Azlo Bank Review
Azlo digital business banking is a digital banking platform that offers a convenient free option for freelancers, entrepreneurs, and small businesses who want the advantage of a business account without the hassles and costs of traditional business banking.
As a customer, you can process all of your business banking needs without having to visit a local branch to make transactions.
In full disclosure, I use Azlo myself and have been really happy with the service so far.
Keep reading to learn everything you need to know about the company, including their business account features, the fees they charge (or more specifically, the fees they don’t charge), and more.
What is Azlo?
Azlo is one of the first digital-only banking services for businesses. From where I stand, it seems to be designed with digital-first businesses in mind.
For example, there’s no way to deposit cash. So if you might need to deposit cash, you’d have to first deposit it to a different account and then transfer the funds over to Azlo.
The company was launched in 2018 and is majority-owned by the leading Spanish bank BBVA.
Azlo offers a variety of convenient digital tools for account holders and no fees on transactions.
Azlo Business Banking
Let’s take a look at some of the main features and services that Azlo delivers to its customers.
Business owners can conveniently send invoices to clients right from their Azlo web account or within the mobile app.
You can put the invoice together, adjust the payment types you accept, and once it’s ready, email it directly to your clients.
You can also link your Paypal, Stripe, or Square account to your invoice, which makes it easier for your clients to pay you electronically.
Mobile Check Deposit
If you need to deposit an old-fashioned paper check, you can do that right in the mobile app.
Mobile deposits are initially limited to $10,000 per check, and up to $20,000 total each month. However, deposit limits can be increased based on factors such as account balance and frequency of deposits.
The good news? If your check is over $10,000, or if you need to deposit over $20,000 each month, there’s no limit to how much you can deposit by mail.
Deposit by Mail
Checks over $10,000—and checks that you don’t want to deposit in the mobile app—have to be deposited by mail to one of the following addresses:
For Standard Deposits:
Azlo Bank by Mail
Attention: Vault Services
P.O. Box 515
Birmingham, AL 35201
For Overnight Deposits:
Azlo Bank by Mail
Attention: Vault Services
701 32nd Street South
Birmingham, AL 35233
Integration with Apps and Payment Processors
Azlo is integrated with today’s leading payment processors like PayPal, Stripe, Square, and Kabbage.
Your Azlo account can also integrate with popular accounting software solutions like Quickbooks Online, Wave, and Xero. Once connected, you can automatically import your transactions. Easy peasy.
Fee-Free Business Banking
Azlo business banking accounts are free and include the ability to send and transfer funds to vendors or contractors.
Receiving incoming wires is free. There are also no overdraft fees, no monthly service charges, no minimum balance requirements, and no limit to how many monthly transactions you can make.
Pretty awesome, right?
Azlo’s business banking services are offered exclusively online—including the account registration process.
That said, if your business might need to stop into a brick-and-mortar branch to make transactions, you’ll have to find another bank to do that with.
Worried about Azlo suddenly shutting down and taking all of your funds with them?
Don’t be. Azlo bank is FDIC-insured, which means your deposits up to $250,000 per account are protected by the U.S. government.
Azlo Visa Debit Card
Make everyday purchases with an Azlo Visa Debit card, which can be used wherever Visa is accepted (so, pretty much everywhere).
You can also take out cash using this debit card at Azlo’s network of over 55,000 ATMs.
Azlo Fee-Free ATMs
Azlo’s ATMs are part of the Allpoint network. And guess what? There are no ATM fees for withdrawing cash from any Allpoint ATM.
Azlo Business Banking App
Azlo’s app is rated at 4.3 stars (out of 5) in the App Store and 4.4 stars (out of 5) in the Google Play Store.
Using this well-rated app, you can process a majority of transactions—like mobile check deposit, sending funds to vendors, and sending invoices to clients. Pretty sweet!
As I mentioned previously, Azlo doesn’t charge fees for their business banking account. Period. So how do they make money?
Azlo invests the money that their clients deposit and earns interest on it. Azlo also earns a small fee when you use your debit card to make purchases.
Both of these are standard practices that you’ll find at pretty much every financial institution.
To sign up for an Azlo account, click on the blue Start For Free button in the middle of your screen or at the top right-hand corner of your browser.
Then create a login by entering your business email and choosing a password.
After confirming your email, it’s time to enter your first name, last name, citizenship status, Social Security number, date of birth, home address, and phone number.
Once that’s done, enter the following details about your business: legal name, the type of business you have (e.g., LLC, corporation, general partnership, non-profit, or sole proprietor), what your ownership percentage is, your title, phone number, the date it was established, tax identification number, and what business name you’d like to appear on your debit card.
Then, tell Azlo your business’ physical address (in other words, where you work day-to-day). Or, if you work from home, select that option.
After that, select the category and industry that your business falls under. You’ll also be able to enter a quick description of what your company does and can include your website address if you have one.
Azlo also wants to know how you plan to use your account, what your estimated annual revenue is, and how much of your revenue comes from online transactions versus cash. You’ll also have to indicate how often you plan to deposit cash and checks, and receive wire transfers. Finally, you must confirm that your business is not involved with gambling, marijuana transactions, cryptocurrencies, pawn shops, precious metals, or money-related services.
At the next step, it’s time to upload a copy of your government-issued photo ID. You can use a passport, driver’s license, or state ID cards, as long as they are not expired.
After your photo ID is uploaded, Azlo then asks for you to upload your business formation documents.
Depending on the type of business you have, you may need to upload the following:
- Articles of Organization
- Articles of Incorporation
- Certificate of Organization
- Certificate of Incorporation
- Certificate of Formation
- EIN Assignment Document from IRS
- Business Partnership Agreement
- Assumed, Fictitious, or Trade Name Filing
Make sure to take a clear picture or scan of these documents, so they’re easily visible after uploading.
Once that’s done, you’re all set! Assuming you provided all of the info correctly, your account should be ready to go.
Azlo may need to contact you to confirm a few things, but overall, the signup process is super easy—and much more convenient than having to trudge across town to a major national bank!
Is Azlo Bank Safe?
Azlo uses state-of-the-art encryption technologies, as is required of all online banks. They’re also FFIEC and SOC compliant.
Even though Azlo is a relative newcomer, I feel completely safe using their online banking platform.
The fact that they are backed by one of the world’s largest banks—BBVA—so that also helps me feel at ease.
Azlo’s customer support team can be reached from 6:30 a.m. to 5:30 p.m. Pacific Time at 1-844-295-6466.
You can also submit a ticket online or send them an email at any time.
Pros and Cons of Azlo Bank
- Fee-free business banking account and easy to sign up online
- Great option for solo business owners and digital businesses
- Integration with Stripe, Square, Paypal, Kabbage, and Quickbooks makes life easy if you regularly use those tools
- Customer support is not available 24/7
- No way to deposit cash
- Limited suite of offerings; many businesses will need more services (like a business credit card, for example)
Alternatives to Azlo
If you’re looking for online-only business banking alternatives to Azlo, check out:
- Bank Novo
- Penta Bank
Is Azlo Bank Right For You?
If you run an online business, are a solo entrepreneur, or are a freelancer, Azlo seems like one of the better online business banking options.
As an online business owner myself, I’ve been pretty happy with Azlo’s business banking services to date, and I’d recommend them to other business owners who run similar operations.
However, if your business handles cash, frequently processes checks over $10,000, or might want to use multiple products from the same bank (like a business credit card or savings account), you might want to look into a larger, more traditional business bank.
And, of course, you might choose to work with multiple banks to get the best of both worlds.
Whichever route you ultimately choose, make sure to avoid the annoying fees that many banks try to charge.
Here’s to making smart banking decisions so you can focus on growing your business and achieving financial independence!