Business verification account closure FAQs

Why is my account scheduled to close?

To comply with banking regulations, we’re required to verify that your business is registered with the state and IRS. We do that by verifying the following information for LLCs and Corporations:

• Business name

• Business address

• State registration is active and in good standing

• EIN

If we cannot verify one or more of the above, or if your business is not one of the legal structures we can support (sole proprietorship, LLC, corporation), we are unfortunately required to close your account.

If you want to close your account before your scheduled closure date, tap or click “Business”, then the “Settings” icon, then “Request” under “Close Account”.

Will I be able to reopen my account?

In most cases, yes! You can reopen your account if your business is an LLC or Corporation. Once your business is actively registered with the state agency where you operate and the IRS, and you have documentation to verify this, log into your Found account to complete the reopening process.

If we can’t verify your business information automatically, we’ll ask you to upload your documents. Once everything is confirmed, your account will be reopened.

We also have additional resources to help resolve issues with your EIN, business name/address, or state registration

What if I already submitted documents - will I need to resubmit?

Yes. When you go through the account reopening process, we’ll automatically try to verify your business again. If it’s not successful, please submit any requested documents – even if you had submitted them prior to account closure.

If I reopen my account, will I still have the same account and routing numbers?

Yes. If you reopen your account, your Found account and routing numbers will remain the same as before.

If I reopen my account, will I still have the same physical and virtual debit card numbers?

• If you reopen your account within 30 days of closure, your physical and virtual debit cards numbers will remain the same. 

• If you reopen your account after 30 days, your physical and virtual cards will be closed. You will need to order a new physical card and create new virtual debit cards.

Can I still open a Found account for a different business?

Yes! When you log back into Found, you’ll see an option to add an additional account. Select the business structure that accurately describes your legal business structure (sole proprietorship, LLC, or Corporation). 

How do I transfer money between my Found accounts?

If you opt to open a Found account for another business, you can transfer money between Found accounts while your account is still open. Here’s how:

1. Open the Found account you want to transfer money from.

2. Tap or click “Move money”, then “Pay a person or business”, then “Select recipient”. Your other account will appear as a new recipient.

3. Complete the transfer process by sending a payment via Found to that recipient - it’s free and instant.

Once your account has been closed, you will not be able to transfer funds within Found unless you reopen your closed account.

What if I don’t want to reopen my account? How do I transfer out my remaining funds?

We’re sorry to see you go! You won't lose access to your money if your account closes and can transfer these funds to a linked bank account at any time. Here’s how:

1. Log into your Found account.

2. If your account has a balance, you’ll see your existing linked bank account (or you can link a new one).

3. Transfer funds to your linked bank account.

Funds from these transfers will typically be available within 1-2 business days, depending on when the transfer is initiated and the receiving institution.

What happens to incoming deposits for closed accounts?

Any incoming deposits to a closed account will be returned to the sender. To minimize interruptions, provide updated account/routing numbers to any institution you expect to receive deposits from.

Can I still access my transaction history, bank statements, or tax documents after my account is closed?

You’ll be able to download bank statements from your closed account, but we’re working to add transaction history and tax documents in the coming weeks — stay tuned! In the meantime, we highly recommend you save your bank statements, transaction history, and tax documents prior to account closure, if possible:

• Bank statements

  • On the app or computer: Tap or click “Business”, then “Statement and documents”, then “Bank statements”.

• Transaction history

  • On the app: Tap “Activity”, then “...”, then “Export activity”.

  • On the computer: Click “Activity”, then “Export”.

• Tax documents

  • On the app: Tap “Reports & Taxes”, then “Tax documents”.

  • On the computer: Click “Taxes”, then “Tax documents”.