What is QuickBooks Checking?

Cathy Roth
Posted by Cathy Roth on Jan 10, 2022 12:18:32 PM

Last month, Intuit announced QuickBooks Checking. What is it? How can it benefit you and your clients?

In 2020, Intuit launched QuickBooks Cash, a money-management hub. In December, Intuit stated that QuickBooks Cash had become QuickBooks Checking.

QuickBooks Checking is an online and mobile-optimized banking solution. Services and features include: 

  • Debit card (physical and virtual)
  • Competitive 1.% APY on all balances
  • Bill pay (checks and ACH) at no additional fee 
  • Works seamlessly with QuickBooks Payments, instantly depositing funds from transactions for same-day use at no cost for eligible customers
  • Seamless integration with QuickBooks Payroll
  • Fund withdrawal at over 19,000 AllPoint ATMs

Two additional features are the Cash Flow Planner and QuickBooks Envelopes. 

The Cash Flow Planner projects cash flow 90 days out using machine learning and data analysis, providing important insights to assist in plans for the future. When cash flow becomes a concern, the planner notifies business owners and makes recommendations on how to deal with the situation.

QuickBooks Envelopes help small businesses partition money for planned or unexpected expenditures and avoid spending cash before their intended use. The Envelopes function is often used by small businesses to set aside funds for expenses like taxes and payroll.

QuickBooks Checking is also introducing new features to create an even more powerful one-stop business banking solution. New features include:

  • Mobile Check Deposit* - will allow small businesses to accept checks from customers or vendors and deposit those funds into their accounts. QuickBooks Checking's mobile deposit will begin rolling out to eligible QuickBooks Checking customers in the coming weeks.
  • A Virtual Debit Card* - available immediately upon account approval, allowing customers to start spending their balance before their physical debit card arrives.

Since the launch of QuickBooks Cash, more than 150,000 small businesses have opened QuickBooks Checking accounts. QuickBooks Checking banking services are provided by Intuit's partner, Green Dot Bank. 

Learn more about QuickBooks Checking here.

Topics: Finger on the Pulse


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