North One Business Banking Review: Features, Fees, & FAQs

Navigating the complexities of business banking can be a challenge for many entrepreneurs and small business owners. North One, a digital banking platform, aims to simplify this process by offering a range of features tailored to the needs of modern businesses. 

In this review, we’ll delve into what makes North One a standout choice in the crowded fintech landscape. We’ll explore its key features, benefits, pricing, and user experiences to help you determine if North One is the right fit for your business banking needs.

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North One Business Banking Overview

Established in 2017, North One was created to enhance banking solutions for small business owners across various industries. During its inaugural year, the North One team conducted extensive interviews with thousands of small business owners to identify their needs precisely.

With this valuable insight, North One developed a digital banking experience tailored to assist small business owners, freelancers, and startups manage their banking needs effectively. The founders’ commitment is evident in the bank’s comprehensive suite of features that truly cater to the needs of small business owners everywhere.

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Pros & Cons of North One Business Banking

Pros:

• No monthly fees or additional transaction fees
• Instant deposits from major business platforms such as Amazon, Etsy, Shopify, and Square
• Compatibility with various accounting and payroll software
• Ability to make cash deposits through the Green Dot network (subject to fees and limits)

Cons:

• The daily cash deposit limit is $1,500, with a monthly maximum of $5,000. Each deposit incurs a fee of up to $4.95
• Fees apply for each bill payment transaction
• Lack of a free ATM network
• No capability for sending or receiving international wire transfers
• Customer support is unavailable on weekends

Who Are the Ideal Users for North One Business Checking?

North One business checking is particularly suited for small business owners who:

• Prefer managing most of their financial activities online
• Seek to link their banking with existing financial tools they already utilize
• Rarely need to make cash deposits or international wire transfers

If you require regular cash deposits or international wire transfers, consider Relay Business Checking. It offers these services, ease of integration, and subaccount features similar to North One’s. With Relay, you can deposit cash at AllPoint ATMs without additional fees.

Relay also allows free incoming international wire transfers, and outgoing international wires cost $10 each, or they can be free with an upgrade to Relay Plus at $30 per month.

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North One Bank Pricing & Features

Feature	North One Standard	North One Plus
Monthly Fee	$0	$20
Same-Day ACH Payments	1.5%	$0
Physical Checks	$1 per check	$0
Domestic Wire Send	$20 per wire	$15 per wire
Domestic Wire Receive	$20 per wire	$20 per wire
Bill Pay Access	Free	Free
Priority Chat & Email Support	Not included	Included
Dedicated Customer Success Manager	Not included	Included
Implementation and Onboarding Assistant	Not included	Included
Business Banking Essentials	Included	Included
Banking for Teams	Included	Included
Real-time Sync with QuickBooks	Included	Included
Envelopes Budgeting System	Included	Included
Profit-first Banking	Included	Included
Access to Perks Program	Included	Included

Here are the key features of North One Business Banking:

• Comprehensive Business Banking: Manage transfers, deposits, and expenses with ease.
• Efficient Bill Payments: Upload invoices, schedule payments, and centralize bill management.
• Revenue Dashboard: Track revenue across major payment platforms for better financial insights.
• Seamless Accounting & Bookkeeping: Sync with popular tools like QuickBooks and Wave.
• Extensive Integrations: Connect with various business tools for accounting, payroll, eCommerce, and more.
• Perks Program: Access discounts and free trials for top industry tools.
• FDIC Insurance: Deposits insured up to $250,000, ensuring financial security.

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Opening a North One Business Checking Account

You can open a North One business checking account either online or through the North One app, which is available on iOS and Android platforms.

Eligibility Requirements:

1. Must be at least 18 years old
2. Must be a U.S. citizen or a legal resident residing in any 50 U.S. states or Washington, D.C.
3. Must have a verifiable U.S. street address (P.O. boxes are not acceptable)

Applications are typically approved within 48 hours. After opening your account, a North One business debit card will be mailed to you and should arrive within 10 business days. Business debit cards can be sent directly to any authorized user, either included at the time of account setup or added later, with a limit of four authorized users per account.

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What You Need for Opening an Account?

North One’s application for a business account requires specific personal and business information and certain business documentation.

1. Personal Information Required: Name, home address, mobile phone number, date of birth, and Social Security number (for anyone owning 25% or more of the company).

2. Business Information Required: Business name, EIN, annual revenue, entity type, or tax ID, physical address, and phone number. An employment insurance number may also be needed for some business types like LLCs, S Corps, and partnerships.

3. Documents Required: A valid government ID for you and any authorized signers included on the account. Additional documents such as a business license, operating agreement, business formation documents, and DBA or fictitious name registration may also be required, depending on your business structure.

4. Financial Requirement: An initial deposit of $50 is necessary to open an account, with sole proprietors and partnerships capped at a maximum initial deposit of $250. LLCs and corporations can deposit up to $10,000 initially. This deposit must be transferred from an existing bank account connected via Plaid.

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Strengths and Weaknesses of North One Business Banking

Where North One Business Checking Excels?

• Business Integration Ease: Effortlessly connect your North One business checking account with essential business tools, such as payroll, payment, and HR software. North One supports many integrations, including Stripe, Square, QuickBooks, FreshBooks, PayPal, Gusto, Wave, Etsy, Shopify, and Expensify. These features allow for seamless synchronization of transaction details, payment acceptance, and invoice management.

• Instant Payouts from E-commerce Platforms: Receive payments from platforms like PayPal, Square, Stripe, Amazon, and Venmo directly into your North One account with “instant” payouts, usually occurring within 30 minutes. Link your North One account using your account and routing numbers to facilitate these transactions. Note that eligibility may vary, and platforms such as Stripe and Venmo might incur fees for quick transfers.

• High Transfer Limits: North One boasts notably high limits on wire and ACH transfers, setting it apart from many other business banking options. Enjoy the flexibility of generous daily, monthly, and transaction-specific limits.

Where North One Business Checking Falls Short?

• Lack of a Free ATM Network: North One is separate from a free ATM network like Allpoint or MoneyPass, which may lead to third-party ATM fees for its users. Although North One itself does not charge ATM fees, customers might still face fees from ATM owners or operators.

• Costly Cash Deposits with Low Limits: North One charges up to $4.95 for cash deposits made through GreenDot at retail locations, with daily, weekly, and monthly limits of $1,500, $3,500, and $5,000, respectively. These constraints could be limiting for businesses that handle a lot of cash. 

• Fees for Bill Payments: North One charges 50 cents for each digital transaction and $1 for each paper check issued through its bill payment service, except for the Plus account. 

• Weekday-Only Customer Support: North One’s customer support is available only on weekdays, from 9 a.m. to 6 p.m. EST. 

• Restricted Rewards: North One offers exclusive discounts on certain software and HR services; however, these discounts are only valuable if the products are still needed to be used, which may reduce their overall appeal.

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North One Business Banking Review From Real Users – Is North One Legit?

To streamline our process, we analyzed multiple reviews of North One Business Banking to gauge the experiences of actual users. This research aids in determining North One’s legitimacy and efficacy.

User feedback on North One Business Banking from Trustpilot reveals a range of customer experiences, shedding light on the bank’s dependability and quality of service.

User reviews of North One from Trustpilot:

North One is rated 5 out of 4.3 stars on Trustpilot. Customer reviews for North One Bank are predominantly positive, with many users highlighting the bank’s excellent customer service and diverse lending options. 

However, a few customers have reported negative experiences, particularly regarding difficulties with account freezing and challenges faced during account upgrades. 

Overall, while most feedback is favorable, there are some concerns about customer support in specific scenarios.

Customer Service

Customer support for North One business accounts is available through scheduled calls and a live chat feature within the North One app. The support team operates from Monday to Friday, 9 a.m. to 6 p.m. EST, assisting during these hours for any account-related issues or inquiries. For businesses that require support outside these hours, it’s recommended to consider banking options that offer 24/7 customer service.

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North One Business Banking Review – FAQs

Bottom Line

North One Business Banking offers a streamlined, user-friendly solution for small businesses and freelancers seeking efficient financial management. With its intuitive mobile app, straightforward fee structure, and seamless integrations with popular accounting software, North One is a convenient option for modern business owners. 

While it may lack some of the more extensive services offered by traditional banks, its focus on simplicity and accessibility makes it a valuable tool for managing day-to-day finances and providing essential banking services without unnecessary complexity.

>> Register for a North One Business Account >>

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