Frequently asked questions

A SmarterBank account is an FDIC insured, online checking account that includes a free SmarterBank Visa® Debit Card on which you earn SmarterBucks rewards. SmarterBank and SmarterBucks are both brought to you by the same company, SimpleTuition. Like most bank accounts, you will be able to get money from the ATM and have free access to online banking where you can view your banking activity, transfer money, and pay bills. To bring you SmarterBank, we have partnered with The Bancorp Bank.

Is my bank account FDIC insured?

Yes. Our banking partner, The Bancorp Bank, is a member of the Federal Deposit Insurance Corporation (FDIC) which means your deposits are insured up to $250,000.

Who is The Bancorp Bank?

To bring you SmarterBank, we have partnered with The Bancorp Bank. The Bancorp Bank is a publicly traded (NASDAQ: TBBK) innovative bank with over $3 billion in assets.

Are there any monthly account fees on my SmarterBank Account?

There are no monthly fees for active accounts. Many other bank accounts charge you monthly fees if you don't keep a certain balance or do lots of transactions. Your SmarterBank checking account will remain free so long as you use your account each month by doing anything as simple as a single debit card transaction, ATM transaction, deposit or withdrawal, cleared check, or online bill payment. Customers who do not do any of the above eligible actions in a given month will be charged a $4.95 fee.

What are the fees on my SmarterBank Account?

In general, we know that banking customers are very sensitive to fees. Here at SmarterBank, we strive to be transparent and fair when it comes to fees. For responsible, normal day-to-day use of your SmarterBank account, you should incur little to minimal fees. There are certain services that we provide that do incur fees, but generally we try to set fees at or below most bank competitors. You can view a complete list of our fees by clicking here

Does this account pay interest?

Like most banks in today's interest rate environment, we currently do not pay interest on SmarterBank checking accounts. Instead, we offer something that we think is more valuable. A rewards program that helps you pay less interest on your student loans and get out of debt faster!

Do you offer savings accounts?

Currently, we only offer SmarterBank checking accounts. We certainly encourage our customers to develop strong financial habits and build their savings. We plan to explore launching a SmarterBank Savings Account in the future and will let you know when we bring one to the market.

SmarterBank Enrollment Questions

How do I sign up as a new customer for a SmarterBank account with SmarterBucks?

Simply go to https://www.smarterbank.com/how_to_apply and select "Get started!". This will take you to a page where you can quickly set up your SmarterBucks user ID, password, and answer a couple of security questions so we can keep your rewards account safe. Next, you will automatically be taken to the enrollment pages to set up your SmarterBank checking account. There, we will gather your information, give you a chance to review some fine print, and make it easy for you to make an initial deposit into your bank account.

For more detailed information, please check out our tutorial on opening a SmarterBank account.

Do I need to set up separate user ID's and passwords for my SmarterBank account and my SmarterBucks account?

Yes. Because SmarterBucks and SmarterBank each have their own website, you will need to set up a user ID and password for each. Remember, if you change your login information on one site, it will not change on the other one.

How can I fund my SmarterBank account when I first apply?

When you sign up for your account, you can initially fund it with any major debit or credit card for an amount of at least $25, up to $500. Once your account is opened, you can deposit as much as you like at any time.

Can I open a joint SmarterBank account?

Yes, you may open a joint account with one other person including a parent or relative if you so choose. Both applicants will need to be approved to open a joint account.

Do you run a credit check when I open my SmarterBank account?

No, we do not run a credit check. But, to help us manage fraud, we do run an identity check as well as look at any banking history you may have.

How can I switch to SmarterBank from my current checking account?

Switching to SmarterBank is easy. Check out our tutorial for tips on how to make the switch.

How can I use SmarterBank in addition to my primary checking account?

We understand that many people already have a primary checking account. But you don't have to close your primary checking account in order to take advantage of the many benefits of a SmarterBank account—especially earning SmarterBucks rewards! Simply link your SmarterBank account to an existing bank account, and set up free automatic fund transfers. Then you can use your SmarterBank Visa® Debit Card and earn SmarterBucks on everyday spending. There's no monthly fee for active users and no minimum deposit requirements. Plus you can take advantage of our full range of online banking features, including free online bill pay, direct deposits, and more. For more information, check out our tutorial on how to use SmarterBank as a companion checking account.

SmarterBank Visa® Debit Card Questions

How do I activate my debit card?

To activate your debit card please call Customer Service at the number on the back of your SmarterBank Visa® Debit Card.

How do I change my PIN?

To change your PIN please call Customer Service at the number on the back of your SmarterBank Visa® Debit Card.

What should I do if my card is lost or stolen?

Please call Customer Service at the number on the back of your SmarterBank Visa® Debit Card. We will cancel your card and send you a new one.

Are there any monthly debit card fees?

No, there are no monthly fees on the SmarterBank Visa® Debit Card.

Is there a daily limit on what I can spend on my debit card?

You may spend up to $1,500 a day using your SmarterBank Visa® debit card. You can request an increase on this limit subject to approval by the bank by calling Customer Service at the number on the back of your SmarterBank Visa® Debit Card.

SmarterBank ATM Questions

Do you have free ATMs? How do I find out where they are located?

Yes, we have over 40,000 STARsf® ATMs in the U.S. that do not charge a fee. Many of these ATMs are located in convenient places you go often such as many CVS® and 7-Eleven® stores. To find an ATM near you, click here .

If you use an ATM outside of our network in the U.S.A., you will incur a $2 fee.

Is there a difference between STAR and STARsf® ATMs?

Yes. Not all STAR network ATMs are surcharge free so make sure you use a STARsf® ATM to avoid fees. Not all ATMs are properly marked, but if you use our ATM locator to find the closest free ATM near you, it will still be free even if it does not have a STARsf® logo on the machine.

Is there a daily limit on how much I can withdraw from the ATM?

You may withdraw up to $500 per day using an ATM.

Sending and Receiving Money with SmarterBank

Will I receive a checkbook when I open the account?

Yes, we will send you a free checkbook in the mail when you open your account.

Do you have any bank branches?

No, we are an online-only bank. Because we do not have any of the costs of a physical branch network, we can pass that savings onto you in the form of lower fees and SmarterBucks rewards.

If you do not have any branches, then how do I make deposits?

There are several easy ways to deposit money into your SmarterBank account.

Direct Deposit: You can sign up with your employer so that your paycheck will be automatically deposited into your SmarterBank account. If you are still a student and you are expecting a student loan refund from your school, you can also request direct deposit from your school.
Free Electronic Transfer: Once you are logged into your SmarterBank account, you can easily move money back and forth between another bank and your account using an ACH transfer.
Mail in checks: You can mail in signed checks you have received along with a deposit slip to:
SmarterBank
PO Box 15329
Wilmington, DE 19885-5329

Please do not send cash through the mail. We are not responsible for any cash lost in the mail.

What types of things will slow down deposits to my account?

To make sure your money is deposited in your account as quickly as possible, try to remember to:

Endorse your check (i.e. sign the back of the check)
Make sure checks you send in are payable to you
Include a deposit slip with checks you mail to us

Things that may slow down a deposit include:

You deposit checks totaling more than $5,000 in one day
You redeposit a check that has been previously returned unpaid
You have overdrawn your account repeatedly in the last six months

What is an ACH transfer? How does it work?

An ACH (Automated Clearinghouse) transfer is an electronic transfer of money between financial institutions. Within your SmarterBank account on our online banking website, you can set up links to other financial institutions. Once a link is established, you can use our money movement tool to transfer money both into and out of your SmarterBank account. To help minimize fraud, we may put a limit on how much money you may transfer that is initiated with our tool. Additionally, many other banks offer similar ACH money movement tools from which you can link to your SmarterBank account and then initiate transfers between that bank and your SmarterBank account.

How do I link an external bank account to my SmarterBank checking?

Linking an outside bank account to your SmarterBank checking is a fast, free way to fund your account. Check out our tutorial for step-by-step instructions on how to get started.

What is my bank routing number?

The routing number (ABA number) is 031101114.

SmarterBank Bill Pay Questions

Do you offer free online Bill Pay with my SmarterBank account?

Yes, of course!

How does online Bill Pay work?

Online Bill Pay lets you pay bills directly from your SmarterBank account for free. You can also view some bills electronically if the biller participates in our e-bill program. With online Bill Pay you can pay just about any company or individual in the U.S. who will accept a check with the exception of tax payments, court-directed payments, or other government related payments. You can even schedule recurring payments for any payee on your list such as utility bills or rent payments. For more information, check out our tutorial on how to set up online bill pay.

With Bill Pay, can I make a partial payment?

For each payment you make with online Bill Pay, you decide exactly how much you want to pay and when to pay it.

What are e-bills?

E-bills are any bill that we receive electronically and present to you through Bill Pay.

Can I receive a bill I get at home online? How do I set it up?

First, you must add the biller as a payee. If you are setting up a new biller for the first time and it is available as an e-bill, you will be asked if you want to receive the bill online. If you have already set up a biller, you can go to the "Set up e-bill" link within the E-Bill Status column to see if it is available electronically. You should begin receiving your bill online within 1-2 billing cycles.

What happens if I have a dispute with a payee?

If you think there was a mistake on any bill, you will need to contact the biller directly. If you would like to stop a payment on a bill, you can contact us and we can do so on your behalf.

If I use Bill Pay, will I still get a monthly bill from billers on my payee list?

Many billers who offer e-bills will give you the option to shut off your paper bill through the mail and only receive online bills. You must contact your biller or visit its website to determine if you can shut off your paper bills for that biller. Otherwise, you will most likely still receive monthly bills in the mail from billers.

Questions About Managing Your SmarterBank Account

Can I set up balance alerts on my SmarterBank account?

Yes. You can set up your account to send you balance alerts via text message or email. Simply login to your SmarterBank account and navigate to Account Services, click Manage Contact Information, and select Manage Alerts. For more information, please check out our tutorial on how to set up alerts.

On the online banking website, what is the difference between current balance and available balance?

Many transactions, such as deposits and withdrawals, take some time to "settle". Until a transaction is settled, it is labeled as "pending". For example, sometimes when you pay for gas at the pump and you swipe your card before fueling up, the station will put a temporary hold on some amount of money until you finish the transaction and the exact amount is determined. Even though your transaction was completed after a few minutes at the pump, it may take a few days for the final settled transaction to be completed in the Visa® system. Your current balance reflects settled transactions while your available balance reflects all your account activity including both settled and pending transactions.

Does the SmarterBank online bank system work with Mint.com, Quicken, and other financial software providers?

Your SmarterBank account will work with Mint, Quicken, and many other financial software providers. When you are setting up your account, you will need to search for our banking partner, The Bancorp Bank.

Bank Website Security Questions

Is my online banking site safe and secure to use?

As an online bank, we take your security very seriously. We use state-of-the-art technology for our online banking site which features RSA public-key cryptography so you can be confident your data is safe with us.

SmarterBank Online Banking Website Technical Questions

Where can I get detailed technical questions answered about using online banking for my SmarterBank account?

Go to mysmarterbank.mybankingservices.com/forms-facts/faq or check out our getting started guides at smarterbank.com/how.

What do I do if I receive the following message: "Server is busy or is not responding" when I login to my SmarterBank account?

Make sure you have gone to mysmarterbank.mybankingservices.com and try again. If after three attempts you still do not connect, please call the Online Banking Center.

When I try to sign on to Internet Banking I receive a message saying "Login failed, retry." What happened?

It is possible that you have entered your user ID and/or password incorrectly. The user ID and password are case sensitive so we recommend that you verify that your Caps Lock button is not turned on and that you have copied the password down correctly. Remember, you have a separate user ID and password for your SmarterBucks account. If you still are unable to access your account information, please call Customer Service at the number on the back of your SmarterBank Visa® Debit Card.