UPDATE: Fee-Free Business Banking with Azlo
So I opened my account in 2017, and I've gotta say: I reeeeeally like Azlo!
So much so, that I actually just closed my other business bank account, and opted to go solo with Azlo. I got a gorgeous new card in the mail recently thanks to a new update, and I've learned about a lot more of their features.
They make small business banking so... easy. And that's the way it should be, right?!
As I grow & my business morphs into something more complex, who knows where I'll need to be banking, but for now I'm genuinely very happy with it.
Here are 18 things I’ve learned about Azlo's banking services:
1 | BUSINESS ACCOUNTS
I’m guessing you have to be a ‘legal’ business (LLC, Inc, Sole Proprietor, have a DBA, etc.) to open an account, but I don't know that for sure.
2 | WHO OWNS AZLO?
Azlo accounts are held by a partner bank BBVA Compass, a member of FDIC.
3 | STILL NO CHECKS
There are no checks (yet). It’s still a digital-only account.
The ability to mail checks to anyone for free is coming soon, but I don’t know exactly what this feature will look like, how it will work or when it will be available.
Until that feature is released, and as I mentioned in my last post about using Azlo's Fee-Free Business Banking, you can't use checks with this account. When you create an account, you'll get the usual routing & account numbers, but they won't work with checks, even if you get the checks from an outside source (i.e.: not Azlo, because they don't issue them).
4 | FREE ACH PAYMENTS
Azlo allows free domestic bank-to-bank (ACH) payments!
5 | IT REALLY IS FEE-FREE
Azlo doesn't "charge overdraft fees, maintenance fees, transaction fees, card replacement fees, or anything of the sort.” (Quote pulled straight from their site!) No minimum balance, and no hidden fees. Yay!
The only fees I have seen have been from other payment processors, like Stripe, PayPal or Square, which we use to bring the money to the Azlo account (& obvs Azlo has no control over what they charge).
6 | REAL-TIME PAYMENTS
There's also instant real-time payments between Azlo members.
7 | FREE MONEY TRANSFERS
Transfers to/from your other bank accounts are free (even if they aren’t with Azlo).
I can transfer funds from Azlo to my personal checking account whenever I need to, and vice versa, for FREE. It takes 4-5 days to transfer money to my Azlo account, and only 2-3 days to transfer from Azlo to another account.
8 | SCHEDULE TRANSFERS
I can schedule transfers whenever needed with their iOS app or signed into my account in any web browser.
9 | TRANSACTION CATEGORIZATION
You have the ability to make notes about each transfer and create TAGS for transactions, so it will be easier to know what each was for.
This is obviously a great feature for bookkeeping!
10 | DEBIT CARD
Each account gets a Visa Business Debit card with no international transaction fees, a maximum daily ATM withdrawal amount and a total Point of Sale Transaction daily maximum as well.
11 | STATEMENTS
Statements are (you guessed it) digital! No paper & no more binders full of paper statements to keep track of. No more waiting for it to arrive in the mail (which no one does anyway, right?).
12 | INVOICING
Customizable invoicing is available within the app or online account portal, so you can send invoices right from your account. Azlo does use outside companies like Stripe to process payments though, so your invoice would be subject to the payment processor’s fee. (Although I believe that Azlo-to-Azlo member ACH payments are still free at the time of updating this post.)
I actually use Dubsado for invoicing (among other things), so I haven't tried it myself and really have no need to try it, but I like that it's available.
13 | INTEGRATIONS
Azlo accounts work with payment processors like Stripe and Square, though both of those companies charge their own fees to process payments, Azlo doesn't charge one of their own (which would create a double fee payment). This is also another reason I love Dubsado, because they don't charge their own payment processing fee either; just the fee from the payment processor you choose.
There's also an integration with Quickbooks that's coming soon!
14 | MOBILE DEPOSIT
The first check I ever deposited with Azlo was a small check, but it cleared immediately. My other bank took 2 business days for the money to show up!
Azlo says that deposits can take 1-4 business days for funds to clear though, so immediate availability shouldn't be expected, and each account will have it's own maximum daily & monthly deposit limits.
15 | FEE-FREE ATM ACCESS
There's no-fee cash access at over 55,000 ATM’s and of course you can use any other ATM and pay the fee.
No Foreign ATM fees, and there's an ATM finder built into the app so if there's a fee-free ATM nearby, you can find it as easily as possible.
16 | SECURITY
They've got industry leading security & encryption on their accounts, real-time card blocking & controls within the online portal or in your iOS app.
17 | SUPPORT
Their support is US-based live phone & email and they also have online chat support as well. If you need help from a human, you can always reach one.
18 | CREATING AN ACCOUNT IS EASY
Opening an account with Azlo is easy; there's no minimum deposits or balances, but I do think you have to be a registered business.
You can use my link to open an Azlo account today & try it out for yourself!
DID YOU KNOW?
I was recently mentioned in the Financial Times article about Azlo. If you're a subscriber, you can read it here.
Does this sound right for your small business?