Lili

Lili Reviews

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About Lili

Lili is a technology company designed for business owners. Banking and debit card services are provided by Choice Financial Group. This bank account is 100% free, with no minimum balance. It comes with a Visa business debit card for easy transactions. Lili offers smart financial tools that help you plan taxes, manage expenses and save.

Pros & Cons

Pros
  • No hidden fees
  • Extensive fee-free ATM network
  • No minimum balance requirement
  • Fast direct deposit
Cons
  • Mobile transfer limits
  • Fee for certain features
  • Mobile access only

What is Lili?

Lili is a mobile banking fintech company created to meet the needs of freelancers and small businesses owners. Up-and-coming establishments often can’t afford high banking charges or fees — and that’s where Lili comes in. It offers no monthly fees on its standard account. You also don’t have to worry about transfer fees or hidden fees.

It can operate as a hybrid account for your business. Although it’s mainly a checking account, you can get a savings account with Lili Pro, the premium plan. Lili also provides an expanse of financial tools to help you manage taxes and sort expenses.

How does Lili work?

Lili provides mobile financial services for freelancers and solo entrepreneurs. It charges no fees and comes with tax tools that can help you save during tax season. You can also create invoices and organize your business expenses with the app. Lili is not a bank; it partners with Choice Financial Group to offer these services.

It is very easy to set up and requires no minimum balance. You can open an account in less than three minutes by providing your name, contact details, address and the type of account you'd like to create on the website. Lili will request your employer identification number (EIN) and Social Security number to confirm your identity. After submitting your application, you will have to complete setup online or on the mobile app to begin using your Visa business debit card.

Lili features

Lili’s standard account comes with a number of convenient features to help save you money and time. These include:

  • No fees: Lili is great for freelancers and business owners looking to minimize banking costs. There are no monthly fees or hidden fees on the basic account.
  • Fast direct deposit: Lili offers free and swift direct deposits. You can receive your deposits earlier than you would with a traditional bank. There are deposit limits.
  • Visa business debit card: Your Lili debit card should arrive within two weeks of you opening an account. You can start making online transactions with the card even before it arrives. The card can also be linked to third-party payment apps like Venmo, Cash App, Google Pay and Apple Pay.
  • Automatic tax-saving tool: Lili is one of the few financial apps where you can automate your taxes. It helps you set aside a percentage of your income in a tax bucket. This is a valuable feature for solopreneurs and freelancers because they often have to handle their taxes on their own.
  • Income and expense tracking tool: Lili provides smart financial tools that can help you track your business expenses and income. You can categorize your expenses and use graphs to view your financial reports.

Lili fees

The Lili standard account comes with no fees. You won’t be charged monthly maintenance fees, deposit fees or transfer fees. You will only be required to pay a fee of $2.50 per use with out-of-network ATMs. If you use an ATM outside the U.S., Lili will charge you $5 per use. This is in addition to the fee your ATM provider will charge.

You can also opt for the Lili Pro account for $4.99 per month. The Pro account offers a premium Visa debit card with cashback rewards, a savings account with 1% annual percentage yield and fee-free overdraft.

Lili FAQ

What bank owns Lili?

Lili is a banking fintech company founded by Lilac Bar David and Liran Zelkha. Banking services are provided by Choice Financial Group.

How long does it take to get a Lili account?

It takes only a few minutes to set up your account. All you have to do is sign up with the necessary information and have your Social Security number at hand for verification. The Lili Visa business debit card can take up to 10 business days to arrive, but you can start with the digital version online.

How do I add money to Lili?

There are different ways to add money to Lili. Open the Lili app to see the options under “Add Money.” You can get paid instantly by connecting your account to third-party payment apps like Paypal, Cash App and Venmo. You can also fund your Lili account using mobile check deposits or direct deposits or by linking your other bank accounts to move funds easily.

Is Lili FDIC-insured?

Your account is insured for up to $250,000 through Choice Financial Group, which is FDIC-insured.

Is Lili good for banking?

Lili is a digital banking service with almost no fees and good user experience. It provides smart finance tools that will help you manage your business expenses and taxes without paying extra accounting fees. It's a good choice for freelancers and independent small business owners looking for a simple, cost-effective banking option. However, if your business makes a lot of deposits or gets multiple checks, Lili may not be a good fit because of the transfer and deposit limits on the account.

Lili Reviews

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    How do I know I can trust these reviews about Lili?
    • 4,481,718 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10

    Reviewed June 21, 2024

    I had an absolutely horrible experience with this "bank". They withheld my money, closed my account with no warning, then stopped replying to my messages. I literally had to file a claim with the FDIC (and the BBB) to get them to respond. As soon as they finally responded to the FDIC (after multiple attempts by the FDIC to reach them) they all of a sudden gave me my money back.

    Customer ServiceStaff

    Reviewed April 30, 2024

    I tried to open a new account with Lili seeing how they were supposedly a good bank for small businesses. They denied my application after I submitted twice saying they could not accept my home address or my business address. I called trying to understand and the customer service person was slower than a 2 year old. She had no knowledge and could not even explain how the application processes worked. Reading these reviews I guess I dodged a bullet. Applying with Bluevine!

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      Customer ServiceStaffProcess

      Reviewed April 11, 2024

      They have NO fraud prevention in place. Someone shimmed my card and stole $7k out of my account. I called and they had NO 24 hour emergency call number. The person wiped out my account. When I called Lili the next morning during their business hours, they said they can do anything until the payments process. So I had to wait 3 days for it to process. Then they said that it will take 30 - 90 days to get my money back. I have employees to pay and bills to pay. This bank is fired.

      Customer Service

      Reviewed Feb. 21, 2024

      I banned with Lili for a year and a half. Last April I received a check from my insurance company for $785. I tried to deposit the check and it got denied. I talked to customer service (tried to anyway) with no help at all. Then my account gets closed with no explanation at all!! I still can't get an answer or explanation. Same thing happened with Chime in the same month!

      Reviewed Feb. 10, 2024

      I ordered the polka dot top from there. When it arrived. The quality was ridiculous. I wouldn’t even pay $10 for it and they charged me $143. Hopefully I get my return soon. This company is in China and the product is very bad.

      Customer Service

      Reviewed Jan. 2, 2024

      I have been banking with Lili for about 4years now and I had $716 taken out of my bank account without my permission. I had to call 5x before anyone got answered my call and they didn't show any care about the situation and they were acting like it was my fault. Also they don't let you know when their system has been hacked or when your account has been hacked. They don't get back with anyone to let them know what's going on. They are the worst and I see why they don't have any good reviews.

      Customer ServiceOnline & App

      Reviewed Nov. 27, 2023

      I need to open a new business checking account. I've been reading about them online. I decided to go with Lili mainly because my company gets a lot of ACH payments and they say you get your money 2 days faster than typical banks. I couldn't even get the account open. I put in all our information and it changed the date of my birthday from the 20th to the 19th. At first I thought I made a typo. I went into to edit, did so, get to next page, my birthday is incorrect. I completely delete the information and start over, still changes my birthday. I tried to correct it several times. It didn't work.

      I decide to start completely over with the application, now there's an error with my EIN. There wasn't the first time, the number is correct, but now there's an error & I cannot move forward with the application. The errors must be a blessing because after my frustration with the online application and finding all these negative reviews regarding customer service, I definitely will not be opening an account with Lili.

      Customer Service

      Reviewed Oct. 6, 2023

      Be warned:

      1. This is supposed to be a "business bank". My business received a check for $22K. There is absolutely no way they can accept this check, either by issuing an exception for mobile banking, mailing it in, or bringing it to a physical location. This is not a large amount of money for a business. I had to open a new account at Bluevine to deposit this check.

      2. Customer service was extremely slow to respond -- days.

      3. I will be closing this account.

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      Customer ServiceSales & Marketing

      Reviewed Sept. 26, 2023

      I had nothing but trouble with is so called business account and bank, they blocked my card many times when I needed gasoline and refused to credit my account for unauthorized charge, it takes 2 hours on hold and they cut you off, customer service not in is and can’t help,. I just listed my house with a property manager on Vrbo, it was rented and Vrbo sent $2029 to my account that I gave the property manager for deposit of funds.

      Lili sent me an email saying the funds are on hold and can’t release the money without documentation and selfie from me and the property manager and IDs and company info, then when I questioned they sent me Lili will never steal someone’s money or hold your money hostage, real professionals, sounds like a total scam, never had a bank say that. They said they will hold the money for 2 weeks and then return it if I didn’t give the info. I asked for my funds now and they went and returned the funds to Vrbo. Now Vrbo won’t process for a week the payment and I have bills to pay and no funds.

      Customer Service

      Reviewed Aug. 28, 2023

      After reading several reviews of Lili.co I tried applying for an account, I got as far as the "Submit EIN Letter" which I don't have and it stopped with no way to move forward. I have sent them 3 email, no response. I tried calling the customer service support number which sends me into an endless loop. Try calling, Press 1 if you don't know your account number. (855) 545-4380 Also, I cannot find any other number for them. Anywhere, all I found were complaints.

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      Lili Company Information

      Company Name:
      Lili
      Website:
      lili.co