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Editorial Score8.8Found Overview
Found is an all-in-one business banking tool to help manage your company or freelance finances. It has no hidden fees3 or minimum balances. Found features a host of easy-to-use features, like estimating and auto-saving for taxes, bookkeeping, and invoices, and it can connect with other banking/business software. Signing up is quick and easy compared to many other business bank accounts, and the company takes security very seriously.
Pros
- Easy and quick signup process with no credit check required
- Automatically tracks expenses
- No hidden fees3 or minimum balance
- Several security procedures and practices to protect data
Cons
Found at a Glance
Fees? | No minimum balance. |
Security | AES-256 encryption; supports 2-factor and biometric authentication. |
Online experience | Responsive and user-friendly website with full banking capabilities. |
Mobile app | Available on iOS and Android. Includes expense categorization, digital check deposits, sending invoices, and more. |
Customer support | Support during office hours and on the weekend through various communication options. Dedicated compliance teams. |
Suitable For?
Found is best suited for the self-employed, Ecommerce businesses, and gig workers. It’s a straightforward and streamlined account that serves as a one-stop shop for keeping on top of your company finances, with expense tracking, invoicing, tax planning, and bookkeeping features built in.
It’s also a great choice for businesses looking for an account without required monthly maintenance fees that doesn’t sacrifice features, support, or security. However, the low deposit and withdrawal limits may turn off larger companies.
Features/Highlights
Advantages over traditional banks
The main advantage compared to traditional banks is that Found’s business account has no required monthly maintenance fee. While some banks offer no-fee accounts, they generally have a minimum balance requirement, which isn’t the case with Found3.
Unlike with some traditional business bank accounts, direct deposit funds may be available for use 2 days before the scheduled payment date5.
The straightforward signup process (with no credit check needed) is also much easier than with most traditional banks, which usually take longer and ask for more information.
Found also offers built-in bookkeeping and tax support, as well as pockets—sub-accounts that let users manage and organize their business income in a way that big banks don’t.
Cutting-edge banking services
Found has a selection of cutting-edge banking services that help streamline your business banking. The user-friendly app allows you to manage your account on the go with features like remote check deposits, invoice creation and tracking, business insights and reporting, and more. It even lets you freeze your card if you lose it or notice any suspicious activity.
Your Found account comes equipped with additional bookkeeping features that enable you to track your expenses, save your receipts, and generate real-time income and profit/loss reports. Found also auto-saves for your taxes, shows you tax estimates, and tracks write-offs. You can even pay your taxes right from the app6.
Found also lets you seamlessly connect with other apps and gives you full online account access. Some of the tools that Found integrates with include QuickBooks, Stripe, and Venmo.
Traditional banking services
Like traditional banks, Found provides a business debit card that you can use in person or online. In addition to the one physical debit card, you can also have multiple virtual cards for different categories of spending. One could be for subscriptions, one for purchasing materials, one for travel, and more.
Found lets you withdraw funds from any ATM that accepts Mastercard. While Found won’t charge you for this, some ATMs may have their own fees. The company lets you deposit cash too, but it deducts a $2 fee from the deposited amount.
Interest rates and fees
The Found business bank account has no monthly maintenance or overdraft fees and no minimum balance requirement. It doesn't charge for creating invoices either.
While the basic Found business bank account doesn’t have a monthly fee, the company offers a premium plan called Found Plus. This costs $19.99 a month or $149.99 annually. It includes all the features of Found, with the added benefits of priority support, premium tools, and 1.5% APY on balances up to $20,000.
Required Monthly Fee | Minimum balance required | APY on balances | |
Found | $0 | $0 | N/A |
Found Plus | $19.99 (or $149.99 annually) | $0 | 1.5% APY on balances up to $20,000 |
Customer service and online experience
Found customer support is available via email at help@found.com, over the phone at 888-845-0131, in the Found app, and through live chat on the website. The hours for customer service are as follows:
Phone: 8am-5pm (PT), Monday-Friday
Via email: 7am-5pm (PT), Monday-Friday; 7am-3pm (PT) on the weekend
In-app chat: 8am-5pm (PT), Monday-Friday
The user-friendly website contains a large help center with answers to dozens of FAQs, such as how to fund an account, how to send invoices, and others. The site also has a comprehensive resource center with several articles about business banking, industry trends, taxes, and more.
Found gets generally positive reviews and has a 4.7 rating on Trustpilot. In particular, these user reviews highlight the seamless process for getting started and how clear and easy the various features are to use and understand.
Mobile app
The Found mobile app is clean, streamlined, and very user-friendly. It offers several standout features, like tracking and categorizing expenses, sending invoices, running reports, depositing checks remotely, and many others.
The app is available on both iOS and Android devices. It has a 4.8 rating on the Apple App Store and a 4.7 on the Google Play Store, with thousands of reviews on each.
Security
Found supports both 2-factor and biometric authentication and follows industry-standard best practices to protect your data. It uses AES-256 encryption for a secure infrastructure. The company also has 24/7 fraud monitoring that alerts both you and dedicated compliance teams about any suspicious activity.
The team annually reviews its security processes and updates procedures to ensure sensitive information is always as safe as possible. Found also has a detailed privacy policy that includes information about what data it collects, how it uses and shares it, and how it protects it.
Sign-up Process
The sign-up process with Found is fast and easy, as it’s designed for single-owner businesses, self-employed individuals, and freelancers. As a result, many of the usual documents aren’t generally required, and there’s no credit check.
Once you have created your account, you’ll get your business debit card in the mail within a week.
Found Summary
Found is a great business banking option with no required fees3, no overdraft fee, and no minimum balance to maintain. It links with many leading business and banking tools, offers 24/7 fraud monitoring, and it’s easy to get started. Add in the other features like taxes and bookkeeping, and you have a solid all-in-one option for Ecommerce, gig workers, and the self-employed.
Disclaimer
1Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.
2Found's core features are free. Found also offers an optional paid product, Found Plus for $19.99 / month or $149.99 / year.
3Optional subscription to Found Plus for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read more.
4Found Plus annual subscribers are eligible for free tax filing through Column Tax
5Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.
6Tax payments are available for Found Plus subscribers who file a Schedule C.
