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njsherry
November 16, 2018
Question

Bank fees for bank feed

  • November 16, 2018
  • 3 replies
  • 0 views

Out of curiosity, do banks usually charge a (monthly) fee to connect to QBO?


This is certainly a point of discussion when encouraging a client to connect.
It could be cost prohibitive if there are numerous bank account/credit cards.

    3 replies

    PreciousB
    PreciousB
    November 16, 2018

    Hi there njsherry,

     

    Let me share some information about the Online Banking feature in QuickBooks Online (QBO).

     

    I have good news for you! Connecting your bank or credit accounts in QBO is free of charge. Though, you'll want to contact your financial institution and check with them if they have fees for Online Banking in QBO.

     

    If you're ready to connect your bank or credit card account, follow the steps I've laid out below:

    1. Select Banking, on the left pane.
    2. On the Banking page, choose Add Account.
    3. Search and select your financial institution from the list.
    4. Enter your Login credentials for the financial institution's website and select Continue.
    5. Complete the security verification steps your financial institution requires and select Securely connect.
    6. Select the bank emblem for the account you want to connect.
    7. Select the Account type drop-down menu to choose either a Bank or Credit Card account.
    8. If you haven't already created the account, you can select +Add new to create a new account.
    9. Select Connect.

    Here's a relevant article for the detailed steps: How to add and connect bank and credit card accounts.

     

    That's it. If you have follow-up questions, feel free to let me know. I'll be here and ready to help anytime. Have a great weekend!

    N
    njsherryAuthor
    November 16, 2018

    I understand there is no charge from QBO.

    My question pertains to the banks charging.  Do most banks charge monthly for the service?

      K
      KhimG
      November 16, 2018

      Hello there, @njsherry.


      Thanks for the quick response. I’m here to get you pointed in the right direction where you can get the information you need about fees when downloading transactions from your bank into QuickBooks Online.


      @PreciousB is right. Online banking is a service offered by QuickBooks and is free of charge. However, some banks may charge you for downloading banking transactions into QBO. 


      I’d suggest consulting your financial institution and verify this information. Only then, you’ll know if the service is free on their end. 


      In case you decided to connect your bank accounts with QBO, here's an article that will guide you on how: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/How-to-add-and-connect-bank-and-credit-card-accounts/m-p/186370.


      Feel free to reach out to me if you have questions. I’ll be around to help. Enjoy your day!

      K
      KandiJane
      February 13, 2019

      I am curious about this also.  I have a Wells Fargo client who recently started getting charged $14.95/month for using QBO and is very upset.  This is going to be an issue for many small clients if other banks start doing this.  I read somewhere that the larger banks are moving toward using "Open Standard for Authentication" so interact with QBO and I'm wondering if this is related.  According to the article this was supposed to be better for everyone but if this is the effect it's certainly not better for my clients!  I will be looking for other alternatives if this continues.

        N
        njsherryAuthor
        February 13, 2019

        KandiJane,

         

        I'm finding that the big commercial banks are charging fees, but the smaller "community" banks do not.  Most small businesses do not get the personalized service at the larger banks either.

          5
          5247719946694503
          June 7, 2021

          I have a customer that is paying 49000.00 up to 275000.00 what is the fee for check? is it a one time fee?? We are new to the system

          Kristine Mae
          Kristine Mae
          June 7, 2021

          It looks like you're referring to QuickBooks Payments, 5247719946694503. Let me provide you with the information.

           

          We have a different fee for each payment type. For the ACH bank transfer or check, it's 1% per transaction. Then, it's a maximum of $10. 
           

          To help you learn more about the fees, you can check these articles:

          We're around if you have other questions. Feel free to visit us anytime. Take care!

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