Banking through OnePay: what you need to know
Is OnePay a bank? Learn what bank we use, how FDIC insurance works, whether we're a local bank, and how to move money from OnePay to your bank account.
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This content is for general educational purposes and is not intended as financial, legal, investment, or tax advice and should not be relied on as such. We do not guarantee the accuracy or completeness of the information found in this post.
Summary
We're a financial technology company, not a bank.
Our banking services are provided by Coastal Community Bank or Lead Bank, Members FDIC.
Approved deposit accounts are FDIC insured up to $250,000 per depositor through pass-through insurance. The insurance applies to the failure of an FDIC-insured bank, not OnePay.
We aren't a local bank. You manage your account in our app, and you can add or take out cash at Walmart.
You can move money to a linked bank account from our app, and standard transfers usually take 1 to 3 business days.
If you're thinking about opening an account with us, you probably have a few questions. Maybe you're wondering whether we're a bank, who actually holds your money, or how to get that money back out when you need it. We'll walk through all of it here, starting with who we are and ending with how a transfer works.
Who we are: a fintech company, not a bank
Let's start with the big one. We're a financial technology company, not a bank. Our banking services are provided by Coastal Community Bank or Lead Bank, Members FDIC. A partner bank holds your deposit account, while we service the account and provide customer support.
You can access your Checking, Savings, and other OnePay products through the app. You can read more about banking through OnePay on our banking page.
We're not the only app that works this way. The FDIC notes that some fintech companies may or may not have business relationships with banks, so it helps to know which bank sits behind the app you're using. That's why we spell out who our partners are.
The banks that hold your money
Naturally, the next thing people ask is what bank OnePay uses. We partner with Coastal Community Bank and Lead Bank. Our FAQ page explains that funds may be held at either bank, depending on the account. Your deposit account is held by one of the two, and we take care of servicing it.
Learn more about Banking
How FDIC insurance fits in
Because your money sits at a partner bank, FDIC insurance comes into play. Approved deposit accounts are insured up to $250,000 per depositor through pass-through insurance at Coastal Community Bank or Lead Bank. Coverage can also extend to their sweep partner banks if certain conditions are met.
It's helpful to know what that insurance does and doesn't cover. It applies to the failure of an FDIC-insured bank, not OnePay, and the FDIC adds that deposit insurance doesn't protect against the insolvency or bankruptcy of a nonbank company.
Why we're not a brick and mortar local bank
Since we're not a bank at all, we're not a local, regional, or national bank either. We also don’t have brick and mortar locations. We built OnePay around our mobile banking app. That means you can access your account and manage your money wherever you are, whenever you need to, without having to find a branch or work around its hours.
But that doesn't mean cash is off the table. Our app supports in-store deposits. You can deposit cash to your OnePay account at no charge at any Walmart in the United States, plus CVS, Dollar General, and other participating locations.
You can also withdraw cash for free at more than 55,000 Allpoint ATMs nationwide. At any other ATM, you'll pay a $3 fee, and the ATM's owner may charge an additional fee.
Moving money from OnePay to an external account
If you need to send money from your OnePay deposit account to an external account, the first step is linking that account. We use Plaid to connect to external bank accounts, so you can search for a specific bank and enter your login details.
If you'd rather, you can enter your account number and routing number instead. Plaid then sends a small deposit with a three-letter code to confirm the account. Either way, the account needs to be in your name. Together, these steps confirm that you own the account and have access to it, which helps keep anyone else from linking an account that isn’t theirs or moving your money elsewhere.
Once your account is linked, you can then move money easily within the OnePay app between OnePay and external accounts.
From there, you choose how fast you want the money to move. Standard transfers to a linked bank usually take 1 to 3 business days and have no fee. If you want it faster, Instant Transfers to a linked Visa or Mastercard debit card cost 1.75% of the amount, with a $0.25 minimum.
Going the other way takes about the same amount of time. Transfers started in our app from a linked bank to your OnePay deposit account are processed the same day and usually arrive within 1 to 3 business days. If you’re thinking about moving your banking over, we’ve also put together a guide on how to switch from your bank to a fintech app. And for more on keeping transfers secure, you can read about safe ways to transfer money.
Frequently Asked Questions
We're a financial technology company, not a bank. Our banking services are provided by Coastal Community Bank or Lead Bank, Members FDIC.
We partner with Coastal Community Bank and Lead Bank. Your deposit account is held by one of them, and we service the account.
OnePay itself isn’t FDIC insured. Approved deposit accounts are FDIC insured up to $250,000 per depositor through pass-through insurance at our partner banks. This insurance covers the failure of an FDIC-insured partner bank, not OnePay.
Since we're not a bank, we're not a local bank either. You use our app to manage your account and move money.
Yes, you can deposit cash to your OnePay account at no charge at any Walmart in the United States, plus CVS, Dollar General, and other participating locations. You can find participating retailers in the OnePay app, starting from the Home screen.
Link your bank account in our app, choosing the linked account as the destination. Standard transfers have no fee, while Instant Transfers carry a fee.
Standard transfers usually take 1 to 3 business days to reach your bank. If you start a transfer from your other bank instead, we send the funds out right away, but the receiving bank may take several days to make them available.
Standard transfers to a linked bank account have no fee. Instant Transfers to a linked Visa or Mastercard debit card cost 1.75% of the transfer amount, with a $0.25 minimum.
You can link a bank account if the bank uses Plaid, Mastercard Data Connect, or a similar service. The account needs to be in your name.