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Nearside is a financial technology company owned by Nearside Business Corp., Inc. It was founded in 2018 in San Francisco, California. The company aims to help small businesses manage their finances through its several lending and banking services. Businesses can use Nearside’s business checking account without any monthly fees or minimum deposits. It offers banking solutions to sole proprietors and small businesses.
Summary: Nearside offers unlimited 2.2% cashback on all business transactions, which can help save you money in the long run.
Deposits & Withdrawals
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|HQ||San Francisco, California, USA|
|Min. To Open||$0|
|Min. Deposit For No Fee||$0|
|Transfer Fee||$0 – $35|
|ATM Fee||$0 but for out-of-network ATMs the fee is $1|
|Rewards||Unlimited 2.2% cashback|
|Transactions||Unlimited electronic deposits|
|State Restrictions||Available in all states|
Nearside offers business banking solutions for sole proprietors and small businesses. The company has an online focus and offers free banking solutions. Nearside’s business checking account has no monthly fee, no minimum requirements, no overdraft fee, and no card replacement fees. These features can be extremely beneficial for a small business in keeping its costs low. Additionally, you will get a cashback of 2.2% on every business purchase you make with your Nearside debit card. You also have free access to All-point’s global network of 55,000 ATMs.
Opening a business checking account with Nearside can be easily done online, within minutes. You need to be 18 years old or older. You’ll be required to provide some personal information like a valid email address, birth date, phone number, Social Security Number, etc.
If you are to open an account on behalf of a business entity, you are required to have related documents and your EIN number may also be needed.
Nearside offers an extremely low-cost fee structure with its business checking account. Most features are available to users free of cost. The account does not have a monthly service fee and offers ACH Transfers, debit Card replacements, etc. However, there are some fees associated with this account, which are:
This business checking account comes with several features targeted towards small business owners. These features make it an exceptional bank account to conduct your banking as a small business. Some of these features are given below:
Nearside offers most traditional channels of depositing and withdrawing funds to and from your account. You can use ACH transfers, checks, and ATMs, to withdraw funds from your account. You can also deposit funds to your account using most channels other than cash deposits, which can be a drawback for some. The Nearside Debit card also supports Apple Pay and Google Pay for digital payments.
You can reach out to Nearside’s customer service via emails or phone calls. You can call their customer representatives at 888-516-2369 from 6 AM PST to 5 PM PST, Monday through Friday. You can also send in emails with your queries, which will be answered within 24 hours between Monday and Friday. Also, they have an extensive help center on the website and a virtual assistant.
Nearside utilizes several security measures to offer safe and secure banking services to businesses. The bank allows account holders to lock their debit cards through the Mobile App in case you lose it or it gets stolen. The Mastercard Debit card that comes with this account also offers Mastercard ID Theft Protection, which provides users with fraud resolution and identity monitoring services. The business checking account is also FDIC insured through LendingClub Bank, which means your funds are insured up to $250,000.
Nearside’s business checking account can be a great option for you if you are a small business owner. The account offers services for no monthly fee, it also has no minimum balance requirements which allows you to keep your banking costs low. However, the lack of cash deposits and no App notifications can be drawbacks if you are someone who deposits cash frequently or relies on app notifications to keep track of your finances. One of the biggest features is the 2.2% cashback which could help you save a lot in the long run.