Found vs. Wells Fargo Business Banking: All-in-One Platform or Traditional Bank

There's something comforting about banking with an institution that's been around for over 170 years. Wells Fargo's branches seem to be on every corner, and the name alone carries weight when you're trying to look "legit" as a new business owner. But that old-school presence often comes with a price, and assumes you'll hire an accountant, buy separate invoicing software, and figure out quarterly taxes on your own.

Found takes a different approach. Instead of just holding your money, it actively helps you manage it—tracking expenses as they happen, estimating what you'll owe in taxes, and handling invoices and contractor payments without jumping between platforms. It's banking built specifically for small business owners, where you're often the CEO, bookkeeper, and tax preparer all rolled into one.

In this comparison, we'll break down how Found and Wells Fargo stack up across the features that matter most to small business owners.

What is Found?

Found is a financial technology company that combines business banking with built-in bookkeeping and tax tools in one platform. The free tier includes essential banking and tax features, while Found Plus ($19.99/month or $149.99/year) adds 1.5% APY on balances up to $20,000, in-app tax payments for Schedule C filers, and priority customer support. Banking services are provided by Lead Bank, Member FDIC.

What is Wells Fargo Initiate Business Checking®?

Wells Fargo Initiate Business Checking® is an entry-level business checking account from one of the largest and oldest financial institutions in the United States. It provides standard business banking features with access to over 12,000 ATMs and approximately 4,700 branches nationwide. The account has a $10 monthly fee, which can be waived by maintaining a $500 minimum daily balance, a $1,000 average ledger balance, or by owning a Premier Checking, Private Bank Checking, or Private Bank Interest Checking account.

Found vs. Wells Fargo: Feature Comparison

Data compiled November 2025 and subject to change. Features, pricing, and availability may vary. Always confirm current details directly with the providers.

¹Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.

²The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.

⁴Optional subscription to Found Plus for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read more.

⁵Subject to eligibility requirements, applicable terms and conditions, and service fees. See Terms of Service and Lead Account Terms for more details.

⁶Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

¹⁰Tax payments are available for Found Plus subscribers who file a Schedule C.

¹³Found customers can create 1 custom expense rule, 1 custom tag, and 1 custom category for free. Unlimited rules, tags, and categories available with Found Plus.

¹⁴1.5% APY on balances up to $20K for Found Plus subscribers

¹⁵Priority customer support is available to Found Plus subscribers

Feature-Focused "Best For" Analysis

Here's how Found and Wells Fargo stack up across the features that could matter most to your small business.

Best for Affordable Banking: Found

Found's core plan is free with no minimum balance requirements, no monthly maintenance fees, and no activity thresholds to worry about. You get business banking, automatic bookkeeping, tax tools, invoicing, and contractor management—all at $0/month. There are no hidden fees⁴ or requirements to maintain certain balances or transaction volumes.

Wells Fargo Initiate Business Checking® has a $10 monthly fee that can be waived by meeting certain requirements like maintaining a $500 minimum daily balance or $1,000 average ledger balance. If you don't qualify for the waiver, you'll pay $120 per year in account fees—and that doesn't include the cost of separate bookkeeping, tax, or invoicing software.

If you aren't eligible for Wells Fargo's fee waiver or would prefer not to worry about meeting balance requirements, you can subscribe to Found Plus annually ($149.99/year)⁴—just $30 more per year than Wells Fargo's fees alone—and get enhanced features like 1.5% APY, priority support, and advanced bookkeeping tools, plus all the built-in tax, invoicing, and contractor management features that would cost hundreds more in separate software subscriptions with Wells Fargo.

Best for Physical Banking and ATM Access: Wells Fargo

Wells Fargo operates one of the largest ATM networks in the country with over 12,000 ATMs and approximately 4,700 financial centers nationwide. This provides fee-free withdrawals at all Wells Fargo ATMs and convenient access to in-person banking services. This is a significant advantage if you frequently need cash, regularly deposit checks or cash, or prefer face-to-face support for complex transactions.

Found does not charge ATM fees on its end, but the ATM operators you use may charge their own fee. Since Found is a digital-first platform, there are no physical branches for in-person banking needs. However, if you primarily operate online and rarely need cash, Found's digital-first approach may be more convenient.

Best for Cash-Heavy Businesses: Wells Fargo

If your business regularly handles cash transactions—whether you're in retail, food service, or another cash-intensive industry—Wells Fargo's extensive branch network makes daily cash deposits convenient and secure. You can deposit cash at any of their 4,700+ financial centers without worrying about additional fees for reasonable volumes.

Found is designed for digital-first businesses and does not have physical branches for cash deposits. While Found offers cash deposit services at over 80,000 retail locations for a $2 fee, businesses with high-volume cash operations will find Wells Fargo's branch access more practical.

Best for All-in-One Business Banking: Found

Found is built as an all-in-one platform that integrates banking, bookkeeping, and tax tools in one place. Transactions are automatically tracked and categorized for taxes, and you can manage your finances from your checking account to expense tracking without switching between multiple apps. Wells Fargo Initiate Business Checking® focuses on core banking features, but you'll need separate software for bookkeeping and taxes. If you want your financial tech stack under one roof, Found delivers the most integrated experience.

Best for Integrated Bookkeeping: Found

Found automatically categorizes your expenses, provides receipt capture, and generates profit and loss statements and financial reports on its free core plan. Transactions made with your Found debit card are automatically logged and categorized using IRS-ready categories that align with Schedule C tax forms. You can attach receipts via mobile scan, track mileage, and generate detailed P&L statements. Found Plus provides additional bookkeeping features, such as connecting other accounts and setting up unlimited custom rules, categories, and tags.

Wells Fargo Initiate Business Checking® does not include built-in bookkeeping features. You'll need to pay for separate accounting software like QuickBooks to track expenses and generate financial reports. If you want bookkeeping handled within your banking platform without paying for separate software, Found is the clear winner.

Best for Tax Automation: Found

Found handles real-time tax estimations and automatically generates Schedule C, 1120, and 1120-S forms (depending on your business structure). Found can also provide a real-time tax estimate based on your provided tax profile and lets you set up a tax savings Pocket, allowing you to save money for tax payments. Pockets even have their own account number, so you can pay taxes directly from the Pocket. Found Plus subscribers who file a Schedule C can pay federal taxes directly through the app.

Wells Fargo doesn't offer built-in tax tools and lacks automated tax management, real-time estimates, and tax form generation. You'll need to use separate tax software or work with an accountant to estimate quarterly taxes and prepare your tax forms.

Best for Built-In Invoicing: Found

Found offers unlimited professional invoices with custom branding, multiple payment options (ACH, credit/debit card, Cash App Pay through Stripe integration), and automated payment tracking and reminders. Found also supports recurring invoices as part of the free plan, making it ideal for businesses with retainer clients or subscription-based services.

Wells Fargo does not offer invoicing through their platform, so you'll need a third-party provider like FreshBooks, QuickBooks, or Wave. This means managing another subscription, learning another platform, and manually reconciling payments between your invoicing software and your bank account. Found eliminates this hassle by building invoicing directly into your banking platform.

Best for Managing 1099 Contractors: Found

Found offers a complete contractor management solution with free W-9 collection, payment processing via multiple methods, and automatic 1099-NEC generation and filing for contractors. You can collect and track W-9 forms, automatically generate 1099-NEC forms for contractors paid $600 or more during the year, and e-file 1099s directly through the platform. The system automatically tracks payments toward 1099 thresholds, so you don't have to manually calculate who needs a form.

Wells Fargo doesn't offer contractor management features. You'll need to handle W-9 collection and 1099 generation separately using third-party software. If you regularly work with independent contractors, Found's integrated approach eliminates the need for separate contractor management tools or services.

Best for Business Credit Products: Wells Fargo

Wells Fargo offers business credit cards, lines of credit, and other lending products that can be linked to your Initiate Business Checking® account. This integrated access to business credit can be valuable as your business grows and needs working capital for expansion, inventory purchases, or managing cash flow gaps. Having your banking and credit products with the same institution means unified statements, easier account management, and streamlined loan applications.

Found currently does not offer credit products, though you can obtain business credit cards and lines of credit from other providers like American Express, Chase, or specialized business lenders. If you value the convenience of having all your financial products—banking, credit cards, and loans—managed through a single institution, Wells Fargo's integrated approach is the better choice.

Best for Freelancers and Sole Proprietors: Found

Found offers a comprehensive suite of financial tools designed specifically for self-employed professionals, including automatic expense categorization, real-time tax calculations, unlimited invoicing, contractor management, and built-in bookkeeping on their core plan at no cost. The platform integrates with popular gig economy platforms, making it easy to track income from multiple sources and stay organized for tax season.

Wells Fargo Initiate Business Checking® provides fundamental banking services like a business checking account and debit card, but offers no bookkeeping, tax planning, invoicing, or expense management features. You'll need to piece together separate software subscriptions to replicate what Found offers as an integrated solution.

Best for Small Business Startups: Found

Found provides a solid foundation for what new businesses need without required monthly fees⁴, helping preserve precious startup cash flow. You get a complete business banking solution from day one with built-in bookkeeping tools, automatic tax management, unlimited invoicing, and contractor payments. This comprehensive approach eliminates the need for multiple software subscriptions that can quickly drain startup budgets.

Wells Fargo Initiate Business Checking® has a $10 monthly fee that can be waived if you maintain a $500 minimum daily balance or $1,000 average ledger balance. Even with the fee waived, you'll still need to pay for separate bookkeeping, tax, and invoicing software to match Found's capabilities.

Found's feature offering on their core plan means you can operate longer before needing to upgrade, while maintaining the complete financial toolkit essential for early-stage business success—a significant consideration when every dollar counts in the early stages.

Found vs. Wells Fargo: Which is the best banking platform for small business? 

Both Found and Wells Fargo offer solid business banking, but they serve different needs and business types. The right choice depends on your specific business needs and priorities. Here's how to decide between Found and Wells Fargo based on what matters most to your financial needs.

Choose Found if you:

• Want banking, bookkeeping, and taxes integrated in one platform without juggling multiple tools

• Work with contractors and need streamlined W-9 collection and 1099 generation

• Value automation for expense tracking, categorization, and tax calculations

• Want to organize money with Pockets and automatic tax savings

• Prefer built-in invoicing with automated payment tracking and recurring invoice capabilities

• Operate multiple businesses and want to manage them all from one login

• Need to generate a Schedule C as a sole proprietor

• Value early direct deposit⁶ for improved cash flow

• Are launching a startup and want to minimize software subscription costs

• Prefer transparent pricing with no monthly fees⁴ or minimum balance requirements to worry about

Choose Wells Fargo if you:

• Can easily meet the fee waiver requirements ($500 minimum daily balance)

• Frequently handle cash deposits or checks

• Want a large ATM network with fee-free withdrawals

• Prefer having access to physical branches

• Need access to business financing like credit cards, lines of credit, or term loans

• Already use and like your current bookkeeping and tax software

• Prefer traditional business banking with in-person support options

• Prefer manual control over automated tax management

• Value the established reputation and history of a traditional bank

• Need overdraft protection options

The Bottom Line

Found delivers an all-in-one platform that integrates banking, bookkeeping, and taxes—eliminating the need for multiple software subscriptions and saving small business owners both time and money. Wells Fargo offers traditional business banking with a large physical presence and access to business credit products, which can be valuable if you frequently need cash access or working capital. For many small business owners, Found's tax automation and integrated bookkeeping tools provide better overall value than traditional banking.

Found makes it simple to get comprehensive business banking without any required monthly fees⁴. With built-in bookkeeping, real-time tax calculations, unlimited invoicing, and contractor management all included free in the core plan, you can focus on growing your business instead of managing multiple software subscriptions. Join thousands of entrepreneurs who've already made Found their all-in-one financial solution and start streamlining your business finances today.

FAQs

Is Found's core plan really free?

Yes, Found offers business banking, tax tools, invoicing, bookkeeping, and 1099 contractor management as part of their core plan with no required monthly fees. Found also offers an optional paid product, Found Plus, for $19.99/month or $149.99/year.

How does Found help with taxes?

Found helps simplify tax time by tracking your income and expenses, categorizing expenses, calculating quarterly estimates, and setting aside tax money in a dedicated Pocket so there will be less scrambling at tax time. Depending on your business structure, you'll get pre-filled tax forms, such as Schedule C, 1120, and 1120-S.

Does Wells Fargo have built-in bookkeeping like Found?

No, Wells Fargo Initiate Business Checking® does not include bookkeeping features. You'll need to purchase separate accounting software like QuickBooks or Xero to track expenses and categorize transactions. Found includes automatic expense categorization, receipt capture, and financial reporting in its free plan—eliminating the need for additional bookkeeping software subscriptions.

Can I manage contractors with Found?

Yes—and it's built right into Found's free plan. There are no per-contractor fees or limits. You can collect W-9 forms, pay contractors via multiple methods, and automatically generate and file 1099-NEC forms for contractors without needing a separate contractor payroll tool.

Disclaimer: The information on this website is not intended to provide, and should not be relied on, for tax or legal advice. Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.

Data compiled November 2025 and subject to change. Features, pricing, and availability may vary. Always confirm current details with providers directly.

¹Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.

²The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.

⁴Optional subscription to Found Plus for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read more.

⁵Subject to eligibility requirements, applicable terms and conditions, and service fees. See Terms of Service and Lead Account Terms for more details.

⁶Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

¹⁰Tax payments are available for Found Plus subscribers who file a Schedule C.

¹³Found customers can create 1 custom expense rule, 1 custom tag, and 1 custom category for free. Unlimited rules, tags, and categories available with Found Plus.

¹⁴1.5% APY on balances up to $20K for Found Plus subscribers

¹⁵Priority customer support is available to Found Plus subscribers