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US neobank Oxygen switches focus from banking to health insurance in new strategy

March 11, 2024

In a statement on the company’s website, Oxygen says it officially commenced the “account closure process” on 8 March, with both consumers and business users being informed that their accounts will be closed on 29 March.

The firm adds that customers will have continued access to their accounts until 29 March and that any remaining balance left in their accounts after this date “will be returned to you via check by The Bancorp Bank, N.A. within 45 days”.

Oxygen says customers will no longer be able to deposit funds into their Oxygen accounts from 16 March and “all services in connection with your Oxygen Savings Account” will be discontinued by 21 March.

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