QuickBooks and Intuit are a technology company, not a bank. Banking services provided by our partner, Green Dot Bank, Member FDIC.
Limited time offer terms
Discount: Discount applied to the monthly price for the QuickBooks Products is for the first 3 months of service, starting from the date of enrollment, followed by the then-current monthly list price. To be eligible for this offer you must be a new QuickBooks customer and sign up for the monthly plan using the “Buy Now” option.
**Product information
QuickBooks Payments: QuickBooks Payments account subject to eligibility criteria, credit, and application approval. Subscription to QuickBooks Online required. Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments' money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.
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 the QuickBooks Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to 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.
QuickBooks Payments and QuickBooks Checking accounts: Users must apply for both QuickBooks Payments and QuickBooks Checking accounts when bundled. QuickBooks Payments’ Merchant Agreement and QuickBooks Checking account’s Deposit Account Agreement apply.
QuickBooks Checking account: 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.Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. 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. Account funds are FDIC-insured up to the allowable limits upon verification of Cardholder’s identity. Green Dot is a registered trademark of Green Dot Corporation. ©2023 Green Dot Corporation. All rights reserved. QuickBooks products and services, including Instant Deposit, QuickBooks Payments, next-day deposit are not provided by Green Dot Bank.
QuickBooks Online System Requirements: QuickBooks Online requires a computer with a supported Internet browser (see System Requirements for a list of supported browsers) and an Internet connection (a high-speed connection is recommended). Network fees may apply.
Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services.For more information about Intuit Payments' money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.
Apple Pay: Apple Pay is a registered trademark of Apple Inc.
Google Pay: Google Pay is a trademark of Google LLC.
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.
**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.
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.
Annual percentage yield: The annual percentage yield (“APY”) is accurate as of December 31, 2023 and may change at our discretion at any time. The APY is applied to deposit balances within your primary QuickBooks Checking account and each individual envelope. We use the average daily balance method to calculate interest on your account. See Deposit Account Agreement for terms and conditions.
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.
Next-day deposit: Next-day deposit features are subject to eligibility criteria. Subscription to QuickBooks Online may be required. We anticipate that a large majority of customers who use bank transfers (ACH) with QuickBooks Payments will receive next day bank transfer (ACH) deposits as transaction history is established. New payments customers will be notified when next day bank transfer (ACH) eligibility is established. For next day deposits, payments processed before 3:00 PM PT arrive at your bank the next business day (excluding weekends and holidays). Deposit times may vary for other payment methods, third party delays or risk reviews.
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). Same Day Deposit is an additional service offered by QuickBooks Payments subject to eligibility criteria, for no extra fee for QuickBooks Money users. QuickBooks Money payment request fees apply for ACH and card transactions. Once batched, eligible deposits will be sent to your QuickBooks Money account, and will be available in up to 30 minutes. 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.
Instant deposit: Instant deposit is an additional service offered by QuickBooks Payments subject to eligibility criteria, including delayed eligibility for new users and availability for only some transactions and financial institutions. The service carries a 1.75% fee in addition to standard rates for ACH, swiped, invoiced, and keyed card transactions. This 1.75% fee does not apply to payments deposited into a QuickBooks Checking account. Deposits are sent to the financial institution or debit card that you have selected to receive instant deposits in up to 30 minutes. Transactions between 2:15 PM PT and 3:15 PM PT are excluded and processed the next day. Deposit times may vary due to third party delays.
Automatic Matching: QuickBooks Online will only match bank deposits with transactions processed through QuickBooks Payments. Not all transactions are eligible and accuracy of matches is not guaranteed.
No monthly fees: Other fees and limits apply to the business bank account. See QuickBooks Money Deposit Account Agreement for details.
# Claims
1. Over 70x 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 October 16, 2023. Learn more.
Terms, conditions, pricing, special features, and service and support options subject to change without notice.
As an expert deeply immersed in the realm of financial technology, I bring a wealth of knowledge about the intricacies of digital banking services, particularly in the context of the QuickBooks and Intuit ecosystem. My expertise spans various facets of financial technology, including payment processing, money transmission regulations, and online banking.
Now, let's dissect the information provided in the article you shared:
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QuickBooks and Intuit as a Technology Company:
- QuickBooks and Intuit are explicitly stated as a technology company, not a bank.
- Banking services are provided by the partner, Green Dot Bank, which is a Member FDIC.
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Limited Time Offer Terms:
- A discount is applied to the monthly price for QuickBooks Products for the first 3 months.
- Offer eligibility is for new QuickBooks customers signing up for the monthly plan using the "Buy Now" option.
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Product Information:
- QuickBooks Payments: Requires a subscription to QuickBooks Online, and money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter.
- QuickBooks Money: A standalone offering including QuickBooks Payments and QuickBooks Checking, with banking services provided by Green Dot Bank.
- QuickBooks Payments and QuickBooks Checking accounts must be applied for together.
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QuickBooks Checking Account:
- Banking services and the QuickBooks Visa Debit Card are provided by Green Dot Bank.
- QuickBooks Checking Deposit Account Agreement applies.
- Identity verification and approval by Green Dot Bank are required.
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Green Dot Bank:
- Operates under various registered trade names, including GoBank and Bonneville Bank.
- Deposits are FDIC-insured up to allowable limits.
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QuickBooks Online System Requirements:
- QuickBooks Online requires a computer with a supported Internet browser and an Internet connection.
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Money Movement Services:
- Provided by Intuit Payments Inc., licensed as a Money Transmitter.
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Apple Pay and Google Pay:
- Supported payment methods with specific trademarks mentioned.
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FDIC Insurance:
- QuickBooks Money account balances are FDIC-insured through Green Dot Bank, subject to allowable limits.
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Deposit Sweep Program:
- Automatically sweeps account balances above $250,000 across participating financial institutions, providing up to $5 million in FDIC insurance coverage.
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Features:
- No minimum balances or monthly fees for the QuickBooks Checking account.
- Envelopes feature allows the creation of up to 9 Envelopes within the primary QuickBooks Checking account.
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Annual Percentage Yield (APY):
- APY is applied to deposit balances within the primary QuickBooks Checking account and each individual envelope.
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Fee-Free ATM Withdrawals:
- Fee-free ATM access applies to in-network AllPoint ATMs, with limitations on withdrawals.
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Next-Day, Same-Day, and Instant Deposits:
- Various deposit features subject to eligibility criteria, subscription requirements, and transaction times.
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Automatic Matching:
- QuickBooks Online matches bank deposits with transactions processed through QuickBooks Payments.
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No Monthly Fees:
- No monthly fees mentioned, but other fees and limits apply to the business bank account.
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Claim - Over 70x U.S. Average APY:
- The claim asserts that the APY is over 70 times the U.S. average, with reference to the FDIC's national rate.
In summary, the information outlines the diverse array of financial services provided by QuickBooks and Intuit, their partnerships, and the various features and offers available to customers within the digital banking and financial technology landscape.
