Personal Banking

Rewards Checking FAQs

Frequently Asked Questions

How can I open a personal bank account?

You can apply online for a checking account, savings account, or CD by selecting the “Apply Online” button located at the top of every page on our website and choosing “Personal” then “Apply” and “Open a new account.” Then, choose an account type, enter your personal information, verify your information and fund your account. You will receive confirmation at the end of the application if your account has been approved. If not, you will receive an email notification.

What do I need to open a Rewards Checking account?

To open an account, you need to be a US citizen or US alien.

Please have the following information available when you begin your application:

  • Your Social Security number
  • Your current residential address
  • Your email address
  • Your account number or debit card from another financial institution to make your opening deposit into your new Rewards Checking account

You will need to fund the account with a minimum of $100.

How long does it take to open a personal bank account?

You can apply for and open a personal bank account entirely online in under 3 minutes, start to finish.

Can I open a Rewards Checking account and fund later?

To complete the account opening process a $100 minimum opening deposit is required. You can add additional funds to your account at a later time by signing into online banking and setting up a funds transfer.

Are there any fees for a Rewards Checking account?

There is no monthly maintenance fee for a Rewards Checking account.  Your account can be charged a fee under certain circumstances, such as when the account is over withdrawn. Please visit our Fees page to learn more.

What is the minimum balance I need to keep in my Rewards Checking account?

There is no monthly minimum balance requirement for your Rewards Checking account.

When will I receive my debit card?

After you open your account, debit cards should arrive within 7-10 business days once your application has been approved.

Are there accounts available for minors?

You can only apply for an account if you are 18 or older. You must also be a US resident or US resident alien.

Can I open a joint account?

Yes! To open a joint account, you will check the “I want to make this a joint account” box on the Basic Info page of the application. You’ll need the same information that’s needed when opening an individual account, but you’ll need it for both applicants. You can also make a single account a joint account after the account is opened by contacting Customer Service.

How do I withdraw from the account if this is an online account?

You can withdraw funds from the account in two ways.

The first way is at any ATM worldwide, use your debit card to withdraw funds at the ATM. We will never charge you a fee to use an ATM and if another financial institution does at the point of withdrawal we will rebate you the fee at the end of the month the withdrawal was made. Find a fee-free ATM.

The second way is to make an external transfer to another financial institution for no fee. You can add an external account by selecting “Manage External Accounts” from the Transfer page within Online Banking or the Mobile app.

Where can I deposit cash into my Rewards Checking account?

You are able to deposit cash at any MoneyPass Deposit Taking ATMs and NYCE Shared Deposit ATMs and we rebate all ATM fees at the end of the month.

Do you offer checks?

Yes we do and your first order of checks (25) is free! To order, reach out to Customer Service via Secure Message, chat or by phone.

How do I earn interest on my Rewards Checking account?

To earn interest on your Rewards Checking account, you must keep a balance of $2,500 or more within the account. The more money you have in your account, the more interest you will earn.  At the end of each month the interest payment will be deposited into your account.

How do I fund my account and when are the funds available to use?

To make your initial deposit, you can transfer money from your account at another financial institution using your account and routing number or by using your debit card. Please ensure that you have sufficient funds available to be transferred. Your initial deposit may be held for 5 business days after the receipt of funds.

Rewards Cash Back Program

How do I earn cash back with my Rewards Checking account?

You must have a Rewards Checking account open for at least 30 days, and either receive $2,500 worth of direct deposits into your account from an employer or another source of income or keep an average balance of $2,500 or more in your account. Cash back is only available for online and in-store signature-based (“credit”) purchases made with a LendingClub issued debit card linked to a Rewards Checking account.

Tip: When shopping in store select “credit” instead of “debit” at the point-of-sale where available to ensure you receive the cash back. The cash back you earn will automatically be credited to your account at the end of the month following the earning period.

What is a signature-based purchase?

There are two ways a debit card can be processed at the time of a purchase.

The first option is called the “debit/online/PIN debit” method, where you enter your PIN at the point of sale and the funds are immediately debited from your account.

The second option is called the “credit/offline/signature debit” method, where you select the “credit” button, sending the transaction through the credit card processing network. A hold is placed on the money for the transaction in your account, which clears or processes in a day or two. You have to use this debit function if you want to receive cash back during your transaction. It is important to note that when you are using your debit card for online purchases, your card will automatically run as a credit transaction.

Can I earn cash back on purchases made online?

Yes, when you use your debit card for an online purchase your card will automatically run as a credit transaction, making the purchase eligible for cash back should your account meet the qualifications.

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