June 30, 2022

Is NorthOne Safe and Legit

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NorthOne offers convenient online banking for small business owners. But is NorthOne safe and legit? Read on to find out.

NorthOne is a small business banking platform designed to take the stress of banking off your plate.

But can you trust them with your hard-earned cash?

In this guide, find out if NorthOne is safe and legit, how it works, and more.

Is NorthOne Secure?

Yes, NorthOne is a secure banking platform. They are FDIC-insured up to $250,000 through the Bancorp Bank,[1] which provides banking services for NorthOne customers through an integrated API. That means, even in the case of bank failure or theft, your money is safe.

NorthOne also employs industry best practices to maintain the security of your account, including:[2]

  • Two-factor authentication for account login
  • Biometric login features such as Touch ID and Face ID
  • Account monitoring for suspicious activity with immediate alerts
  • Ability to lock and freeze your card via mobile app (lost cards are delivered within 5 business days)

In order to protect users' privacy, NorthOne doesn't store sensitive personal information, and only communicates through secure channels.

How does NorthOne verify your account? All users are required to verify their identity upon account creation, providing a valid ID, formation or incorporation documentation, and business license or DBA (doing business as) to comply with federal regulations such as KYC (know your customer). These documents can be uploaded securely through the in-app chat feature in the NorthOne mobile app.

How Does NorthOne Work?

NorthOne was launched in 2017 by founders Eytan Bensoussan and Justin Adler with the goal of offering a better banking experience for small business owners.

Their flagship service is their NorthOne Deposit Account, which is fully accessible through their app or desktop site. Business owners can make payments via ACH bank transfer or wire transfer, access ATMs, deposit checks, and more.

They also offer a budgeting feature they call "Envelopes" that enables users to set aside specific amounts or percentages of their deposits for things like taxes, payroll, and rent.

NorthOne has also partnered with Mastercard to offer the NorthOne Debit Card, which is accepted wherever Mastercard is.[3]

With NorthOne, users can also connect their accounts directly to the apps they use for business, such as Shopify, Etsy, and PayPal, or payroll platforms like QuickBooks and Gusto.[4]

NorthOne Features

Now that we have a general idea of how NorthOne works, let's take a look at NorthOne's features in detail.

Business Deposit Accounts
The NorthOne Business Deposit Account is designed to make banking for small business owners, freelancers, and startups easy. It's mobile, meaning you won't have to visit bank branches to make deposits, send money, pay invoices, and more.

The app gives you quick access to your full account history and lets you manage receipts, helping you keep organized by immediately categorizing purchases.

You can connect your payment processor or POS directly to your NorthOne account, meaning you'll receive payments sooner. And you can manage payroll directly through your app.

While NorthOne doesn't have any physical locations, users get access to a national network of ATMs, and you can easily locate ones that are nearby through the app.

Envelopes
NorthOne's Envelopes is an organizational and budgeting tool that lets you set aside money for specific uses.

You can schedule your account to set aside either fixed amounts or percentages on a daily, weekly, or monthly schedule. This makes it easier to put away enough for important things like taxes, payroll, and other expenses.

App Integrations
NorthOne makes it easy to connect the apps you use for business to your bank account. Some of the apps that support integration with NorthOne include:

  • Etsy
  • Shopify
  • Amazon
  • Square
  • Airbnb
  • Alto
  • Venmo
  • Lyft
  • PayPal
  • Stripe and more

And plenty of people are using apps for payroll and accounting services these days as well. With NorthOne you can connect:

  • Gusto
  • QuickBooks
  • FreshBooks
  • Wave
  • ADP and more

NorthOne Debit Card
The NorthOne Debit Card means paying and ATM withdrawals are quick and easy. It's offered in partnership with Mastercard, and accepted where Mastercard is.

To ensure the security of your account, if your card is lost or stolen, you can lock and freeze it in minutes through your NorthOne app, and they'll send you a replacement in as little as 5 business days.[5]

What Does NorthOne Charge?

NorthOne has a transparent, low monthly fee of $10 for its Business Deposit Accounts.[6]

Included in this fee is access to:

  • ACH Payments
  • App Integrations
  • Deposits
  • Envelopes
  • Purchases
  • Transfers

They do charge a $15 fee for incoming and outgoing wire transfers.

While $10 is a fairly reasonable monthly fee for business banking, you should keep in mind that other platforms such as Novo and Bluevine offer similar services with no monthly fee at all.

Find more options for your small business in our guide to the best small business banks, including our picks for business lending, interest-earning accounts, and more.

Bottom Line

If you're running a small business, a startup, or are a freelancer looking for a mobile banking provider created with business owners in mind, then NorthOne is certainly worth consideration.

They take comparable measures to other, similar services to keep your money and your information safe, and provide a range of useful tools at a reasonably low price.

And while they have a limited number of reviews online, their customer service team appears quick to respond with helpful feedback for anyone in need of assistance.

References

  1. ^ FDIC. BankFind: The Bancorp Bank, Retrieved 5/13/2022
  2. ^ NorthOne. Security, Retrieved 5/13/2022
  3. ^ NorthOne. Where Can I Use My NorthOne Mastercard Debit Card?, Retrieved 5/13/2022
  4. ^ NorthOne. Integrations, Retrieved 5/13/2022
  5. ^ "I lost my NorthOne MasterCard Small Business Debit Card. What do I do?": NorthOne, 2022.
  6. ^ "How does pricing work?": NorthOne, 2022.
NorthOne

Get 3 months of free business banking

NorthOne is a financial technology company, not a bank. Banking services provided by
The Bancorp Bank; Member FDIC.

Novo

Free Business Checking

  • $0 monthly service fee
  • $50 deposit to unlock all features
  • Unlimited ATM fee rebates
Banking services provided by Middlesex Federal Savings F.A., Member FDIC
Bluevine

Business Checking - Up to 1.5% APY

  • 1.5% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Jeremy Harshman is a creative assistant at CreditDonkey, a credit card comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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