Azlo | Bank Reviews by SmallBizGenius

Pros:

  • pros Free service
  • pros Invoice customization options
  • pros Payment alerts
  • pros Instant transfers
  • pros Numerous integrations
  • pros Great customer support

Cons:

  • cons No cash deposits
  • cons One user sign-in
  • cons Check-holding policy
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Score: A

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If there’s one thing you can learn from Azlo bank reviews on the web, it’s that offering free service is the ultimate people-pleaser. Combine that with a decent amount of features and a customer support team that listens to its clients’ complaints, and you’ll understand why this bank is one of the most popular services on the web. Azlo gives you a simple and quick way to open an online business bank account and control your payments on a daily basis. It is a perfect choice for small and medium-sized businesses in need of an inexpensive online banking tool.

Bank Overview

The platform we are covering in this article is Azlo, a real bank that lets you set up your online account, send invoices, and receive payments, all free of charge. Founded in 2017, Azlo can be considered a fairly new company, but that makes little difference in today’s web marketplace. The bank is FDIC-insured, transparent in its practices, and has a decent user score on websites like TrustPilot.

Overall, the bank doesn’t provide that many features, but it still does a great job. You can customize and send your invoices, save preferences for each client, and set up alerts so you don’t miss any important dates. Some of the most frequent questions users have in Azlo reviews have to do with integrations. You can connect your small business bank account to some of the major payment platforms like PayPal and Google Wallet. It is also possible to integrate popular accounting tools like Xero and QuickBooks to make the most of your banking experience.

For many users, Azlo’s greatest value comes from the fact that it’s a free service. Sure, the company takes a percentage from card payments and fund transfers, but its cover functionality is free of charge. The application process is fairly simple – you fill out a form, upload the necessary documents, and wait for a reply. In most cases, Azlo bank reviews your application within two-to-three business days, unless you need to provide more information.

Azlo is probably the best small business checking account service you’ll find that won’t make a dent in your wallet. If you’re planning on giving it a shot, here’s what to expect.

Main Features

Azlo bank has a good set of features that covers all the basic financial functionalities – easy payments, invoice customization, and instant transfers. The interface is simple to use and fairly intuitive, so there’s not much need for explanations within the software. Here is a breakdown of the main features:

Customizable Invoices

Use Azlo banking to review your invoices and customize their appearance before you send them. The customization options are solid although not too spectacular. You can add custom fields and slap on a company logo to personalize the document, which is a great touch when you’re building a brand. In addition to that, you can assign each client a customized look and save those settings for future invoicing.

Due Date Alerts

The notification system is one of Azlo’s most useful features. All of the invoices you send are memorized within your account and tracked. You can use the dashboard to review Azlo bank invoices and monitor their status. The moment you receive a payment for one of them, you will get an alert with all the details.

Scheduled Payments

If you’re using this platform to pay your monthly bills, you’ll appreciate the option of setting up automatic payments. The software provides you with a calendar where you can organize and schedule your monthly obligations in a clear and direct way. You can do it from any device – computer, tablet, or smartphone. Azlo has a well-optimized mobile app that works on both iOS and Android systems.

Instant Payments

As you may have noticed reading through Azlo business banking reviews on the web, one of the company’s biggest partners is BBVA USA. Because of that professional relationship, Azlo can offer you almost instant payments to other users who have BBVA USA or Azlo online bank accounts. The same goes for another partner firm called Simple.

Numerous Third-Party Integrations

Azlo accounts can be integrated with numerous third-party payment systems, including PayPal, Square, Stripe, Google Wallet, Mint, and Venmo. The bank also supports integration with most accounting software solutions like Xero, QuickBooks, and Wave. If you’re using something else, just make an inquiry, and a support agent from Azlo banking reviews your software and lets you know if you’ll be able to use it.

Instant Transfers between Accounts

It is possible to link up to three different cards to your account and make instant transfers to and from an Azlo account. This function works with Visa, Mastercard debit, and prepaid cards. While there is no limit to the number of transactions you can make, there are some amount limits. You can transfer $2,000 into your Azlo account every day and another $2,000 from your account. The monthly limit is $10,000 in and $10,000 out.

Prices and Fees

If you’re going through Azlo business checking reviews, you’re probably interested in learning about the bank’s earning model. Are there premium features that you can only unlock if you pay? 

In accordance with the bank’s transparency policy, you can find the account disclosure document on the site and read through all the potential fees. To sum it all up – there are no application or maintenance fees and no dormant account or overdraft fees. It doesn’t cost you anything to use ATMs (those that are a part of the Allpoint network) or mobile banking. So, where do the charges come from?

The bank earns money from incoming and outgoing money transfers in your accounts. All of the details are open for review in the Azlo disclosure document mentioned above. Namely, any outgoing transaction through the Instant Transfer option will cost you a dollar. Incoming transaction fees depend on the amount – 2% for amounts up to $500, 1% for anything above $500. You can also apply for the Azlo pro membership, which will cost you $10 a month. This is a great option for users with numerous monthly transactions, as it reduces the cost to $0.75 for outgoing and 0.75% for incoming transfers.

Deposits under $5,000 are usually available the same day. This includes direct deposits, check deposits, and wire transfers. However, if it takes a bit longer for Azlo bank to review your funds, the bank will make $225 of that amount available the same day. Mobile deposits generally take a couple of days to process, but you’ll get a notification telling you exactly when you’ll be able to use it.

While there are daily and weekly limits to instant transfers to and from your accounts, there is no limit to payments. You can send out as many invoices as you’d like, pay your bills, and make dozens of payments at no extra cost.

Application Process

In order to apply for the bank account, you need to fill out a form and wait for two to three business days while Azlo bank reviews it. If any of the forms are missing, it could end up taking longer. Generally, it’s a good idea to double-check any documents and filed forms before sending them.

The type of business you own will determine what documents you need to include in the application. Some of the basics include an ID card, Social Security card, and some form of address verification – through your lease, mortgage, or utility bills. If you’re a sole proprietor, you might need to forward your business registration and EIN assignment documents to Azlo business checking for review. In the same manner, general partnerships might require copies of the agreement, while corporations and LLCs require articles of organization.

Of course, besides your personal information, you will also need to provide a working email address and a phone number. Both need to be verified to continue with the application process. The service is not restricted solely to US citizens, but you need to be a US resident with a Social Security number, a US phone number, and an address.

Reputation

Azlo was founded in 2017 but quickly gained popularity thanks to its insistence on free service. This business concept helped it fight its way through the competition and become one of the best business checking account solutions out there. Azlo business bank account reviews are mixed but leaning towards positive with an average of 3.5 stars on TrustPilot. Of course, those are just numbers. What are the main complaints or praises of this company?

Naturally, the most common praise users have is regarding the cost. Azlo provides great value free of charge, and customers are more than happy to mention it. In addition, users often mention that customer support representatives quickly reply to tickets and gladly provide all the necessary information to help them solve their problems.

According to user reviews of Azlo business banking, check holding practices are too slow and hindering for small businesses. The bank promised to work on this issue, but right now it’s still a problem even for long-term customers. Users also complain about the inability to add multiple users to the Azlo personal bank account, but the bank is looking into this possibility as well. It should be noted that Azlo’s customer support team promptly replies to all the negative comments and criticisms from its user base.

Customer Service

Considering how the majority Azlo customer reviews commend the bank’s excellent support team, let’s see how you can reach them.

Individuals who are already customers of Azlo bank can contact support through a phone or support-specific email. However, if you want to learn more about the service before you actually buy it, you can send a message to the info email and you’ll get a response within a day. The bank is also open to partnerships, marketing deals, and making connections with blog-writing contributors, so the customer service team usually has its hands full.

If you don’t want to deal with the support agents, you can also visit the help section on the site or read through its various blogs. Sometimes this option can be faster than just waiting for Azlo to review your ticket and locate the problem. It’s always better to have options.

FAQ

Is Azlo bank FDIC insured?

Azlo bank is FDIC-insured through its partnership with BBVA USA. Because the company is a member of the Federal Deposit Insurance Corporation, your deposits are insured up to $250,000, which is a federal maximum. FDIC has been protecting account holders since 1933 and is backed by the US government. This independent agency claims that since its inception, no deposit has been lost under this form of insurance. Azlo online banking reviews confirm that the account owners didn’t have any problems in this regard.

How does Azlo make money?

Despite the fact that the basic service Azlo provides is free of charge, Azlo takes a percentage from instant account transfers and card transaction payments. In addition to that, it’s quite possible that the bank has an affiliate-based deal with other companies and gets a percentage based on its number of referrals. These are all good options that allow banks like Azlo to offer free services to its clients.

Does Azlo use Zelle?

Unfortunately, Azlo doesn’t work with this platform. Reviews of Azlo terms and conditions reveal that integrations with third-party financial systems are possible as long as the platform can link to standard business bank accounts. Zelle doesn’t support that functionality for now. However, you can easily link your account to services like PayPal, Square, Stripe, Venmo, Mint, Google Wallet, and dozens of others.

How do I deposit cash into Azlo?

Since Azlo is a fully online banking platform, it has no means of accepting cash deposits. There are no physical bank branches, and it can’t accept payments through ATMs. This is a common problem users complain about in their reviews on Azlo. Right now, the only way to make a deposit to Azlo is by connecting an existing banking account and transferring your funds from there.

Does Azlo have checks?

Azlo banking platform doesn’t support personal checks in physical or electronic form. As an alternative, the bank suggests using mailed bill pay checks that are sent by Azlo partner companies. Unlike personal checks, bill pay checks are cashed in immediately, so there’s no delay on payments or a risk of checks bouncing. To make sure you fully understand how the platform works, check out our in-depth Azlo bank reviews.