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What is Nearside?
Nearside is a future-oriented FinTech company that provides qualified SMEs with easy access to a range of financial products. Nearside espouses fairness, credibility, transparency, and accessibility in all dealings with business clients. By providing the necessary framework for success, Nearside aims to build bridges, strengthen relationships, and develop communities where businesses operate.
As a facilitator of online banking services, Nearside works hard to align business objectives with the direction of Nearside’s growth strategy. The two go hand-in-hand. By providing credit services and business banking solutions for SMEs, Nearside has positioned itself as the business banking solution of choice for a growing number of SMEs across the board.
Nearside’s business checking services include various perks, integrations, MasterCard Debit benefits, cashback rewards, and extensive ATM access. The business checking account is free to use, with no monthly fees, no monthly minimum, and plenty of cashback rewards.
Key Details
Nearside Business Account Pros & Cons
- No Monthly Fees
- No Overdraft Fees
- No Monthly Minimums
- Variety of Discounts for SMEs
- MasterCard Debit Card Benefits
- Business Checking & Lines of Credit
- Nearside is Online Only
- Business Checking Services Only
- App Notifications are Limited for Deposits & Withdrawals
- Currently No Option for Recurring Transfers
Nearside Business Features
Nearside is a financial services company that provides a wide selection of business checking services to SMEs. The business checking features include access to thousands of ATMs, a wide variety of integrations, perks, MasterCard debit benefits, options to send money, lines of credit, cashback rewards, security features, and customer support.
While Nearside is not a bank, it works with LendingClub Bank which is a member of the FDIC. Nearside financial services are available via apps at the Google Play Store and the App Store.
ATM Access
Accordeon buttonNearside business account services provide clients with unlimited ATM withdrawals across a worldwide network of 55,000 automatic teller machines. These are fee-free withdrawals. Clients can use ATMs to pay for business expenses, pay contractors, pay vendors or withdraw money for business purposes.
Integrations
Accordeon buttonNearside can be integrated with multiple apps, tools, and resources. These business integrations allow smooth functionality for day-to-day business activities. Integrations are automated to limit manual entries. Account-holders can enjoy automatic payments through a variety of apps including Amazon, Shopify, Xero, PayPal, Lyft, Uber, Etsy, Airbnb, Alto, Square, QuickBooks, Gusto, and others. Integrations guarantee seamless functionality with a growing list of vendors.
Nearside Perks
Accordeon buttonOnce clients log in to their accounts, various products are available with special deals. Clients can simply click on the ‘Learn More’ button to find offers. The Nearside Perks provide discounted access to a variety of business software solutions and tools, with substantial savings in the offing.
Mastercard Debit Benefits
Accordeon buttonThe MasterCard debit card benefits available to Nearside business clients are certainly impressive with specialty services like car rental insurance, global airport concierge, and warranty coverage for electronic devices. There is no cost for MasterCard debit benefits since all clients are automatically eligible for these products when opening a business checking account with Nearside.
Options to Send Money
Accordeon buttonNearside facilitates seamless transfers of funds from your business checking account to 3rd parties. Clients can send money via checks, Bill Pay, or ACH. With Nearside it’s relatively easy to pay contractors and vendors through the Dashboard on your smartphone. Transfers are typically completed in 2 business days – 4 business days.
Cashback Rewards
Accordeon buttonBusiness savings are just as important as lines of credit. Nearside offers customers competitive cashback percentages on business purchases. There are no overdraft fees and no monthly fees associated with these reinvestment options. The complimentary Nearside debit card offers cashback on all business purchases (subject to T&C).
Security Features
Accordeon buttonNearside card security features include instant locking/unlocking of cards through the ‘Card Security’ section of the dashboard. The MasterCard debit card comes with all the security features of this leading provider. All deposits processed through Nearside are FDIC insured up to $250,000 per depositor. Standard security protocols such as SSL encryption, username/account protected passwords, and firewall protection measures are also in effect.
Customer Support
Accordeon buttonNearside makes it easy to get in touch with a customer support representative. Various help options are available, including the help center with a library of FAQs populated with the most popular questions and answers. Email functionality through the ticket system guarantees a response within 24 hours during the week.
Weekend questions, comments, or complaints will be addressed on the next business day. Telephone support is also available to customers at the following number 888-516-2369, between 6 AM Pacific Standard Time and 5 PM Pacific Standard Time (PST). The app offers options for getting in touch with customer support representatives.
Pricing & Plans
Nearside offers a cost-effective solution for SMEs looking for business checking and related services. This all-in-one solution provides clients with money sending options, affordable pricing, in and out-of-network ATM access (with varying fees) MasterCard debit card benefits, cashback rewards, and a variety of powerful integrations.
This package deal is available to business clients, as an all-in-one solution. For the most part, there is a zero-fee structure across the board, with the only variable fees being levied on stop payment fees and cash withdrawals when using ATMs out of network.
The one size fits all solution means that there is one account option for all SMEs. Business owners can open a complimentary business checking account for managing all business-related finances online. This fully digital service is accessible through Android and iOS apps, or the website. There are no physical branches to visit, with all banking services offered through LendingClub Bank which is FDIC insured. The no-fee checking account comes with zero monthly service fees.
Nearside Fees
Nearside pricing is really simple. For starters, there are complimentary online business checking accounts. There are no monthly fees on these business checking accounts. The all-in-one solution has zero minimum monthly requirements, zero overdraft fees, and zero debit card replacement fees. They even offer a generous cashback percentage on all business purchases made (subject to terms & conditions). The following fees structure applies to Nearside Business Checking Services:
| Monthly fees | $0 |
| ACH transfer fees | $0 |
| Insufficient funds fees (NSF) | $0 |
| Debit card replacement fees | $0 |
| Allpoint ATM fees in the network | $0 |
| Cash withdrawal fees outside of the ATM network | Variable Fee + US $1.00 |
| Stop payment fees | $25 |
| Check sent fees | $0 |
| Monthly fees | $0 |
| ACH transfer fees | $0 |
| Insufficient funds fees (NSF) | $0 |
| Debit card replacement fees | $0 |
| Allpoint ATM fees in the network | $0 |
| Cash withdrawal fees outside of the ATM network | Variable Fee + US $1.00 |
| Stop payment fees | $25 |
| Check sent fees | $0 |
FAQ
What are the business requirements for opening an account at Nearside?
Accordeon button Accordeon buttonAccount-holders are not required to have a tax ID number (EIN) for their business to open a business checking account. You will be required to enter your Social Security Number (SSN) on the application form.
What type of business is Nearside?
Accordeon button Accordeon buttonNearside functions as a mobile banking platform with a partner bank (LendingClub Bank FDIC insured). This FinTech company facilitates business checking services, MasterCard debit cards, money transfers, and a range of other financing options through its partner bank. Nearside is available on Android and iOS, PC and Mac.
How safe is my personal information on Nearside’s servers?
Accordeon button Accordeon buttonNearside takes extra special care to ensure the safety and security of online transactions. All registered users are protected with SSL encryption, firewall protection, and username/password secured logins.
Where can I download and install the app?
Accordeon button Accordeon buttonThe apps are available directly from the Google Play Store or the App Store for Android and iOS devices. You can also access all account features from your desktop.
How do I open an account at Nearside?
Accordeon button Accordeon buttonTo create your account, enter a valid email address, username/password, and agree to the T&C. electronically sign the agreement, complete the required information on the forms, upload a copy of your state-issued ID/driver’s license, and submit your application.
Who is eligible to open an account with Nearside?
Accordeon button Accordeon buttonBusinesses of all types can open accounts at Nearside. As an LLC business owner, there are plenty of rewards available for Nearside clients in the US.
Our Verdict
Nearside simplifies the entire process of applying for a business checking account and all the attendant benefits that come with it. As a small business owner, Nearside offers many money-saving benefits, especially through the available integrations. Plus, you can also save money with cashback on business-related purchases.
It’s really easy to apply, and the user-friendly navigation on-site eliminates most of the complexities you are likely to face with traditional banks. 24/7 customer support via online chat, email, and telephone (during weekdays) offers added peace of mind. The zero-cost structure for many business-related banking services is certainly attractive and on par with the best of them.