Business Savings FAQs

To connect your QuickBooks account with your Live Oak Bank accounts, log in to your QuickBooks account. Then follow these steps:

1. Click “Connect Accounts,” and enter Live Oak Bank in the search bar
2. You’ll be prompted to enter your QuickBooks Access ID and PIN
3. Click on the link in the prompt to generate your unique Access ID and PIN, or click here, then sign in to your Live Oak Bank account
4. Enter your Access ID and PIN
5. Choose the Live Oak Bank account(s) you would like to connect

Please note you are only allowed to generate your Access ID and PIN a maximum of five times.

Account Fees:

• Monthly Account Fee: No Charge
• Online Banking Fee: No Charge

Miscellaneous Fees:

• Stop Payment Fee: $25
• Returned Item Fee: $10
• Legal Actions (tax levies, garnishments, etc.): $50 minimum
• Outgoing Wire: $19
• Dormant Account Fee: If an account has a balance less than $10.01 and no activity for 24 consecutive months, a monthly dormant account fee will be assessed and the account will be closed.

Yes, you can send a wire from your Business Savings account. Fees and cutoff times apply. Click here to see our fee schedule. To send a wire, please call our Customer Success Team at 866.518.0286 for more information.

There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Business Savings account, however, the Dormant Account Fee will apply. If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less. The dormant account fee will not lower the account balance beyond $0.00 and thus cannot overdraw the account.

Authorized Signers must be a United States citizen or Permanent Resident with a valid Social Security Number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account. We may request supporting documentation for verification. The following business entity types may open an account:

• Corporation
• Limited Liability Corporation
• Sole Proprietorship
• Partnership
• Limited Partnership
• Professional Corporation
• Association
• Non-profit

Live Oak Bank does not currently offer Business Savings accounts for Trusts.

To open a Business Savings account, we will ask for the personal information of the authorized signers, business information, and bank account information. We will verify the information provided electronically. Once this information is confirmed, you will enter an amount which will be transferred from the verified bank account into your new Business Savings account. The deposit will be held for five business days. You may add additional authorized signers after funding the account.

1. You can transfer funds electronically through an ACH transaction. To do this, log on to the Live Oak Portal and choose the ‘Transfer Funds’ option. You may transfer funds between your Live Oak accounts and your linked external accounts. Please allow 1-2 business days for the transfer to process.
2. Mail your check to our Headquarters:
   Live Oak Bank
   Attention: Deposits
   1757 Tiburon Drive
   Wilmington, NC 28403

   * Please note we do not accept checks drawn on foreign banks, third-party checks or cash deposits. (A third-party check is a check that is signed over to an individual not named on the front of the check

3. Deposit a check with the Live Oak Bank Mobile App. Deposit limits apply. The mobile deposit cutoff time is 4:00 p.m. ET. Deposits received after 4:00 p.m. ET will be processed on the following business day.
4. Wire funds into your account. Log on to the Live Oak Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire. (please click here to see our fee schedule for applicable fees).

Live Oak Bank will not accept cash deposits.

You may initiate an ACH transfer from your external bank account through the Live Oak Bank Portal. The cutoff time for incoming and outgoing ACH transfers is 4:00 p.m. ET. Please allow 1-2 business days for the funds transfer to process. For security and verification purposes, incoming transfers initiated through the Live Oak Bank Portal are held for five business days once posted to your Live Oak account.

ACH transfers initiated from an external account and sent to your Live Oak account are available immediately upon receipt.

Deposits made by check or mobile deposit will be held for up to five business days once posted to your account.

Funds sent to an external account are available at that bank within 1-2 business days. The transfer must be initiated before 4:00 p.m. ET.

Deposits begin earning interest on the day the deposit is posted to your account. Please allow 1-2 business days for an incoming ACH transfer initiated through the Live Oak Bank Portal to post to your account. Check deposits are posted to the account on the day we receive them. Interest is compounded daily and posted to your account on the last business day of the month. You must have a balance of $.01 to earn interest.

Yes, you may add up to four additional authorized signers for the Business Savings account (for a total of five authorized signers). Authorized signers must be a U.S. citizen or Permanent Resident and listed on the Entity Authorization provided at account opening.

To ensure your account is closed properly please contact us at 866.518.0286 (Monday through Friday 8:00 a.m. – 8:00 p.m. ET).