Bank Alarm is an action adventure in which a group of Federal agents set out to bring down a gang of murderous bank robbers. Alan O'Connor (Conrad Nagle) and Bobbie Reynolds (Eleanor Hunt) have been assigned the case of chasing a gang who have sacked one bank after another, killing anyone who gets in their way. One of their attacks takes the life of a fellow criminal and counterfeiter, and the gang grabs all of his forged money and takes off with it. As a result, they leave an inadvertent paper trail of counterfeit bills wherever they go. Alan and Bobbie follow the line of fake bills, but the gang always seems to remain one step ahead, and everywhere they go they leave behind dead bodies. It's up to the two investigators to intercept the criminals before more people have to die, but the trail is thin and the odds are against them.