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Thursday, October 6th
NorthOne specializes in giving small businesses, startups, and freelancers a quick and simple way to deposit their business cash flow. Its mission is to eliminate financial administration for business owners so they can focus on growing their businesses. With NorthOne, there are no branches or waiting in line for services. You can instantly transfer money via ACH on your mobile devices, deposit funds from checks, and withdraw money from any MoneyPass ATM across the country. But, be advised that NorthOne is not a bank. It's a financial technology service with banking services being provided by The Bancorp Bank, which is a member of the FDIC.
NorthOne accounts cost $10 per month per account with a $15 fee for sending and receiving domestic wires. There are no additional fees for ACH payments, deposits, transfers, purchases, envelopes, or app integrations. All fees are spelled out in their Deposit Account Agreement when you sign up.
Connect to Accounting Apps
NorthOne is able to connect with your favorite accounting apps. There are 15 major third-party financial services providers and e-commerce systems that NorthOne can integrate with, from PayPal, Stripe, Square, and Venmo for payments to Etsy, Airbnb, Amazon, and Shopify for eCommerce, and QuickBooks for accounting, among others.
No Bill Pay or Interest-Bearing Checking
There is no bill pay or interest-bearing checking feature with NorthOne. You can use the envelopes feature to sort money into various categories to pay your bills, but to earn money you'll need to transfer that money to a separate bank's interest-bearing savings account or invest it.
Use Envelopes and Custom Rules for Budgeting
Just like your grandparents used to do, NorthOne provides the concept of "envelopes" , which are a sort of sub-account, which you can use to automatically budget a percentage of your payments. You can also budget a dollar amount on a daily, weekly, or monthly schedule for rent, taxes, payroll, and other expenses.
You can also set up custom rules to simplify sorting money into envelopes each time money comes in. You can set it up as a schedule that makes sense for your operation.
Daily Limits and Minimum Deposits
When initially funding a deposit, the limit is $250 and the minimum deposit is $50 across just one transaction. There is no limit on direct deposits in either frequency per day or the maximum dollar limit. For ACH transfers, there's no limit to the number of transactions per day but a maximum of $500,000 per deposit per day. Mobile check deposits are not limited per day but must be a $5.00 minimum per check. There is also a $15,000 limit per check or per rolling 24-hour period. There is a $50,000 limit per rolling 30-day period for mobile check deposits. Several other transaction type limits are spelled out on NorthOne's website.
NorthOne is accredited by the Better Business Bureau with a "B" rating. There are dozens of complaints that were closed in the last 3 years and over 30 in the last 12 months. Overall, it looks like there's a 60/40 split between customers who love NorthOne and those who are angry with this business bank.
Customers who love NorthOne say they appreciate the quick and helpful customer service, bonuses they got for using the service often, $75 account referrals, and integrations with popular third-party financial and eCommerce services.
Customers who do not love NorthOne say they had trouble getting their $75 account referrals, could not keep up with the $10 monthly fee draining their startup business accounts before real revenue began to come in, and having their accounts shut down with checks not deposited.
Room to grow
We like the fact that NorthOne is really focusing on the needs of small businesses, freelancers, and startups. And, the idea of "envelopes" is a brilliant way to help business owners budget and pay themselves. We just wish NorthOne were a bit further along on the banking maturity journey. Even so, given that they have happier customers on average than a couple of the biggest banks, we award NorthOne a higher rating than those rivals.
The answer to this question depends on a lot of factors. How mature is your business in terms of growth and revenue? How do your customers pay you? How do you pay your vendors? Do you expect to earn interest on the money you hold in your checking account? Can you afford to pay fees on transactions?
Access to cashflow is a big part of running your business. Without cashflow, you can't operate. So being able to deposit or withdraw money quickly, with the least amount of hassle, will partly determine whether you're successful in your entrepreneurial endeavors. For example, if you can't make payroll happen in the timeframe your employees expect, they will complain or even quit. Or, if you can't pay your bills on time, you'll be assessed fees and fines that put a dent in your bottom line.
When looking for a business bank account, you will want as many convenience options as you can find. You want a bank that works for you and improves your financial success, not one that makes you feel like you are working for the bank and that they keep taking your money.
We've broken down this review of business banking into several key criteria to compare between options. Not every bank has every option available, but these are among the most common we've found:
TopConsumerReviews.com has reviewed and ranked the most popular providers of business bank accounts available today. We hope this information helps you choose a bank that will make it easy and affordable to manage your money!
Select any 2 Business Bank Accounts to compare them head to head
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