Business Banking

Tailored Checking FAQs

Frequently Asked Questions

Applying for a New Account

How can I open a business bank account?

You can apply online for a business bank account. Simply select the “Apply Online” button located at the top of every page on our website and select “Business,” “Apply,” and “Open a new small business account.” Then choose an account type, enter your personal information, verify your information and fund your account. You will receive confirmation at the end of the application if your account has been approved. If not, you will receive an email notification.

How many accounts can I open?

You can open multiple accounts with us. Once you have your first account opened and have enrolled in online banking, you’ll see an option to open an account.

What do I need to open a Tailored Checking account?

To open an account you need to be a US resident or US resident alien.

Please have the following information available about your business:

  • Company’s legal name or DBA
  • EIN or tax ID
  • Address of your company’s headquarters
  • Mailing address

You’ll also need the following information about each person who owns 20% or more of your company:

  • Percentage of ownership
  • Personal email address
  • Mobile phone number
  • Address
  • Date of birth
  • Social security number

You will need to fund the account with a minimum of $100.

How long does it take to open a Tailored Checking account?

You can apply for and open a Tailored Checking account entirely online in about 7 minutes, start to finish.

Do you do a credit check when I apply?

Yes, we do a soft pull of your credit. Soft pulls do not affect your credit score. Please note, if you have placed a credit or security freeze on your credit report your application may need to be manually reviewed. If the application needs to be manually reviewed it can take up to 5 business days.

Do I need a website to apply for a Tailored Checking account?

Yes, a web presence must be entered when applying for a Business Tailored Checking Account. A social media presence or an online website would suffice.

How do I open a business savings account?

We would be glad to assist with opening a business savings account. Just send us a secure message from your online banking account and we will be happy to open up a savings account for your business. 

What info do I need to open a sole prop account?

If you are a sole prop and don’t have an EIN, you should enter in your SSN in the EIN section. 

Can I apply as a non-profit?

Yes. you can apply! Select non-profit as the type of business in the online application process to enter in the information needed to apply.

My Tailored Checking Account

Are there any monthly transaction fees with my Tailored Checking account?

If you keep a balance of $5,000 or more there is no monthly maintenance fee for this account. If your account has less than $5,000 you will be charged a $10 monthly maintenance fee. Wire and ACH fees and limits may apply, depending on the type of transaction. Click here to see the fees.

What is the minimum balance I need to keep in my Tailored Checking account?

There is no monthly minimum balance you must keep in the account. To not be charged a monthly maintenance fee your account must have a balance of $5,000 or more as to be not be charged a fee.

Can I add signers to my account?

You can add additional signers via online and mobile banking. Just click on the gear bar to open up Access Manager. Here is where you can add users and define their different levels of access:

Account Holder – This user is the business owner/signer, the first signer (if multiple) to enroll in online banking. This user can add/edit other online banking users.

Admin – A user that has all the same permissions as the Account Holder in online banking. They do not need to be a signer. This access can be edited by Account Holder and other Admins.

Collaborator – A user that cannot manage other business banking users. They have all other permissions that involve depositing/withdrawing i.e. wires, ACH transfers, paying a bill/person, mobile deposit, etc.

Viewer – A user that can access the financial information in a read-only fashion. This user can still make some changes like editing their two factor-authentication devices. This is a great option for a bookkeeper that needs to see the transactions but does not need to participate in them.

Can you process a wire via online banking?

Yes, business accounts can process wires via online and mobile banking. Click on Transfer & Pay and you’ll see an option for Wire. For more information on wire transfers go here.

Will this account work with Etsy and Square?

Yes! Etsy and Square are processed as external transfers and can take a few days to process. Click here for more information on transaction holds and timing.

How much do you charge for wires and ACH?

Wire and ACH fees and limits may apply, depending on the type of transaction. Click here to see the fees. We do not charge a per-transaction fee for ACH transfers.  Tailored Checking accounts, which permit unlimited ACH transactions have a monthly maintenance fee of $35 per month.

When will the funds in the initial deposit be available?

The initial deposit will typically be processed within 2-3 business days. Once the funds are deposited, for the first 30 days of an account opening, any deposits (including the opening deposit funds) and transfers will be held for 5 business days (not including weekends).

Do you integrate with QuickBooks and other Intuit products?

Yes, you can connect your account to QuickBooks, Quicken, and Mint. For more information visit our Connect to Intuit.

Do you offer the ability to accept payments from my customer in my account?

Yes, we integrate with Autobooks. Learn more about accepting payments.

What are the business transaction limits?

Click here for more information on transaction limits for businesses. 

Debit/Credit Cards

Do I need to order a debit card separately?

Debit cards are automatically ordered at account opening and shipped to your mailing address.

When will I receive my debit card?

After you open your account, debit cards should arrive within 7-10 business days once your application has been approved.

Do you offer business credit cards?

Using Elan Financial Services, business credit cards can provide features such as expense management tools, employee cards, and EMV chip technology for security and mobile purchasing. Click here to learn more.

How do I…?

How do I withdraw from my account if this is an online account?

You can withdraw funds from the account in two ways. The first way is at any ATM worldwide, use your LendingClub issued debit card to withdraw funds at the ATM. We will never charge you a fee to use an ATM and if another financial institution does at the point of withdrawal we will rebate you the fee at the end of the month the withdrawal was made.

How do I earn interest on my Tailored Checking account?

To earn interest on your Tailored Checking account, you must keep a balance of $5,000 or more within the account. The more money you have in your account, the more interest you will earn. At the end of each month the interest payment will be deposited into your account.

How do I make deposits using my Tailored Checking account?

It’s easy to get funds into your Tailored Checking account to manage and grow your business. You can deposit cash, accept payments and send invoices, or make wire and ACH transfers from another banking institution. We do not charge for ACH transfers.

Cash– You can deposit cash in a deposit taking ATM in either the MoneyPass or Sum Network. Click here to see locations.

Accept payments and send invoices – You can sign up at no charge for our AutoBooks service, allowing you to collect payments from vendors and customers alike and having it flow directly into your Tailored Checking account. Simply go to the More menu selection in your online banking app and select Create an Invoice.

Tailored Cash Back Program

How do I earn cash back with my Tailored Checking account?

You must have a Tailored Checking account open for at least 30 days and keep an average balance of $5,000 or more in your account. Cash back is only available for online and in-store signature-based (“credit”) purchases made with your debit card linked to a Tailored Checking account.

Tip: When shopping in store select “credit” instead of “debit” at the point-of-sale where available to ensure you receive the cash back. The cash back you earn will automatically be credited to your account at the end of the month following the earning period.

What is a signature-based purchase?

There are two ways a debit card can be processed at the time of a purchase.

The first option is called the “debit/online/PIN debit” method, where you enter your PIN at the point of sale and the funds are immediately debited from your account.

The second option is called the “credit/offline/signature debit” method, where you select the “credit” button, sending the transaction through the credit card processing network. A hold is placed on the money for the transaction in your account, which clears or processes in a day or two. You have to use this debit function if you want to receive cash back during your transaction. It is important to note that when you are using your debit card for online purchases, your card will automatically run as a credit transaction. For information, click here.

Can I earn cash back on purchases made online?

Yes, when you use your debit card for an online purchase your card will automatically run as a credit transaction, making the purchase eligible for cash back should your account meet the qualifications.

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Financial Institution

FDIC Insurance

Your deposits are FDIC-insured up to the highest possible amount allowed – $250,000.6

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