Fintech

Intuit scraps its free ACH options for QuickBooks payments, and some customers aren’t happy

"It's less than exciting news to get yet another notification of a price increase," a merchant said.

Intuit scraps its free ACH options for QuickBooks payments, and some customers aren’t happy

Under a new system, customers will only be able to make ACH deposits with a 1% fee with a maximum $10 per deposit.

QuickBooks

Intuit is scrapping the option for free ACH bank deposits for QuickBooks payments, a move that has ruffled some customers' feathers.

Starting Monday, QuickBooks customers will no longer be able to choose free five-day ACH payments or a two-day transfer that cost 50 cents. Under a new system, customers will only be able to make ACH deposits with a 1% fee with a maximum $10 per deposit.

Intuit began informing customers about the change in February, said Kim Amsbaugh, an Intuit spokesperson. "This is something that our customers have asked from us," she told Protocol. "That they want faster access to their funds."

But the change was not welcomed by some QuickBooks clients who criticized the move on the company's community page.

"As a super small business of just myself, it's less than exciting news to get yet another notification of a price increase from QuickBooks," wrote one client. "Can we opt out of this? Or are we now essentially paying $10 per ACH and finally getting the industry standard next day deposit."

Another customer also hit the scrapping of the free option saying "waiting a few days to get the funds" had been acceptable, instead of paying a fee to get the money faster.

Amsbaugh said customers will have only the next day option for ACH payments. She said that some customers, however, may be able to get a discount if they meet certain requirements. For example, customers can request a rate review if they've processed an average of $7,500 in transactions per month with QuickBooks in the last three months.

The company does not disclose the number of merchants who use Quickbooks.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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