IBT Bank is a digital bank that holds and moves money for people and businesses

IBT Bank (formerly known as Customers Bank) is an online bank chartered and regulated by the Office of the Comptroller of the Currency (OCC). It offers deposit accounts—checking, savings, and money market accounts—entirely through digital channels. You open an account online, deposit money by transfer or check mobile deposit, and manage your account through a website or mobile app. There is no physical branch network.

The bank is FDIC-insured, which means deposits up to $250,000 per account type are protected if the bank fails. IBT Bank does not charge monthly maintenance fees on most accounts and typically offers interest rates on savings and money market accounts that are higher than traditional brick-and-mortar banks because it has lower overhead costs.

Key Takeaways

  • IBT Bank is an online-only bank regulated by the OCC and insured by the FDIC, so your deposits are protected up to $250,000 per account type.
  • You cannot visit a physical branch; all banking happens through the website, mobile app, or customer service phone line.
  • IBT Bank offers checking and savings accounts with no monthly fees and competitive interest rates on savings products.
  • Money moves in and out through ACH transfers, wire transfers, check deposits via mobile app, and debit card transactions.

How to open an account and fund it

Opening an IBT Bank account requires an internet connection and a valid government ID. You visit the IBT Bank website, enter your personal information, verify your identity (usually by answering security questions or uploading a photo ID), and choose the account type you want. The process typically takes 10 to 15 minutes, and your account is active the same day or within one business day.

To fund the account, you can link an external bank account and transfer money via ACH (which takes one to three business days), request a wire transfer from another bank (which usually arrives the same day or next business day), or deposit a check using the mobile app's check deposit feature (which typically clears within one to two business days). You cannot deposit cash directly because there are no branches.

What accounts IBT Bank offers

IBT Bank offers a checking account with a debit card, online bill pay, and the ability to set up direct deposit. There are no monthly fees, and you can write checks. The bank also offers a savings account and a money market account, both of which earn interest. Interest rates vary based on the account type and the current market; the bank publishes current rates on its website.

All accounts come with online access, mobile app functionality, and customer service by phone. IBT Bank does not offer credit cards, loans, or investment products—it is a deposit bank only.

How money moves in and out

Money leaves your IBT Bank account through several channels. You can set up ACH transfers to another bank account (takes one to three business days), request a wire transfer (usually same day or next business day, but may carry a fee), write a check (clears when the recipient deposits it), or use your debit card to make purchases or withdraw cash at ATMs. IBT Bank is part of the Allpoint ATM network, which means you can withdraw cash at thousands of ATMs nationwide with no fee.

Money enters your account through direct deposit (your employer or government agency sends it via ACH), ACH transfers from another bank, wire transfers, or mobile check deposit. Each method has a different timeline; direct deposit and wire transfers are fastest, while ACH transfers and check deposits take one to three business days.

Fees and interest rates

IBT Bank charges no monthly maintenance fee on checking or savings accounts. However, some transactions or services may carry fees: wire transfers (typically $15 to $25 per outgoing wire), overdraft fees (varies by account), and out-of-network ATM fees if you use an ATM outside the Allpoint network (typically $2 to $3 per withdrawal). The bank publishes its full fee schedule on its website.

Interest rates on savings and money market accounts are higher than most traditional banks because IBT Bank has no branch costs. Rates change based on Federal Reserve policy and market conditions; you can see the current rates on the IBT Bank website. Checking accounts typically do not earn interest, though some online banks offer interest-bearing checking—check the current product details to confirm.

Security and fraud protection

IBT Bank uses encryption to protect your login information and account data. You can set up two-factor authentication (a second verification step when you log in from a new device) to add an extra layer of security. If you notice an unauthorized transaction on your account, you can report it through the mobile app or by calling customer service.

The bank's fraud liability policy limits your responsibility for unauthorized transactions if you report them promptly. Federal law also protects you: if you report an unauthorized ACH or wire transfer within 60 days of the statement date, the bank must investigate and typically refund the money. Debit card fraud has a similar 60-day window, though your liability may be lower if you report it within two business days.

When IBT Bank might not be the right choice

If you need to deposit cash regularly, IBT Bank is not a good fit because it has no branches and does not accept cash deposits. If you need a credit card, personal loan, or investment account, you will need to use a different bank or financial institution. If you prefer face-to-face banking or have complex financial needs, a traditional bank with branches may serve you better.

IBT Bank also does not offer overdraft protection (automatic transfers from savings to cover a shortfall), though some accounts allow you to link an external account for this purpose. Check the current account terms to see what protections are available.

Frequently Asked Questions

Is my money safe at IBT Bank?

Yes. IBT Bank is federally chartered and regulated by the OCC. Your deposits are insured by the FDIC up to $250,000 per account type (checking, savings, money market). If the bank fails, the FDIC will return your money.

Can I get cash out of my IBT Bank account?

Yes. You can use your debit card at any Allpoint ATM nationwide with no fee, or you can withdraw cash at the counter when you make a purchase at a store. You cannot withdraw cash at an IBT Bank branch because there are no branches.

How long does it take to transfer money from IBT Bank to another bank?

ACH transfers typically take one to three business days. Wire transfers usually arrive the same day or next business day, depending on the receiving bank's processing schedule. Check the IBT Bank website for current timelines and any fees that apply.

What happens if I overdraw my account?

Overdraft fees vary by account type. Check your account agreement or the IBT Bank website for the current fee. Some accounts allow you to link an external bank account for overdraft protection, which automatically transfers money to cover the shortfall.

Can I deposit checks at IBT Bank?

Yes, using the mobile app. Take a photo of the front and back of the check, submit it through the app, and the bank deposits it to your account. Checks typically clear within one to two business days.