Hi @freehunter, as a fellow skeptic, I can appreciate your question as to how Azlo makes money if there are no fees. As an executive of Azlo, I can tell you that there are many ways Azlo can and will make money without having to charge fees. Some have been mentioned here (interchange and deposits) and some are coming down the pipe (lending, international payments, etc). Many accounts will be lost leaders in that their deposits and their activity do not give us any substantial revenue. But having LLCs and C-Corps (who tend to have larger balances and do more transactions) will make it very worthwhile. Rest assured that the banking fees you are used to with other banks are not and will not be there with Azlo.
Also, we are a banking platform built for developers. Tech-savvy customers will have access to their accounts through our recently announced API portal https://www.azlo.com/tech/ (scroll down to 'Coming soon')
Hope you give us a shot and provide feedback for our API beta!
Perfect, thanks! I don't mean to criticize, I just want to make sure that my bank will be able to survive and won't unexpectedly shut down. Thanks for the clarification!
We didn't take it as a criticism at all! I love that people other than us, think about these sorts of things. It was a perfectly valid question and one that everyone should know the answer to so that doubt and/or fear are not part of your decision to join our community.
If you are in the market, I hope you check us out. If you aren't, tell your friends!
Also, we are a banking platform built for developers. Tech-savvy customers will have access to their accounts through our recently announced API portal https://www.azlo.com/tech/ (scroll down to 'Coming soon')
Hope you give us a shot and provide feedback for our API beta!