Every buyer opens a BlackOak account in their own name before paying a BlackOak merchant. It is held at our partner bank.
The account exists only to carry your Pay by Bank payments to shops, and any refund back to you. It is not a checking or savings account: you cannot deposit money into it, keep a balance in it or withdraw from it. It is normally at zero, and there are no fees of any kind.
An account with no activity for 180 days becomes inactive, and it closes after a full year with no activity. We tell you 30 days before it closes, and signing in or paying keeps it open.