Found 2023 Review
Found is a fintech company that caters to freelancers and self-employed individuals. Business owners can take advantage of the company’s business checking accounts and debit cards, which are provided by Piermont Bank, Member FDIC.
Found also offers invoicing, bookkeeping, and tax tools and connects with other popular banking and business platforms, including QuickBooks, Stripe, Cash App, PayPal, Square, Lyft, Uber, Venmo, and eBay. Here’s what you can expect from Found and how to decide if it’s a good fit for your business.
Found Pros and Cons
| Pros | Cons |
|---|---|
| Free sign-up and no account maintenance fees | Instant withdrawals come with a fee |
| No credit check | Interest on Found Plus is capped at a $20k balance |
| Unlimited transactions | Charges fees on invoices paid with debit or credit card |
Found Business Banking Overview
- Minimum opening deposit: $0
- Minimum balance requirement: None
- Monthly fees: $0
- Cash deposit limits: No cash deposits
- Mobile check deposit limits: No check deposit
- Card limits: N/A
- Savings account available?: No
How Does Found Work?
Because Found is a fintech company, not an actual bank, the platform partners with Piermont Bank, Member FDIC. All business accounts are offered through Piermont and are FDIC-insured up to $250,000. Piermont also manages the Found Mastercard™ debit card. Prospective customers can apply through Found’s website or mobile app on iOS and Android devices.
Found Business Banking Features
Found customers can access basic business checking features with no monthly fees, account opening fees, or other hidden fees. That said, the platform lacks some basic functionality necessary for many freelancers and self-employed individuals—like cash and check deposits. Here’s what you get with Found:
- Fee-free checking account: Found users can access a business checking account with no minimum balance required. However, the platform does not support cash or check deposits, making it difficult for many freelancers to deposit payments into their checking accounts. For that reason, Found is not a good option for freelancers and sole proprietors who receive cash and checks from clients.
- Free ACH transfers: Customers get free ACH transfers with no limit on direct deposits. However, the platform is more limited than other offerings. Customers are limited to $500 in weekly deposits from linked bank accounts and $550 in daily ATM withdrawals. These limits are much lower than those imposed by competitors.
- Debit card: Banking customers receive a Professional Mastercard™ Business debit card and a virtual card for online use. Note, however, that purchases with the Found debit card are limited to $4,000 per day.
- Invoice, bookkeeping, and tax tools: In addition to checking accounts, Found provides an invoice generator and bookkeeping and tax tools. Accounts are also Quickbooks- and Mint-compatible, which can further streamline freelancer finances.
Found Plus
Beyond its fee-free services, Found offers Found Plus, an optional paid subscription service. Freelancers and sole proprietors who sign up for Found Plus get access to more advanced tools—particularly for bookkeeping. Found Plus customers earn 1.5% APY that compounds monthly based on the Monthly Average Balance of up to $20,000.
Added features include unlimited category rules, custom bookkeeping categories, and photo receipt capture. Users can also export their bookkeeping details and pay quarterly taxes through the platform’s paid option.
How To Apply for a Found Business Banking Account
Applying for a business bank account through Found takes less than five minutes. It can be done entirely online or via the Found mobile app. Applicants can only open accounts using their name and Social Security number—not a business name. Users can add an EIN to an account after opening it and may add a company name to the front of their Found debit card.
Found does not require a credit check as part of the application process, and providing business registration, licensing, or formation documentation is not necessary. It usually takes Found cards up to seven business days to arrive, though customers can access a virtual card in the meantime.
This is what you’ll need to open a Found business bank account:
- Name, home address, and cell phone number
- Social Security number
- Date of birth
- Basic business details, such as start date and industry
- Tax filing status and estimated business income
Found Business Banking Fees
Found does not charge fees for opening or using its business banking account. There is no minimum opening requirement or minimum balance requirement. Likewise, the company’s banking partner does not charge customers any overdraft or minimum balance fees.
Users may experience fees at some ATMs and for some international transactions in different currencies. Businesses are also charged a 2.9% fee by Stripe (plus $0.30 for processing) each time a client pays an invoice with a debit or credit card. Found also offers two optional paid services:
- Found Plus: Business owners who want access to more robust banking features can pay $14.99 per month or $95.88 per year for Found Plus. This optional add-on includes additional bookkeeping tools, photo receipt capture, and the ability to pay quarterly taxes through the platform.
- Instant withdrawals: In addition to using the Found debit card, customers can instantly transfer money from their Found account to an external debit card. Found charges a fee equal to 1.75% of the transfer amount.
Customer Support
Found only publishes an email address for contacting its support team. This is a less robust customer service offering than available with many business banking options. That said, current and prospective Found customers can take advantage of the company’s online resources, including business banking guides.
Customer Reviews
Found has an A+ rating with the Better Business Bureau (BBB) and has been accredited since April 2022.
As of 5/27/2023, the fintech company has an "Excellent" 4.6-star rating on Trustpilot based on 148 reviews and a 2-star review based on two reviews on the BBB website. Negative reviews focus primarily on limited customer service, poor dispute resolution, and slow fund processing times.
Who Is Found Best For?
Found is best for freelancers and self-employed individuals who want access to basic business banking tools like checking accounts and an invoice generator. However, the company does not let users write or deposit checks—a standard offering from most banks.
Found vs. Lili
Lili is a fintech company that offers banking to small businesses. However, Lili stands out because it provides savings and checking accounts, whereas Found only offers checking. Lili savings accounts let users automatically transfer at least $1 per day to a savings account and earn 2.0% APY.
Like Found, Lili banking also comes with no monthly account fees, no minimum balance requirement, and no ACH bank transfer fees. Lili also allows cash deposits at more than 90,000 Green Dot locations, while Found does not support cash or check deposits. Both platforms feature tools for taxes, DIY accounting, and invoicing.
How Found Stacks Up
Frequently Asked Questions
Frequently Asked Questions
Is Found banking legit?
Found is a legitimate fintech company founded in 2022 and based in San Francisco. The company partners with Piermont Bank, Member FDIC, for its banking services and has an A+ rating with the Better Business Bureau. That said, the company is relatively new compared to other business banking options, and online reviews are generally poor.
How does the Found card work?
The Found card works like a debit card and can be used to make purchases, withdraw cash from ATMs, and pay invoices. The funds for all transactions come out of the customer’s Found checking account. Found also offers a virtual card.
Can you get denied for a business bank account?
It is possible to be denied for a business bank account. Banks look at your credit history and financials when considering an application. If they deem your credit score too risky to approve, the account may be declined.
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