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QuickBooks Checking FAQ

SOLVEDby QuickBooks539Updated 1 week 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.

Overview

To sign up for QuickBooks Checking through QuickBooks Online:

  1. Go to Banking services 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.

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.

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.

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QuickBooks Checking account

Learn more about the QuickBooks Checking account.

Note: 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 withdrawal4 free withdrawals per monthly statement cycle. $3.00 per transaction thereafter.
Out of network ATM withdrawal*$3.00 per transaction
Teller Cash withdrawal$0
Out of network balance inquiry at an 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 do not complete a fund transfer).

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

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.

Transfers that start from other banks (ACH):

  • 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.

Transfers that start in QuickBooks (ACH):

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.
    Note: Limits are subject to change.
  • 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.
  • If eligible, you might have an option to instantly transfer out up to $5,000 per day from your QuickBooks Checking account - with a maximum of up to $10,000 or up to 5 transactions in a rolling seven day period. The maximum transaction amount 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.
    Note: Limits are subject to change.
  • 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: Green Dot Bank
  • Address: 1675 North Freedom Blvd, Provo, UT 84604

To find your routing number in QuickBooks Online:

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

You won't see your wire transfer if 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 who have balances exceeding $250,000 in their QuickBooks Checking bank accounts, we use a FDIC sweep program to effectively 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 purchased bitcoin through QuickBooks, you must sell the balance of your bitcoin and wait for the funds to be deposited 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

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APY for QuickBooks Checking accounts

Learn more about QuickBooks Checking.

Annual percentage yield, also known as APY, is the rate used to calculate how much interest you earn on money in your QuickBooks Checking envelopes. The APY for QuickBooks Checking is a “compounded interest” rate. That means you earn interest on the money you put into your QuickBooks Checking envelopes, and on interest the bank pays you.

Check out Create envelopes to set your funds aside to learn how to create envelopes.

No. Interest is earned only on combined envelope balances. Balances held in your general QuickBooks Checking account aren't included in APY calculations.

No. But keep in mind, interest is earned only on combined envelope balances. The more money you keep in your envelopes, the more interest you earn.

The interest rate is variable and may change at any time. To find the current rate for your envelope balances:

In QuickBooks Online:

  1. Go to Banking services, then select QuickBooks Checking (Take me there).
  2. Select Manage.
  3. If you're on a web browser, look for the Your Benefits section. Or select View info if you're on a mobile device.

Interest is paid out proportionally to each envelope based on their balances. Your interest is calculated at the end of each statement cycle. Your cycle starts on the day your account was approved. So, if your account was approved at the end of the month (the 29th, 30th, or 31st), your statement cycle starts on the 1st of each following month.

Interest is earned on combined envelope balances. Interest is calculated based on the average daily balance in your envelopes at the end of each statement cycle. The average daily available balance is calculated by adding the daily available balance in your envelopes and dividing the total by the number of days in the statement cycle. Check your transactions or monthly statements to see how much you earned.

To access your monthly statements:

QuickBooks Online:

  1. Go to Banking services, 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, interest your envelopes earn is paid directly into those envelopes. Check the transaction history of each envelope to see the amounts.

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:

Using Quickbooks Online

  1. Go to Banking services, 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. 

If you close your account before the end of your statement cycle, you won’t earn any interest for that statement cycle.

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QuickBooks debit card

You can withdraw cash from AllPoint ATM locations at participating Walgreens, Rite Aid or CVS stores. You get four free withdrawals each month. After that, there's a $3.00 fee per withdrawal. You can also withdraw cash from other ATMs, but the ATM owner assesses if there will be a fee.

To find an in-network AllPoint ATM:

QuickBooks mobile

  1. Sign into your QuickBooks mobile app.
  2. Select Cash Flow from the menu.
  3. Select View account.
  4. Select Manage and Find ATM.

QuickBooks Money mobile

  1. Sign into your QuickBooks Money mobile app.
  2. From the Overview tab select the Banking tab.
  3. Select Manage account.

Select Find ATM.

You can withdraw up to $2,000 per day from ATMs. You can withdraw up to $5,000 per calendar month from ATMs.

You can withdraw up to $3,000 per calendar month from a bank teller. You can spend up to $10,000 per day with your QuickBooks debit card.

The QuickBooks debit card is supported on Apple and Google Pay for contactless payments.

You can use your virtual debit card for online purchases, while your physical card is on the way.

Both are connected to your QuickBooks Checking account, but your virtual card expires once you activate your physical card. You can use your virtual debit card right away. When your physical card arrives, you can use it wherever Visa is acceptable- online, in person, or at 19,000 Allpoint ATMs.

To avoid payments getting declined, just make sure to update your card info once you activate your physical card.

Your virtual card is available to you for 90 days or until you activate your physical card. Once you activate your physical card, your virtual card will deactivate.

QuickBooks automatically categorizes as many QuickBooks Checking transactions as possible. However, it can't categorize everything. You need to periodically go Bank transactions (Take me there) and categorize your QuickBooks Checking transactions.

Important: The first time you go to the Banking menu, select Add account to connect your QuickBooks Checking account. This pulls all of your transactions into the Banking menu.

If you received a QuickBooks Fraud Alert asking to verify a transaction, you can respond with 'YES' to confirm the transaction and try again, 'NO' to decline and block your card, or 'STOP' to opt out of future notifications. QuickBooks won't ask you to respond with any account details.

To order a replacement debit card in QuickBooks Online:

  1. Go to Banking services, then select QuickBooks Checking (Take me there).
  2. Select View card.
  3. In the QuickBooks Debit Card section, select Replace card.
  4. Select the best reason for what happened to your card and select Next.
  5. Review the mailing address and edit if necessary. Select Next.
  6. Complete the security step. Select Done.

To order a replacement debit card in QuickBooks Money:

  1. Go to Banking, then select QuickBooks Checking (Take me there).
  2. Select View card.
  3. In the QuickBooks Debit Card section, select Replace card.
  4. Select the best reason for what happened to your card and select Next.
  5. Review the mailing address and edit if necessary. Select Next.
  6. Complete the security step. Select Done.

A new debit card will arrive in 7-10 business days.

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Envelopes

Learn more about envelopes.

Yes, QuickBooks will autosave and transfer funds into your Smart sales tax envelope. Learn how to Set up and use money from a Smart Sales Tax Envelope.

QuickBooks tracks everything through your QuickBooks Checking account. Money always goes there first before it moves into an envelope or your external bank account. You'll see this movement in your statement history. This transfer is seamless and doesn't require you to do anything.

Money moves from QuickBooks Checking to envelopes instantly. It takes a bit longer to transfer money from an external bank account to an envelope, usually 3 - 5 business days.

When you put money into an envelope, it's separated from the rest of the money in your QuickBooks Checking account. The QuickBooks Checking tab doesn't include envelopes as part of your QuickBooks Checking total balance. Let's say you put $7,000 in your QuickBooks Checking account. Then you created two envelopes with $1,000 each. When you visit the Cash Flow menu you'll only see $5,000 in your QuickBooks Checking Account. Don't worry, the money is still in the account, it's just separated. You can select the Envelopes section to see the amount in each envelope.

Go to Transactions, then Bank transactions (Take me there), and you'll see $7,000 in your QuickBooks Checking account. The Banking menu includes the total balance, including your envelopes.

When you're ready to run payroll, you must transfer the money out of the payroll envelope into the main QuickBooks Checking account or the bank account you use to run payroll. This transfer isn't automatic and is to ensure you have enough funds in the account to cover your payroll.

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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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