To open an account, you must be 18 years of age or older and a U.S. citizen or permanent U.S. resident with a verifiable address in one of the 50 states or District of Columbia. U.S. Territories, including Puerto Rico, are ineligible. Other restrictions may apply.

For full terms and conditions, please refer to our Regulated & Specialized Activities Guidelines.

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Company Information

• Type of legal entity
• Legal name of entity
• EIN/Tax ID number
• State of Registration
• Month/year established
• Company phone number
• Company description
• Company address

Applicant Information

• Legal name
• Job title
• Ownership %
• Physical Address
• Email address
• Phone number
• Date of birth
• SSN/Tax ID number

Owners/Authorized Signers/Control Person

• Legal name
• Job title
• Ownership %
• Email address
• Physical address
• Phone number
• Date of birth
• SSN/Tax ID number

Beneficial owner information will be required for each individual who owns 25% or more, directly or indirectly, of the company.

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Once you’ve been approved and the account is open, the funds for your initial deposit will be made available within 5 business days beginning on the first day that the funds are posted to your account. Although an initial funding deposit is required to open an account, there are no monthly fees or minimum balance requirements.

For more information, please refer to our Accelerator Checking Fee Schedule.

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When opening an Accelerator Checking account, we do require a minimum deposit of $100. However, there are no monthly fees or minimum balance requirements once the account is open.

For more information, please refer to our Accelerator Checking Fee Schedule.

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Virtual cards are a secure, convenient way to create and establish a fully customizable card program for your business from any device within seconds. It also gives business owners complete oversight of spending and allows them to transact more securely with no additional fees or setup costs. Virtual cardholders can also earn unlimited 1% cash back on signature-based purchases, just like our physical debit cards. The only difference is they are designed for online or in-person, contactless payments through a digital wallet.

For more information, please refer to Startup Banking.

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External transfers are accepted within the United States and processed on the date you specify via the Automated Clearing House (ACH) network and subject to our transaction cut off times. External transfers submitted after the transaction cutoff time, and/or scheduled to process on a weekend or holiday, will be processed the following business day. If further information is required to process your transfer, we may reach out for additional verification. Once an external transfer is submitted and processed, it can take up to 5 business days to be credited to the receiving institution.

To learn more about external transfers, sending/receiving ACH payments, and limitations based on the transfer method you utilize when moving funds to and from your account, refer to our blog post here.

For additional information, please refer to our transaction cutoff times.

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To receive an international wire, clients can provide our Incoming International Wire Instructions to the individual or company sending the funds. 

To send an international wire in foreign currency, please contact Client Services.

For more information about the costs associated with sending and/or receiving wires, please refer to our Accelerator Checking Fee Schedule.

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That being said, we also take account security very seriously. In some cases, accounts may require manual review depending on a variety of factors, such as requests for additional documentation. However, we can assure you that all measures and steps taken are meant to help keep our clients and bank safe.

Please note: As a part of the account opening process, Grasshopper does not perform credit checks. However, we do obtain information from credit bureaus to validate your personal information. This does not affect your credit score. If you have placed a credit or security freeze on your credit report, your application will undergo a manual review. In which case, we will contact you to have the credit freeze removed. Once we receive confirmation that the freeze has been lifted, the review process may take up to 3 business days.

The post When will my application be approved? appeared first on Grasshopper.

We also take it one step further. Through an API-based connection to Plaid, Accelerator Checking account holders can generate one-time username and passwords in online and mobile banking to securely link their Grasshopper account to any application that uses Plaid. This feature also allows you to delete passwords when you’re done, and the application will no longer have access to your financial information.

Once you generate an app-specific password, it will appear on the “Connect Your Account” page in online and mobile banking where you can monitor and control the connections to other apps that use Plaid to access your financial data.

For more information about Plaid and their supported applications, visit their website.

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ACH Transfers

• ACH In: $50,000 per day
• ACH Out: $50,000 per day

Wire Transfers

• Wire In: Unlimited
• Wire Out: Unlimited

Virtual Cards

• Card Issuance: Unlimited
• Active Cards: Up to 5 

Debit Cards

• With PIN: Up to $5,000 per day
• Without PIN: Up to $5,00 per day
• Cash Withdrawals: Up to $1,000 per day

Mobile Check Deposit

• Daily: Up to 25 checks or $25,000 per day
• Monthly: Up to 50 checks or $100,000 per month
• Amount: Up to $25,000 per check

If your business requires higher transaction limits, you can request a limit increase by contacting Client Services.

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