Found business banking review

Our verdict

Our verdict

Found caters to freelancers and one-person businesses only.

Overall, the platform is automated business banking at its finest. It automatically categorizes business expenses to find tax write-offs, updating your tax estimate as you go. It then saves what you'll owe, minimizing surprises come tax season.

With the Found+ plan, you can even file your quarterly estimated taxes straight from the app. But you can't deposit or write physical checks.

Best for: Integrating banking and bookkeeping for freelancers and one-person businesses.

Pros

• No required monthly or overdraft fees
• Automated tools for taxes and write-offs
• Track expenses and send invoices

Cons

• No joint accounts
• No check deposits or check-writing
• No outgoing wires

4

★★★★★

Finder rating

Go to site on Found's secure site

APY

1.50%

Fee

From $0 per month

Minimum deposit to open

$0

Who is Found best for?

If you’re a one-person business or freelancer in need of banking and tax services, Found is for you. The account simplifies your day-to-day business by offering invoicing for clients, accepting card payments, tracking your expenses and finding tax benefits. Let the software automatically categorize your expenses and attach receipts to transactions as needed.

Before applying, keep in mind that Found only works with single-member businesses, so you can’t open an account if your business is run by more than one person.

What we like about Found

Found takes away your need for multiple accounting tools or apps to keep track of business finances. And since you can tap all of its features through the app, we can see why it’s highly rated by thousands of customers.

Few fees

Found passes on fees for monthly maintenance and doesn’t require you to keep a minimum balance, unlike traditional business bank accounts like Chase. You also don’t have to worry about overdraft fees since Found automatically declines transactions that dip below your balance.

Bookkeeping

Found gives you the ability to invoice clients through an email or text message. Receive funds from a cash app, Stripe debit or credit card payments or direct deposit.

The platform also automatically categorizes your expenses and write-offs and lets you use preset categorization rules to simplify categorizing. Plus, you can snap a photo of your receipts as you go to keep your records straight. Then, run expense reports detailing your transactions to use for your accounting.

Traditional business bank accounts don’t offer these tools, and you’d normally need separate banking and accounting services. Yet all-in-one business banking and accounting is more common with digital accounts.

For example, Lili is one of Found‘s direct competitors, offering automatic categorization as well as advanced tools with the Lili Pro account. However, Lili lets you set aside a percentage of revenue for taxes, a feature Found doesn’t offer.

Taxes

Found calculates what you need for estimated taxes and automatically sets it aside in your attached Found savings account, which earns no interest.

If you want your savings to earn interest, you’ll need to upgrade to its Found+ plan, where you’ll earn 1.5% APY on balances set aside for taxes and in your checking account up to $20,000.
Found+ also lets you file your estimated taxes directly from the Found platform. To file your estimated taxes, you’ll need to provide your tax filing status and estimated revenue for the year.

You typically find these tools woven into accounting software like Quickbooks but not your business bank account. While other digital business accounts like Lili provide tax tools, Found goes a step beyond by filing your estimated taxes directly from the app.

Where it falls short

Found is built for freelancers and one-person businesses, so you can’t open the account if you have partners who help you run the business.

Funding your account is also limited to ACH transfer, payment processors like Stripe or Square and payment apps like Venmo or the Cash App. Like most online bank accounts, you can’t make any cash deposits at ATMs or bank branches, although Found says this feature is forthcoming in February 2023. But Found also doesn’t offer mobile check deposits or outgoing wire transfers, which are typical features you’d find with most online banks.

On top of these downsides, you’ll need to look elsewhere if you want to earn interest on your balance. Many traditional and digital business accounts provide all of these features. For instance, Bluevine provides checks, ATMs, cash deposits and a 2% APY on qualifying balances.

How much does Found cost?

Get a rundown of all the features available with both of Found‘s standard and Found+ plans.

Plan	Monthly fee	Features
Standard plan	$0	Track expenses and income Create personalized invoices Accept payments via credit or debit cards, cash apps or bank transfers Preset categorization rules Basic transaction reports Email customer support
Found Plus	$14.99/mo. or $95.88 per year/yr. (savings of nearly six months compared to monthly)	Standard plan features plus: 1.5% APY on balances up to $20,000 Unlimited custom bookkeeping rules Custom expense categories Automatically pull key details from photo receipts In-depth reports, including categorization, receipts and notes Pay federal quarterly taxes directly through Found

Found’s fees and access

Since Found doesn’t have its own ATM network, your Found card works at any ATM. Found doesn’t charge an ATM fee, although you’re responsible for any fees that the ATM owner charges.

Type of fee	Fee details
Monthly service	None
Opening deposit	None
ATMs	None (some ATM’s may add their own fee)
Debit card fees	Instant withdrawal fee: 1.75%
Overdraft or nonsufficient funds	None
Invoicing	Stripe debit/credit card payments: 2.9% + $0.30/transaction Checks: $0 Found-to-Found bank accounts: $0

Is Found safe to use?

Although Found is a digital fintech company, Found partners with Piermont Bank to provide banking services. Piermont Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which means that your money is guaranteed up to $250,000 by the federal government.

Found’s reviews and complaints

Found is an accredited business with the Better Business Bureau (BBB) and holds an A+ rating for responding to customer complaints. It has one review from a customer who was upset about an unauthorized withdrawal from a third party and didn’t receive a provisional credit from Found.

On the flip side, Found is much more beloved on the Apple and Google Play app stores. Over 3,300 iOS, users rate Found a 4.8 out of 5 stars, and nearly 2,500 Android users give the app an average 4.7 out of 5-star rating. While customers rave about its tax tools, they aren’t impressed with its limited deposit options.

Compare with other checking accounts

Weigh the advantages and costs of Found against some of its top competitors.

How do I deposit or withdraw my money?

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How to contact Found customer service?

Get in touch with Found customer service in three ways:

1. 1. Call 888-845-0131 weekdays from 9 a.m. to 5 p.m. PST or 7 a.m. to 7 p.m. on weekends.
   2. Email help@found.com.
   3. Send a message by selecting the Help icon on its website.