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 citizen or resident of the United States.

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 $25.

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 $25 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.

Do you do a credit check when I apply?

LendingClub does not pull credit as part of our account opening process. However, we do obtain information from a credit bureau used to validate your personal information. The request for information does not affect your credit score. Please note that if you have placed a credit or security freeze on your credit report, your application will be manually reviewed, during which we will need your assistance. In these instances, the review process may take up to 5 business days.

Are there any fees for a Rewards Checking account?

There is no monthly maintenance fee for a Rewards Checking account. For fees that may apply to your account, go to the Product Terms and Conditions 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?

If requested during account opening, your debit card should arrive within 7-10 business days once your application has been approved. If you did not request a debit card upon account opening and would like to order one, please call Customer Service at 800-242-0272 or use Secure Message within online banking.  

Are there accounts available for minors?

You can only apply for an account if you are 18 or older. You must also be a citizen or resident of the United States.

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 three ways. 

  1. Use your LendingClub debit card to withdraw funds free of fees at a MoneyPass or SUM ATM location. Locate an ATM.  

  1. Make an external transfer (ACH) 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 LendingClub Mobile app. 

  1. Elite and Reserve accountholders can place a wire via online banking and our mobile app. For all other customers, you can reach out to customer service here to initiate a wire. Please note there is a fee to send a wire. View Product Terms and Conditions

Where can I deposit cash into my Rewards Checking account?

You are able to deposit cash at any MoneyPass Deposit Taking ATMs.

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 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. 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 recurring direct deposits into your account from an employer or another source of income or keep an average monthly balance of $2,500 or more in your account. Cash back is only available for Qualified Purchases made with a Rewards Checking debit card.1 

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.

Digital banking, made human.

At LendingClub, we put our customers at the center of everything we do. That’s why we focus on providing products and services that are not only convenient but help to make life easier.

Security

We use 256-bit encryption to ensure that data is protected with the highest level of security.

Financial Institution

FDIC Insurance

Your deposits are FDIC-insured up to the highest possible amount allowed – $250,000 per depositor for each ownership category.

Customer Support

Have a question? We’re here to help. Chat with us online, or reach us by phone or email.

Accounts subject to approval which may include credit approval. $25 opening deposit required. Please see Product Terms & Conditions for additional product details. FDIC-insured up to $250,000 per depositor for each ownership category. 
1. Rewards Checking Cash Back Rewards: The Debit Card Rewards Program (“Cash Back Rewards”) provides 1.00% cash-back on all Qualified Purchases using a debit card tied to Eligible Accounts. Eligible Accounts are: Rewards Checking accounts that meet the following requirements for the calendar month in review: (1) Maintain an average monthly balance of at least $2,500.00; or (2) Receives at least $2,500.00 in Qualifying Direct Deposits.
Qualifying Direct Deposits are defined as: Recurring Automated Clearing House (ACH) credits, including payroll, pension or government payments (such as Social Security) made by your employer, or an outside agency. We may require documentation to verify that credits are Qualifying Direct Deposits. Qualifying Direct Deposits do not include peer to peer payments or ACH transfers (funds transfers) from your external accounts.
Qualified Purchases are defined as: Signature-based purchases made using the debit card tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents).
Any earned Cash Back Rewards will be credited to your account on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited.