BestBank is closed. It was a Colorado bank based in Boulder and later Thornton that was shut down by the U.S. Office of the Comptroller of the Currency (OCC) on July 23, 1998, one of the largest bank failures of the 1990s. The FDIC was appointed as receiver, and there is no active U.S. bank named BestBank today. The unverified “(800) 235-4636” customer service number and “Monday to Saturday” hours that used to appear on this page were not correct; there is no BestBank customer service line to call because the bank does not exist.
If you are looking for a bank in your area, the “Did you mean a different bank?” section below and the “Looking for the best bank near you today?” section further down will help.
What happened to BestBank
BestBank was founded in Boulder, Colorado in 1988 and later relocated to Thornton, Colorado in the north Denver suburbs. It was a small national bank chartered by the Office of the Comptroller of the Currency. During the mid-1990s the bank became the credit-card issuing partner for a large unregulated subprime credit-card marketing scheme run in cooperation with a third-party marketer, All-Star Merchandising (later Century Financial Group). By 1998, federal regulators determined that the credit-card book had become deeply insolvent through fraudulent enrollments and misreported loss reserves.
On July 23, 1998, the OCC declared BestBank insolvent and closed it, appointing the FDIC as receiver. The Federal Deposit Insurance Corporation later estimated its losses on the receivership at approximately $172 million, making BestBank one of the most expensive bank failures of the 1990s. Insured depositors were paid out through FDIC insurance up to the statutory limit (at that time $100,000 per depositor per insured bank); those payouts were completed in the years following the closure. There was no acquiring bank that took over the BestBank name or franchise, and no successor institution reopened as “BestBank.”
If you had a BestBank account
Any BestBank account resolutions were completed by the FDIC in the receivership process that began in 1998. If for any reason you still believe you have unclaimed funds from a BestBank deposit account, the FDIC Failed Bank List and the FDIC Unclaimed Funds search at closedbanks.fdic.gov is the authoritative resource. There is no BestBank customer service phone line to call; earlier versions of this page listed an unverified (800) 235-4636 number and inaccurate “Monday to Saturday 8 AM to 7 PM CST” hours, which have been removed.
Did you mean a different bank?
Because “Best” and “Best Bank” get confused with several other institutions, here are the banks most often confused with it:
- Arvest Bank: A large Arkansas/Oklahoma/Missouri community bank. If you were looking for Arvest, that is a real, active bank; use our Arvest page for locations, ATMs, and hours.
- Bank OZK (formerly Bank of the Ozarks): Arkansas-headquartered community bank, another bank whose name is sometimes confused with Best.
- Bank of America, Chase, Wells Fargo, Citibank, and U.S. Bank: The largest U.S. banks, most commonly landed on by users searching for a generic “best bank near me”.
Looking for the “best” bank near you today?
What counts as the “best” bank depends on what you actually need. Here is a short decision tree for U.S. consumers, with links to the bank pages on this site for details.
If you want a big national bank with the most branches and ATMs
Chase (largest U.S. bank by assets, roughly 4,700 branches), Bank of America (~3,800 branches, 15,000 ATMs), and Wells Fargo (~4,300 branches) have the largest branch and ATM footprints. Best if you value in-person service and travel a lot within the U.S.
If you want the highest savings APY (online bank)
Online-only banks pay higher interest because they save on branch overhead. See our pages on Ally Bank, Marcus by Goldman Sachs, Discover Bank, Synchrony Bank, American Express National Bank, and SoFi Bank.
If you want a credit union (usually the best rates)
Credit unions are member-owned and typically offer better rates and lower fees than banks. See Navy Federal Credit Union (military and family members), PenFed Credit Union (open to anyone), and State Employees’ Credit Union of NC.
If you want the best regional community bank in your area
Regional banks often beat both national banks and online banks on the combination of rates, local service, and mortgage flexibility. Compare our pages for Regions Bank (Southeast), Truist (Southeast/Mid-Atlantic), PNC Bank (nationwide with regional strength), KeyBank (Northeast/Midwest/Pacific), Huntington Bank (Midwest), and M&T Bank (Northeast/Mid-Atlantic).
Practical checklist for picking your best bank
- Fee-free ATM access where you live and travel (see ATM fees by bank)
- Monthly maintenance fee and how to waive it (direct deposit, minimum balance)
- Interest rate on the savings account you actually use (compare APY, not the headline rate on a different account tier)
- Cash and check deposit convenience (branches, ATMs, mobile deposit)
- Sunday hours or 24/7 phone support if you need weekend banking
- Mortgage or auto-loan pricing if you plan to borrow
- Deposit insurance (FDIC for banks, NCUA for credit unions, both up to $250,000 per depositor per institution)
Frequently asked questions
Is BestBank still open?
No. BestBank was closed by the U.S. Office of the Comptroller of the Currency on July 23, 1998, and no successor institution has operated under the “BestBank” name. There is no active BestBank to visit or call.
What happened to BestBank?
BestBank was a Boulder and later Thornton, Colorado national bank that became insolvent through a large subprime credit-card marketing arrangement in the mid-1990s. On July 23, 1998, the OCC declared it insolvent and closed it, and the FDIC was appointed as receiver. Total losses to the FDIC insurance fund were estimated at roughly $172 million.
Where did BestBank customer deposits go?
Insured depositors were paid out through the FDIC’s Bank Insurance Fund up to the statutory insurance limit that applied in 1998 ($100,000 per depositor per insured bank). Those payouts and the receivership resolution were completed in the years after the closure. For any late unclaimed-funds questions, the FDIC maintains a unclaimed-funds search at closedbanks.fdic.gov.
Is there a BestBank customer service phone number?
No. There is no active BestBank customer service line because the bank does not exist. The “(800) 235-4636” number that appeared on earlier versions of this page was unverified and has been removed.
Did you mean Arvest Bank?
Possibly. Arvest Bank is an active Arkansas, Oklahoma, and Missouri community bank whose name is sometimes confused with Best. See our Arvest Bank page for current locations, ATMs, and customer service.
What is the best bank near me today?
It depends on what matters most to you: branch and ATM footprint, savings APY, fees, mortgage flexibility, or credit-union benefits. See the “Looking for the best bank near you today?” section above for a short decision tree, or browse the bank pages listed there for detailed comparisons.
More bank guides on Banks Near Me
Related guides: How to open a bank account, how to switch banks, what is FDIC insurance, what is a routing number, ATM near me, and ATM fees by bank.