Azlo Business Checking Review

Editor's note, March 18, 2021: BBVA, Azlo’s parent bank, is closing the Azlo business banking platform. All current accounts will be closed March 31 and customers are being advised to transfer their funds to a different bank. A read-only version of existing accounts will be available until April 15 for customers to log in and download statements. For top alternatives to Azlo, check out NerdWallet’s list of the best free business checking accounts.

Azlo is an online business banking option that has no minimum opening deposit, no minimum balance requirements and unlimited transactions. Azlo’s integrated invoicing, online payment tools and app integrations set it apart from competitors.

In addition to Azlo Starter, the standard fee-free account, there’s also a paid account option — Azlo Pro — that includes advanced budgeting and invoicing tools.

Despite the strength of Azlo’s online features, both accounts lack capabilities associated with traditional banking. You cannot deposit cash and Azlo doesn’t issue physical checkbooks, unlike some other online banking platforms.

» MORE: Best banks for small business

Azlo business checking is best for small-business owners who:

• Want a fee-free business checking account with unlimited transactions.

• Manage all of their finances online and do not operate in cash.

• Invoice their customers.

• Don’t need access to a physical bank branch.

Pros and cons

Pros

• No opening deposit and no minimum balance requirement.

• Unlimited transactions, bill pay and invoicing.

• Free ACH transfers and incoming wires.

Cons

• Can’t deposit cash.

• Doesn’t issue checkbooks.

• Can’t send domestic or international wires.

Azlo business checking at a glance

How Azlo business checking works

You can apply for and open an Azlo business bank account quickly and easily online. To be eligible for an Azlo business checking account, you (and each business owner with 25% or more ownership) must be age 18 or older and a U.S. resident with a Social Security number, U.S. address and U.S. phone number.

Although Azlo is not a bank, banking services are provided by BBVA USA, and all business checking accounts are FDIC-insured up to $250,000.

To sign up for Azlo business checking, you’ll create an online account and complete a brief application by providing basic information and documentation about yourself and your business. You’ll have the option to choose between the free Azlo Starter account or Azlo Pro, which costs $10 per month.

Azlo typically reviews applications in one to three business days. At that point, you'll learn if you’re approved, or you may need to provide more documents or details.

Once your account is approved, you’ll be able to start managing your banking using the web-based platform, as well as the Azlo mobile app available for both Android and iOS. You’ll be able to fund your account, connect Azlo to other business tools and bank accounts and add a business partner to your account — if they were listed on your application.

You’ll also receive your Azlo business debit card in seven to 10 business days after account approval. This debit card will give you fee-free access to any ATM in the Allpoint network, which includes 55,000 ATMs across the U.S.

If you opted for Azlo Pro, you’ll have access to advanced invoicing, automatic budgeting and reduced instant transfer fees. You’ll also be able to grant your accountant or bookkeeper access to your Azlo account.

With Azlo Starter, you can upgrade to Azlo Pro at any time through your online account. You can also cancel Azlo Pro at any time and continue to use Azlo’s free business checking account.

Where Azlo business checking stands out

Fee-free: Azlo Starter is truly a free business checking account. Although both Azlo accounts have no transaction fees, no minimum opening deposit, no minimum balance requirement, no overdraft fees and no incoming wire fees, the Azlo Starter account has no monthly fees as well. Additionally, both Azlo business bank account options include free ACH transfers, free unlimited invoicing, free unlimited bill pay and free in-network ATM access.

Integrated invoicing: Although not a standard feature among traditional business bank accounts, Azlo’s integrated invoicing sets this account apart from competitors. Azlo business checking allows you to send unlimited customized invoices and receive payments from your customers. Eliminating the need for a separate invoicing software, this capability makes Azlo business banking well-suited for freelancers and contractors.

Bill pay: Azlo’s bill pay services allow you to pay an unlimited number of bills using ACH transfers and will even mail checks on your behalf. For an additional fee ($2 per transfer), Azlo offers an instant transfer service to send payments in only minutes.

Third-party integrations: With Azlo business checking, you can connect a variety of business tools to your account — allowing you to streamline your financial management. Azlo integrates with accounting software, like QuickBooks Online, Xero and Wave, in order to automatically import your transactions. You can also connect payment processors like Stripe, PayPal and Square to view all of your accounts at once or give your customers the ability to pay invoices using these services.

Azlo Pro: If you want to access enhanced invoicing features, you can upgrade to Azlo Pro, which includes invoice scheduling, budgeting tools and discounted instant transfer fees. Azlo Pro has a monthly fee of $10 per month, but is a worthwhile consideration for business owners who want a more advanced invoice software.

Where Azlo business checking falls short

No cash deposits: You cannot deposit cash with an Azlo business checking account. So, if your business deals in cash, you’ll need to deposit it in a separate bank account and then transfer it into your Azlo account. Unlike some other online-only business bank accounts, which have found ways to allow cash deposits, this remains a notable drawback for Azlo.

No checkbooks: Although Azlo will mail checks on your behalf, you cannot write checks or use checkbooks with your Azlo business checking account. Again, some online-only competitors have found ways to include this capability — one that’s often considered a traditional feature of business banking.

Compare Azlo alternatives