Intuit (Nasdaq: INTU), the global technology platform that makes
Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, today
unveiled QuickBooks Money, a new all-in-one payments and banking
solution with no monthly fees or minimum balance requirements that
gives small businesses complete control of their money from
anywhere. QuickBooks Money builds on QuickBooks’ earlier fintech
innovation to deliver the platform’s powerful payments and money
management capabilities to small businesses in a streamlined mobile
and web-enabled experience without a subscription.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230913571479/en/
QuickBooks Money, a New Subscription-Free
Payments and Banking Solution for Small Businesses (Graphic:
Business Wire)
QuickBooks Money brings Intuit’s expertise in financial services
to an even wider audience of small business owners who may not
initially need the QuickBooks platform’s full range of financial
management and accounting capabilities but are still seeking one
simple tool to get paid and manage their money end-to-end. As these
businesses grow and require additional tools to help manage their
business, they’ll have a seamless path to access the full range of
solutions the QuickBooks platform offers such as accounting,
payroll, workforce management, and more.
“QuickBooks Money represents an incredible opportunity to expand
the reach of our fintech platform and give more small businesses
access to powerful cash flow management tools,” said David Talach,
senior vice president of the QuickBooks Money Platform at Intuit.
“We believe this is a true front door to the future of small
business success.”
Small businesses can open a QuickBooks Money account* in just a
few minutes and access it via mobile app or web. It has no monthly
fees or minimum balance requirements, and empowers business owners
with the ability to:
- Send a personalized invoice or quick payment request and let
customers choose a payment method that’s convenient for them—credit
or debit, ACH bank transfer, Apple Pay®, Google Pay, PayPal, or
Venmo*.
- Have eligible payments land in your bank account the same
day—nights, weekends, and holidays—so you can access cash fast at
no additional cost. Businesses can also use the free QuickBooks
Visa® business debit card, which enables access to over 19,000
Allpoint ATMs nationwide.**
- Use envelopes in QuickBooks Money to save for expenses and earn
1.75% APY** on envelope balances, 25X the national average
rate1.
- Know their money is covered with FDIC insurance of up to
$5,000,000*. QuickBooks Money works with partners to offer this
enhanced FDIC insurance limit via a deposit sweep feature which
works seamlessly in the background to automatically sweep balances
above $250,000 to a network of FDIC insured banks.
- Easily track business income and expenses in one place to have
a full view of how their business is doing and to make smart
financial decisions.
QuickBooks Money currently combines two industry-leading
financial services - QuickBooks Checking and QuickBooks Payments.
QuickBooks Checking delivers a business banking hub through a
purpose-built bank account provided by our partner Green Dot Bank.
Processing more than $125 billion in volume annually, QuickBooks
Payments allows small businesses to manage all of their payments in
one place.
Initially introduced as Money by QuickBooks, a free mobile app
which launched on iOS and Android in 2021, QuickBooks Money is the
new expanded offering that includes a web experience, additional
invoicing and banking capabilities, and has been tailored to meet
the needs of small businesses based on insights from thousands of
Money by QuickBooks customers. Future planned enhancements to
QuickBooks Money include subscription-free access to other
QuickBooks small business solutions such as bill pay, in-person
payments, and lending. QuickBooks Money customers can also
seamlessly upgrade to QuickBooks’ ecosystem of subscription-based
services such as accounting, payroll, and more at any time.
For more information on QuickBooks Money, please visit here.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With 100
million customers worldwide using TurboTax, Credit Karma,
QuickBooks, and Mailchimp, we believe that everyone should have the
opportunity to prosper. We never stop working to find new,
innovative ways to make that possible. Please visit us at
Intuit.com and find us on social for the latest information about
Intuit and our products and services.
QuickBooks and Intuit are a technology company, not a bank.
Banking services provided by our partner, Green Dot Bank, Member
FDIC.
*Product Information:
Money movement services are provided by Intuit Payments Inc.,
licensed as a Money Transmitter by the New York State Department of
Financial Services.
QuickBooks Money: QuickBooks Money is a standalone Intuit
offering that includes QuickBooks Payments and QuickBooks Checking.
Intuit accounts are subject to eligibility criteria, credit, and
application approval. Banking services provided by and QuickBooks
Visa Debit Card are issued by Green Dot Bank, Member FDIC, pursuant
to a license from Visa U.S.A. Inc. Visa is a registered trademark
of Visa International Service Association. QuickBooks Checking
Deposit Account Agreement applies. Banking services and debit card
opening are subject to identity verification and approval by Green
Dot Bank. Money movement services are provided by Intuit Payments
Inc., licensed as a Money Transmitter by the New York State
Department of Financial Services. No subscription cost or monthly
fees. Other fees and limits, including transaction-based fees,
apply.
FDIC Insurance: QuickBooks Money (or “QB checking”
depending on brand) account balances are FDIC-insured up to the
allowable limits through Green Dot Bank, Member FDIC. Coverage
limit is subject to aggregation of all of Cardholder’s funds held
on deposit at Green Dot Bank. Green Dot Bank also operates under
the following registered trade names: GO2bank, GoBank and
Bonneville Bank. All of these registered trade names are used by,
and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits
under any of these trade names are deposits with Green Dot Bank and
are aggregated for deposit insurance coverage up to the allowable
limits. Additionally, with Green Dot Bank’s Deposit Sweep Program
you are provided up to $5 million in FDIC insurance coverage on
your account balances.
Deposit Sweep Program: Account balances above $250,000
will be automatically swept from Green Dot Bank and equally spread
across our participating financial institutions, providing you with
up to $5 million in FDIC insurance coverage. Customers are
responsible for monitoring their total assets at each institution.
Learn more and see a list of participating institutions here.
Apple Pay: Apple Pay is a registered trademark of Apple
Inc.
Google Pay: Google Pay is a trademark of Google LLC.
PayPal and Venmo: Not currently available on invoicing
through QuickBooks Online Advanced subscription.
**Features
No minimum balances or monthly fees: There are no minimum
balance requirements to open or maintain this account or obtain the
listed APY. Other fees and limits apply. See Deposit Account
Agreement for details.
Same Day Deposit: Same Day Deposit allows you to have
near-real time deposits sent to you on a predetermined daily
schedule (up to 3x a day, Monday through Sunday, including
holidays). Subject to eligibility criteria, eligible deposits will
be available in up to 30 minutes. Payment request fees apply for
ACH and card transactions. Transactions between 2:15-3:00 pm PST
are excluded and transactions after 9:00 pm PST will be available
for deposit the following morning. Deposit times may vary for third
party delays.
Fee-free ATM withdrawals: Fee-free ATM access applies to
in-network AllPoint ATMs only (up to 4 withdrawals per statement
cycle). For out-of-network ATMs and bank tellers, a $3 fee will
apply, plus any additional fees charged by the ATM owner or bank.
See app for fee-free ATM locations.
Annual percentage yield: Annual percentage yield: The
annual percentage yield ("APY") is accurate as of July 31, 2023,
and may change at our discretion at any time. The listed APY will
be paid on the average daily available balances distributed across
your created envelopes within your primary QuickBooks Checking
account. Balances held outside an envelope will not earn interest.
See Deposit Account Agreement for terms and conditions.
Envelopes: You can create up to 9 Envelopes within your
primary QuickBooks Checking account. Money in Envelopes must be
moved to the available balance in your primary QuickBooks Checking
account before it can be used. Envelopes within your primary
QuickBooks Checking account will automatically earn interest once
created. At the close of each statement cycle, the interest earned
on funds in your Envelopes will be credited to each Envelope in
proportion to the average daily balance of each Envelope. See
Deposit Account Agreement for terms and conditions.
# Claims
1 25x U.S. average APY. Average interest rate: The average
interest rate is based on the Federal Deposit Insurance
Corporation's national rate published the week of July 17, 2023.
Learn more.
Terms, conditions, pricing, special features, and service and
support options subject to change without notice.
This information is intended to outline our general product
direction, but represents no obligation and should not be relied on
in making a purchasing decision. Additional terms, conditions and
fees may apply with certain features and functionality. Eligibility
criteria may apply. Product offers, features, functionality are
subject to change without notice.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230913571479/en/
Intuit QuickBooks: Dan Mahoney Dan_Mahoney@intuit.com
Jen Garcia Jeng@accesstheagency.com
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