Open an account
About bank accounts
For any kind of money movement, you need a bank account. Your relationship manager helps you define exactly what types of accounts meet your needs. Each different type of account you define is also called a product type in Cross River COS. You use the product type as a basis to create individual accounts. Think of it as a template or configuration package.
Requirements to open an account
- Product ID: Cross River-provided unique product ID that references the defined product type of the new account. See Account types and rules for more details on how you get a product ID before opening an account.
- Customer ID: The system returns this unique ID when you create a customer record.
- Address and phone number: The account holder must have at least one address and phone number in their customer record.
- OFAC status: the account holder OFAC status must be Clear.
- Customer classification: The customer and product classifications must match. For example, only business customers can be added to a business product.
See our tutorial for opening a deposit account and our API.
Account types and rules
Cross River provides many different account types and solutions through a suite of products. You work with us to identify the types of accounts relevant to your business needs. For type of account type you want we create a template called a product type. The product type has a unique product ID you use to create specific accounts, so it has to be supplied before you can open an account.
Use cases by account type
When integrating with our platform, choosing the right account type is critical to support your product functionality, compliance, and reporting needs. These short descriptions can help you determine which account structure is best suited for your use case.
Checking and savings accounts
Description Standard accounts that can hold customer funds, support money movement (ACH, wires, card transactions), and accrue interest (savings).
Best for
- Holding end-user deposits (e.g., neobank checking/savings)
- Supporting card spend and ACH transfers
- Offering interest-bearing savings accounts
- General-purpose custodial accounts
Example use cases
- Neobanks offering everyday consumer banking
- Direct deposit accounts
- Spend-and-save features
Learn more about Deposit accounts (DDA).
Subledgers
Description Virtual accounts that sit under a parent account. These do not exist at the bank ledger level but are used for internal balance tracking and reconciliation.
Best for
- Tracking user balances without opening a full bank account for each user
- Managing program-level treasury with per-user accounting
- Supporting use cases that don't require individual account numbers
Example use cases
- Wallets or prepaid balances
- Marketplace payouts or platform credit tracking
- Funds segregation within a pooled account
Learn more about subledgers.
Certificates of Deposit (CDs)
Description Time-bound deposit accounts that offer a fixed interest rate. Funds are locked for a specified term.
Best for
- Users or businesses looking to earn a higher yield on idle funds
- Offering fixed-term savings products
- Treasury management for long-term cash holdings
Example use cases
- Consumer savings products with higher yield and term commitments
- Business treasury optimization
Learn more about Certificates of Deposit.
FBO (For Benefit Of) Accounts
Description: Legal accounts opened by a fintech or platform, holding funds for the benefit of end users. Often used to maintain compliance with custodial fund regulations.
Best for
- Programs where the fintech or platform acts as custodian
- Regulatory separation of end-user funds
- Platforms needing to manage funds on behalf of many users without full KYC at the bank level
Example use cases
- Investment apps holding funds before allocation
- Gig platforms managing worker payments
- Crowdfunding or pooled escrow solutions
Learn more about For benefit of (FBO) accounts.
Rules
When you create your product types, you also define the configuration of what that account can do. For example, you define which payment methods the account can use and any payment limits for for a given payment method.
Update account details
Sometimes even after you open a bank account, you need to add or update details of the account holder customer record. You can update the account holder address, phone number and email. You can also add details to the customer record about an ID document for that account holder.
For every record, you can have multiple addresses and so forth, but you designate one of each as the primary detail. For example you have a primary address and phone number.
Among other purposes, these details are important for identity verification to fight fraud and money laundering.