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Business bank account review

Found Business Banking

Online business checking from a fintech, with banking by Lead Bank, a free plan and two optional paid plans ($35 and $80 a month) that add bookkeeping tools and interest. Cash goes in at retail stores: one deposit a month is free and each one after costs $2.

By FoundParent company: Indie Technologies, Inc. (dba Found)

RTC SCORE

3.6

#12 of 13 with enough data

What we like

  • The free plan has a $0 monthly fee and no minimum balance, and the Fee Schedule has no per-transaction fee.
  • Cash can be deposited at participating retail stores with a barcode from the app; the first deposit each month is free.
  • Bookkeeping and tax tools are built in, and the paid plans add interest (1.50% APY on Plus, 2.50% on Pro, variable).

What to watch

  • Cash deposits after the first each month cost $2 each, and cash is capped at $4,000 per rolling 30 days; ATM cash deposits are not supported.
  • An SSN is required to open the account; Found does not mention an ITIN.
  • Outgoing domestic wires cost $15 on the free and Plus plans, and Found documents no direct sync with outside accounting software.

How the score breaks down

RTC Score3.6out of 10

Methodology v1.0.0

Data completeness100%

We could verify 100% of the scoring data

Strongest points
Fee to close the account, How easy the monthly fee is to avoid, Open online
Weakest point
12-month cost (reference restaurant)

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%Weakest0.0 out of 10
  • Where you can deposit cashWeight 10%2.0 out of 10
  • Cash deposit limitWeight 10%4.0 out of 10
  • Owner with an ITIN and no SSNWeight 10%0.0 out of 10
  • Fee to close the accountWeight 10%Strongest10.0 out of 10
  • How easy the monthly fee is to avoidWeight 8%Strongest10.0 out of 10
  • Accounting software it connects toWeight 6%0.0 out of 10
  • Open onlineWeight 5%Strongest10.0 out of 10
  • Outgoing domestic wire feeWeight 5%5.7 out of 10
  • Mobile check depositWeight 4%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Fees
Data pointValue
Monthly fee$0/moSource: Found (opens in a new tab)Free plan. Found Plus is $35 a month ($315 a year) and Found Pro $80 a month ($720 a year), both optional.
How to avoid the monthly feeNo monthly feeSource: Found (opens in a new tab)
Transactions included a monthN/ASource: Found (opens in a new tab)Found does not charge per transaction; ACH transfers are unlimited and free.
Each transaction over the included onesN/ASource: Found (opens in a new tab)Found does not charge per transaction.
Outgoing domestic wire$15 one-timeSource: Found (opens in a new tab)Free and Plus plans; $10 on Found Pro. Refunded if the wire is canceled or rejected, not if it is returned.
Minimum opening depositUnconfirmedSource: Found (opens in a new tab)Found says there are no fees for opening the account and no minimum balance, but its pricing page, fee schedule and help articles read do not state a minimum opening deposit.
Other feesOutgoing paper checks: $1 per check on the free and Plus plans, free on Pro. Instant payments sent: 1.75% (minimum $0.50, maximum $50). Same-day or next-day transfers to an external account: 1% (minimum $0.50, maximum $25). Dormancy fee: $10 when the account is dormant for 12 consecutive months. No overdraft or minimum balance fees. ATM operators may charge their own fee.Source: Found (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsYesSource: Found Help Center (opens in a new tab)You generate a barcode in the Found app for the store and the cashier scans it. ATM cash deposits are not supported. The service is VanillaDirect Pay from InComm, and service fees may apply.
Where you deposit cashRetail stores (e.g. Green Dot)Source: Found Help Center (opens in a new tab)
Cash deposited free each month$2,000/moSource: Found Help Center (opens in a new tab)Only the first cash deposit of the month is free; how much it can be is capped by the $2,000 limit per rolling 7 days (and by the store). Each later deposit costs $2.00, taken out of the cash you deposit. The Fee Schedule only says Found charges $2.00 for cash deposits.
Cash deposit limitPublished capSource: Found Help Center (opens in a new tab)Stores may set lower maximums. The limits page lists the same $2,000 a week and $4,000 a month for new and established accounts.
Most cash a month$4,000/moSource: Found Help Center (opens in a new tab)Per rolling 30 days, according to the cash article.
Bank and deposit insurance
Data pointValue
Who holds the moneyA fintech, through a partner bankSource: Found (opens in a new tab)
Bank that holds the depositsLead Bank, Member FDICSource: Found (opens in a new tab)
Most FDIC coverage offered$250,000Source: Found (opens in a new tab)
Requirements to open
Data pointValue
What the owners must giveFound only supports U.S.-based businesses, and you need a Social Security number (SSN) to verify your identity when you open the account. It accepts sole proprietors, single- and multi-member LLCs, corporations and partnerships; businesses with several beneficial owners add them during onboarding.Source: Found Help Center (opens in a new tab)
Owner with an ITIN and no SSNThe bank publishes that an SSN is requiredSource: Found Help Center (opens in a new tab)Found does not mention an ITIN.
Open onlineOnlineSource: Found (opens in a new tab)Online and in the app only; Found has no branches.
Day to day
Data pointValue
Mobile check depositYesSource: Found Help Center (opens in a new tab)Only after meeting the eligibility requirements shown in the account; funds are typically available after 4 business days. Limit: $3,000 a week.
ATM withdrawalsWithdraw with the Found Mastercard debit card. Found does not charge for ATM withdrawals, but the ATM may add its own fee. Withdrawal limit: $550 a day for new accounts and $1,550 a day for established ones.Source: Found (opens in a new tab)The limits are from the help article on deposit and transaction limits.
Accounting software it connects toSource: Found Help Center (opens in a new tab)Found has its own bookkeeping tools. It documents importing a CSV exported from QuickBooks into Found, not a connection that syncs the account with QuickBooks, Xero, Wave, NetSuite or FreshBooks.
Interest on the checking balanceNo interest on the free plan. Found Plus pays 1.50% APY on balances up to $20,000 and Found Pro 2.50% APY on all balances; variable rates that come with the paid subscription.Source: Found (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the account$0 one-timeSource: Found (opens in a new tab)The Fee Schedule lists no closing fee.
Minimum termMonth to monthSource: Found (opens in a new tab)No minimum term for the account. The paid plans renew automatically each month or year until you cancel them in the app.
Closing clauseThe Terms say you can cancel the account at any time by email; Found's help center says closure must be done by you from Settings in the account, not by email or support. Move your balance out first. If you cancel a paid plan, it stays active until the end of the period already paid, with no refund.Source: Found (opens in a new tab)
Right to change feesFound may change how it charges for its services at any time and will communicate the change; it may also update the Terms at any time, and using the service afterward means you accept them (Terms, Fees and Changes to Terms or Services).Source: Found (opens in a new tab)
Language
Data pointValue
Business pages in SpanishNoSource: Found (opens in a new tab)Found's site has no Spanish version: found.com/es does not exist.
Support in SpanishUnconfirmedSource: Found (opens in a new tab)Found's pricing page and help articles read do not say whether support answers in Spanish.

More about Found Business Banking

How we score