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Resources & Support
Open an AccountFrequently Asked Questions
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At Grasshopper Bank, cryptocurrency transactions and entities are prohibited.
What does this mean?
Grasshopper Bank cannot support the following:
- Accept cryptocurrency for deposit
- Store cryptocurrency
- Offer exchange options for cryptocurrency
- Trade cryptocurrency
- Purchase cryptocurrency
- Hold an account for the purpose of investing into or purchasing cryptocurrency
- Entities with funds derived from or to be used for cryptocurrency
- Entity whose business purpose is to gather funds to send to a cryptocurrency exchange, broker, or investment service
- Entity that receives funds from a cryptocurrency exchange or brokerage to distribute to other individuals or entities
- Any entity that is a cryptocurrency exchange or broker
- Any company with revenue that has been significantly derived from cryptocurrency exchange or sale
- Any company utilizing cryptocurrency as an asset management strategy
When you open an account at Grasshopper Bank, you attest that your entity is not involved in cryptocurrency. Grasshopper Bank reserves the right to close any accounts with or without notice if prohibited activity is observed.
For more information on prohibited activities and entity types, please refer to our Prohibited & Restricted Activities Guidelines or Master Service Agreement.
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Prohibited Activities
Grasshopper Bank prohibits certain activities to keep our clients and bank safe. These activities include a business purpose of or any entity with funds derived from or to be used for the following purposes:
- Cryptocurrency
- NFTs
- Gambling
- Shell Banks
- Hard Money Lenders
- Sanctioned and Prohibited Countries
- Cannabis
- Adult Entertainment
- Any illegal activity
Restricted Entities or Activities
Grasshopper Bank restricts certain activities and business types to keep our clients and the bank safe. These activities may require approval prior to onboarding and are subject to additional due diligence:
- Third Party Payment Processors
- Money Service Businesses
- Pawn Brokers
- Firearms/Weapons
- Non Bank Financial Institutions
- Foreign Financial Institutions
- Non-Profit Organizations
- Foreign Entities
- Religious Organizations
The prohibited and restricted activity types may be subject to change as deemed necessary by Grasshopper Bank. The Bank reserves the right to decline or close a relationship upon review of activity that does not align with business or compliance objectives.
For more information, please refer to our Prohibited & Restricted Activities Guidelines or Master Service Agreement.
If you’re unsure whether your business or activities are permitted, please contact Client Services.
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One of the many benefits of choosing an Innovator Business Checking Account at Grasshopper Bank is that you can enjoy the benefit of fee-free withdrawals at 37,000+ MoneyPass and 8,500+ SUM ATMs nationwide. For as hard as you work for your money, you shouldn’t have to throw it away on surcharge fees, so be sure to utilize the ATM locators to find one nearest you.
When in doubt, just look for the bright red SUM or MoneyPass logo displayed on a sign or ATM screen to avoid paying a surcharge. Additional third-party ATM fees may vary by ATM operator.
For full terms and conditions, please refer to our Master Service Agreement.
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At this time, we do not support Zelle as an integration. However, we have partnered with Plaid to provide our clients with a safe way to connect their checking accounts to other modern payment apps within their network.
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Grasshopper Bank is a member of the FDIC, which means your deposits are insured up to $250,000.
Our sound banking practices along with enhanced security features, such as dual control and multi-factor authentication, also help to ensure your account is secure.