What AM Bank is and who runs it
AM Bank is a digital bank operated by Axos Financial (formerly BankUnited). It offers checking and savings accounts entirely online—no branches, no in-person visits. The bank is FDIC-insured, which means deposits up to $250,000 per account type are protected if the bank fails.
Axos Financial is a publicly traded company and a legitimate federally chartered bank. AM Bank is one of several online banking brands under the Axos umbrella. Because it operates only online, AM Bank typically charges lower fees than traditional brick-and-mortar banks and often pays higher interest rates on savings accounts.
The bank does not have ATM machines of its own. Instead, it partners with ATM networks to let you withdraw cash without fees at thousands of locations. The specific network and fee structure depend on your account type.
Key Takeaways
- AM Bank is a fully online bank run by Axos Financial and insured by the FDIC up to $250,000 per account type.
- You open and manage accounts entirely through the website or mobile app—there are no physical branches.
- Checking and savings accounts have different fee structures and interest rates, so compare them before opening.
- ATM access depends on your account type; some accounts offer fee-free withdrawals at partner networks, while others charge per transaction.
- Transfers to and from other banks happen through ACH, which typically takes one to three business days.
Checking and savings account options
AM Bank offers both checking and savings accounts. The checking account is designed for everyday spending—debit card, online bill pay, and transfers. The savings account is meant for storing money and earning interest. You can open both at the same time or just one, depending on your needs.
Interest rates on savings accounts vary and change over time. AM Bank publishes current rates on its website. Because rates shift with the broader economy, compare the current rate to other online banks before deciding. The checking account typically does not earn interest.
Monthly fees vary by account. Some accounts have no monthly fee; others charge a small fee unless you meet a minimum balance or set up direct deposit. Read the fee schedule carefully before opening, because fees reduce the money you keep.
How to open an account and what you need
You open an AM Bank account online through the website or mobile app. The process takes about 10 to 15 minutes. You will need a valid government-issued ID (driver's license or passport), your Social Security number, and proof of your current address (a recent utility bill or bank statement works).
AM Bank verifies your identity electronically during signup. If verification fails, the bank may ask you to upload documents or call to complete the process. Once your account is open, you can fund it by transferring money from another bank account using ACH, or by having your employer deposit your paycheck directly.
You receive a debit card in the mail within 7 to 10 business days. Until it arrives, you can still transfer money and pay bills online, but you cannot withdraw cash at ATMs or make in-person purchases.
ATM access and cash withdrawals
AM Bank does not operate its own ATM network. Instead, the bank partners with third-party ATM networks. The specific network and whether you pay a fee depends on which account you hold.
Some AM Bank accounts include fee-free ATM access at a large network of machines nationwide. Others charge a small fee per withdrawal (typically $1 to $2). Check your account terms to see which applies to you. If you withdraw cash frequently, the fee structure matters—a $2 fee per withdrawal adds up quickly.
If you need cash and want to avoid ATM fees, you can also withdraw money at many retail stores (grocery stores, pharmacies) when you make a purchase using your debit card. This is called cash back and is usually free.
Transfers and how long they take
Moving money into or out of AM Bank happens through ACH transfers, which is the standard electronic method for moving money between banks. ACH transfers typically take one to three business days. Weekends and federal holidays do not count as business days, so a transfer initiated on Friday may not arrive until Tuesday.
You set up ACH transfers by providing the other bank's routing number and your account number at that bank. AM Bank will ask you to verify the connection by depositing two small test amounts (usually under $1 each) into the other account, then confirming the amounts. This protects you from accidentally sending money to the wrong place.
Some employers and government agencies (like the Social Security Administration) can deposit money directly into your AM Bank account. This is called direct deposit and is usually free. Direct deposit is faster and more reliable than ACH transfers for regular payments.
Fees and what they cover
AM Bank's fee structure is simpler than many traditional banks, but fees still exist. Monthly maintenance fees vary by account type—some accounts have none, while others charge $5 to $10 per month unless you meet certain conditions (like maintaining a minimum balance or setting up direct deposit).
Other common fees include overdraft fees (charged if you spend more than your balance), wire transfer fees (for sending money outside the ACH system), and ATM fees (if your account does not include free ATM access). Late payment fees do not apply because AM Bank is a bank, not a lender—you do not owe AM Bank money on a payment schedule.
Read the fee schedule on AM Bank's website before opening an account. Fees are one of the main reasons people switch banks, so understanding them upfront saves frustration later.
Security and fraud protection
AM Bank uses standard online banking security: encryption for data in transit, login credentials (username and password), and optional two-factor authentication (a code sent to your phone or email when you log in from a new device). Two-factor authentication adds a layer of protection and is worth enabling.
If someone uses your debit card or account number without permission, federal law (Regulation E) limits your liability. If you report the fraud within two business days, you are liable for no more than $50. If you report it within 60 days, you are liable for no more than $500. After 60 days, you may lose all protection, so check your account regularly and report suspicious activity quickly.
AM Bank also monitors accounts for unusual activity and may freeze your account temporarily if it detects fraud. This is inconvenient but protects you. If your account is frozen, call AM Bank's customer service number (on the back of your debit card or on the website) to verify your identity and unlock it.
Customer service and support options
Because AM Bank is online-only, customer service is available by phone and through the mobile app or website. There is no in-person branch to visit. Phone support is available during business hours; exact hours are listed on the website. Response times vary depending on how busy the bank is.
For simple questions (checking your balance, confirming a transfer), the mobile app and website are usually faster than calling. For complex issues (disputing a transaction, resolving fraud), speaking to a person is often necessary.
If you have a problem that AM Bank cannot resolve, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints and can force banks to correct errors or refund money.
Frequently Asked Questions
Is my money safe at AM Bank?
Yes. AM Bank is FDIC-insured, which means the federal government guarantees your deposits up to $250,000 per account type (checking and savings are separate). If the bank fails, you get your money back. The FDIC has never failed to pay out insured deposits.
Can I use my AM Bank debit card everywhere?
Yes. Your AM Bank debit card works at any merchant that accepts Visa (AM Bank uses the Visa network). You can use it in stores, online, and over the phone. The only limitation is ATM access—you can only withdraw cash at ATMs in the partner network, and fees may apply depending on your account.
What happens if I overdraft my account?
If you spend more than your balance, AM Bank may decline the transaction or allow it and charge an overdraft fee. The bank's overdraft policy is in your account agreement. Some accounts offer overdraft protection, which links your checking account to a savings account and automatically transfers money if you overdraft. Check your account terms to see what applies to you.
How do I close my AM Bank account?
Call AM Bank's customer service or use the mobile app to request account closure. The bank will ask you to transfer any remaining balance out (or they may mail you a check). Once the account is closed, you cannot use the debit card. There is typically no fee to close an account.
Can I deposit cash into my AM Bank account?
No. Because AM Bank has no physical branches, you cannot deposit cash directly. You must transfer money from another bank account using ACH, set up direct deposit from your employer, or receive a wire transfer. If you need to deposit cash, you can withdraw it from another bank account and transfer it electronically.