Found Business Banking Review: Pros, Cons, And Alternatives

Found is a financial technology company that offers banking and bookkeeping services for small business owners.

If you run a one-person business, finding the right small business banking solution can be difficult because your needs are unique to running your business, solo. You likely need more than a personal checking account to manage your day-to-day and keep track of expenses, for example. You crave the robustness of a bank that caters to businesses, but may not be keen on paying the fees that come with it. 

Found offers a solution for freelancers and other self-employed individuals through its business banking options. For anyone running a business by themselves, Found is worth taking a closer look at because it’s tailored specifically for what you need and what you don’t.

Let’s explore what Found has to offer.

What Is Found Business Banking?

Found is a fintech that launched in 2019 to provide a freelancer-friendly banking experience. 

Importantly, Found itself isn’t a bank. Instead, the fintech works with Lead Bank, Member FDIC, which provides the banking side of its services and issues it's debit card.

What Does It Offer?

Throughout the platform, you’ll find features designed to make running a one-person business easier. Below is a closer look at those features.

Business Checking

You can sign up for Found’s business checking account without meeting a minimum deposit requirement or passing a credit check. Once your account is set up, it supports an unlimited number of transactions. 

The account comes with a Found business debit Mastercard. You have the option to use this physical card or spend with a virtual card. You can also manage your account from a desktop platform, or through the iOS and Android apps, which is convenient.

As a freelancer, a big part of running your business is getting paid on time. That often means providing a convenient method of payment for your customers. 

Found connects to a wide range of apps, like Venmo, Cash App, or PayPal to offer streamlined payment solutions. 

In addition to accepting direct deposits into your account, Found now accepts cash and check deposits. To deposit cash, click the "Add Money" button in the Found app, and select "Cash". You can then obtain a unique barcode and a cashier at a participating retail location can deposit your cash. 

To deposit a check, click the "Add Money" button and select "Deposit a Check". Funds are available after 5 business days.

Bookkeeping

Bookkeeping is a sometimes tedious part of running a small business. Found offers a way to make your bookkeeping process easier. 

The account will automatically track your expenses and allow for receipt capture. When you need to take a look at your expenses, you can tap into the helpful reporting tools that provide better visuals on the state of your business. 

As a business owner, the best part is that you can handle your bookkeeping and banking in a single place. You don’t have to manage multiple apps to monitor your financial situation.

Taxes

When you’re self-employed, your tax bill is likely one of your biggest concerns. It’s critical to save throughout the year to cover your taxes. But it’s not always clear how much you should set aside. Found solves this pain point for freelancers. 

Found will automatically set aside money for taxes in a separate savings account. Each time you get paid, Found will set aside an estimate of the quarterly taxes that you will owe the IRS. This automation is convenient and helps you to avoid accidentally spending more than you should because the money for taxes is already put aside. 

Throughout the tax period, the Found app offers an estimate of your tax bill. The estimate can help you avoid any expensive surprises. Plus, Found will automatically generate a Schedule C form and help you pay your taxes right in the app. 

This key business budgeting tool can help you stay on track to pay your taxes. 

Invoices

Last but not least, Found gives you access to unlimited professional invoices. While you can draw up your own invoice, Found eliminates one more step in the process of running your business. 

After sending the invoices, Found helps you keep track of their status. For example, you can see when your invoices are viewed and paid. If a reminder is required, Found will automatically send payment reminders to your clients.

Are There Any Fees?

Found doesn’t require a monthly fee for its banking services. You’ll also avoid any ATM fees by sticking to in-network ATMs. Found does not charge you for ATM withdrawals, but some ATMs may add their own fee.

Although there are no required monthly fees, there is also no APY attached to this account, which means you won’t earn any extra money on your account. 

Found Plus is an optional paid subscription service that gives customers access to advanced tools to power their business. For $19.99/month or $149.99/year, customers get access to the following features:

• 1.5% APY on balances up to $20k (as of Aug 1/23)
• Unlimited category rules
• Custom bookkeeping categories
• Custom transaction tags
• Photo receipt capture
• Export bookkeeping details
• Pay your quarterly taxes through Found (for Schedule C filers)
• Priority customer support

How Do I Contact Found Business Banking?

You can get in touch with Found by emailing [email protected]. Based on the positive Trustpilot rating, you should expect a good experience. 

How Does Found Business Banking Compare?

Found isn’t the only banking experience that caters to freelancers and self-employed individuals. 

Lili is another option for freelancers. It offers different levels of banking, some of which come with a monthly fee. But if you opt to pay a monthly fee of $9, you can tap into an interest-bearing opportunity. Lili also works as a useful business budgeting tool. 

How Do I Open An Account?

Want to work with Found? It should get started opening an account here. 

Start by entering your email address and providing a password. After that, you’ll need to share information about your business. 

Be prepared to share your name, your business name, your business entity type, your business address, and more. You’ll also need to share your Social Security Number but you will have the option to add an EIN for your business later. 

If you want to fund your account, have the funding account information available. 

Is It Safe And Secure?

When you open a Found account, your deposits are FDIC-insured for up to $250,000 through Lead Bank, Member FDIC. This means your funds are protected within this account.

Is It Worth It?

Found offers a business banking experience that is tailored to the needs of freelancers and self-employed individuals. You’ll find a single platform to send invoices, collect payments, pay your taxes (for schedule C filers), and monitor your business's financial situation.

Found Features