American digital challenger bank NortheOne has become the latest fintech sector incumbent to offer its services, helping firms cope with COVID-19 disruptions.
The firm announced that it is extending free banking to all businesses in states that have been impacted by coronavirus as well as all restaurants, food services, and hospitality businesses nationwide.
NorthOne is also offering relief from bank fees for any of these small businesses that switch their banking to NorthOne while there is a state of emergency declared.
NorthOne’s co-founder and CEO Eytan Bensoussan commented: “Right now it’s essential that we make sure small businesses can get their banking done, no matter where they’re working from. Small business owners across the country are having incredibly hard conversations right now around the kitchen table and desperately trying to figure out how they can keep the lights on through this crisis.
“The last thing they need to worry about is finding a branch or paying bank fees. “Food service and hospitality-focused businesses are being hit the hardest. Many face downsizing or worse. We need to support them. We’re all in this together.”
While a traditional bank forces small business customers to go into a bank branch to get their banking done or apply for an account, NorthOne allows any small business owner or freelancer to pay their bills, transfer money, send checks, or open a new FDIC insured bank account from the NorthOne mobile app.
The firm is also seeking to improve pricing amongst small businesses, with a Netflix-like simple flat-pricing approach, with accounts starting at $10 a month, as it aims to eradicate complexities involved with pricing systems used by many traditional banks.