BankMobile is a mobile-first bank that offers checking accounts without physical branches
BankMobile is an online bank owned by Megalith Financial Services that operates entirely through a mobile app and website — there are no physical bank branches to visit. The bank offers checking accounts designed around mobile banking, with features like mobile check deposit, peer-to-peer transfers, and no monthly maintenance fees on most accounts. You manage everything through your phone or computer.
BankMobile started as a service for college students and has expanded to serve anyone who prefers banking without a brick-and-mortar location. The bank is FDIC-insured, which means your deposits up to $250,000 are protected by federal insurance. This is the same protection you get at traditional banks.
The main trade-off is convenience versus access: you cannot walk into a branch to deposit cash or speak to someone face-to-face, but you also avoid branch hours and can bank from anywhere with an internet connection.
Key Takeaways
- BankMobile checking accounts have no monthly fees, no minimum balance requirements, and no overdraft fees on most account types.
- You deposit checks using your phone camera and receive cash through ATM networks or transfers to other banks.
- The bank is FDIC-insured, so your money is protected the same way it would be at a traditional bank.
- All banking happens through the BankMobile app or website — there are no physical branches.
- BankMobile offers a debit card that works at any ATM and merchant that accepts Mastercard.
How BankMobile checking accounts work
When you open a BankMobile checking account, you receive a debit card and access to the mobile app. The app is where you do most of your banking: checking your balance, sending money to other people, paying bills, and depositing checks by taking a photo of the front and back.
Money comes into your account through direct deposit, transfers from other banks, or mobile check deposit. Money goes out through your debit card, ATM withdrawals, bill pay, or transfers to other accounts. BankMobile partners with ATM networks so you can withdraw cash at thousands of ATMs nationwide without paying a fee.
If you need to deposit cash, you cannot do it directly at BankMobile — there are no tellers or deposit slots. Instead, you can transfer cash to your BankMobile account by first depositing it at a partner bank or ATM network location, or by having someone else transfer money to you electronically.
Account types and features
BankMobile offers several checking account options. The most common is the Standard Checking account, which has no monthly fee, no minimum balance, and no overdraft fees. Some accounts come with perks like cashback on debit card purchases or higher interest rates on savings features, depending on which version you choose.
All BankMobile checking accounts include a Mastercard debit card, mobile check deposit, bill pay, and person-to-person transfers. You can set up direct deposit for paychecks or government payments like tax refunds or Social Security. The app also lets you freeze your card instantly if it is lost or stolen.
Interest rates on checking accounts vary — some accounts earn a small amount of interest on your balance, while others do not. BankMobile also offers savings accounts and money market accounts if you want to keep money separate from your checking account.
Fees and costs
BankMobile checking accounts have no monthly maintenance fee, no minimum balance requirement, and no overdraft fees on standard accounts. This means you will not be charged for having the account open or for spending more than you have (though transactions that would overdraw your account may be declined).
You also will not pay fees for mobile check deposit, bill pay, person-to-person transfers, or using BankMobile's ATM network partners. If you use an ATM that is not part of BankMobile's network, you may be charged a fee by that ATM operator, though BankMobile does not charge you.
Foreign transaction fees apply if you use your debit card outside the United States. Wire transfer fees and expedited transfer fees may apply depending on how you move money. Check the BankMobile website or app for current fee details, as these can change.
Opening an account and what you need
You open a BankMobile account entirely through the app or website. You will need to provide your Social Security number, date of birth, address, and phone number. BankMobile will verify your identity using information from credit bureaus and may ask you to confirm details or upload a photo of your ID.
The process usually takes a few minutes to an hour. Once your account is approved, you can start using it right away — your debit card arrives by mail within 7 to 10 business days. In the meantime, you can deposit checks using your phone camera or receive money through direct deposit or transfers from other banks.
You must be at least 18 years old to open an account. If you are under 18, BankMobile offers accounts for minors with a parent or guardian as a co-owner.
How BankMobile compares to traditional banks
Traditional banks charge monthly fees (often $10 to $15), require minimum balances, and charge overdraft fees when you spend more than you have. BankMobile charges none of these. However, traditional banks let you deposit cash at any branch and speak to someone in person, which BankMobile does not offer.
Online banks like Ally, Charles Schwab, and Discover also have no monthly fees and no minimum balances, similar to BankMobile. The differences are in interest rates, ATM networks, and specific features. BankMobile focuses on mobile-first banking and historically served college students, while other online banks may offer higher interest rates or different perks.
If you need to deposit cash regularly or prefer face-to-face banking, a traditional bank or credit union may be a better fit. If you are comfortable with mobile banking and want no fees, BankMobile and other online banks are worth comparing.
Using BankMobile for direct deposit and refunds
BankMobile accepts direct deposit, which means you can have your paycheck, tax refund, or government payment sent directly to your account. To set this up, you provide your BankMobile routing number and account number to your employer, the IRS, or the government agency sending the payment.
Tax refunds and stimulus payments can be deposited into a BankMobile account the same way they would be deposited into any other bank account. The IRS or your state tax agency will send the money to your account using the routing and account numbers you provide. Timing depends on the agency and payment type, not on BankMobile.
Once money arrives in your BankMobile account, you can spend it using your debit card, transfer it to another account, or withdraw it at an ATM. There are no restrictions on how you use money that arrives through direct deposit.
Frequently Asked Questions
Can I deposit cash into a BankMobile account?
Not directly — BankMobile has no physical locations or ATMs that accept cash deposits. You can transfer cash to your account by depositing it at another bank or ATM network and then transferring it to BankMobile, or by having someone else send you money electronically.
What happens if I need to withdraw cash?
You can withdraw cash at any ATM that accepts Mastercard, including ATMs at most banks and convenience stores. BankMobile's network includes thousands of ATMs nationwide with no fee. If you use an ATM outside the network, that ATM operator may charge you a fee.
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 if the bank fails. This is the same protection you get at traditional banks. Your account is also encrypted and you can freeze your card instantly through the app if it is lost or stolen.
Can I use BankMobile for bill pay?
Yes. BankMobile's bill pay feature lets you schedule payments to companies and individuals. You can set up one-time payments or recurring bills. Payments usually arrive within one to three business days depending on the recipient.
What if I have a problem with my account?
BankMobile offers customer support through the app, email, and phone. You can contact them to report fraud, dispute a transaction, or ask questions about your account. Response times vary, but the app usually provides a way to message support directly.