Forbright Bank is a real, federally chartered bank with FDIC insurance
Forbright Bank is a legitimate online bank chartered and regulated by the Office of the Comptroller of the Currency (OCC). It holds FDIC insurance through the Federal Deposit Insurance Corporation, which means deposits up to $250,000 per account category are protected if the bank fails. The bank launched in 2021 and is owned by Megalith Financial Company, a holding company based in New York.
The bank operates as a direct bank — it has no physical branches and conducts all business online or by phone. This is a common model for online banks and does not indicate illegitimacy. Forbright focuses on business banking and commercial lending rather than consumer checking and savings accounts, which is why you may not have heard of it if you use personal banking services.
You can verify Forbright's charter status yourself by searching the OCC's National Bank Database or the FDIC's Bank Find tool using the bank's name. Both databases are public and updated regularly. If a bank does not appear in either database, that is a red flag — Forbright appears in both.
Key Takeaways
- Forbright Bank holds a federal charter from the OCC and FDIC insurance, which are the two main markers of a legitimate U.S. bank.
- The bank is an online-only institution focused on business accounts and commercial lending, not personal consumer banking.
- You can confirm Forbright's legitimacy by searching the OCC National Bank Database or the FDIC Bank Find tool yourself.
- Deposits in Forbright accounts are insured up to $250,000 per account category, the same as any other FDIC-insured bank.
How to verify any bank's legitimacy yourself
Before opening an account at any bank — Forbright or otherwise — you should check two government databases. The first is the OCC National Bank Database, which lists all banks with federal charters. The second is the FDIC Bank Find tool, which shows all banks with FDIC insurance. Both are free and take less than a minute to search.
If a bank appears in both databases, it is regulated by federal authorities and your deposits are insured. If a bank does not appear in either, do not open an account there — it may be operating illegally or may be a scam targeting people who think they are banking with a real institution.
You can also check whether a bank has any enforcement actions or complaints filed against it. The OCC publishes a list of banks under formal enforcement action on its website. The Consumer Financial Protection Bureau (CFPB) maintains a public database of consumer complaints by institution. Neither database means a bank is illegitimate — banks of all sizes receive complaints — but they show you whether regulators have taken formal action.
What FDIC insurance actually covers
FDIC insurance protects your money if the bank fails, not if you lose your debit card or if someone commits fraud using your account. This is an important distinction. If Forbright Bank were to close tomorrow, the FDIC would reimburse you up to $250,000 per account category. If someone steals your login credentials and drains your account, FDIC insurance does not cover that loss — your bank's fraud protection does.
The $250,000 limit applies per account category, not per account. If you have a checking account and a savings account at the same bank in your name only, both are insured up to $250,000 each. If you have a joint account with someone else, that account is insured separately up to $250,000. Money market accounts, retirement accounts, and trust accounts are also insured separately.
FDIC insurance is automatic — you do not need to do anything to activate it. If you open an account at an FDIC-insured bank, you are covered.
Red flags that indicate a bank is not legitimate
A bank that does not appear in the OCC National Bank Database or the FDIC Bank Find tool is not legitimate. Do not open an account there. Similarly, if a bank promises may provide returns on deposits, offers interest rates far above the market rate, or pressures you to move money quickly, those are warning signs of a scam.
Legitimate banks do not ask you to verify your identity by sending money first or by providing your Social Security number via email or text message. They do not claim to be affiliated with the government or the FDIC. They do not use pressure tactics or create artificial urgency around opening an account.
If you receive an email or phone call claiming to be from a bank and you are unsure whether it is real, hang up and call the bank's official phone number from its website or from your bank statement. Do not use a phone number provided in the email or call — scammers often include fake contact information.
Why Forbright focuses on business banking instead of consumer accounts
Forbright Bank's business model targets small businesses and commercial borrowers rather than individual consumers. This is why you will not find Forbright offering personal checking accounts with debit cards or consumer savings products. The bank makes money by lending to businesses and taking deposits from business accounts, not by serving individual savers.
This specialization does not make Forbright less legitimate — it is simply a different market segment. Many legitimate banks focus on business banking, commercial real estate lending, or specific industries. If you are looking for a personal checking account, Forbright is not the right bank for you, but that does not mean the bank is a scam.
How to research a bank before opening an account
Start with the two government databases: the OCC National Bank Database and the FDIC Bank Find tool. Both should show the bank's charter type, insurance status, and location of headquarters. Next, search for the bank's name plus the word "complaints" or "reviews" to see what customers and regulators have said about it. Read recent reviews on independent sites, but remember that people are more likely to leave reviews when they are angry than when they are satisfied.
Check the bank's website for clear information about fees, interest rates, and account types. Legitimate banks publish this information openly. If a bank's website is vague, poorly designed, or full of spelling errors, that is a warning sign. Look for contact information — a real bank lists a phone number, mailing address, and customer service hours.
If the bank is new, like Forbright was in 2021, it may have fewer reviews and less history. That does not make it illegitimate, but it does mean you should be more cautious. Stick to small deposit amounts until you are confident the bank is stable and trustworthy.
What to do if you think a bank is a scam
If you have already opened an account at a bank you now suspect is fraudulent, stop using it immediately and contact your state's banking regulator. Each state has a banking department or division of financial regulation that oversees banks chartered in that state. You can find your state regulator through the Conference of State Bank Supervisors website.
If you have lost money to a scam, report it to the Federal Trade Commission (FTC) at ReportFraud.ftc.gov. The FTC does not recover money for individual victims, but it uses reports to identify patterns and pursue enforcement actions against scammers. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) if the institution claims to be a bank.
If you sent money to what you thought was a bank and it turns out to be a scam, contact your bank or payment service immediately. Depending on how you sent the money — wire transfer, ACH, debit card, or check — you may have different options for recovery. Wire transfers are hardest to reverse, while debit card transactions often have stronger fraud protections.
Frequently Asked Questions
Can I open a personal checking account at Forbright Bank?
No. Forbright Bank specializes in business banking and does not offer personal consumer accounts. If you are looking for a personal checking or savings account, you will need to use a different bank. Forbright's focus on business lending does not make it illegitimate — it is simply not designed for individual consumers.
Is my money safe at Forbright if the bank fails?
Yes, up to $250,000 per account category. Forbright holds FDIC insurance, which means the Federal Deposit Insurance Corporation will reimburse you if the bank closes. This protection is automatic and applies to all deposits in the bank, whether you are a business or an individual with a business account.
How do I know if a bank's website is real or fake?
Check the URL carefully — scammers often use URLs that look similar to real banks but have slight misspellings. Verify the bank's phone number by searching for it independently rather than calling a number on the website. Look for HTTPS in the URL (not just HTTP) and a padlock icon in your browser, which indicate the site uses encryption. Legitimate banks also publish their charter information and FDIC insurance status on their websites.
What should I do if I get an email claiming to be from Forbright Bank?
Do not click any links in the email. Instead, go to Forbright's official website directly by typing the URL into your browser, log into your account, and check your messages there. If you do not have an account, the email is definitely a scam. You can also call Forbright's official phone number to verify whether the email is real.
Can I get my money back if I send it to a fake bank by mistake?
Recovery depends on how you sent the money. Wire transfers are nearly impossible to reverse once sent. ACH transfers can sometimes be recalled within a few days. Debit card transactions have stronger fraud protections and may be reversed if you report the fraud quickly. Contact your bank or payment service immediately if you realize you have sent money to a scam.