Frequently Asked Questions
We’ve answered popular questions so you
can learn more about Vault.Bank.
Q: What is Vault.Bank’s story?
A: Vault.Bank was built on 128 years of banking experience within a small Wisconsin town, all while holding high standards in trust, security, and service. Interacting with our customers on a personal basis is important to us. We take pride in knowing each customer that walks through the door – a promise we’ve continued with Vault.Bank by assigning a dedicated customer service representative to each person who banks with us. Our representatives invest their time in customers because, to us, you deserve better than being a number in the crowd.
Vault.Bank has a startup mindset paired with over 128 years of community banking history, so we’ll be here to grow with you for the long term. With a stable future, we aim to make the financial industry better, challenging the industry’s standards with innovative technology and our key values: Unwavering Customer Service, Integrity, Strength/Stability, and Tenacity.
Q: What products will you offer?
A: We will offer Demand Accounts, Savings Accounts, Debit Cards, Joint Accounts, Minor Accounts, and Credit Cards when we launch – with more to come in the future!
Q: What services will you offer?
A: We will offer many top-notch services, including:
• Quick and hassle-free account openings
• Instant money transfers
• Money management tools
• Online and mobile banking
• Personalized savings goals
• And more!
Q: Does Vault.Bank have branches?
A: No, Vault.Bank is a completely digital bank. This means you can easily perform all account activities while on the go, and we are able to provide you with top-notch customer service wherever you are.
Q: Is Vault.Bank insured?
A: Yes, Vault.Bank is insured through the FDIC up to $250,000, with some deposit accounts insured up to $4 million.
Q: Why .bank?
A: The web address of “.bank” ensures a more secure and trusted location for the digital banking world. Since .bank is only created and managed by banking and security experts, it's more difficult for phishing scammers to use a similar website to steal information.
Q: What is a Savings Account?
A: A Savings Account is an interest-bearing deposit account. It's designed to hold money you don't plan on spending immediately and allows you to earn interest over time.
Q: What is a Minor Account?
A: A Minor Account is a custodial account for teens 13-17 years old. It has no annual fees and requires a $100 minimum deposit to open. The account is the property of the minor, but it is controlled by their guardian(s). Once the child turns 18, their Minor Account will be eligible to become a Demand Account, of which they will be the sole owner.
Q: What is a Demand Account?
A: A Demand Account is just another name for a checking account – an account that allows you access to your money without advance notice. Demand Accounts can be used for everyday spending, paying bills, making purchases with a linked Debit Card, withdrawing cash at ATMs, etc.
Q: What is a Joint Account?
A: A Joint Account is owned by two or more individuals with equal access to the funds. While a Joint Account may have more than one owner, it will operate just like a regular Demand Account.
Q: How do I apply for a Vault Credit Card?
A: To be eligible for a Vault.Bank Credit Card, you must have a Vault Demand Account and a Savings Account. You can apply through the app or on our website under the "Credit Card" page anywhere it states "Apply."
Q: What will my credit limit be?
A: Your credit limit will be based off your application. Some things such as annual income, credit score, credit history, and history with your other financials will play a factor into this decisioning.
Q: What is an Insured Cash Sweep (ICS) Account?
A: An Insured Cash Sweep Account (ISC) helps you leverage a network of banks to provide you with extra Federal Deposit Insurance Corp. (FDIC) coverage for your deposits. Rather than the standard $250,000.00 per depositor, per institution offered by the FDIC, our ICS Accounts will be protected up to $10M.
Q: How does an Insured Cash Sweep (ICS) account work?
A: ICS Accounts work by leveraging a network of Vault.Bank's partner banks to help you leverage your deposit coverage through the FDIC. Rather than you depositing lump sums of $250.000.00 into different banks, ICS Accounts allow you the same coverage while only dealing with one primary bank.
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Bank of Brodhead d/b/a Vault.Bank