looch profile standard accounts
Every new profile comes with 3 accounts:
Primary Business: As the name implies, this is your primary looch business account. Inbound instant payments and invoices that your contacts paid using the 'Invoice pay' portal are automatically routed to this account.
Payments: Outbound instant payments are automatically routed to this account. This account is used to pay contacts who are looch businesses. Instant payments sent to recipients who aren't looch businesses are held in this account until the recipient is onboarded as a contact. Instant payments can be canceled from this account at any time before the recipient signs up.
Tax Stash: This account is provided to budget for taxes. You can set a percentage of your entered income to be auto-transferred to this account.
Cash Reserve (optional): looch accounts are held at Fifth Third Bank and are eligible for FDIC insurance up to $250,000.
A Cash Reserve account is held at Evolve Bank & Trust, and is eligible for an additional $250,000 in FDIC insurance. This gives you a total of $500,000 in FDIC insurance coverage.*
Limit on the number of Smartcards
Your Primary Business comes with a virtual Smartcard.
If you need Smartcards for any other account, you'll have to create them.
You can't create Smartcards for your Payments account.
Virtual
You can create as many virtual Smartcards as you need. However, you and your teammates can each have up to 5 active virtual Smartcards at any given time.
Physical
You and your teammates can each have 1 physical Smartcard for your Primary Business account.
*looch accounts are eligible for FDIC pass-through deposit insurance if they meet certain requirements. The accounts are eligible only to the extent passthrough insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD per depositor, per financial institution, for deposits held in the same ownership capacity.