Updated February 24, 2024

Found Business Banking Review

Read more about Found
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Found Business Banking offers helpful tax and invoicing tools for self-employed people. But it lacks other basic features. Here's what you need to know.

5-point scale (the higher, the better)

Pros and Cons

  • No monthly fees
  • Built-in tax tools
  • Unlimited invoicing
  • No free ATMs
  • No APY with the free version

Bottom Line

Free business banking app with good tax tools, but lacks some basic features

Do you struggle with taxes as a freelancer or small business owner?

Found may be just what you need.

It has automated tools to help you track expenses and prepare for taxes. Plus, there's no monthly fee or credit check.

Keep reading to see if Found is right for you.

What is Found Business Banking?

Found is an online business checking account that combines banking, bookkeeping, tax tools, and invoicing, all in one app. That means you don't need to juggle multiple apps or pay for additional services. It's designed for freelancers and other self-employed individuals.

Also, it has built-in tools to help you track write-offs and save for taxes. It can even make tax payments for you (more details later).

But Found has its downsides too. For example, it doesn't have a fee-free ATM network.

Is Found legit?
Found is partnered with Piermont Bank to provide banking services and FDIC insurance. Your deposits are covered up to $250,000 in the event Found fails. And it's also been BBB accredited since 4/29/2022 with an A+ rating.

Now that you know what Found is, you'll want to know if it's suitable for you. Let's talk about that next.

Who is Found Best For?

Found is best for those who:

  • Are a freelancer, gig worker, or one-person business
  • Struggle with doing taxes and tracking business expenses
  • Handle all payments digitally
  • Don't need to visit physical branches

Found is not ideal if you have W2 employees or have a multi-person LLC.

Pro tip: If you have more team members Bluevine will be a better option for you. It also offers APY to grow your funds, whereas Found only offers APY on its paid version.

Not sure if Found is for you yet? Maybe the pros and cons will help you see if has what you need.

Found Business Banking Pros & Cons

Pros:

  • No monthly fees; no minimum balance
  • No overdraft fees
  • Track business expenses
  • Auto-save for taxes
  • Unlimited free invoicing
  • Integrates with business apps, like Stripe, Etsy, and PayPal
  • No credit check

Cons:

  • No free ATM network
  • Low cash & check deposit limits
  • No check writing
  • No joint accounts
  • No APY with the free version

Can you deposit checks on Found?
No. Currently, Found does not have a remote check deposit feature. It's not a good choice if you get paid by checks from clients.

Now let's take a more detailed look at the features.

Found Banking Features (Free)

All Found users get access to these features:

Online business checking
The Found business checking account has no monthly fees, no overdraft fees, and unlimited transactions. You get a business debit Mastercard and up to 10 virtual cards.

Also, your account can be connected to apps like Etsy, Stripe, Square, Uber, and Lyft. And if you set up direct deposit with clients or gig platforms, you can get paid up to 2 days early.

How long do transfers take?
It usually takes one business day for Found to transfer money to an external bank account. However, if you make a transfer on a Friday, expect it to be processed on Monday.

Write-off tracker
Found will automatically track and categorize your business expenses. It helps you find tax write-offs, so you save as much as possible on taxes.

Real-time tax estimates
Found always keeps a real-time estimate of your current tax bill. Whenever you get paid or buy something, you'll see how much you now owe in taxes. No more being shocked at the amount!

Have expenses or income that wasn't made to your Found account? You can manually add them. Found will track them too and include them in your tax estimate.

Receipt capture
Found can automatically save receipts and notes. You can pull up old receipts easily and keep a clear record without the clutter.

Auto-save for taxes
Every time you get paid, Found will automatically put aside the right amount into a Tax Savings Account. When it's time for your quarterly tax payment, you're already prepared.

Unlimited invoicing
You can send unlimited custom invoices with your logo and colors. It lets you send one-time invoices or set up recurring billing.

Do you dread chasing down payments? Found can take care of that and send reminders to your clients.

Your clients have plenty of options to pay - by direct deposit, credit card, debit card, Cash App, PayPal, Venmo, and Zelle. More payment options equal faster payments to your account.

Auto-generated tax forms
Found also auto-generates a Schedule C. If you do your tax return yourself, you just need to copy the numbers. Or share with your accountant if you use one.

That's not all Found offers. Read on.

Found Plus Features (Paid)

If you need a little more help with taxes and bookkeeping, Found's Plus plan offers more advanced benefits. You'll get:

Pay taxes from the app
This is one of the coolest features. If you've ever dreaded paying taxes, this can save you a lot of headache. Found Plus can make your quarterly tax payments for you directly to the IRS.

It'll use the funds in your tax account to pay on your behalf. You don't need to worry about missing deadlines and IRS penalties.

Unlimited custom categories
You can create custom categories to track your expenses (for example "client gifts" or "business coach"), whereas basic Found users only get pre-set categories.

Export bookkeeping details
The basic Found account lets you export transaction data. Found Plus also lets you export all the categorizations, receipts, and notes associated with your transactions.

Earn an APY on your account balance
As a Found Plus user, you can receive a very competitive 1.5% APY on balances up to $20,000.

Auto-import expense from receipt
Found Plus can automatically import expenses from your receipt. Just take a picture of your receipt, and let Found pull the key details and create an expense entry for you.

Priority customer support
With Found Plus's priority customer support, you can quickly connect with a live customer service agent and receive immediate assistance.

You can try out Found Plus for free for 14 days.[1] If you realize that you don't need it, you can cancel the membership at any time. You'll still get access to all the features until the end of your billing cycle.

Found has more unique features than other business checking accounts. If you're liking what it offers, next take a look at how much it will (or won't) cost you.

Found Fees & Limits

The standard Found business checking account has:

  • No opening deposit
  • No monthly service fee
  • No minimum balance requirement
  • No overdraft fee

Some fees you may encounter are:[2]

  • ATM fee from the ATM owner (though Found itself doesn't charge a fee)
  • International conversion fee
  • 1.75% for instant transfers (max $25)
  • 2.9% + $0.30 processing fee from Stripe if a client pays an invoice using a debit or credit card

If you upgrade to Found Plus, that will cost $19.99/month or $149.99/year.

Found has the following transaction limits:[3]

Direct depositsNo limit
Incoming transfers from linked bank account$500 per week
Outgoing transfers to linked bank account$5,000 per day
Incoming transfers from payment appsNo limit
Outgoing transfers to payment apps$4,000 per day
Found debit card purchases$4,000 per day
ATM withdrawals$550 per day
Check deposits$3,000 per week
Cash deposits$1,000 per week

If you want a limit increase, you can request it online or through the mobile app.

Is Found Worth it?

Since Found has no monthly fee, it's definitely worth checking out. But it's only good for specific kinds of self-employed people, such as freelancers, app-based gig workers, and online-only small business owners.

It's especially good if you struggle with doing taxes. Found can make your life a lot easier by doing the more tedious work, like tracking write-offs and filling out tax forms.

The Found Plus plan has even better benefits. It's a pain to do your own quarterly tax payments, so it's great that Found can do it for you. Not having to stress over it alone could be worth the annual cost. As an additional advantage, Found Plus subscribers can earn an APY bonus on their account balance.

Found is not good for more traditional businesses because it has very low limits for cash deposits and check deposits. And there's no check writing feature.

If Found sounds good to you, the next step is to open an account. Here's a guide to help you get started.

How to Open a Found Account

It takes just a few minutes to apply for a Found account. Go here to start your application.

Here's what you'll need to provide:

  • Legal name and address
  • Social Security number
  • Email and phone number
  • Tax filing status
  • Estimated business income

Found is open to all business structures. You have to sign up with an SSN. Once your account is open, you can add your EIN.

After you're approved, it can take up to seven business days for your Found debit card to arrive. But you can use a virtual card while waiting.

Have more questions? You can always contact them first.

Found Customer Service

Even though Found doesn't have a physical location, you can still get in touch with them in these ways:

  • Call 888-845-0131 on weekdays from 9 pm to 5 pm PST
  • Email help@found.com
  • Send a message through the Help icon on their support page

If you think that Found may not be enough for your needs, there are always alternatives to look into.

Found Alternatives

Here's how Found compares against other popular small business accounts.

Found vs Lili
Lili is the closest alternative to Found. It also has tax tools, including a write-off tracker and auto-tax savings account.

However, Lili's tax tools are only available with their paid plans, starting from $15.00/month.[4] On the other hand, Found offers these features for free.

And Lili won't make your quarterly tax payments for you. This is offered with Found's paid plan, so it also beats Lili here if this is something you really want.

But a benefit is that Lili lets you sort your transactions as 'personal' or 'businesses'. So it could be better if you just want all your finances in one place.

Found vs Bluevine
Bluevine is a popular online business checking account with a high-interest rate. You can earn up to 4.25% APY, which is great for growing your funds.

Even though it's online-only, it has features that also work for small physical businesses. It allows for cash deposits at Green Dot and Allpoint+ ATMs, and you get 2 free checkbooks per year.

You also get 5 free sub-accounts with their own account numbers. That lets you better organize and manage your budget (whereas Found only has one tax savings account).

However, Bluevine is more of a DIY account. There are no auto-tax tools, so you'll have to keep track of things yourself.

Bottom Line

Found is a good choice for freelancers and small business owners who operate completely digitally. Most business checking accounts don't have integrated accounting and tax tools. But Found offers these features for free.

And if doing taxes is your biggest pain point, you may feel that Found Plus is worth it.

Lots of modern businesses don't need traditional features. If that's you, then Found can be a great all-in-one banking app for your self-employment journey.

References

  1. ^ Found. Is there a free trial for Found Plus?, Retrieved 3/8/23
  2. ^ Found. How much does Found cost?, Retrieved 3/8/23
  3. ^ Found. Are there deposit or transaction limits?, Retrieved 1/22/23
  4. ^ Lili. Lili Account Plans, Retrieved 6/22/2023
Found

Free Business Banking for the Self-Employed

  • Banking, taxes, bookkeeping – all in one place
  • Automatically find tax write-offs and save for taxes
  • Track and categorize expenses with custom rules
  • Free unlimited custom invoices
  • Easy sign up; no credit check
Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.
Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • ATM fee refunds up to $7 per month
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Lili

Free Checking Account for Sole Proprietors and Single-Member LLC

  • Sign up in 3 minutes; no credit check
  • No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
  • Automatic Savings
  • Get paid up to 2 days early
Banking services provided by Choice Financial Group, Member FDIC

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