Found Bank Fees Overview

Found Bank is a digital banking platform designed for small businesses, providing a suite of services like business checking accounts, savings accounts, tax management, and bookkeeping tools. As a modern, digital-first bank, Found aims to simplify financial management for entrepreneurs and small business owners. While Found Bank has a relatively low-fee structure, some charges apply depending on the services used. Below is an extensive overview of the fees associated with Found Bank.

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1. Account Opening and Maintenance Fees

Found Bank is designed to minimize account fees, especially for small business owners.

A. Account Opening Fees

• Cost: Free.

• There are no fees to open a business checking account or other accounts with Found Bank. You can open an account through their mobile app or website without any initial charge.

B. Monthly Maintenance Fees

1. Business Checking Account

   • Cost: Free.

   • Found Bank does not charge a monthly maintenance fee for its standard business checking accounts. This helps reduce the overall cost of banking for small business owners.

2. Business Savings Account

   • Cost: Free.

   • Similar to the checking account, there are no monthly maintenance fees for the business savings account.

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2. Transaction and Withdrawal Fees

Found Bank offers various banking services related to transactions and withdrawals, including ATM access and electronic transfers.

A. ATM Withdrawal Fees

1. ATM Withdrawals (in-network)

   • Cost: Free at over 24,000 ATMs in the Allpoint network.

   • Found Bank customers can use over 24,000 ATMs in the Allpoint network for free. Allpoint ATMs are typically located at major retail locations and convenience stores.
2. ATM Withdrawals (out-of-network)

   • Cost: $2.50 per transaction.

   • For ATMs outside the Allpoint network, Found Bank charges a $2.50 fee per transaction. Additional charges may be imposed by the ATM owner.
3. International ATM Withdrawals

   • Cost: $3.00 per transaction + any third-party ATM fees.

   • For withdrawals made at ATMs outside the U.S., Found Bank charges a fee of $3.00 per transaction, and the ATM operator may impose additional fees.

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B. Cash Deposit Fees

1. Cash Deposits (in-network)

   • Cost: Free at participating retail locations in the GreenDot network.

   • Found Bank offers free cash deposits at over 90,000 locations through the GreenDot network, which includes stores like Walmart.
2. Non-network Cash Deposit Fees

   • Cost: Varies.

   • Non-network cash deposits are subject to varying fees depending on the location and store policy, with some stores charging up to $5.00 per deposit.

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C. Debit Card and Transaction Fees

1. Debit Card Purchases

   • Cost: Free.

   • There are no fees for making purchases using your Found Bank debit card.
2. Foreign Transaction Fees

   • Cost: 3% of the transaction amount.

   • Found Bank charges a 3% fee for transactions made in foreign currencies or with international merchants.
3. Bill Pay Fees

   • Cost: Free for standard bill payments.

   • Found Bank allows you to pay bills for free through its online banking platform.

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3. Overdraft and Insufficient Funds Fees

Found Bank offers limited overdraft protection for business accounts.

A. Overdraft Fees

1. Overdraft Protection

   • Cost: Free for accounts with no overdraft protection.

   • Found Bank does not charge overdraft fees for transactions that exceed the available balance unless the customer has opted into overdraft protection. If overdraft protection is not activated, transactions will be declined.
2. Insufficient Funds Fee

   • Cost: $35 per transaction.

   • If you have opted into overdraft protection, a $35 fee may apply for transactions that exceed the available balance.

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4. Wire Transfer Fees

Found Bank allows both domestic and international wire transfers.

A. Domestic Wire Transfer Fees

1. Incoming Domestic Wire Transfer

   • Cost: Free.

   • Found Bank does not charge a fee for receiving domestic wire transfers into your account.
2. Outgoing Domestic Wire Transfer

   • Cost: $25 per transfer.

   • Outgoing domestic wire transfers are charged a $25 fee per transaction.

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B. International Wire Transfer Fees

1. Incoming International Wire Transfer

   • Cost: Free.

   • Found Bank does not charge for receiving international wire transfers.
2. Outgoing International Wire Transfer

   • Cost: $45 per transfer.

   • Found Bank charges a $45 fee for sending international wire transfers.

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5. Business Savings Account Fees

The business savings account with Found Bank is designed to help small business owners save for taxes or other financial goals.

A. Business Savings Account Fees

1. Monthly Maintenance Fee

   • Cost: Free.

   • The savings account is free of charge and does not incur a monthly maintenance fee.

2. Withdrawal Fees

   • Cost: Free for up to 6 withdrawals per month.

   • You can withdraw up to six times per month from your business savings account at no charge. Beyond six withdrawals, Found Bank may charge a fee of $5 per transaction.

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6. Accounting and Tax Features Fees

Found Bank provides business owners with integrated accounting tools to simplify tax management, bookkeeping, and reporting.

A. Accounting Tools

1. Bookkeeping Features

   • Cost: Free for basic bookkeeping tools.

   • Found Bank includes free bookkeeping features within its app to track expenses, generate reports, and categorize transactions.
2. Tax Features

   • Cost: Free for basic tax management tools.

   • Business owners can use Found’s tax management tools to set aside money for taxes and track potential deductions.

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7. Account Closure Fees

If you choose to close your Found Bank account, there are no fees involved.

A. Account Closing Fees

• Cost: Free.

• Found Bank does not charge any fees for closing your account, and you can do so at any time without penalty.

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8. Miscellaneous Fees

Found Bank offers several other services and features, some of which may have associated fees.

A. Stop Payment Fees

1. Stop Payment Request

   • Cost: $30 per request.

   • If you need to stop a payment (such as a check or transfer), Found Bank charges a $30 fee for each stop payment request.

B. Paper Statement Fees

1. Paper Statement Fee

   • Cost: $5 per statement.

   • Found Bank charges a $5 fee for paper statements. However, you can access statements online for free through the app or web portal.

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Summary of Typical Costs

Fee Type	Estimated Cost
Account Opening Fee	Free
Monthly Maintenance Fee	Free
ATM Withdrawal Fee (in-network)	Free
ATM Withdrawal Fee (out-of-network)	$2.50 per transaction
ATM Withdrawal Fee (international)	$3.00 per transaction + third-party fees
Cash Deposit Fee (in-network)	Free
Cash Deposit Fee (out-of-network)	Varies (up to $5 per deposit)
Debit Card Purchase Fee	Free
Foreign Transaction Fee	3% of the transaction amount
ACH Transfer Fee	Free
Overdraft Fee	$35 per transaction (if overdraft protection is enabled)
Domestic Wire Transfer (incoming)	Free
Domestic Wire Transfer (outgoing)	$25 per transfer
International Wire Transfer (incoming)	Free
International Wire Transfer (outgoing)	$45 per transfer
Business Savings Account Monthly Fee	Free
Savings Account Withdrawal Fee	Free (up to 6 per month), $5 per additional withdrawal
Stop Payment Fee	$30 per request
Paper Statement Fee	$5 per statement

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Found Bank offers a simple, cost-effective banking solution for small business owners, with low fees for most services. The lack of monthly maintenance fees, free ATM withdrawals at thousands of locations, and a comprehensive suite of accounting and tax management tools make it an attractive choice for entrepreneurs. However, certain transactions like out-of-network ATM withdrawals, wire transfers, and paper statements come with fees. Overall, Found Bank is designed to provide essential banking features while minimizing the costs for small businesses.

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