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Found business banking review

A business checking account designed for freelancers and self-employed individuals with built-in bookkeeping and tax tools.

Found is a business checking account designed for a small one-person business. Manage all your finances from the Found app, including tracking your income and expenses, sending invoices and automatically setting aside taxes for your quarterly tax payments. But funding options are limited.

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$0 per month

Fee

$0

Minimum deposit to open

Details

APYN/A
Fee$0 per month
Minimum deposit to open$0
ATMsYou can use your Found card at any ATM
ATM transaction fee$0
Overdraft fee$0

Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

Found business banking is a convenient banking solution for freelancers and self-employed individuals, but its bookkeeping and tax tools are where it really stands out. The Found platform combines the features of a full-fledged professional banking service with tax optimization. It helps you automatically track your business expenses, send invoices, calculate your tax bill in real-time and even pay your quarterly self-employment taxes right in the app.

But funding your account is limited to ACH transfer, payment processors like Stripe or Square and payment apps like Venmo or the Cash App. You can’t make any cash deposits, and you can’t deposit a check until the app’s check deposit feature is back online, which may be a dealbreaker for some small businesses.

How do I open a Found business banking account?

Start using Found by creating an account through the Found app on your smartphone or from the Found website. Follow these steps to sign up from a computer:

  1. Select Apply now.
  2. Hit Get started.
  3. Enter your email address and create a password, then Continue.
  4. Input your personal details, including full name, phone number and address. Choose Next.
  5. Follow the prompts to complete your Found business bank account application.

Eligibility

  • At least 18 years old
  • Have a physical address
  • Agree to estatements

Required information

  • Date of birth
  • Email address
  • Full name
  • Social Security number or Tax ID

To allow Found to calculate your estimated taxes, you must also submit:

  • Estimated annual business revenue for the year
  • Tax filing status

5 benefits of Found business banking

    1. No fees. There are no fees associated with this account. You pay nothing to open or maintain your checking account, and Found doesn’t charge overdraft or minimum balance fees.
    2. No minimum balance. Deposit and withdraw your funds with no minimum balance to keep.
    3. No credit check. Found doesn’t run your credit score when you open an account.
    4. Mobile app. Manage your finances from the Found app with helpful features, including instant purchase alerts and freezing your debit card with just a few taps.
    5. Bookkeeping and tax tools. Found offers a plethora of tools that make invoicing and taxes a breeze, including:
      • Categorizing your business expenses automatically.
      • Identifying instant write-offs.
      • Setting aside your estimated tax owed.
      • Making your quarterly tax payments to the IRS on your behalf.

5 things to look out for

    1. No joint accounts. You can only have one name as the owner of this account.
    2. No checks. You can’t issue paper checks from this account.
    3. No wire transfers. Your Found business bank account doesn’t support wire transfers.
    4. Mobile check deposit temporarily offline. Found has temporarily disabled its mobile check deposit feature to make improvements and has no timeline for when it’ll be back online.
    5. Less-than-ideal ATM access. While Found doesn’t charge any ATM fees, you are still responsible for any fees that the ATM operator may impose. Unfortunately, there’s also no convenient tool to help you find surcharge-free ATMs. And unlike some online-only banks — like Ally Bank, which offers ATM fee reimbursements every month — Found only reimburses two ATM fees every year.

If your business is a partnership or has multiple owners, consider a different business checking account.

Found’s ATM network and fees

Since Found doesn’t have its own ATM network, your Found card works at any ATM. Found doesn’t charge an ATM fee, although the ATM operator might. And if you do get hit with an ATM fee, Found reimburses your first two out-of-network ATM withdrawal fees every year.

Found’s reviews and complaints

Found is an accredited business with the Better Business Bureau (BBB) holds an A+ rating for responding to customer complaints. It has one review as of May 2022 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

Use the table below to compare Found business banking to other business checking accounts. Compare monthly fees, ATM access and competitive features that set the account apart.

Name Product Fee APY ATMs Minimum deposit to open
Live Oak Bank Small Business Checking account
Live Oak Bank Small Business Checking account
$0
N/A
Access over 55,000 free in-network ATMs
$0
No account opening or monthly maintenance fees. Deposit checks, pay bills & initiate transfers online.
NorthOne Business Banking
Finder Rating: 3.4 / 5: ★★★★★
NorthOne Business Banking
$10 per month
N/A
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

$50
NorthOne Business Banking is an all-in-one solution for small business owners, startups and freelancers. It boasts unlimited free transactions, subaccounts, and robust bookkeeping integrations.
First Internet Bank Small Business Checking
First Internet Bank Small Business Checking
$0
0.30% on balances of $10,000+
0.00% on balances of $0 to $9,999
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
$0
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Relay
Relay
$0
N/A
Relay is a no-fee, online banking and money management platform. Relay helps you stay on top of cash flow, operating costs and team spending.
Lili
Finder Rating: 4.6 / 5: ★★★★★
Lili
$4.99 for Lili Pro
1.00% only with Lili Pro
32,000 fee-free ATMs nationwide
$0
Small business owners and freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital banking account.
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Compare up to 4 providers

How do I deposit or withdraw my money?

Although Found operates entirely online, you can still access your cash in several ways:

Deposit options

  • Direct deposit
  • ACH transfer
  • Payment processors, including Square and Stripe
  • Payment apps, including PayPal and Venmo
  • Mobile check deposits — temporarily disabled to make improvements

Withdrawal options

  • ACH transfer
  • ATM withdrawals
  • Debit card purchases
  • Via payment apps like Venmo and PayPal

How to contact Found customer service?

Get in touch with Found customer service in three ways:

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

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