Frequently Asked Questions

What is Level?

Level is a challenger bank and mobile banking app that provides next-level banking for modern consumers consisting of an app, a cash back debit card called Level Debit Card, and an interest-bearing deposit account called Level Bank Account, offered through Evolve Bank & Trust, Member FDIC. Level is a product of Zero Financial, Inc., the company that developed Zero, and pioneered the first “Debit-style” credit card to help curb consumer overspending. Zero Financial, Inc. is backed by prominent Silicon Valley venture capital investors including New Enterprise Associates (NEA), SignalFire, Eniac Ventures, and Nyca.

How would you sum up Level’s business model?

Our business model is based on the belief that if we make less money per customer and do the right thing, word about our products will spread naturally, keeping marketing costs down and making everyone happy. If you love using Level, help us out by spreading the word so we can continue bringing you market-leading products and economics. Thanks so much!

Is Level a bank?

Level itself is not a state or federally chartered bank, however, we offer banking services through our partnership with Evolve Bank & Trust, Member FDIC. Evolve Bank & Trust holds all deposits in the Level Bank Account and is the issuer for the Level Debit Card, pursuant to a license from Visa U.S.A. Inc.

Are my funds insured?

Yes, rest assured your money is safe and secure. Level Bank Account deposits are insured up to $250,000 by Evolve Bank & Trust, Member FDIC.

Do you offer liability protection?

We sure do. The Visa Zero Liability policy ensures you will not be responsible for unauthorized charges on your Level Debit Card if you use reasonable care in protecting your card from loss or theft and you promptly report the loss or theft to Level.

Please refer to the Level Bank Account Agreement for more details.

Can I use my Level Debit Card with Apple Pay and Google Pay?

You sure can. Level is compatible with both Apple Pay and Google Pay. To get started, simply follow your digital wallet’s instructions to add a new card.

Why should I choose Level?

Level offers one of the only debit cards with 1.0% unlimited cash back on Qualified Purchases with a monthly $2,500 or more direct deposit as well as 0.50% APY on an interest-bearing deposit account, all while charging no fees. Enjoy a beautifully designed app built by a tech company, not a bank, with friendly and responsive customer support.

Like any interest-bearing bank account, APY is dependent upon different factors like the Federal Reserve, which means it may change.

Please refer to the Level Bank Account Agreement for more details.

I’m in. How do I get Level?

We’re glad you asked. Click here to instantly apply online, or here to download the Level app and apply.

No fees? Seriously?

You’ve got that right. No overdraft fees, no maintenance fees, no minimum balance fees, no foreign transaction fees, and no add-on ATM fees charged by Level. In fact, if you use your Level Debit Card and the ATM owner charges you a fee, we will reimburse you for those fees, up to three (3) times a calendar month and up to $4 per reimbursement.

Which ATMs are free to use?

Sometimes you just want cold hard cash, and we think you shouldn’t be charged for that. Use your Level Debit Card at any ATM worldwide that accepts Visa. If the ATM owner charges you a fee, Level will reimburse you up to 3 times per month and up to $4 per reimbursement.

How often can cash back be redeemed?

As soon as your Level Debit Card transactions post, your cash back will become available for redemption anytime with just a tap and a swipe from the Main Menu of the Level app. Redeem your cash back as often as you’d like.

What is Premium?

Level Premium members enjoy special benefits in addition to Level’s standard offering that take their everyday banking experience to new heights. For $9 per month, Premium members earn 1.5% cash back on online and signature-based purchases, without any direct deposit requirements. They will have access to exclusive merchant perks, 5 ATM fee reimbursements per calendar month (up to $4 per reimbursement), all while enjoying VIP customer support.

How can I enroll in Premium?

Give our customer support team a call at (877) 735-3835 to enroll. In-app enrollment is coming soon, so stay tuned for updates.

How do I earn 1.5% cash back through Premium?

The same way that you normally would with your Level Bank Account! Simply make a qualifying online or signature-based purchase. Once your qualifying purchase is posted to your account, you’ll earn the cash back rewards.

When can I redeem my Premium cash back?

You can redeem your Premium cash back earned through the Level app as soon as the transaction posts to your account, and as often as you’d like. Redeem your Premium cash back the exact same way you’d redeem your regular cash back rewards by navigating to the Main Menu in the Level app, tapping Redeemable Rewards, then swiping up to redeem.

How do I pay for Premium?

Monthly Premium dues are collected as soon as you have enrolled for Premium and your account has sufficient funds. Dues will be debited from your Level Bank Account on the same day each month while you are enrolled. If you enrolled on the 29th, 30th, or 31st of the month, subsequent debits will be processed on the 28th day of the month.

How do I unenroll myself from Premium?

Please give our customer support team a call at (877) 735-3835 or email us at to unenroll.

What if I unenroll from Premium before the end of my current billing period?

No problem! Your Premium rewards will continue until the next billing cycle. After that, you’ll return to Level’s standard rewards offering.

Are Premium dues refundable?

No, Premium dues are non-refundable.

Can I have my Premium dues waived with other requirements?

No, not at this time.

What are perks?

Perks are an awesome way for Premium members to earn additional cash back at select merchants. With perks, Premium members can earn additional rewards on top of Premium’s 1.5% unlimited cash back on online and signature-based purchases. Simply open up the app, navigate to the Main Menu, and tap “Perks” to view active offers.

When can I redeem my perks rewards?

Premium members can redeem cash back earned through perks as soon as the transaction posts to your account, as often as you’d like. Redeem your perks rewards the exact same way you’d redeem regular cash back rewards.

Do I have to activate perks?

Nope, but we recommend enabling push notifications to make sure you’re always on top of available and upcoming offers!

Where can I learn more about perks?

Check out the “Perks” screen within the Main Menu of the app to see active offers and learn more.

Can I retroactively earn the rewards?

Unfortunately, no. You can only earn rewards on active perks during the offer period.

Will Level deposit my paycheck two days early?

Yes, Level offers early access to direct deposit funds which depends on the timing of the payer’s submission of deposits. We generally post such deposits on the day they are received, which may be up to 2 days earlier than the payer’s scheduled payment date.

Can I use Level with Venmo, Cash App, and Zelle?

You sure can. You can link Level to Venmo, Cash App, Zelle, and PayPal.

Can I cash out to Level?

You bet! Easily cash out your earnings from third party apps like Lyft and DoorDash directly to your Level Bank Account. Refer to your third party apps for instructions on how to link your Level account. Everything you’ll need from us can be found in the Main Menu of the Level app.

What platforms is the Level app available on?

We currently support iOS and Android. In order to access and use the Level Bank Account, you must have an Apple iPhone running iOS version 11.0 or higher, or an Android device running Android 6.0 Marshmallow with access to the Google Play Store.

iPhone and Apple Pay are registered trademarks of Apple Inc.

iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.

Android is a trademark of Google LLC.

Which transactions are not eligible to earn 1.0% unlimited cash back?

Non-online or signature-based transactions, foreign transactions, ATM withdrawals, point-of-sale cash back, account transfers, cash equivalents and other similar transactions may not be eligible for cash back.

Please refer to the Level Bank Account Agreement for more details.

What is a signature-based transaction?

All debit card transactions are processed in one of two ways. Sometimes this depends on the merchant’s point-of-sale setup, but usually you can make a choice at the register to pay using:

  • Debit – through the PIN-based ATM network. These funds are withdrawn from your checking account immediately. Or;
  • Credit – through the signature-based Visa network. These funds are usually withdrawn from your checking account within 24 hours, placing the funds on “hold” in your account until processing is complete.

There’s an easy way to remember the difference: It’s any time you do NOT enter your PIN.

Does cash back apply to ACH or ATM transactions?

Cash back only applies to Qualified Purchases made using your Level Debit Card and does not apply to non-card purchase transactions. See the Level Bank Account Agreement for more details on qualified spend. See “Which transactions are not eligible to earn 1.0% unlimited cash back?”.

What do I need to apply for Level?

Applying is really easy and takes less than 2 minutes on your mobile or desktop device. You must be at least 18 years old (19 if you live in Alabama or if you’re a ward of the state in Nebraska) and will need to provide your full legal name, U.S. physical address, date of birth, tax identification number (e.g., Social Security number), phone number, email address, and have your U.S. government-issued photo identification ready.

Can I apply for Level with a foreign government-issued ID?

No, U.S. government-issued photo identification is required to apply for Level. Accepted forms of identification include drivers license, passport, work permits issued by the U.S. Citizenship and Immigration Services (USCIS), or ID cards.

Can I apply for Level if I live in the U.S. with a Visa?

Yes, as long as you have U.S. government-issued photo identification, a physical address in one of the 50 U.S. states and a U.S. tax identification number (e.g. Social Security number), you can apply for Level.

Can I apply for Level without a physical address in the U.S. 50 states?

No, you must have a physical address in one of the 50 U.S. states to apply for Level.

Why is Level not available to people living in U.S. territories or foreign jurisdictions?

We recognize that many people who don’t reside in one of the 50 U.S. states would like to become Level customers and we would like to become available to you someday. However, laws governing banking products and services in areas outside the 50 U.S. states vary widely and can impose additional requirements that we may not currently fulfill.

Are there any intentions to launch in countries other than the United States?

Not at the moment.

Will Level accept cash or check deposits?

No, cash or check deposits are not currently accepted. Stay tuned for product updates.

Will Level offer joint accounts?

No, joint accounts are not currently offered.

What are Level’s policies regarding privacy?

We are dedicated to protecting your personal information and informing you about how we use it. Our current Privacy Policy is available here.

What are Level’s policies regarding security?

Level encrypts personal data to meet and exceed banking industry standards. We have comprehensive security policies, extensive security training across the company, and external auditing of our security practices to keep your data safe and secure at all times. We are PCI-DSS v3.1 compliant and apply PCI standards when dealing with any sensitive information. The use of this site is governed by our Privacy Policy and Terms of Use. By using this site, you acknowledge that you have read these disclaimers and policies and that you accept and will be bound by their terms.

How does Level make money?

Level retains a portion of the interest earned on the money in your Level Bank Account, just like a traditional bank. We also make money from the interchange fees collected by Visa on each purchase using your Level Debit Card. However, we keep our operating costs lower than a traditional bank by providing a mobile-centric offering (which means no overhead costs associated with brick and mortar branches) and only building products and services that we can automate, aside from customer support. This means we can provide higher interest rates than traditional banks.

How can Level offer such a high interest rate?

Traditional banks are able to pay more, too — they just don’t. We give you more, in short, because we prioritize our customers’ financial wellbeing.

Newer offerings from online banks can be a bit more competitive in terms of rates, but even these cannot fully compete with Level. As far as we know, we’re the first modern financial technology company to have launched both a debit card and a credit card. We achieved this with Zero, pioneering the first “Debit-style” credit card to help curb consumer overspending. We’ve combined debit and credit in new ways that do well for our bottom line while doing even better for yours as a customer.