Applying for the Hatch Business Checking account
Transactions and Payments
The Hatch Business Checking account service is currently in invite-only beta. If you are not a beta tester, please be sure to join our waitlist here! Please note that at this time we do not have a set date when the Business Checking account service will be available to the general public.
How much does it cost?
Hatch Business Checking account users will get at least their first month FREE!
After that, it's a simple $10 monthly fee. No overdraft fees, minimum balance fees or card replacement fees!
Is the business checking account insured?
Yes, due to our relationship with Radius Bank your Hatch Business Checking account is FDIC insured on deposits up to $250,000.
Does Hatch Business Checking offer checks?
Yes! You can send checks through your dashboard.
Applying for the Hatch Business Checking account
If you're a smaller or newer business, that's totally fine! In our eyes, that doesn't make your business ineligible for financial services. Applying is free, should only take a few minutes and won't affect your credit score!
Do I need an EIN to apply?
If your business is an LLC or corporation you will need an EIN to apply.
What happens after I apply?
Keep an eye on your email inbox! If we need additional information, and when we have our final decision, we will reach out to you using the email address you used to apply (don't forget to check your spam filter!).
If we are able to open an account for you, we'll email you the terms and conditions of your new checking account as well as the account agreement to electronically sign. If you do not sign the agreement by the date stated in the that email your application will expire and you will have to apply again. Once we receive your signed agreement, you will be able to access your dashboard using the same login credentials you used to create your Hatch account.
You can use your virtual business debit card while the physical card is in the mail. Once you activate the physical card, the virtual card will be automatically deactivated. Any transactions that were pending when the virtual card is deactivated will continue to be processed. You must activate your physical card within 60 days of it being sent to you or it will expire.
Can I apply for the Hatch Business Checking account using an ITIN?
At this time unfortunately no. We do require you to provide a social security number on your application for ID verification purposes.
If you do not complete your application after 14 days of starting it, it will expire. But don't worry! If your application expires, it doesn't prevent you from applying again. Please note that if you open an account, but do not sign the agreement within 30 days, your application will expire and you will have to apply again. Opening an account is not guaranteed if you re-apply.
How do I activate my Hatch Business debit card?
When you receive your debit card you can activate it by calling 888-516-2369 and following the prompts. You can also activate your card by going to hatchcard.com/activate.
How do I reset my PIN?
You can reset your PIN by calling 888-516-2369 and following the prompts. For security reasons, we cannot reset your PIN for you.
There are no monthly minimum balance requirements or fees to have a Hatch Business Checking account, but minimum balance requirements may apply in order to qualify for certain Hatch benefits.
How does the Virtual Card work?
Your Hatch Business Checking account comes with a MasterCard debit card. Your virtual card is a temporary debit card number that can only be used for purchases until you receive your physical card. With a debit card, purchases are withdrawn directly from your Hatch Business Checking account. You can track your transactions on your Hatch Dashboard! Once you activate your physical card, your virtual card will be deactivated.
Any transactions that were pending when the virtual card is deactivated will continue to be processed. You must activate your physical card within 60 days of it being sent to you or it will expire and you will have to order a replacement card. If you report your physical debit card as lost or stolen, your virtual card will reactivate so you can continue to make important business purchases while you’re waiting for your replacement card. Locking your card will not reactivate your virtual card.
What is the daily limit for the Virtual Card?
The Hatch virtual debit Mastercard is limited to a daily transaction limit of $1,000. If your Hatch virtual debit Mastercard limit is reached, no additional transactions will be approved for the remainder of the day.
Card Protection/Lost or Stolen
If your physical debit card has been misplaced or compromised you can lock it or report it as lost or stolen by logging into your dashboard, clicking "Overview," then "Manage My Card" and selecting one of the options under "Card Security."
You can also lock or report your card by calling 888-516-2369.
For your security, any pending transactions when the card is locked or reported stolen will not be processed
What do I need in order to link my bank account?
In order to move money to or from your Hatch Business Checking account, you’ll need to have a linked bank account.
You can link your bank account using Plaid, which requires your online login and password to your online banking provider.
If you cannot find your bank when attempting to link through Plaid, we will not be able to accept that bank account at this time.
I am unable to link my external bank account with my Hatch Business Checking account
There could be a couple of reasons you are not able to link your Hatch Business Checking account with your accounts at other financial institutions:
- You might have a bank account that is unable to link to Plaid. See below for help on how to send money to your Hatch Business Checking account another way.
- If you are a current Hatch Line of Credit customer, make sure your bank account connections are active in your Hatch Line of Credit account. If any accounts appear to have a connection error, unlink and relink them. Once your accounts are linked, return to your Hatch Business Checking account. Go back to your Hatch Business Checking account. You should now be able to successfully link your bank account to your Hatch Business Checking account.
How Can I Move Funds Into my Hatch Business Checking Account if My External Account Won’t Link?
If you’re having trouble linking your account, you can still send money between that account and your Hatch Business Checking account.
Instructions for how to send money from your bank account to your Hatch account are given as an example below:
- Login to your bank account
- Locate the feature that allows you to transfer money to an external account.
- Add the account and routing numbers for your Hatch Business Checking account (you can find these on your Hatch dashboard Overview page with your Account Balance information).
- As a part of the account verification process, banks will usually make two small deposits and retrieve them in a withdrawal. Be sure to check your bank account after a couple of business days to verify the amounts. You will only have to do this once per account you wish to connect in this way. Depending on your bank it could take up to five business days.
- Once the verification process is complete, go back to your transfer money page, select your Hatch Business Checking account and transfer the desired amount of money.
You're all set! Your funds should be available in three to four business days.
Because of the verification process, the first transaction could take up to two weeks, but each transfer after that should only take three to four business days.
Can I change the bank account I have linked to my Hatch Business Checking account?
Yes! You can easily link or unlink your bank accounts through Manage Bank Accounts in your Hatch Dashboard. Be sure you know your online login information for the bank that you want to link in order to make this process as easy as possible. You will be required to keep at least one bank account linked at all times.
Transactions and Payments
Money Transfer Feature
You can transfer money to and from your outside bank account by linking that account to your Hatch Business Checking account.
Send Money Feature
You can send money to other individuals through your Hatch Dashboard if you have their bank routing and account numbers.
How long does it take to send or transfer money?
Under most circumstances, sending or transferring money takes about 3-4 business days.
You can use Paypal and Venmo with your physical Hatch Business Checking debit card, but not with your virtual card.
Where can I use my Hatch Business Checking debit card?
Your Hatch Business Checking account debit card is issued by Mastercard and can be used for business expenses anywhere online or in person that accepts Mastercard.
What transactions can I use my Hatch Business Checking account for?
The Hatch Business Checking account is designed to be used for any business related expenses, online or in person.
Unsupported transactions include but are not limited to:
- Lottery tickets
- Cryptocurrency (ie bitcoin)
ATM withdrawal fee details
Hatch Business Checking account users get five free ATM withdrawals per month at ATMs within the Allpoint network.
You can find in-network ATMs by clicking “Find ATMs” in your dashboard.
After the fifth in-network withdrawal, a $2.00 flat fee will apply to all in-network ATM withdrawals. If you use an ATM outside of the Allpoint network, you may be charged a fee by the ATM operator or by the operator of that network.