NEW YORK--(BUSINESS WIRE)--NorthOne, one of the country’s leading banking apps for small businesses, today announced that it has officially eliminated all non-sufficient funds (NSF) and overdraft fees for all its current and future customers. By using NorthOne, small business owners can focus on what matters most: running their business.
NorthOne is a financial technology provider, not a bank. Banking services are provided by The Bancorp Bank, Member FDIC.
“Fees like NSF and overdraft began a long time ago as a deterrent and cost recovery mechanism, but have since become an entire industry and profit center for many traditional banks,” said Eytan Bensoussan, CEO & Co-Founder of NorthOne. “That’s not right. And this can be especially painful for many small businesses. We’re excited to eliminate NSF and overdraft fees for NorthOne customers and make our pricing even more transparent and simple.”
While many big corporations won’t feel a huge impact when hit with overdraft fees, for small businesses around the country, these fees can take a costly percentage of total revenue.
In 2019, American banks took $11 billion in overdraft fees from businesses and consumers. And in March 2020, when federal regulators stepped in to encourage banks to waive their overdraft fees, the average penalty still reached a record high of $33.47.
While many traditional banks have not taken steps to eliminate fees, NorthOne customers will pay just a $10 monthly fee for a NorthOne Account and $15 each time they send or receive domestic wire payments.
“We believe that NorthOne should succeed when our customers succeed, not when they stumble,” said Bensoussan. If a NorthOne business owner tries to withdraw more than they have, the transaction will be rejected – simple.
Small business owners can get a NorthOne Account for $10 a month*. Apply today at www.northone.com.
* The only additional fee assessed to the Account is a $15 fee for incoming and outgoing wires.
NorthOne provides American small businesses with a powerfully simple way to do their banking through NorthOne’s Mobile App and website. Launched in 2019, NorthOne serves more than 190,000 small businesses across the U.S. and is backed by Battery Ventures, Redpoint Ventures, and Tom Williams. The company’s headquarters are in New York with additional offices in San Francisco and Toronto. To learn more, visit www.northone.com. Banking services for the NorthOne Account are provided by The Bancorp Bank, Member FDIC.