There are multiple ways to fund a new bank account, such as cash, checks, or via electronic transfer. Some banks will also allow credit card funding, which can be very rewarding if you do it right. Keep reading to find out how to fund your new bank account with a credit card, things to consider, and a cheat sheet with a list of banks, if they allow credit card funding, and the maximum amount you can fund your new account via credit card.
Why Use a Credit Card to Fund Your New Bank Account
New bank accounts sometimes come with a welcome bonus if you meet initial funding goals. The same goes for new credit card accounts and hitting initial spending thresholds within a specific time frame. You can also earn ongoing rewards in the form of points, miles, or cashback on eligible credit card purchases which could include funding a new bank account.
See the best bank sign-up bonus offers here…
Let’s say you got a new credit card that will reward you with $500 in points if you spend at least $2,000 during the first three months of account opening. The card comes with a 0% APR on balance transfers for the first 18 months and offers 1% cashback on all purchases.
You also open a checking account with a $300 welcome bonus if you make an initial deposit of $1,500 or more and maintain your balance for 90 days. If your new bank allows you to fund the account with a credit card, you could potentially earn a total of $820 in rewards.
$500 credit card welcome bonus
$20 cashback ($2,000 in spending)
$300 bank account welcome bonus
That’s a pretty sweet deal considering you’re not actually “spending” the $2,000 required for the credit card welcome bonus.
Step 1: Use the Right Credit Card
To begin with, you must choose a credit card that allows you to make bank deposits without being charged a cash advance fee. Instead, the credit card company treats the deposit just like any other purchase, which means you might also receive reward points, miles, or cashback for the transaction. Be sure to contact a customer service rep with your credit card issuer to confirm this.
Step 2: Opt for the Right Bank
For this to work, you need to choose a bank that allows funding via credit card. Some financial institutions, for example, Capital One, forbid customers from using credit cards to make deposits.
Step 3: Choose Your Method
Depending on which bank is involved and how you open the account, there are a few different methods you can transfer money using your credit card into a new account:
- Immediately pay your initial deposit to your Visa or Mastercard.
- Set up direct deposits for credit card transfers to your new bank account.
- Add funds via balance transfer checks.
- Go to the bank and request a teller to do a cash transfer.
Before you open your new account, make sure the bank allows for at least one of the above credit card funding methods.
Things to Consider
The only practical benefit of using a credit card to fund a bank account is to take advantage of perks and bonuses that are otherwise challenging to obtain. But the last thing you want to do when pursuing sign-up bonuses is put yourself in a precarious financial situation.
So, if there’s even a remote possibility that using your card to finance an account would put you in debt, don’t do it. The danger is not worth a $200 bonus. Here’s what you need to keep in mind:
- Cash advances fees. Whether or not your bank deposit qualifies as a cash advance entirely depends on the rules of your credit card company. You’ll undoubtedly have to pay substantial fees if your deposit is categorized as a cash advance rather than a purchase.
- Interest on your credit card. You will be charged interest on your unpaid debt if you are unable to settle the deposit amount. The good news is that you’ll have more time to pay it off because many credit cards offer a low or no interest rate as an introductory offer. But don’t wait too long. Never delay paying off your credit card debt completely each month because you never know what the future holds.
- Late payment penalties. If you can’t make payments on your new credit card, you’ll be assessed late payment fees, just like you would with interest. You should always try to avoid going behind on your credit card payments since it is a dangerous downhill slope.
- Minimum balance requirements. A lot of bank accounts have minimum balance requirements that must be met in order to prevent incurring additional minimum balance or monthly maintenance fees.
Credit card funding carries the same risk as any other scenario in which you borrow money to make a purchase. The most significant dangers to watch out for are interest on outstanding accounts, late payment fees, and building up debt.
Expect to be slapped with interest fees that could wipe out your profit if you fund an account with more money than you can afford to repay. Similar to this, the sign-up incentive suddenly loses its appeal if you have to pay a cash advance fee.
To avoid accruing interest-bearing debt, make sure you have a defined strategy for credit card funding and are well aware of your credit card’s and bank’s rules and restrictions.
TIP: Before attempting to use your credit card to fund a new account, request a reduction in your cash advance limit to $0. If the transaction will process as a cash advance, it simply will not happen.
Bank/Credit Card Funding Cheat Sheet
Below is a list of banks, along with whether or not they allow credit card funding, and the maximum deposit they allow using this method. Please note that this information might change over time and that not all types of credit cards are accepted. For example, Amalgamated Bank allows for Visa and Mastercard funding, but not funding with American Express cards.
If you fund your bank account with a credit card and it doesn’t match the information below, please comment with your experience below.
Follow the link for any bank to see the respective bonus offer(s).
Major Banks
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Bank of America | No | — |
Capital One | No | — |
Chase | Yes | $500 |
Citibank | No | — |
Discover | No | — |
PNC Bank | Yes | $2,000 |
Santander | No | — |
US Bank | Yes | $200 |
Wells Fargo | Yes | $50 |
Banks That Start With A Number
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
1st Source Bank | No | — |
3Rivers | Yes | $500 |
7 17 Credit Union | Yes | $525 |
Banks That Start With “A”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
ableBanking | No | — |
ACNB Bank | No | — |
Addition Financial | No | — |
Advantis Credit Union | Yes | $2,500 |
Advia Credit Union | Yes | $505 |
Affinity Federal Credit Union | Yes | $1,000 |
All America Bank | No | — |
Alliant Credit Union | No | — |
AllTru Credit Union | Yes | $500 |
Ally Bank | No | — |
Amerant Bank | Yes | $500 |
American Bank & Trust | Yes | $2,500 |
American Eagle Financial Credit Union | Yes | $2,500 |
American Heritage Credit Union | Yes | $500 |
American Pride Bank | No | — |
America’s Credit Union | Yes | $1,500 |
Ameris Bank | No | — |
AnchorBank | No | — |
Andigo Credit Union | Yes | $1,000 |
APG Federal Credit Union | No | — |
Apple Bank | No | — |
Ardent Credit Union | Yes | $500 |
Arizona Federal Credit Union | Yes | $200 |
Armed Forces Bank | Yes | $100 |
Arsenal Credit Union | No | — |
Arundel Federal Savings Bank | Yes | $500 |
Arvest Bank | No | — |
Associated Bank | Yes | $300 |
Astoria Bank | No | —- |
Axos Bank | No | — |
Bank That Starts With “B”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Ballston Spa National Bank | No | — |
Bancorp South | No | — |
Bank Direct | No | — |
bankESB | Yes | $1,000 |
Bank Mutual | No | — |
Bank of Canton | No | — |
Bank of Colorado | Yes | $1,000 |
Bank of Elk River | No | — |
Bank of Hope | No | — |
BankPurely | No | — |
Bankwell | Yes | $1,000 |
BB&T (BB&T is now Truist) | Yes | $300 |
BBVA | Yes | $500 |
Beacon Credit Union | Yes | $500 |
BECU | No | — |
Bell Bank | Yes | $1,000 |
Bellco Credit Union | No | — |
BethPage Credit Union | Yes | $100 |
Blue Federal Credit Union | No | — |
BMI Federal Credit Union | Yes | $250 |
BMO | No | — |
Bridgeview Bank Group | No | — |
Brightpeak Financial | No | — |
Broadway Bank | Yes | $500 |
Bryn Mawr Trust | No | — |
Banks That Start With “C”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Callaway Bank | Yes | $250 |
Cambridge Savings Bank | Yes | $1,000 |
Camden National Bank | Yes | $500 |
Campus USA Credit Union | No | — |
CapEd Credit Union | No | — |
Capital Bank | Yes | $50 |
Central Bank | Yes | $1,000 |
Central Illinois Bank | No | — |
Central Minnesota Credit Union | Yes | $5,000 |
Century Bank | No | — |
Charles Schwab Checking | No | — |
Chartway Federal Credit Union | Yes | $1,500 |
Cheese | No | — |
Chesapeake Bank | No | — |
CIBC U.S. Bank | No | — |
Cincinnati Federal | No | — |
Citadel Credit Union | Yes | $500 |
CIT Bank | No | — |
Citizens & North Bank | No | — |
Citizens Bank | Yes | $1,000 |
Clearview Federal Credit Union | Yes | $500 |
Clinton Savings Bank | Yes | $1,000 |
Collins Community Credit Union | Yes | $2,500 |
Columbia Bank | Yes | $1,000 |
Columbia Credit Union | Yes | $500 |
Commerce Bank | No | — |
Communication Federal Credit Union | Yes | $500 |
CommunityAmerica Credit Union | Yes | $5,000 |
Community Choice Credit Union | Yes | $500 |
ConnectOne | No | — |
ConnexUs Credit Union | No | — |
Consumers Credit Union | Yes | $210 |
Cornerstone Bank | Yes | $10,000 |
Country Bank for Savings | Yes | $2,000 |
Credit Human | Yes | $500 |
Credit Union One | Yes | $600 |
Customers Bank | No | — |
Banks That Start With “D”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Dearborn Savings Bank | Yes | $500 |
Dedham Savings Bank | No | — |
Delta Community Credit Union | Yes | $500 |
Desert Financial Credit Union | Yes | $600 |
Dollar Bank | No | — |
Dundee Bank | No | — |
Banks That Start With “E”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Earn Bank | Yes | $500 |
Eastern Bank | Yes | $2,000 |
EBSB Direct | No | — |
Elements Financial | No | — |
Excite Credit Union | Yes | $2,500 |
Elevations Credit Union | Yes | $2,500 |
Emprise Bank | Yes | $100 |
Evansville Teachers Credit Union | Yes | $1,200 |
Banks That Start With “F”
Banks That Start With A “G”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Gate City Bank | Yes | $2,000 |
Georgia Banking Company | No | — |
Global Credit Union | No | — |
Greater Nevada Credit Union | Yes | $5,000 |
Grow Financial Federal Credit Union | Yes | $500 |
GTE Financial Credit | Yes | $500 |
Guilford Savings Bank | No | — |
Banks That Start With “H”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Hanscom Federal Credit Union | Yes | $2,000 |
HarborOne Bank | Yes | $500 |
Hawthorn Bank | Yes | $2,000 |
Heritage Bank | No | — |
Heritage Credit Union | No | — |
Hiway Federal Credit Union | Yes | $5,000 |
Home Federal Savings Bank | No | — |
HomeStreet Bank | No | — |
HomeTrust Bank | No | — |
Honor Credit Union | Yes | Unlimited ($15 fee) |
Horizon Credit Union | Yes | $500 |
HSBC | No | — |
Hudson Valley Federal Credit Union | Yes | $10,000 |
Huntington Bank | No | — |
Banks That Start With “I”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
IBERIABANK | Yes | $500 |
IC Federal Credit Union | No | — |
Ideal Credit Union | Yes | $500 |
Incredible Bank | No | — |
Independent Bank | Yes | $1,000 |
Industrial Bank | No | — |
INOVA Federal Credit Union | No | — |
InRoads Credit Union | Yes | $500 |
Investors Bank | No | — |
Banks That Start With “J”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
JSC Federal Credit Union | Yes | $1,000 |
Banks That Start With “K”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Kentucky Bank | No | — |
KeyBank | Yes | $100 |
KeyPoint Credit Union | Yes | $2,500 |
KS StateBank | Yes | $1,000 |
Banks That Start With “L”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Lafayette Federal Credit Union | Yes | $750 |
Lakeland Bank | Yes | $1,000 |
Lake Michigan Credit Union | Yes | $50 |
Landmark Credit Union | Yes | $500 |
LBS Financial Credit Union | Yes | $500 |
LegacyTexas | No | — |
Level One Bank | No | — |
Liberty Bank | Yes | $500 |
Lili Bank | No | — |
Los Angeles Federal Credit Union | Yes | $500 |
Banks That Start With “M”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Macatawa Bank | Yes | $900 |
Mainstreet Credit Union | Yes | $505 |
Marine Bank | No | — |
Mazuma Credit Union | Yes | $500 |
MB Financial Bank | No | — |
MemoryBank | Yes | $1,000 |
Meriwest Credit Union | Yes | $500 |
Metro Credit Union | Yes | $2,000 |
Michigan Schools & Government Credit Union | Yes | $2,600 |
Michigan State University Federal Credit Union | No | — |
MidFirst Bank | No | — |
Mid-Hudson Valley Federal Credit Union | Yes | $100 |
Midland States Bank | Yes | $1,500 |
MidWestOne Bank | No | — |
Mission Federal Credit Union | Yes | $750 |
Monifi | No | — |
MountainOne Bank | Yes | $1,000 |
mph.bank | Yes | $495 |
Mutual Security Credit Union | No | — |
My Banking Direct | No | — |
My eBanc | No | — |
MVB Bank | No | — |
M&T Bank | Yes | $250 |
Banks That Start With “N”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
NASA Federal Credit Union | Yes | $500 |
Nassau Financial Federal Credit Union | Yes | $500 |
NBC Oklahoma | No | — |
Nearside | No | — |
New Buffalo Savings Bank | No | — |
New York Community Bank | No | — |
North American Savings Bank | No | — |
Northfield Bank | No | — |
NorthPointe Bank | No | — |
Northwest Federal Credit Union | Yes | $520 |
North Shore Bank (MA) | No | — |
North Shore Bank of Commerce | Yes | $5,000 |
NuVision Federal CU | Yes | $500 |
NWSB Bank | Yes | $1,000 |
Banks That Start With “O”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
OceanFirst Bank | Yes | $100 |
Old Hickory Credit Union | No | — |
Old National Bank | Yes | $500 |
Old Second Bank | No | — |
One American Bank | No | — |
OnPoint Community Credit Union | Yes | $500 |
On Tap Credit Union | Yes | $500 |
Orange County’s Credit Union | Yes | $500 |
Orion Federal Credit Union | No | — |
Banks That Start With “P”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Partner Colorado Credit Union | Yes | $500 |
Penn Community Bank | Yes | $500 |
PenFed Credit Union | Yes | $50 |
Pentucket Bank | Yes | $2,500 |
PeoplesBank | Yes | $500 |
People’s Credit Union | Yes | $2,505 |
People’s United Bank | No | — |
Pinnacle Bank | Yes | $1,000 |
Popular Bank | No | — |
Popular Direct | No | — |
Premier America Credit Union | No | — |
Premier Bank – OH | Yes | $500 |
Premier Members Credit Union | Yes | $1,500 |
Provident Credit Union | Yes | $1,000 |
PSECU | Yes | $100 |
Purdue Federal Credit Union | Yes | $250 |
PurePoint Financial | No | — |
Banks That Start With “Q”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Quontic Bank | No | — |
Quorum Federal Credit Union | No | — |
Banks That Start With “R”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Redstone Federal Credit Union | Yes | $530 |
Regions Bank | Yes | $125 |
Reliant Community Credit Union | Yes | $500 |
Republic Bank | Yes | $500 |
Rivermark Community Credit Union | Yes | $3,505 |
Rockland Trust Bank | Yes | $2,000 |
Royal Credit Union | Yes | $1,000 |
Banks That Start With “S”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Sacramento Credit Union | Yes | $500 |
SAFE Credit Union | Yes | $250 |
Salal Credit Union | No | — |
Salem Five Bank | No | — |
Sandy Spring Bank | Yes | $250 |
San Mateo Credit Union | Yes | $500 |
Sauk Valley Bank | Yes | $1,000 |
Seacoast Bank | Yes | $100 |
Service Credit Union | Yes | $249 |
Simple Bank | No | — |
SkyOne Federal Credit Union | Yes | $500 |
Solvay Bank | No | — |
South Shore Bank | Yes | $250 |
Southside Bank | No | — |
South State Bank | Yes | $250 |
S&T Bank | Yes | $100 |
Starion Bank | Yes | $500 |
Star One Credit Union | Yes | $1,000 |
State Bank of India | No | — |
SECU of Maryland | No | — |
St. Mary’s Bank | Yes | $250 |
Stoneham Bank | No | —- |
St. Paul Federal Credit Union | Yes | $1,000 |
Suffolk Federal Credit Union | Yes | $1,000 |
Sun East Federal Credit Union | Yes | $550 |
Sunflower Bank | No | — |
SunTrust (SunTrust is now Truist) | Yes | $250 |
SunWest Credit Union | Yes | $750 |
Banks That Start With “T”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
TAB Bank | No | — |
Talmer Bank & Trust | No | —- |
TBK Bank | No | — |
TCF Bank | Yes | $100 |
TD Bank | Yes | $1,000 |
TDECU | Yes | $2,500 |
Teachers Credit Union | Yes | $2,500 |
Teachers Federal Credit Union | Yes | $5,000 |
Technology Credit Union | Yes | $125 |
The State Bank Group | Yes | $5,000 |
Thrivent Federal Credit Union | No | — |
TIAA Direct | No | — |
Tower Federal Credit Union | Yes | $500 |
Town Bank | No | — |
Truist Bank | No | — |
Truliant Federal Credit Union | Yes | $2,500 |
TruMark Financial Credit Union | Yes | $2,000 |
Trustco Bank | No | — |
TruStone Financial Credit Union | Yes | $2,000 |
Banks That Start With “U”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
UMB Bank | No | — |
UFB Direct | Yes | $100 |
Umpqua Bank | Yes | $2,000 |
Unify Financial Credit Union | Yes | $2,000 |
Union Bank & Trust | Yes | $500 |
Union Savings Bank | No | — |
United Community Bank | Yes | $500 |
United Bank | Yes | $500 |
United Federal Credit Union | Yes | $1,000 |
United States Senate Federal Credit Union | Yes | $500 |
Unitus Community Credit Union | Yes | $750 |
University Federal Credit Union | Yes | $1,000 |
Upgrade | Yes | $500 |
USAA | Yes | $100 |
USALLIANCE Financial | Yes | $100 |
USE Credit Union | Yes | $500 |
Utah First Credit Union | Yes | $500 |
Banks That Start With “V”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Valley Strong Credit Union | Yes | $150 |
Vantage West Credit Union | Yes | $2,000 |
Varo Money | Yes | $100 |
Verity Credit Union | Yes | $1,000 |
Virginia Credit Union | Yes | $500 |
VirtualBank | No | — |
Banks That Start With “W”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Webster Bank | No | — |
Weokie Federal Credit Union | Yes | $3,000 |
Wesbanco | Yes | $500 |
Wescom Credit Union | Yes | $1,500 |
Western State Bank | No | — |
Westerra Credit Union | Yes | $2,000 |
Westfield Bank | Yes | $500 |
Wings Financial Credit Union | Yes | $500 |
Wintrust Bank | No | — |
Banks That Start With “V”
BANK | ALLOWS CREDIT CARD FUNDING | MAXIMUM DEPOSIT VIA CREDIT CARD FUNDING |
Valley National Bank | No | — |
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
First Citizens TN $500 max
Thanks, John!
Not sure when this thing was written LOL but First Merit bank hasn’t been a thing for Years LOL. Come on now, there’s no way this post is Dated from 2020
US Bank cards used to fund USAA code as cash advance
Open a Bank of the West account use my Chase credit card to fund $500. Got charge $25 as a cash advance fee. Please be aware that.
I just tried to open a BBVA account, funding $5,000. Funding was repeatedly declined, and I called Citi, they said it was coming through as a cash advance (thankfully my CA limit is only 2,000 – so I wasn’t hit with CA fees).
OC credit Union Bank only allow $100 to be funded using credit card online on first initial deposit. It will record in your credit card (CITI AA) as a purchase. But after that if you want to fund more you need to go in-branch and they may coded as a cash advance. I spoke to the rep this morning.
PNC allows only $100 to be funded with a CC. I just called them up.
Thanks for the data Cam!
Not true if you apply online. I just opened a new checking account with $2,000 from Chase Ink Preferred Visa
If you fund a bank with cc, posting as purchase, then can you continue to deposit via cc to acct or is it just the initial funding for new acct opening?
Just initial deposit