Lili is a platform that offers financial services and tools for freelancers and small business owners. It is an online banking app designed for both IOS and iPhones. its headquarters is located in New York. The vision at Lili is to integrate technology and banking services to eliminate customers’ barriers to developing their businesses. Lili is an all-in-one package designed by Choice Financial Group Inc., Member FDIC to offer banking services for its customers.
Customers at Lili
Customers at Lili should be 18 years or older. The customer must provide a U. S resident address. Customers should provide a social security number. Freelancers or sole proprietors (LLCs and DBAs only) would benefit the most from a Lili account.
Sign up for a Lili account at Welcome to lili.
Customers can sign up for either a standard or a Lili pro-business checking account.
Customers can sign up on Lili’s standard account for free. It does not involve any form of payment to sign up to a Lili account including annual/monthly fees nor ATM charges.
Customers can upgrade their standard account o a Lili pro account at the expense of $4.99 per month. The upgrade unlocks a Premium Visa Business debit card which facilities the customers with fee-free overdraft services, cashback rewards, automatic services, and many more.
Free Benefits at Lili over other banking services
There are no hidden fees charged for using services at Lili. No withdrawal fee is charged by Lili at ATMs in the U. S. The app can be used to locate any partner ATM facilities nearest to a customer. 24 hours accessibility to services via mobile app A free debit card with a free accountAbility to categorize personal and business expenses. Ability to transfer an amount from each deposit to a sub-account.
Lili Pro account holders
Customers with a monthly paid account at Lili’s mobile app allow the users to enjoy the following benefits.
Overdraft
This financial technology app allows its customers to overdraft a sum of $200 on a fee-free basis using their debit card. However, the service requires certain eligibility requirements.
The service covers purchase expenses that exceed the available bank balance up to $200. The cover-up amount will be notified to the customer following the purchase using the debit card.
The negative balance will be covered using the next deposit to Lili. It is mandatory to cover up this balance within 30days.
Does the balance up or overdraft apply to all purchases?
No, the overdraft facility applies only to debit card purchases and not for bank withdrawals, app payment transactions, or electronic bank to bank payments.
What eligibility requirements are needed to receive an overdraft?
Lili pro customers will be directed to overdraft enrollment once their accounts have reached all eligibility criteria. These criteria will be qualitative and decided by the service providers.
However, the basic criteria include the customer’s frequency of service utilization, expense history, and the length of the period of being a Lili pro customer. The account holder must uphold a monthly minimum of $500, received from a payroll provider, employer, or gig economy payer.
The app notifies the eligibility for enrollment in the balance-up service and directs the customer to the enrolment process. The customer can either sign up or decline the offer anytime with the ‘balance up’ tab listed in the menu.
Automatic savings account
Step 01 – Log in to the Lili pro account.
Step 02- Select the ‘life’ or ‘balance’ tab within the menu.
Step 03-Open an emergency bucket
Customers can access the emergency bucket for the saved deposits.
A monthly statement for the emergency bucket can be retrieved from the statement & reports tab available under the menu.
Step 04- set up a daily fixed saving amount.
The amount can be changed anytime. This savings amount is transferred from your daily deposits to a sub-account and collected as a rainy-day fund.
The service also offers an annual interest rate of 1.00%.
Cashback rewards
Customers are also offered a chance to earn cashback from their everyday purchases, carried out using the Lili Visa debit card. However, the purchases will only earn points if it is carried out at a participating merchant.
Tax optimizer
This option supports the customer in timely taxing as it allows to categorize expenses based on the customer’s account funds.
The expenses can be categorized using the daily write-off tracker. This helps to increase the estimated tax savings.
The tax bucket option in the life tab (under the main menu) helps the user to set a fixed amount of their income for tax payments. This can be changed anytime.
These options support the users to be less stressed when it comes to business tax payments.
Overdraft is one of many services offered by the Lili mobile app. It is a relief for business owners in tough financial situations especially given that it does not involve any penalty fees. Hence Lili is a beneficial option for small business owners looking for approaches to better manage their funds.
What is Lili designed for?
It is designed for small businesses categorized as limited liability companies and doing business as (DBA) and other freelancers to save time and funds by creating a business checking account. It helps customers to control expenses, save and manage their funds so that they are Abel thrive in their businesses.
Is Lili available for international users?
No, it is only available within the U.S for now.
What is the minimum balance required to open an account?
There is no minimum balance required to create a Lili account.
Is the Lili debit Visa card accepted?
Yes, the card is accepted at any place which accepts Visa cards, even internationally.
What are the financial services similar to Lili?
Oxygen, Novo, North one, etc.
What are some of the drawbacks of Lili?
Some of the drawbacks include low transfer and deposit limits, especially for new users, the app is only designed for mobiles, and not being able to include information such as employee identification numbers to access the app features.
