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QuickBooks Checking FAQ

by Intuit Updated 1 month ago

Get answers to frequently asked questions about QuickBooks Checking.

QuickBooks Checking is a monthly fee-free checking account where all of your customer payments get deposited. Use your QuickBooks Checking account to save money, or use features like envelopes to save proactively. Here are some frequently asked questions regarding QuickBooks Checking.

Learn more about the QuickBooks Checking account.

Note: To use QuickBooks Checking, you must have a QuickBooks Payments account. If you don't have a QuickBooks Payments account, your QuickBooks Checking application process will include applying for QuickBooks Payments.

To apply for QuickBooks Checking through QuickBooks Online:

  1. Go to Lending & Banking and select QuickBooks Checking (Take me there).
  2. Select Apply in minutes and follow the steps on the application.

You can also apply through the QuickBooks Money mobile app, available for download through the Apple App Store or Google Play.

Primary or Company admins can sign up for QuickBooks Checking and Payments. If you already have Payments, the application will default to the Primary Principal of the Payments account. The person that applies and is approved is the only user that can move money to and from your QuickBooks Checking account. Any Primary or Company admins that didn't apply can see account balances. However, they can't move money around.

To get QuickBooks Checking, you need to sign up for QuickBooks Payments through QuickBooks Online or QuickBooks Money.

QuickBooks Checking isn't available for QuickBooks Desktop.

The sign-up process is the same, but you need to answer a few additional questions. To comply with bank regulations, we're required to collect information about co-owners (also known as beneficial owners) of legal businesses that aren't sole proprietorships. A beneficial owner is any individual with

  • a significant ability to control, manage, or direct the business
  • 25% or more ownership of the business.

If you have a beneficial owner(s), you can tell us about them when you sign up. You don't have to fill out everything to finish the application. But we recommend you do it right away. You can come back to the QuickBooks Checking menu later to finish the form. You'll also receive email reminders.

You must submit your beneficial owner information within 30 days of signing up for QuickBooks Checking. If you don't, your account will be closed.

If you applied for QuickBooks Payments and QuickBooks Checking, you may only qualify for Payments and not QuickBooks Checking. Learn more about Intuit's Acceptable Use Policy for more info about prohibited activities and business types. QuickBooks Checking is a business bank account. As such, we must verify the identity of the individual and business opening the account. The information you provide in the application allows us to screen for individuals, businesses, industries, and geographies that we aren't permitted to serve.

If you believe your application was declined in error, ensure the information you provided is correct and submit it again.

Yes, with read-only access. Only the Primary admin can manage the QuickBooks Checking account.

If you use instant deposits, there's no additional fee for using your QuickBooks Checking account. For other debit cards, or bank accounts, the fee is 1.75%. This is in addition to the regular fees for processing transactions.

Fee TypeFee
Monthly Fee$0
Instant Transfer1.5% of the total transaction
In-network ATM withdrawl4 free withdrawals per monthly statement cycle. $3.00 per transaction thereafter.
Out-of-network ATM withdawl*$3.00 per transaction
Teller Cash withdrawl$0
Out-of-network balance inquiry at ATM$0
Replacement Card (for lost, stolen, or damaged cards)$0
Foreign transaction fee3%of the total transaction amount

*You may also be charged a fee by the ATM operator in addition to our fee (and you may be charged a fee for a balance inquiry even if you don't complete a fund transfer).

No, there are no fees for keeping money in QuickBooks Checking. It's a checking account with no monthly fees.

There aren't any fees for transferring money by a standard bank transfer. The details are in your Deposit Account Agreement. If you transfer funds using instant transfer with an eligible debit card, the fee is 1.5% of the total transaction.

On average, it takes about 3 business days to move money into your QuickBooks Checking account.

On average, it takes between 3 - 5 business days to move money out of your QuickBooks Checking account.

If eligible, you might have the option to use instant transfer for a 1.5% fee. Funds transferred using instant transfer are typically available within 30 minutes.

You can transfer up to $500,000 per day into your QuickBooks Checking account and $100,000 per week out of your QuickBooks Checking account.

QuickBooks Checking using QuickBooks Online and QuickBooks Mobile.
  • You can transfer up to $20,000 per day into your QuickBooks Checking account - with a maximum of up to $40,000 every 7 days.
  • You can transfer up to $50,000 per day out of your QuickBooks Checking account - with a minimum of $1 per transaction.
  • If you qualify, you may be able to move money right away from your QuickBooks Checking account.
    You can send up to:
    • $5,000 per day
    • $10,000 or 5 transactions in 7 days
    • The maximum amount per transaction is $5,000.

Note: Instant transfer might not be available to all customers. Limits are subject to change.

Limits for new customers may vary until the QuickBooks Checking account is more established.

QuickBooks Checking using QuickBooks Money
  • You can transfer up to $2,000 per transaction into your QuickBooks Checking account - with a maximum of up to $5,000 every 7 days.
  • You can transfer up to $50,000 per day out of your QuickBooks Checking account - with a minimum of $1 per transaction.

Note: Limits are subject to change.

QuickBooks Checking supports incoming domestic wire transfers only, at no cost. You can receive up to $1,000,000 per wire transaction. You can't send or receive international wire transfers.

To receive a wire transfer, make sure your customers have the following info:

  • First and last name or Business name on your account
  • Routing and account number
  • Recipient bank's name and address
  • Bank Name and Address

To find your routing number in QuickBooks Online:

  1. Sign in to QuickBooks Online and go to Lending & Banking.
  2. Select QuickBooks Checking (Take me there) then select Manage.

You won't see your wire transfer if it gets rejected, returned, or declined because the account info is wrong. If you don't see the wire in your QuickBooks Checking account, contact the following:

  • If you initiated the wire transfer - reach out to the sending bank
  • If your customer sent you the wire transfer - reach out to your customer. They'll need to speak to their bank.

To investigate a missing wire, you'll need to get a Federal Reference number or an IMAD from the sending bank.

Yes, The FDIC insurance limit for QuickBooks Checking is a maximum of $5 million. That means balances of up to $5 million are insured by the FDIC.

Our banking partner, Green Dot, is FDIC insured and includes up to $250,000 of coverage. For customers with more than $250,000 in their QuickBooks Checking bank accounts, we use an FDIC sweep program to increase FDIC coverage up to $5 million. To learn more about the deposit sweeps program, check out FDIC insurance limit for QuickBooks Checking.

If you have a dispute, call the number on the back of your QuickBooks Debit Card. Our partners at Green Dot will review your account and make sure everything is settled.

We don't currently offer overdraft protection for QuickBooks Checking. If you charge or withdraw more money then you have, the transaction will get declined.

The balance you see on the Cash Flow menu is always the most up-to-date. The Banking menu (or Transactions menu if you're in Business View), processes the data so it's included in your accounting. This data gets updated automatically once a day.You can always select Update in the Banking menu to get the latest available data.

If you bought bitcoin through QuickBooks, you need to sell all of your bitcoin. Then wait for the money to be put into your QuickBooks Checking account.

Before you can close your QuickBooks Checking account, it needs to have a $0 balance. You can either spend your remaining balance or transfer it to your external bank account.

When the balance is $0, give us a call at the number on the back of your QuickBooks Debit Card. Our team is available to help you settle everything.

There are situations when you may need the bank address. If you or another bank needs this info:

Green Dot Bank
1675 North Freedom Blvd, Provo, UT 84604

QuickBooks Online:

  1. Go to Lending & Banking, then select QuickBooks Checking (Take me there).
  2. Select Manage.
  3. Select QuickBooks Checking account and then Monthly Statements.

QuickBooks mobile app

  1. Go to the Banking or Cash Flow menu.
  2. In the QuickBooks Checking section, select Manage.
  3. Select Account info and then Monthly Statements.

QuickBooks Money mobile app

  1. From the Overview tab select Banking.
  2. Select Manage account and then select Account info.
  3. Select Monthly Statements.

Yes, if you earn $10 or more in interest throughout the year. We’ll provide you with a 1099-INT form by January 31 of the following year. Here's how you can access your 1099-INT form:

  1. Go to Lending & Banking, then select QuickBooks Checking (Take me there).
  2. Select Manage account.
  3. Locate the tax forms in the QuickBooks Checking account section.
  4. Choose the correct tax year and select Download.

If your QuickBooks Checking account is closed, we'll mail you a 1099-INT. 

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Disclaimer: QuickBooks Payments account subject to eligibility criteria, credit and application approval. Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services.

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