Through its mobile application, Lance Bank provides account services as a neobank. The bank operates without physical locations and offers no direct human support to its customers. The banking institution Lance partners with is Blue Ridge Bank which operates as a member of the FDIC and provides services from Virginia. 

Lance neobank features

The primary features of Lance will become clearer by examining the following details:

Mobile banking

The Lance mobile banking application serves as the only operational foundation for the company. The banking service has no physical locations because users must operate through their mobile devices alone. The mobile application functions on Android and iOS operating systems. Users have given the application 4.3 stars in the App Store and 3.8 stars on Google Play Store platforms.

Lance Debit Card

Lance provides Visa business debit cards to every account holder. Users can buy through both physical cards or virtual cards available in the app.

The Lance card provides business expense tracking as its leading advantage. Whenever you use your Lance debit card for payments the system automatically identifies deductions that qualify for tax benefits allowing smoother tax preparation.

Users can make fee-free ATM withdrawals from any machine that belongs to the Visa, Interlink or Accel ATM systems.

Stacks

Stacks refers to dedicated sub-accounts according to Lance. Stacks serve as the main tool which enables freelancers to receive steady salary income along with automated savings planning and tax management. All Lance accounts contain three designated sub-accounts which support salary transfers alongside savings deposits and tax contributions. Lance utilizes an algorithm to estimate your tax stack contributions and offers suggestions to users through its built-in estimating function. Your salary stack moves to your bank account through automatic transfers which you can choose either every two weeks or monthly. The savings stack in Lance generates deposits that flow directly to your specified Lance savings account. Stacks behave similarly to the same way banking providers handle envelopes.

Tax Payments

Lance dedicates money for tax deductions regardless of your account level. Users with Lance Pro access can enable the app to perform their IRS tax payments every quarter.

Most business bank accounts lack this beneficial feature which Lance provides to users. You must examine that the payment amounts match the expected values.

Invoicing

You can perform quick client billing through Lance Checkout which operates directly from the app interface. Lance Pro subscribers can access this feature that operates through an effortless system. Through Lance Checkout you can generate payment request links that permit your clients to pay immediately through their credit cards. The payment app integration of Lance includes Venmo as well as PayPal.

Fees

Lance operates without charging the most common banking costs to its users. You can use most features in the free version of Lance without charge but Pro subscribers face a monthly fee. People can make use of Lance Bank without charge if they choose to do so. Lance Bank operates without requiring minimum balances and avoids charging fees as aggressive major banks do.

Customer Service

Two methods exist for receiving help with your Lance account management.

Beginner users should start by consulting the FAQ section available through the app interface. You have two options to reach the team at hello@lancebank.com either by live chat or by sending them an email.

Is Lance neobank right for you

Managing personal finances stands as a complex matter for independent workers. The management of your finances requires constant attention regardless of if you freelance part-time or intend to become a full-time self-employed professional.

The benefits of using a Lance account become particularly significant at this point. Automated Stacks from Lance Bank will both provide you with spending funds and help you be ready for tax responsibilities. The account features fee-free services along with all its essential benefits. Lance provides an appealing solution for fresh freelancers yet it fails to meet the needs of developed business operations. The banking services at Lance lack all features of interest-bearing accounts and benefits along with physical locations and telephone assistance. Every banking choice for your small business should be seen as a new staff member since the perfect match will transform your operations.

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