OpenReserve Bank, N.A. (in organization)

OpenReserve is a proposed US national bank built for institutions, not individuals. On 2 September 2026 the OCC gave it preliminary conditional approval, which is permission to keep building, not permission to open. Before it can take a single deposit it has to raise at least $210 million, get FDIC insurance, and pass a preopening exam. The clock runs 18 months. We are listing it now so you know what it is when you read the headlines. We will score it when it opens.

What we know

Status	In organization. Not open to customers. Preliminary conditional OCC approval only.
Regulator	Office of the Comptroller of the Currency (OCC)
Approval	2 September 2026, preliminary conditional approval to organize a full-service national bank.
Charter	Full national bank charter, deposits and lending permitted. Not a trust charter.
FDIC insurance	Outstanding. Deposit insurance must be approved before the bank can open.
Federal Reserve	Outstanding. The bank must apply for Federal Reserve membership and Reserve Bank stock before it can open.
OCC conditions	At least $210 million initial paid-in capital net of organizational and preopening expenses. Tier 1 leverage ratio of at least 12% for the first three years. Capital must be raised within 12 months. The bank must open within 18 months or the approval expires. 60 days notice to the OCC before opening. A preopening examination covering operations, governance, compliance and technology.
Headquarters	Salt Lake City, Utah. Holding company OpenReserve Holdings Inc., Wilmington, Delaware. Founders based in New York.
Customers	Institutional and corporate: businesses, financial institutions, corporate treasurers. No retail account announced.
Planned products	Commercial and retail lending, treasury management, traditional deposits, tokenized deposits (proposed rDEP), digital asset custody, payments, foreign correspondent banking, banking-as-a-service, stablecoin infrastructure.
Stablecoin	ReserveUSD (rUSD), planned through a wholly owned subsidiary. The OCC letter notes the subsidiary application has not been filed.
Founded	2025
Founders	Dee (Diwakar) Choubey, Co-founder and CEO, previously founded MoneyLion. Richard (Rick) Correia, Co-founder and President.
Other organizers	John Chrystal, David Schwed, Jame Sloan, Soumya Basu, as named in the OCC application.
Funding	$25 million seed led by a16z crypto. Other investors: Jump Capital, Acrew, Coinbase Ventures, Wintermute Ventures, Clocktower, Quona, AAF Management, Zero Knowledge Ventures.

If they close your account

Closure policy: Unknown

Unknown: we found no published closure policy.

Notice	Not stated on the pages found. OpenReserve Bank, N.A. is still in organization; a second check on 28 September 2026 found the same Terms of Use and no customer documents. The only legal document on openreserve.ai is a Website Terms of Use dated 2 September 2026, which covers use of the website only. Section 3 states the bank is not chartered, is not FDIC insured, does not accept deposits and offers no products, and that any customer terms will come through separate definitive documentation later.
Reasons given	No policy found
Access to funds	Not stated on the pages found.
Appeal	Not stated on the pages found.
Names crypto as a ground for closure	not stated

Sources: OpenReserve Website Terms of Use, sections 2 and 3 (website terms only, no customer account terms) · official, checked 28 September 2026
OpenReserve homepage, regulatory status footer · official, checked 28 September 2026

A closure usually starts as a freeze. The Frozen Account Survival Kit covers the first 48 hours. Every bank side by side: which banks tell you why they closed your account.

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