MemoryBank Review

MemoryBank, a division of Republic Bank & Trust Company, is a branchless, all-digital banking platform established in 2016. Their headquarters is in Louisville, KY.

Who Is MemoryBank Best For?

MemoryBank should appeal to consumers who want a reliable online banking option. It's an especially good fit for those who want to:

• Not have to visit a physical location
• Avoid minimum balance requirements
• Quickly open an account
• Earn competitive rates

What Does MemoryBank Offer?

MemoryBank has a much smaller selection of products and services than most financial institutions. They offer two types of accounts:

• Checking Account
• Money Market Account

Checking Account

MemoryBank’s EarnMore Checking Account pays a 0.05% APY on balances up to $250,000. There is no minimum balance requirement, monthly fees, or activity requirements. With the account you also get the following features:

• Access to 92,00 surcharge-free ATMs with your MemoryBank debit card
• 24/7 online banking
• MemoryAlert balance and activity notifications
• Live customer support

MemoryBank offers an overdraft protection program called Standard Overdraft Honor (SOH). For the first 30 calendar days after opening an account, you will receive a $100 overdraft protection limit. After those 30 days, your SOH limit will be reviewed each business day and may vary between $0 and $2,000 daily, based on your account history. If you go over your limit, there will be a $36 overdraft fee.

Money Market Account

MemoryBank’s Online Money Market Account offers 0.50% APY on balances up to $1 million. Balances over $1 million will receive an APY between 0.01% and 0.05%. There is a $50 minimum deposit required to open an account, but you must maintain a daily balance of at least $1,000 to avoid a $15 Below Balance Fee. This fee will apply if the balance drops below $1,000 at any point during the billing cycle. The Online Money Market Account has a limit of six transfers or withdrawals from the account.

MemoryBank's Customer Service

MemoryBank offers live chat options, phone, and email support, which is standard for most online-only banks. If you need to send a sensitive message through email, you can register on their site to send an encrypted email.

How to Bank With MemoryBank

The application process for MemoryBank is completed online, with a mobile device or a computer, and can take as little as 10 minutes. To begin, you will need a:

• Social Security number
• Passport or state-issued ID
• Home address
• Email address

To add money to an account, you can:

• Deposit checks using MemoryBank’s mobile deposit feature
• Set up a direct deposit
• Set up transfers from other financial institutions

As an all-digital banking platform, MemoryBank does not accept cash deposits and they request that no customer ever mail cash to them.