Found Small Business Checking Account Review 2025
If you’re looking for a one-stop shop to handle your business finances, Found might be the answer. This new banking institution caters to freelancers and single-owner businesses only, with a platform that is designed to put your unique needs first.
Rather than get lost in the shuffle with a big bank and even bigger businesses, you can look to a smaller option that puts you front and center. Let’s look at Found and what it can do for you.
Found At-a-Glance
- Designed for freelancers and one-person businesses
- Automatically categorizes business expenses
- Updates tax estimates over time
- Use the app to file quarterly taxes
Compare to Other Checking Accounts
Found is a financial technology company backed by Piermont Bank that offers checking accounts via digital banking to solo gig workers and freelancers.
Grasshopper is another company that offers a similar service and provides some perks you don’t get with Found, such as a rewards debit card, but also some downsides, like the minimum $100 balance.
Another potential option is Citi. Its priority checking account offers all sorts of perks but has one big downside: A minimum $30,000 average monthly balance must be maintained in deposit, retirement, and investment accounts. Otherwise, a $30 monthly account fee is charged.
That might price out gig workers who are trying to make a living from different apps and have less financial uncertainty.
Another option is Axos, which charges no fees at all with the exception of a paper statement fee of $5. However, needing that statement will be a rare occurrence.
Easily Compare the Best Checking Accounts Online
Compare rates, fees, accessibility, customer service, and more to find the best checking account for your needs.
Who Is Found For?
Found is a unique company in that it only offers services to freelancers or sole proprietors.
If you need a simple, day-to-day tracking of income and expenses, including a way to accept credit card payments, Found might be for you.
It’s great for rideshare drivers, app-based gig workers, e-commerce businesses, and those who offer unique products, from handmade goods to writing for clients. If you want an automated way to handle invoicing, bookkeeping, tax planning, and accepting funds, this is the place for that.
Top Features of Found
If Found sounds like the right option for you, it’s a good idea to dig into the features and understand exactly what you’re getting. Here are some of the top features designed to make banking easier:
Categorizes Expenses and Receipts
Preset categories help you track expenses and write-offs. To keep the records straight, take photos of your receipts, upload them to the account, and then run an expense report with all the details.
This integrated bookkeeping service can save you money and hassle by cutting out the middleman and keeping all your records in one convenient place.
Allows for Tax Updates and Filing
If you file quarterly taxes, Found provides a way to do that without gathering all your information; if you bank exclusively with Found, all the information you need is right there in the app.
The system updates your income information over time and clearly explains the tax implications, so you are well-informed about how much you need to pay Uncle Sam and when that needs to happen.
Unlimited Transactions with No Required Monthly Fees*
Those who transact via apps can deposit and withdraw as often as they like with no penalty.
The built-in invoicing allows you to request money as often as necessary. There are no required monthly fees for moving your money around through the Found app.
Easy Integration With Popular Apps
Speaking of apps, those who work with a variety of popular apps can integrate their work life seamlessly into their financial life.
If you have an Etsy store, use Stripe or Paypal, get paid through Uber or Lyft, or even work with Instacart, these apps work with Found to ensure your money stays where you want it to be.
No Minimum Balance or Deposit
You can open an account with no minimum deposit. You don’t have to keep a minimum balance in the account. But unlike with other banks, you don’t have to worry about overdraft fees because any transaction that would cause your balance to go into the red is declined.
How to Get Started
You can open an account with Found via the app or the website.
To open an account with Found, you must provide your legal name, home address, and cell phone number.
You will need to verify your Social Security number and date of birth. Your Social Security number is required as this is an account for sole proprietors. If you have an EIN number, you can add that to the account after it is opened.
Found will need basic information about your business, including your industry and when you launched your business.
For bookkeeping purposes, you will also need to provide your tax filing status, estimated business income, and total expected income. Once the account is open, you can begin integrating a variety of different apps for payment, such as Stripe or Paypal.
Applying for an account takes only a few minutes.
You will receive a Found debit card within one business week. In the meantime, you can use the virtual card provided on the app.
Rating the Features
Found offers many good options for those who are running a business solo, but there are also some downsides. Here’s what to expect when you open a Found account.
Fees
There are no required monthly fees*, minimum balance requirements, or minimum deposits. There are also no overdraft fees because any transactions that might put your account in the red will not go through.
If you choose to upgrade to Found Plus, expect a fee of $19.99 per month or $149.99 per year for custom bookkeeping, reports, customized expense categories, direct quarterly tax filing**, and more.
There is a 2.9% fee on debit and credit card payments and a 1.75% transaction fee for instant withdrawals with your debit card.
Rates
With Found Plus, you can earn a modest interest rate on balances of up to $20,000. This allows you to make sure the money set aside for taxes can earn you a bit of cash before you send it to the IRS.
Variety
Found currently offers two options: the basic account and Found Plus. Found Plus allows you to customize your expense reports, tax preparation, and other bookkeeping tasks. The checking account (with an attached debit card) is currently the only banking product Found offers.
Customer Support
Customer service is available via phone on weekdays from 9:00 a.m. to 5:00 p.m. Pacific Standard Time and 7:00 a.m. to 7:00 p.m. on weekends.
You can also contact Found via email, chat message, or phone support during certain hours.
Access
Found offers their checking account via app or website. That means you can access and use your account at any time if you have an internet connection.
There are no branches, but you can withdraw money from any ATM that accepts Mastercard. Found also offers cash and check deposits and receives domestic wire transfers.
Pros and Cons of the Found Business Checking Account
Pros
- No required monthly fees or overdraft fees
- Fees for credit card transactions are reasonable
- Unlimited transactions
- No minimum deposit
- Bookkeeping and tax planning built into the app
- Easy integration with popular business apps
- Potential to earn interest in savings
- Easily track expenses and create reports
Cons
- No option to pay others via check
- Customer support has limited hours
- Must open the account with an SSN, not an EIN
- No joint or shared accounts; for solo workers only
- Potential to earn interest in savings Easily track expenses and create reports
Bottom Line
Found is an excellent option for those who work on their own.
Solo gig workers, freelancers, and small business owners will find that Found pairs well with the payment platforms they use most often, gives them a great option for accepting credit card payments at a reasonable price, and offers the opportunity to keep up with tax information with every uploaded receipt and transaction.
If you want to make banking in one place easier than ever when you have a variety of revenue streams coming in, Found is an ideal solution.
Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC.
*Advanced, optional add-on bookkeeping software available with a Found Plus subscription for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATMs apply. Read more here.
**Filing business taxes through Found is applicable for Schedule C filers
Frequently Asked Questions (FAQs)
Found is a financial technology company that partners with Piermont Bank, member FDIC.
Yes. You can currently spend up to $4,000 in purchases in a single day and withdraw only $550 in cash from ATMs via your debit card. There is a $2,000 cap on the money you can send via payment apps per day, but there is no limit to the money you can have coming in. You can, however, request a limit increase on all of these points.
No. In fact, there is no credit check when you sign up for Found.
Though you can’t transfer other tax information into Found or vice versa, you can generate reports via Found that will form a complete picture of your financial life on that platform. This can be helpful for your tax preparer. Though you do have the option of handling taxes through Found, that is not a requirement for using the services.
