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Wave Offering New No-Fee Business-Oriented Banking

me1004
  |     |   1,381 posts since 2010

A place called Wave that offers various business services, such as invoicing, accounting, and payment processing is now launching a new no-fee business-oriented banking service. As it launches, it will be oriented to single-owner businesses. Any money in your account will be FDIC insured up to the $250,000 level, but Wave is not actually launching a new bank, the money will be held by Community Federal Savings Bank.

https://www.waveapps.com/money?_hsmi=89358228&_hsenc=p2ANqtz-9yVwJkEMjLnT9ilD3b5dQPMLzzuFxjsCIVkPcfAyFTT5goSU5jFecqJ_z-1vEjnFaVzWANi7wpZO0tzyURTigrHXqVTQ

This is launching soon. There is a button at that link to reserve a spot.

I can't find any information about any interest rate earned on deposits. It also doesn't specify whether this is only a savings account, or whether you also can have a checking account. It does offer a VIsa debit card. It also incluides free built-in bookkeeping, among other things.

Wave will not be making money on this banking service directly. This is a marketing offer exected to draw in more customers for its other business services. I presume you msut first sign up for a Wave account, but you can dothat for freee. (I have one, which I have used in the past when doing a little freelancing. I just used it for is free invoicing and for payment processing at about 3% charge. I have been completely satisified with Wave, it operates smoothly, never a problem.)

As for the bank that will be holding the money, Community Federal Savings Bank, Wave says no more about it that the name. But I have to think that is this one here:

https://www.cfsb.com/

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me1004
  |     |   1,381 posts since 2010
BTW Ken, this is something that has plagued me for a long time. Your formatting buttons do not appear when I am in the compose window to write a post. I have to save it and then use the edit button to open and, so I can have the buttons and be able to hyperlink URLs. Now, I am getting the buttons after going to Edit, but the Link button will not even open, so I still can't hyperlink the URLs.

This has been the situation for a very long time now. Maybe we can get that fixed? If it matters, I use Firefox browser, fully updated, on a Mac.
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blazer9
  |     |   228 posts since 2019
will this act like an incognito MS spending app opportunity.
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