Many are familiar with QuickBooks products, and one of them is the QuickBooks Checking account. It used to be available only to QuickBooks Online users but has since been offered free through QuickBooks Money.
The QuickBooks business account does not charge a monthly fee or require an initial deposit or minimum balance. It has a high annual percentage yield (APY) of 5.0% through its savings envelopes feature. Businesses can also benefit from its cash flow forecasting, customized invoicing, and high FDIC insurance protection. However, free ATM withdrawals are limited to four per month and cash deposits are not allowed.
QuickBooks’ fast facts
Our rating: 4.09 out of 5
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Many small businesses integrate with QuickBooks Online for accounting, payroll, and payments. Companies may want to learn how linking up with a QuickBooks business checking account can help streamline the management of their funds. With budgeting, forecasting, and invoicing tools, QuickBooks supports small businesses in organizing their finances and maximizing the use of other QuickBooks products for efficiency.
Let’s evaluate QuickBooks Checking’s standout features and pricing structure to learn how it compares with other financial providers.
QuickBooks Checking Reviews: What Users Think of QuickBooks
1.5/5
There are limited QuickBooks Checking reviews on third-party sites. On Trustpilot, its rating is 1.2 out of 5 from over 800 reviews. Many complained about the new QuickBooks subscription prices and considered the product overpriced. Others also reported their frustration over reaching customer support since they had to wade through multiple questions. They said they were transferred to different agents, and no clear resolutions were offered to their issues.
Some reviewers stated that the software is counterintuitive and slow. Another recounted that a direct deposit error took a week to fix and required constant callbacks with the customer service team. Others claimed that their refund requests were denied. Very few gave positive feedback about the quality of customer support they received.
QuickBooks Checking Pricing Structure
3.96/5
Previously, you needed to subscribe to QuickBooks Online to open a free QuickBooks Checking account. Now, you can sign up for free through QuickBooks Money, which lets you access money management tools like cash flow forecasting. The lack of standard business account fees makes it an attractive online account option for small business owners, especially QuickBooks Online users.
QuickBooks Checking account:
- No monthly fees or required balances.
- No opening deposit.
- No automated clearing house (ACH) and overdraft fees.
- Four fee-free ATM withdrawals monthly.
- $3 per withdrawal and nonnetwork ATMs past the free limit.
- Free incoming domestic wire transfers only.
QuickBooks only offers one type of checking product. It is ideal for those who like transacting online as cash deposits are not accepted. Free ATM withdrawals have a limit of four monthly. Beyond that, you will incur a fee of $3 per transaction.
Would Our Expert Use QuickBooks Checking?
4.7/5
If most of your transactions are online or you already use QuickBooks Online software, I recommend opening a QuickBooks Checking account. You won’t need to pay monthly maintenance fees, initial deposits, or maintain a minimum balance. If your funds are above $250,000, it is FDIC-insured for up to $5 million through its sweep program.
I like the substantial APY of 5.0% that you can access through savings envelopes. You can also send customized invoices and receive instant deposits without paying processing fees as long as you connect your debit card with QuickBooks Payment.
However, if your business is cash-reliant and you need to deposit and withdraw cash regularly, consider heading to a traditional bank like Chase. For free bookkeeping tools, an excellent option is Found.
Before opening an account, see our article on how to open a business bank account to learn the step-by-step process.
QuickBooks Checking Pros
- Fee-free checking: No monthly fees, minimum balances, or initial deposit requirements.
- Instant deposits: Using QuickBooks Payments, deposits can be made into your QuickBooks Checking account in minutes.
- Competitive APY: Earn 5.0% APY when you set aside funds through savings envelopes.
- Seamless integration with QuickBooks Online: Users can sync QuickBooks accounting information in real time.
QuickBooks Checking Cons
- Limited free withdrawals: QuickBooks Checking only allows four free ATM withdrawals at Allpoint ATMs monthly and charges $3 thereafter.
- Requires subscription to access accounting tools: To access bookkeeping tools, you must pay for QuickBooks Online.
- No brick-and-mortar branches: QuickBooks is an online-only platform and does not offer in-person banking services.
Alternatives to QuickBooks Checking
If QuickBooks Checking doesn’t fit all your needs, here are some alternatives to consider:
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| Integrated bookkeeping and tax tools No ACH fees Expense tracking with receipt capture |
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| Learn More |
Methodology
I researched the QuickBooks business checking account online, comparing it to other financial providers for monthly fees, opening deposits, and minimum balances, including APY offerings. I also evaluated user reviews from third-party sites to gauge customer satisfaction.
Conclusion
QuickBooks Checking scores high on minimal fees, superior interest, and seamless integration with QuickBooks products. However, businesses that prefer to bank in person and often perform wire transfers and ATM withdrawals can look for other options.
Frequently asked questions
What are the fees associated with QuickBooks Checking?
With a QuickBooks Checking account, there are no account opening fees, monthly fees, instant deposit fees, and ACH fees. You can also make four free ATM withdrawals at Allpoint ATMs. Beyond that, you will pay a $3 fee.
Is QuickBooks Checking suitable for small businesses?
Yes. QuickBooks Checking can be a good fit for small businesses, especially those already using products within the QuickBooks ecosystem for more efficient integrations. You can also earn from its high APY and save on standard banking fees. However, there are limited free ATM withdrawals and wire transfer support.
How does QuickBooks Checking compare to other business checking accounts?
Compared to other business checking accounts, QuickBooks Checking has minimal fees and provides a high yield through its savings envelopes feature.
Are there any limitations with QuickBooks Checking?
Yes. Transfer amounts into your QuickBooks Checking account are limited to $20,000 per transaction for up to a maximum of $40,000 every seven days. External transfers from your QuickBooks business account are up to $50,000 daily for a minimum of $1 per transaction. Free ATM withdrawals are also limited to four monthly.
