Found Business Checking Review 2023

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Found

9.0

BankBonus.com rating

Bottom Line

All in all, Found is an exceptionally well-thought-out banking tool for freelancers and sole proprietors. The financial management tools will help account holders manage their business income, and the lack of monthly fees will prevent their income from being nickel–and–dimed.

Pros

  • No Monthly Maintenance Fees
  • Built in Bookkeeping
  • Built in Invoicing
  • Compatible with Popular Payment Apps

Cons

  • No Cash of Check Deposits
  • No Weekend Customer Support
  • No Joint Accounts

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at Found

Being a freelancer or solo entrepreneur means that you have unique banking needs. You often use multiple accounting tools to store funds, send invoices, calculate quarterly taxes, and more. With Found Business Checking, you can streamline all your accounting needs through a single platform.

Found is a fintech company that offers business bank accounts tailored to freelancers and self-employed individuals.

They provide a solution for freelancers tired of juggling multiple applications and tools to manage their money. However, they still need to include critical functionalities that may make them perfect for everyone.

About Found

Originally founded in 2019 under the name Indie, Found is a fintech company that offers business checking paired with helpful bookkeeping resources for freelancers.

It was founded by two former Square executives who raised over $75 million to build a freelancer-focused platform from the ground up.

Found’s mission is to offer all-in-one banking that simplifies self-employment and saves you time and money.

They have a web and mobile app (which works for iOS and Android devices) that allows you to tackle bookkeeping, invoicing, and taxes in one platform.

This means you can save receipts, categorize expenses, customize invoices, and file quarterly taxes – all without leaving the app.

While Found is not a bank (they are a financial technology company), they are partnered with Piermont Bank to provide their banking services. Piermont is a Member of FDIC, and all their accounts are FDIC-insured for up to $250,000.

Found Business Checking Fast Facts

Minimum Opening Deposit $0
Minimum Balance $0
Direct Deposit Limit $0
Monthly Fees $0
Credit Checks None
APY None
Transaction Limit Unlimited
ATM Fees $0, but some ATMs may charge fees
Cash Deposit Fees No cash deposits
Wire Transfer Fees

(Domestic and International)

No wire transfers
Debit Card Purchase Limit* $4,000/day
ATM Withdrawal Limit* $550/day
Linked Account Transfer Limit* Incoming transfers: $1,000/week

Outgoing transfers: $3,000/day

Payment App Transfer Limit* Incoming transfers: None

Outgoing transfers: $2,000

Open an Account Get started with Found

*Customers can request limit increases through an online portal or mobile app.

Found Business Checking Account Features

Found was built from the ground up with freelancers in mind. In doing so, they included features and tools that will make business banking as a solo-entrepreneur simple and time efficient.

Business Tools for Freelancers

One of the most exceptional features of Found is that it is much more than just a bank account. Their business checking account includes:

  • invoicing
  • bookkeeping
  • tax tools to help you streamline managing your business’s finances

Invoicing

As a freelancer, invoicing is a critical task that can become a headache. Found offers invoicing that allows you to create branded invoices that you can send directly from the mobile app.

The invoicing software allows clients to pay you with:

  • credit cards
  • debit cards,
  • ACH direct deposits
  • Venmo
  • PayPal
  • Stripe
  • Cash App

You can also set up automatic payments for clients on a recurring basis.

Bookkeeping

Bookkeeping is essential to running a successful small business or freelance enterprise. Found’s bookkeeping tool lets you easily organize and categorize business expenses by tracking miles driven for work and capturing receipts. You can create custom rules so Found knows how to manage your expenses when you make purchases.

Tax Tools

Finally, Found has features that simplify the most stressful time for a small business owner: tax season. Found tracks each purchase you make and tracks potential write-offs. They also have a tax estimate feature that updates in real-time, so you know exactly what you owe throughout the year.

Business Debit Card

When you open a bank account with Found, they will send you a free Mastercard debit card linked to your account. This card does much more than allow you to make purchases from your account.

It will help track and categorize your purchases, identify business deductibles, and help with bookkeeping. This feature will become helpful when tax season rolls around.

If you are worried about unauthorized purchases on your account, you can manage and freeze your debit card directly from the Found app. You can also unfreeze it with a few simple taps.

Mobile and Online Banking

Found is a digital bank, which means they do not have any branches and must be accessed through an online banking platform. It’s essential for digital banks to have banking apps that are functional and user-friendly.

Found’s app goes beyond mobile banking and allows you to perform a number of different accounting functions right from your phone.

You can access your Found account through their desktop platform or their iOS- and Android-compatible mobile app. You can easily download the app from the App Store or Google Play.

Found Business Checking Account Requirements

You can open a Found business checking account on their website or mobile app. Opening a business account with Found is different from other online business banks.

Instead of registering with your business name, you will apply under your personal name and Social Security number. Once your account is open, you can add an EIN if you have it.

Here is the information you need to provide to open a Found business checking account:

  • Legal name
  • Social Security number
  • Date of birth
  • Home address
  • Phone number
  • Basic business details (i.e., date started and industry)
  • Tax filing status
  • Estimated business income and total expected income

Applying for your account takes only a few minutes. However, you may need to wait as long as seven business days to receive your Found Mastercard debit card in the mail.

If you need to use the card immediately, you can find the card details in the app to use the virtual card.

Pros & Cons

As with all banks, there are some areas in which Found shines and others where they need improvement. Here are some of the pros and cons of using a Found business checking account.

Pros:

  • No Monthly Maintenance Fees: Found isn’t interested in pricing out freelancers and self-employed individuals with monthly fees, overdraft fees, or minimum balance requirements. You will never have to worry about these fees banking with Found.
  • Built-In Bookkeeping, Invoicing, and Tax-Planning Tools: Found eliminates the need for multiple accounting tools for your freelance business. You can manage business expenses, send invoices, and pay your taxes through the mobile app.
  • Compatible with Popular Payment Apps: Found easily connects with popular payment apps, such as Zelle, Cash App, PayPal, Stripe, and Venmo.

Cons:

  • No Cash or Check Deposits: Found does not allow for cash or check deposits. In a world where mobile check deposit is commonplace for digital banks, this sets them back competitively.
  • No Customer Support on Weekends: Found does not offer customer support on the weekends or in the evenings. Their team is only available from 9 a.m. to 5 p.m. PST.
  • No Joint Accounts: If you share a small business with a partner, you will not be able to share a joint account through Found.

Who is Found Business Checking Best for?

Found is best suited for freelancers or eCommerce entrepreneurs who want a digital-only bank that can help them tackle the complicated aspects of their business.

With no monthly fees and no account minimums, this bank account will appeal to small business owners who don’t need more than a checking account and debit card.

The bells and whistles are also perfect for those who like to keep track of their business expenses all in one place.

Found is not ideal for small businesses with multiple owners, those who deal with cash and checks, or those who want access to a business credit card.

If you are looking for a joint business account that can handle cash and check transactions, you may want to consider other business checking accounts from banks like Bank of America or Chase Bank.

Alternatives to Found Business Checking

Not sure if Found is right for you? Here are three alternatives to consider for your business checking account.

Bluevine

Looking for an account that won’t nickel-and-dime you and will actually help your checking account grow? Bluevine may be for you.

Much like other business accounts, Bluevine boasts no monthly maintenance fees, no NSF/overdraft fees, and no minimum deposits or account balances. They stand apart from other small business-friendly accounts, however, in that they offer qualified members 2.00% APY on their balance up to $100,000.

Bluevine is also a good alternative to Found if you deal with cash or checks. With Bluevine, you have access to an ATM network with more than 38,000 locations. You won’t be charged an ATM fee as long as you stay within the MoneyPass network.

Lili

Freelancers know the importance of keeping their business and personal finances separate. But that doesn’t mean that it’s convenient. Lili is a business banking account that lets you house your business account and personal account all under one roof.

Lili offers tremendous value by streamlining personal and business banking and incorporating essential accounting tools for easy use. The app comes with many of the same financial management features as Found, such as a receipt scanner and tax estimates.

There are two versions of the Lili app: Lili Basic and Lili Pro. Lili Basic is their free account and offers a stripped-down version of the app. You will get a debit card and access to nationwide ATMs. Lili Pro is $9 per month and offers a savings account with 1.00% APY, overdraft protection up to $200, and a Visa debit card with cashback rewards.

Is Found Business Checking Worth it?

All in all, Found is an exceptionally well-thought-out banking tool for freelancers and sole proprietors.

The financial management tools will help account holders manage their business income, and the lack of monthly fees will prevent their income from being nickel–and–dimed.

Ultimately, this account is a great option if you’re a freelancer or a solo entrepreneur just starting out.