kinda, its free to download and such, but to get good start you need to deposit some money for weapons and armour, or you spend a week or so sweating mobs, myself i have never deposited and i havent realy got far, passed level 1000 in handgun though
And ingame transaction aren't made with your bank account. You have to transfert real money into the virtual world, in order to spend it. So if you go bankrupt, it's your only responsability.