While switching over from a traditional business bank account, or opening your first business account, you may be wondering what sort of fees you will incur in using business banking.
Currently, there are no fees involved in using business banking. This means that you will not incur:
Monthly fees
Transaction fees
Minimum balance penalties
In summary, you should not encounter any additional cost to you or your business outside of your regular subscription in using business banking. This means you can accept transfers, move money between envelopes, store your funds, and send ACH bank transfers without being charged.
Note that ACH transfers can only be made to your own account at another financial institution, and not to other individuals or businesses.
That being said, if your clients are paying your invoices through Bonsai Payments or other integrated payment options, you will still encounter the regular processing fees. To learn more about payment costs for invoices, check out this article here.
It is possible that a paid plan, different card types, or different pricing models may be introduced in the future, but Bonsai is aiming to always offer a solid free option for business banking.
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