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Commerce Bank
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Open Bank in Los Angeles, CA
Open Bank is a multi-location bank offering online and mobile banking, cash management, SBA loans up to $5M, home loans, and fund transfer services through Zelle.
Data compiled from public sources · Rating from CreditDoc methodology
Open Bank Review
Open Bank operates as a full-service bank with headquarters in Los Angeles, California and multiple branch locations across California, Texas, Washington, Virginia, Georgia, and Colorado. The institution provides comprehensive banking services including online and mobile banking platforms, e-statements, and remote deposit capture (RDC) functionality for retail customers. Beyond consumer banking, Open Bank specializes in business lending, offering SBA 7(a) loans up to the maximum amount of $5 million and business lines of credit.
They also provide home loan products positioned as fast financial solutions tailored to individual borrower needs. The bank maintains a significant lending infrastructure with Loan Production Offices (LPOs) in multiple states and a dedicated Home Loan Center. Open Bank emphasizes security and convenience, featuring integration with Zelle for peer-to-peer payments, account-to-account transfers, and external account linking.
The organization also references community investment and diversity initiatives through the Open Stewardship Foundation. Their service hours are consistent across locations (9am-5pm in respective time zones, Monday-Friday, excluding federal holidays), and they maintain dedicated phone lines for customer service at each location.
Services & Features
Account-to-account fund transfers
Business lines of credit
Cash management services
External account linking and transfers
Home loan financing
In-person banking at 10+ locations
Mobile banking application
Online banking platform
Remote Deposit Capture (RDC)
SBA 7(a) loans up to $5 million
Zelle peer-to-peer money transfer
e-Statements (paperless)
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- Nationwide presence with 10+ physical branch locations plus LPOs across six states
- Offers specialized SBA 7(a) loans up to $5 million for small business owners
- Integrated Zelle functionality for fast, safe peer-to-peer money transfers
- Multiple banking channels including online banking, mobile app, and in-person locations
- Remote Deposit Capture (RDC) available for convenient check deposits
- Dedicated home loan services with fast processing and a dedicated loan center
- Account-to-account transfer capabilities with external account linking
- Green e-statements option for paperless banking
Cons
- Limited service hours (9am-5pm weekdays only, excluding holidays) with no 24/7 availability mentioned
- No mention of 24/7 customer support or after-hours emergency contact procedures beyond closing browser
- Website does not display specific product terms, rates, fees, or APR information for loans or accounts
- No information provided about minimum deposit requirements, account types, or deposit insurance details
- Limited detail on home loan options—no mention of FHA, VA, refinance, or specific loan programs
Rating Breakdown
Value 5.0
Effectiveness 3.7
Customer Service 3.8
Transparency 3.8
Ease of Use 4.5
Frequently Asked Questions
Is Open Bank legitimate?
Yes. Open Bank is a registered company, headquartered in Los Angeles, CA, founded in 2005.
How long does Open Bank take to show results?
Account opening typically takes 1-3 business days. Loan decisions vary by product.
Quick Facts
- Founded
- 2005
- Headquarters
- Los Angeles, CA
- BBB Accredited
- No
- Certifications
- FDIC Insured FDIC Cert #57944
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Open Bank
Open Bank is best suited for small to mid-sized business owners seeking SBA loans and homebuyers in their service areas who prefer a bank combining physical locations with digital banking convenience. The main caveat is the lack of specific rate, fee, and product term information on the website, requiring direct contact with branches for detailed pricing and eligibility requirements.
Best For
- Small to mid-sized business owners seeking SBA loans up to $5 million
- Home buyers in California, Texas, Washington, Virginia, Georgia, or Colorado seeking expedited mortgage solutions
- Consumers preferring in-person banking combined with modern digital services
- Businesses needing cash management and fund transfer services
Updated 2026-04-29
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