QuickBooks Checking Account Review

Pros

• High APY
• Same-day payment processing
• No monthly fees or minimums
• Free ATM network
• Subaccounts for targeted savings

Cons

• QuickBooks Online subscription required
• ACH transfer fees
• Limited free ATM use

What Is QuickBooks Cash?

Business finances are complicated, with sales coming in, payments going out, taxes to plan for, and bank balances to track. Wouldn’t it be great if one system could help with it all? If an all-in-one solution is the answer you’re looking for, the question you need to ask is: What is QuickBooks Cash?

You may already be using QuickBooks to manage your small business accounting functions and process incoming payments. Or you may be just starting to look for a business bank account. In either case, a new banking service aimed at small businesses, from QuickBooks Cash, is worth checking out.

QuickBooks Checking provides a seamless connection between your accounting, billing, and banking functions. That makes everything easy from invoices to payment processing. And, even better, it’s free to use, as long as you’ve already got a paid QuickBooks Online subscription. Is it worth spending the money on a subscription, if you don’t already have one? This QuickBooks checking account review will help you decide.

QuickBooks Cash Rewards & Perks

A QuickBooks checking account doesn’t offer the most rewards and perks we’ve ever seen in a business banking account. Still, what may be missing in quantity is made up for in quality. In the course of performing this QuickBooks checking account review, we were impressed by two key items:

• High APY: A QuickBooks checking account offers a chance to earn interest — a feature that’s not common in either online or traditional bank banks’ checking accounts. Even more uncommon, QuickBooks checking accounts offer a high rate of return. While it’s subject to change, at the time of this review the APY stands at 1%. That’s well above the current national averages of 0.03% for interest checking and 0.06% for savings. And, notably, there’s no cap on balances this APY applies to.
• Same-Day Funding: Quickbooks cash is available within 30 minutes to customers who use the Instant Cash service. Such users must also have an active QuickBooks Payments account and use it to process customer payments in QuickBooks Online. Notably, customers who have both QuickBooks Payments and QuickBooks Cash accounts will see that the normal 1% Instant Cash fee is waived.

That’s not all a QuickBooks checking account offers. Look for these additional benefits:

• QuickBooks Integrations: One of the perks of bringing all your business finances within the QuickBooks universe is that you gain a full view of your finances via a single dashboard. That includes integrations with payroll and payments functionality as well as entry-free bookkeeping, with payments and spending automatically synced to keep your books up to date.
• Cash Flow Planner: QuickBooks Cash users gain access to QuickBooks’ Cash Flow Planner, a tool that helps users see what funds are coming in and going out, and then analyzes the finances to predict the business’s cash flow over the next 90 days. This tool also includes alerts when reality deviates from those predictions and suggestions for getting back on track.

QuickBooks Cash Pricing & Fees

Fees for using a QuickBooks cash account are a little complicated because most users will actually be using three separate services: a QuickBooks checking account, QuickBooks Payments, and QuickBooks Online. On their own, QuickBooks checking accounts come with very few fees, but you’ll need a subscription to QuickBooks Payments and QuickBooks Online to use QuickBooks Cash.

Let’s start with the fees associated specifically with the QuickBooks checking account. You’ll pay $0 in monthly service fees, with no account minimum requirements or a minimum opening deposit. But it wouldn’t be accurate to say there are no fees associated with a QuickBooks Cash account. Here’s a breakdown of what you can expect to pay as well as what fees you can avoid:

• ATM Fees: While you can use your Quickbooks cash card at ATMs within the Allpoint network, there are limits to how often. You can only use your ATM in-network up to four times each month without incurring a fee. After that, you’ll pay $3 each time. An additional out-of-network fee of $3 per use will also apply.
• Instant Deposit Fee: QuickBook Payments includes a service called Instant Deposit that normally takes a 1% transaction fee for processing payments. With a QuickBooks checking account, that fee is waived and will cost you $0 while giving you same-day access to funds from sales processed through QuickBooks Payments. In fact, most funds are available within 30 minutes, even on nights, weekends, and holidays.
• ACH Payments: Expect to pay a 1% ACH fee for each ACH payment to your QuickBooks checking account.

Now, what about the costs associated with using QuickBooks Online and QuickBooks Payments, which are both required for using QuickBooks Cash? We’ll start with QuickBooks Online, which has subscription costs ranging from $25-$180/month based, in part, on how many users you want to add and what advanced features you want to access.

Discounts on subscriptions are frequently available, or you can take advantage of a free 30-day trial, but not both.

You’ll also need to subscribe to QuickBooks Payments, which is included in each QuickBooks Online subscription. QuickBooks Payments allows you to process incoming payments from customers through your QuickBooks account, and though it doesn’t add anything to your costs in terms of monthly or setup fees, you will pay fairly typical payment processing fees:

• ACH Payments: 1% to a $10 maximum per transaction
• Swiped Payments: 2.4% + $0.25
• Invoiced Payments: 2.9% + $0.25
• Keyed Payments: 3.4% + $0.25

Remember one of the key benefits of the QuickBooks checking account: You’ll have access to funds within 30 minutes of payment processing for most transactions. That’s true even on nights, weekends, and holidays. Normally, this instant deposit feature incurs a 1% transaction fee, but that can be waived for QuickBooks checking account users.

QuickBooks Cash Account Eligibility Requirements

Signup for the QuickBooks checking account is offered as an option during the process of setting up QuickBooks Payments. Only the primary or company admin on the account can sign up for the QuickBooks checking account. Certain types of businesses may be excluded from QuickBooks Payments under parent company Intuit’s Acceptable Use Policy. Exclusions include most businesses typically categorized as high-risk.

You can expect to provide basic information about your business when applying for business banking, whether through QuickBooks or any other service. This may include your business name, address, and EIN. Applicants will have to provide their legal name and Social Security number, to verify their identity. There are no income or credit score requirements for opening a QuickBooks checking account.

QuickBooks Cash Features

Sign up for a QuickBooks checking account, and you’ll gain access to the main features required for successful business banking. The main feature lacking is the ability to make cash deposits, but that may not be a concern for businesses that rely on invoicing rather than direct, in-person selling. Access to payment processing services, through QuickBooks Payments, is mandatory. And though it’s not linked specifically to QuickBooks business banking services, loans may be accessed through QuickBooks Capital.

A few QuickBooks checking account features need a closer look:

• Savings Subaccounts: While a QuickBooks checking account does not include a separate savings account, you can stash your cash in up to 10 subaccounts called Envelopes, saving for planned or unexpected expenses such as taxes, bonuses, and repairs. Money in Envelopes continues to earn interest but cannot be spent until it’s moved back to the main account.
• Debit Card: A QuickBooks checking account comes with a debit card printed with your company name.
• ATM Use: If you’re looking for an account with a generous policy on ATM withdrawals, the QuickBooks checking account may not be for you. Users are allowed just four free transactions per month, and they must be within the 19,000-ATM network. Additional transactions and out-of-network transactions each incur a $3 fee.
• Mobile App: You can use iOS mobile devices to easily deposit business and personal checks from your QuickBooks account. Android users don’t have that option at this time.
• Integrations With QuickBooks Systems: When you use QuickBooks banking in concert with QuickBooks software for functions like accounting, billing, payments, and payroll, you bring all your financial systems into one seamless system. That means payments and spending are automatically synced, so your books stay effortlessly up to date.

One important feature of a QuickBooks checking account is the speed with which funds are available. Payments processed through QuickBooks Payments can be available in as little as 30 minutes. Here are some other funding timelines:

Looking For Additional Features? Here Are QuickBooks’ Other Business Services

QuickBooks is one of the biggest names in accounting software, and business banking is only one of the services available to QuickBooks customers. Here are some other QuickBooks services for small businesses:

• QuickBooks Online
• QuickBooks Payments
• QuickBooks Desktop Pro
• QuickBooks Capital
• Intuit Online Payroll
• QuickBooks POS Desktop

QuickBooks Cash Customer Service

In general, online banks are not known for exceptional customer service. Because QuickBooks Checking fits into an already developed support network, users will find a greater array of options available to them than is the norm, including phone support and extensive self-help resources.

However, QuickBooks users do not always report that the support options meet their needs. With options ranging from interactive support like phone and live chat to the do-it-yourself route of exploring the knowledgebase and watching video tutorials, most users eventually find the answers they need.

QuickBooks Cash Reviews

As with other new business banking options, a QuickBooks checking account is a relative newcomer and there isn’t a lot of feedback available online yet. Overall, QuickBooks has an A rating from the Better Business Bureau, although the company is not BBB-accredited. We’ll be watching for customer comments, so we can get a better feeling for this category in the future.

Negative QuickBooks Cash Reviews & Complaints

• Customer Support: Users report long wait times and unsatisfactory responses.
• Expensive Cost: The cost of the monthly subscription plus the fees for using the banking system can add up. Some users say you need to pay for integrations to gain the QuickBooks Online functionality you’ll want.

Positive QuickBooks Cash Reviews

• Integrated Functions: Connecting all your business finance functions through various QuickBooks applications can make accounting easier overall, including transaction matching and bank reconciliations.
• eCommerce Integrations: Many different eCommerce platforms offer reliable integrations with QuickBooks, so you can sync sales, billing, and banking.
• Reporting Capabilities: Depending on your subscription tier, QuickBooks Online offers various detailed budgeting and reporting features. A QuickBooks checking account includes access to the Cash Flow Planner, which can provide snapshot predictions of your company’s fiscal future.

Is A QuickBooks Cash Account Safe?

Like all QuickBooks software products, QuickBooks checking accounts come with a number of security measures to keep your data — and your money — secure. First, the connection for online banking is always “read-only,” so no one can use your information to gain access to your accounts. These key factors provide additional security:

• Authentication: You’ll need a PIN and customer ID number to access your account. Digital certificate technology provided by VeriSign supports these factors.
• Privacy: QuickBooks combines SSL and RSA to provide encryption online. And QuickBooks’ password features allow you to control access to your accounts.
• Secure Storage: Banking details are stored in an encrypted state, so no one can view or access them, even from the back end. Multi-factor authentication adds an extra layer of protection even if your login details become compromised.

Keep in mind that QuickBooks is not a bank. QuickBooks’ banking services are provided through a partnership with Green Dot Bank, an FDIC member. Because of this partnership, all QuickBooks checking accounts are FDIC-insured to the legal maximum.

Final Verdict: Is A QuickBooks Checking Account Worth It?

A QuickBooks checking account is a powerful tool that can help a growing business handle complex financial information. If your small business is starting to grow and you still haven’t made the transition to business banking, QuickBooks Checking could be a good choice for you.

Because it’s required to also use QuickBooks Online and QuickBooks Payments, which are complex and expensive accounting software, this business banking option probably isn’t well suited to freelancers, sole proprietors, or any small business owner who doesn’t intend to grow out of the small business category any time soon. Such businesses can find better options, or at least less expensive ones, among our list of the best business bank accounts.

On the other hand, if your business is already large and complex, or if your goals are taking you in that direction, you might as well start with the best. Current QuickBooks users who are shopping around for better business banking services, in particular, will find a lot to like, starting with a QuickBooks checking account’s high APY. At 1%, that’s a high bar that very few business checking accounts can match, let alone beat.

QuickBooks Checking Account FAQs

The Merchant Maverick Seal of Approval 🏆

QuickBooks Cash Checking	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see QuickBooks Cash Checking for yourself.

The Merchant Maverick Seal of Approval 🏆

QuickBooks Cash Checking	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see QuickBooks Cash Checking for yourself.

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