As a small business owner, managing your finances effectively is crucial. That’s where the Hatch Business credit card comes in, offering a cost-effective solution with fantastic cashback rewards. Hatch is a digital bank that aims to revolutionize the small business banking sector.
Hatch also offers a very cheap yet powerful business checking account at just $10 a month.
With its advanced online platform, affordable fees, and the possibility of earning up to 5% cash rewards, Hatch presents an exciting choice for up-and-coming entrepreneurs.
In this article, we’ll delve into the ins and outs of this thriving fintech company, providing you with comprehensive knowledge about its services.
What are the features of the Hatch business credit card and Hatch business checking account?
There are many features of the Hatch business credit card and Hatch business checking account and we will discuss the features of both these products in detail which will give you an overview of both the hatch business credit card and hatch business checking account:
Every Hatch business credit card offers an attractive cashback program.
By making purchases with your card at various participating retailers, you can earn cashback rewards on different spending categories. Here’s a breakdown of the cashback percentages for each category:
- Enjoy a generous 5% cashback when you rent a car.
- Indulge in dining experiences and earn 4% cashback.
- When you stay at hotels, you’ll receive 4% cashback.
- For your business needs, earn 3% cashback on purchases from vendors.
- Fill up your tank at participating gas stations and earn a convenient 1% cashback.
Simply use your Hatch Business Credit card at any of the partnered retailers within these categories, and your cashback rewards will be automatically credited to your account.
No NSF Fees
With Hatch Cover, you can receive up to $50 on qualifying transactions when your account is overdrawn.
Unlike most banks that impose hefty fees of over $30 for overdrafts and non-sufficient fund (NSF) situations, Hatch ensures you won’t encounter such charges as long as your negative balance remains below $50.
They have Free ATM Withdrawals
With Hatch Business Checking, you can enjoy the convenience of making up to five ATM withdrawals each month for free. These withdrawals can be made through any of the 55,000 Allpoint ATMs available in our network.
After your fifth Allpoint withdrawal, a nominal fee of $1.00 will be applicable. However, please keep in mind that if you choose to use an ATM outside of our network, you will be subject to the operator’s fees.
Money Transfers are a piece of cake
Hatch offers customers a user-friendly option to easily send money through the Hatch Dashboard. You have the flexibility to select from various transfer methods like ACH, bill pay, or even sending a physical check.
It’s important to mention that the first five checks you send are free of charge, and subsequently, a $1 fee is applied, similar to the fees associated with ATM usage.
Various add-on features of Mastercard
The Hatch Debit Mastercard offers an array of impressive perks and discounts that set it apart from other debit cards. Let’s take a closer look at some of the standout benefits it provides:
- Extended Warranty Coverage for Electronics Purchases: With the Hatch Debit Mastercard, you can enjoy extended warranty coverage on your electronics purchases. This means that the original manufacturer’s warranty can be extended, providing you with added peace of mind and protection for your valuable gadgets.
- Discounted Access to Mastercard’s Global Airport Concierge Services: As a Hatch Debit Mastercard holder, you gain access to exclusive discounted rates for Mastercard’s Global Airport Concierge services. This perk enables you to experience a higher level of convenience, comfort, and personalized assistance during your travels, ensuring a smoother journey from start to finish.
- Car Rental Insurance: One of the exceptional benefits of the Hatch Debit Mastercard is its car rental insurance feature. This coverage helps protect you against unforeseen incidents and damages when you rent a car, saving you the need to rely on separate insurance plans or pay additional fees.
These benefits are particularly advantageous for business owners, as they typically require a business credit card to access similar perks. However, with the Hatch Debit Mastercard, business owners can enjoy the convenience and advantages of a debit card while still receiving valuable benefits and discounts typically associated with credit cards.
Hatch has a transparent pricing on all its product
Hatch makes it clear and straightforward about their pricing. With the Hatch Business Checking account, you can expect a fixed monthly cost of $10, and there are minimal additional fees to worry about.
In contrast, Bank of America offers business checking accounts with varying monthly fees, ranging from $16 to $29.95.
Various Hatch Perks
Hatch Business offers you an array of exclusive deals on a wide range of popular business tools.
Discover these incredible deals by simply visiting the Perks section conveniently located within your dashboard.
HATCH BUSINESS CHECKING PROS & CONS
|Debit cards are provided at no extra cost, available across all 50 states||Debit cards provided at no cost, available across all 50 states|
|Convenient feature to easily lock or unlock the card in case of loss or theft||Your account does not accumulate any interest on the balance.|
|Access to a widespread network of ATMs throughout the country||A monthly service charge is applied to maintain the account.|
|No fees incurred for incoming domestic or international wire transfers||When using an ATM outside of our network, a fee will be charged for the transaction.|
What are the other products of Hatch apart from Hatch business credit card?
There are total 3 products that are offered by Hatch business, these are:
Hatch Business Checking
- Hatch Business Checking is the only bank account option offered by the company, with a monthly fee of $10.
- Customers enjoy a range of perks and benefits with this account, including the Hatch Business Debit Card, which provides access to MasterCard Enhanced Benefits.
- Qualifying purchases made using the account can earn up to 5% cashback rewards.
- If you accidentally overdraft your account by less than $50, there are no Non-Sufficient Funds (NSF) fees.
- Convenient money transfers can be done through ACH, bill pay, or paper check methods.
- The first five ATM withdrawals from in-network machines are free.
- There is no requirement for a minimum balance to open an account.
Hatch Business Line of Credit
- The Hatch Business Line of Credit Visa Card is a small business credit card offered by the bank without an annual fee.
- To be eligible, you need to receive an invitation from Hatch, and there is no credit check or hard inquiry from major credit bureaus.
- If your account is in good standing and you have a reliable payment history, you are likely to be given the opportunity to sign up.
- Once approved, you can use the Hatch Business credit card for your everyday purchases.
- Specific details about credit limits are not provided as they vary depending on your individual circumstances.
- It is important to pay off your balances in full each month to avoid interest charges, which can range from 18% to 24% APR.
Sprout, an upcoming service, is currently in its beta phase, but once fully launched, it aims to offer valuable assistance for individuals in establishing and officially registering their businesses. Some of the key features and services that Sprout promises to provide include:
- Incorporation support: Sprout will guide you through the process of incorporating your business, ensuring that you fulfill all the necessary legal requirements.
- EIN registration assistance: With Sprout’s help, you can easily navigate the process of obtaining an Employer Identification Number (EIN), a unique identifier for your business required by the Internal Revenue Service (IRS) in the United States.
- Registered agent fee payment: Sprout simplifies the task of paying registered agent fees, which are necessary for maintaining compliance with legal obligations related to business registration.
These services offered by Sprout aim to streamline the often complex and time-consuming tasks involved in forming and registering a business, providing individuals with professional support and guidance.
What are the fees of Hatch business checking account and other products?
Hatch is very transparent when it comes to fees, they don’t have any hidden fees. Below are their fees which are also mentioned on their website.
- There is a monthly fee of $10.
- The first five in-network ATM withdrawals are free, and after that, the in-network fee is $1.00. Out-of-network ATM fees are determined by the ATM provider.
- The first five paper checks are free, and each additional check costs $1.00.
- A stop payment fee is charged at $25.
- Hatch does not charge for debit card replacement, ACH transfers, foreign transaction fees, or overdrafts.
How to open a hatch business card?
To create an account with Hatch, simply visit HatchCard.com and complete the signup process, which usually takes only a few minutes.
During registration, you’ll be asked to provide your full name, address, tax identification number, or social security number if applicable.
Additionally, Hatch may request copies of an official government-issued identification and any necessary business documents.
These requirements are standard when setting up a business bank account.
Can independent contractors apply for Hatch?
Hatch collaborates with a diverse range of entrepreneurs and businesses, catering to individuals working as freelancers or independent contractors all the way up to larger corporations and limited liability companies (LLCs).
If you fall into the category of a freelancer or independent contractor and desire to maintain a clear distinction between your personal finances and your side hustle income (which is highly recommended), you can easily apply by using your social security number instead of a tax identification number or employer identification number.
This approach ensures that your personal and business finances remain separate.
Are Hatch products secured?
Hatch’s banking platform is supported by LendingClub Bank, a trusted financial institution.
They are a member of FDIC and an Equal Housing Lender, ensuring that your deposits are safeguarded up to $250,000.
To secure your online transactions, Hatch employs advanced encryption technology used by banks.
Additionally, Hatch Business offers debit cards powered by MasterCard and credit cards powered by Visa, which come with multiple fraud protection measures in place.
Where can I contact the Customer care of Hatch?
If you ever need assistance with your Hatch account, you can reach out to their customer support team at 888-516-2369.
They are available from 6 am to 5 pm Pacific Time. Another option is to submit a ticket through their online Help Center, and they usually respond within one day.
Is my business eligible for Hatch Bank?
Yes, it is highly probable that you can obtain an account and line of credit or personal credit cards with Hatch Bank for your small business.
Typically, most small businesses meet the eligibility criteria. To apply, you will need to provide the necessary documents such as your business formation papers, proof of identification, and either your business’s tax identification number or your social security number.
How much does Hatch cost?
Other than the $10 monthly fees applied by Hatch there are practically no fees.
Does Hatch have checks?
Hatch gives you the option to use checks, ACH and bill pay.
Is the Hatch Business Checking account insured?
Yes, since the products Hatch has are backed by Lendingclub Bank which is a FDIC-insured institution.
Hi there, my name is Shivani and I’m the founder of Fuelcoin and co-founder of Thefinanceopedia. I created this blog to share my knowledge and experience in cryptocurrency, banking, personal finance, and the stock market, and to help others build wealth.