wait longer, you could be liable for up to $500.
Bank Mobile investigates the claim and typically reverses the transaction while the investigation is underway. The process usually takes 10 business days, though complex cases can take longer. You can report fraud through the app, by phone, or by email. Keep records of all communication with Bank Mobile during the investigation.
If a merchant charged you twice for the same purchase, or charged you for something you returned, that is a chargeback rather than fraud. Report it to Bank Mobile with your receipt or return confirmation, and the bank will contact the merchant on your behalf. Chargebacks take longer than fraud reversals — typically 30 to 90 days — because the merchant has the right to dispute the claim.
Bank Mobile versus traditional banks and other digital banks
Bank Mobile differs from traditional banks in speed and convenience. You do not need to visit a branch, wait in line, or speak to a person unless you want to. Account opening is instant, and most transactions settle within one business day. Traditional banks offer the same FDIC protection and similar transaction types, but they charge monthly fees (often $10 to $15), require minimum balances, and may deny you an account if you have a history of overdrafts or unpaid fees.
Bank Mobile competes with other digital banks like Chime, Varo, and LendingClub. All of these charge no monthly fees and operate primarily through apps. The main differences are in features: some offer early direct deposit (getting paid one or two days before payday), others offer savings tools or credit-building products, and some have physical card pickup locations. Bank Mobile focuses on simplicity and low cost rather than extra features.
If you need a credit card, a loan, or investment accounts, Bank Mobile does not offer those. You would need to use a separate provider or a traditional bank. Bank Mobile is a checking and savings account platform, not a full-service bank.
Who Bank Mobile works well for
Bank Mobile works well for people who receive regular direct deposits and want to avoid monthly fees. If you get paid by an employer or receive government benefits like Social Security or unemployment, direct deposit is free and instant. You save money compared to a traditional bank if you would otherwise pay $10 to $15 per month in maintenance fees.
Bank Mobile also works for people who have been denied accounts at traditional banks. The company does not use ChexSystems (the banking industry's checking account history database) to screen applicants, so a history of overdrafts or closed accounts does not automatically disqualify you. You still need a valid Social Security number and a clean identity verification, but the bar is lower.
Bank Mobile is less useful if you need to deposit cash frequently, prefer in-person banking, or want credit products. There is no way to deposit cash directly into a Bank Mobile account — you would need to buy a money order or transfer from another account. If you need a loan or credit card, you will have to go elsewhere.
How Bank Mobile handles customer service and disputes
Bank Mobile offers customer support through the app, email, and phone. Response times vary depending on the channel and the time of day. The app includes a chat feature that connects you to a representative during business hours. Phone support is available Monday through Friday, 8 a.m. to 8 p.m. Eastern time, and Saturday 9 a.m. to 5 p.m. Eastern time. Email responses typically take 24 to 48 hours.
If you have a complaint about Bank Mobile that customer service cannot resolve, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) online at consumerfinance.gov. The CFPB forwards your complaint to Bank Mobile, which has 15 days to respond. This is a free process and does not require a lawyer.
Frequently Asked Questions
Is my money safe in Bank Mobile?
Yes. Bank Mobile holds your deposits at Customers Bank, which is FDIC-insured. Your money is protected up to $250,000 per account category (checking, savings, etc.). Bank Mobile itself is not a bank, so it does not hold your money directly, but the partner bank is regulated and insured the same way a traditional bank is.
Can I use Bank Mobile if I do not have a Social Security number?
No. Bank Mobile requires a valid Social Security number and a U.S. address to open an account. If you are not a U.S. citizen or do not have a Social Security number, you will not be able to use the service. Some credit unions and community banks offer accounts to people without Social Security numbers, but Bank Mobile does not.
What happens if I overdraw my account?
Bank Mobile does not charge overdraft fees, but it also does not allow overdrafts. If you try to spend more than you have, the transaction will be declined. You will not go negative, and you will not be charged a fee. This is different from traditional banks, which often charge $30 to $35 per overdraft.
Can I get a debit card with Bank Mobile?
Yes. Bank Mobile issues a Mastercard debit card linked to your checking account. You can use it at any merchant that accepts Mastercard, and you can withdraw cash at ATMs. The card is free, and there is no annual fee. Replacement cards cost $5 if you lose or damage yours.
How long does it take to transfer money out of Bank Mobile?
ACH transfers to another bank account typically take one to three business days. If you initiate a transfer on a Friday evening, it will not process until Monday. Transfers to accounts at the same bank (Customers Bank) may be instant. Debit card withdrawals at ATMs are instant, but the ATM may charge a fee.