For freelancers and small business owners, selecting the right business checking account can make a significant difference in both financial management and profitability. Founded in 2019, Found offers a specialized banking solution designed specifically for self-employed professionals. With features like automated tax tools, invoicing and payment solutions, and no hidden fees, Found streamlines the day-to-day operations of running a business.

Could a Found Business Checking Account be the right fit for your small business? Below, we’ll explore Found’s key features, pricing structure, and limitations—along with a comparison to

About Found Bank

Found was created in 2019 as a unique financial ally for self-employed individuals, freelancers and small business owners who seek a straightforward, digital-first approach to business banking. Launched with the mission to simplify financial management for independent workers, Found goes beyond basic banking. It integrates intuitive tools to help users streamline tasks like tax planning, invoicing and expense tracking—all from one easy-to-use platform.

For freelancers, contractors and gig workers who often juggle multiple roles, Found’s banking experience stands out. It offers features such as automatic tax withholding, so users can avoid surprises at tax time. Tools like expense categorization simplify tracking and deduction calculations. Plus, Found’s invoicing tool allows users to create and send professional invoices directly from their accounts, keeping business transactions (and cash flow insights) centralized and manageable.

This makes Found a good choice for those who want to avoid the fees and requirements of traditional business accounts. Instead, Found customers get a suite of tools designed for the flexible nature of freelance work.

Found Business Checking Features and Pricing

Found’s business checking account offers a range of features designed specifically for self-employed professionals, freelancers and small business owners. 

Key features

  • Automated tax tools: Found takes the stress out of tax season by offering built-in tools for calculating and withholding taxes automatically on each deposit. This feature is especially helpful for freelancers and small business owners who want to stay on top of tax obligations.
  • Invoicing and payments: Users can create, send and track invoices directly through their Found account. Found also accepts ACH payments and integrates with common digital payment platforms.
  • Expense tracking: Found’s account comes with automatic expense categorization to help users organize and monitor their spending. This feature is particularly valuable when it comes to tax deductions—users can keep accurate records of deductible expenses throughout the year.
  • Business insights: Found’s dashboard offers insights into cash flow, spending patterns and revenue. 
  • Debit card: Found provides a business debit card that can be used anywhere Visa is accepted. 
  • No hidden fees: Found prides itself on transparency, with no hidden fees and zero monthly maintenance costs. There are also no overdraft fees, which is particularly beneficial for independent workers who have variable cash flow.

Pricing

Found’s business checking account is completely free, with no monthly service charges or minimum balance requirements. This makes it a budget-friendly option for those who need a functional, feature-rich business account without the financial commitment typically associated with traditional banking. However, the Found Plus business checking accounts come with monthly fees, ranging from $19.99 per month to $149 per year when you pay annually. Those accounts also earn interest—but depending on your account balance, the fees may significantly cut into those earnings.

Found Business Checking Pros and Cons

When considering a business checking account, it’s important to weigh the benefits against the potential drawbacks. Found offers several attractive features for freelancers and small business owners, including no monthly fees, automated tax solutions, and budgeting tools. However, there are some limitations, such as the lack of advanced business banking services and fees for cash deposits, that may not suit every business’s needs. Here’s a closer look at the pros and cons of a Found business checking account.

Pros

  • No monthly fees or minimum balance: Found’s basic checking account has no monthly maintenance fees or balance requirements, which means cost savings and flexibility for small business owners and freelancers managing variable income.
  • Automated tax tools: Found’s built-in tax tools simplify tax season by automatically calculating and withholding estimated taxes. 
  • Invoicing and payments integration: The ability to create, send and track invoices directly from the Found account is a convenient feature for freelancers and small business owners—it streamlines the billing process.
  • Expense tracking and categorization: Found’s automatic expense categorization helps users stay organized, track deductible expenses, and keep an accurate record for taxes. This helps save time and provides better financial insights.
  • Real-time insights: Found offers an easy-to-navigate dashboard with business insights that help users monitor cash flow and manage budgets.
  • Transparency: Found’s fee-free structure—no overdraft, ATM or hidden fees—makes it a straightforward option, with transparency that’s appealing to small business owners.

Cons

  • Limited business services: Found’s account lacks more advanced business banking features, such as credit options or lending, which might be limiting for business owners who need access to financing. Found also limits its services to single-owner businesses.
  • No physical branches: As a digital-only account, Found doesn’t offer in-person branch access. This may be a drawback for users who prefer face-to-face banking services or need to deposit cash.
  • Cash deposit fees: While Found does allow cash deposits through third-party services, this incurs fees that can add up for businesses handling a lot of cash. Their fee is currently $2, which is still lower than GreenDot’s $4.95 cash deposit fee.
  • Limited customer support options: Some users may find Found’s customer support options to be limited, which can be a drawback if immediate help is needed. Digital-only customer service is typically less accessible than full-service banks with phone and in-person options.

A Digital-First Alternative to Found Bank: North One

If you’re considering North One as an alternative to Found, there are several benefits that set North One apart. Like Found, North One doesn’t charge monthly service fees for its standard business checking—which makes it appealing to budget-conscious business owners who want to avoid recurring costs. North One’s basic business checking account also provides flexibility, with high transaction limits for both purchases and withdrawals. This is ideal to support growing businesses with frequent or higher-value transactions. 

Another strong feature of North One is its Envelope budgeting system and integrations with numerous financial and business platforms. These tools and enhanced connectivity help streamline financial management across platforms like accounting, payroll and e-commerce services. The seamless integration with leading business software like QuickBooks means North One may better support companies looking to consolidate their financial tools and automate processes more efficiently. 

Overall, North One is an excellent alternative for those needing robust transaction support, integrations and high maximums on mobile and check deposits as well as ACH and wire transfers.

Found Empowers Freelancers to Bank Better

Found offers a great banking service for freelancers and solo entrepreneurs who prioritize tax management tools and digital convenience over traditional banking services. While its automated tax features and free basic checking make it attractive for independent contractors, businesses requiring cash handling, branch services or more advanced financial products may find its limitations challenging. 

For those seeking alternatives, other digital-first options like North One provide similar convenience with fewer restrictions and broad integration capabilities. The choice ultimately depends on your business model, transaction needs and whether tax automation tools are a priority for your financial management strategy.

Frequently Asked Questions

Is Found a real bank?

No, Found is a fintech company, not a traditional bank. It offers business checking services specifically designed for freelancers and small business owners. Found partners with a banking institution to provide FDIC-insured accounts, ensuring that customer funds are protected up to the federal limit.

Who is Found Bank backed by?

Found partners with Piermont Bank, an FDIC-insured bank, to support its business checking accounts. This partnership allows Found to offer the safety and security of FDIC insurance on deposits up to $250,000.

Can I use Zelle with Found bank?

No, Found currently does not support Zelle. While Zelle is a popular peer-to-peer payment service, Found primarily focuses on business transactions and offers other tools and integrations to meet the needs of freelancers and small business owners. 

What is the limit on a Found bank account?

Found imposes limits on various transaction types to help manage account activity and protect account security. Here’s a breakdown of these limits:

  • Mobile check deposits: Limited to $3,000 per week.
  • Cash deposits: Capped at $2,000 within a rolling seven-day period and $4,000 within a rolling 30-day period.
  • Debit card purchases: For new accounts, the daily limit is $5,000. For accounts open at least 30 days that have met Found’s activity thresholds, the daily limit increases to $20,000.
  • ATM withdrawals: New accounts have a $550 daily limit, while established accounts (open for at least 30 days and meeting activity requirements) enjoy a $1,550 daily limit.