Remote bank account opening in the U.S. is a thing of the past. Banking organizations are required to conduct a full customer identification program. This is directly related to the heightened terrorist threat and as an anti-money laundering measure.
As of 2018, all prestigious banks in the United States only open accounts for companies when the owner visits in person. However, that’s no reason to give up on opening a firm in the United States, as any tourist can get a bank account or credit card.
You can open a bank account in America and get a business credit card for an LLC or for your personal needs at any of the following time-proven banks with impeccable reputation:
- Bank of America;
- Citi Bank;
- Chase Bank;
- Wells Fargo Bank.
For example, Bank of America has an excellent reputation, high reliability, and is known for its loyalty to foreigners. The combination of these factors makes it one of the best solutions both for LLCs and personal accounts. Thus, you will be able to get both a checking account and a debit card with no problems.
Basic Information to Provide to Your Bank When Opening Business Account
Remember, banks always want to see their customers in person when it comes to opening an account. This is the practice not only in the United States but in most other developed countries. And it’s not just a whim of the federal government or a specific state – there’s a pressing need for you as a client, as well. You will personally witness the entire process, without any intermediaries. Just make sure you address a reliable bank from our list and have the following information with you:
- Your Name and Birth Date;
- Permanent U.S. Address and Contact Information;
- SSN (Social Security number) or ITIN (Individual Taxpayer Identification Number);
- Citizenship Status, Country of Citizenship;
- Employment Status and Income;
- Monthly Housing Payments;
- Existing Bank Account.
The application process will be the same (for the most part), regardless of your citizenship status. However, you should know that some card types are only available to legal permanent U.S. residents. Plus, you might not have or be eligible for an SSN or ITIN.
In addition, getting approved for a new credit card can be challenging if you don’t have a good credit history in your home country. U.S. banks often refuse to open a card if the customer has not met all of the conditions.
How to Open a Bank Account for LLC in the U.S.
So you have established an LLC (Limited Liability Company), and your orders start coming in – as do invoices for supplies and services needed by your business. Whether you need to deposit a check from a customer or pay a business expense, you will need to create a business bank account for your LLC.
By establishing an LLC, you have created a separate entity that provides you with limited liability protection. Because your LLC is a separate entity, you must keep your LLC’s finances separate from your personal finances, too.
In addition to the legal requirement to maintain a separate bank account for your company, there are also practical reasons to have one. Thus, it will help you keep your personal expenses separate from your business expenses, which makes it much easier to calculate your taxes.
Finally, once you open your business bank account, you will have the ability to maintain it consistently and responsibly, which will help you develop a strong relationship with your bank, which can be invaluable if you need a loan in the future.
How to Open an LLC Bank Account
While opening an LLC bank account isn’t easy, it shouldn’t take too much of your time, as long as you do the right research and bring the right documents to the bank.
There are a huge number of bank account options, and you’ll need to do some research to see which account is right for your needs: different types of business checking accounts for an LLC, business credit cards, and service options. You’ll also need to decide on things like overdraft protection, the ability to write checks from the account, or a corporate debit card.
Will you only need one account or more? Will the specified credit limit work for your LLC? What annual or monthly fees should you expect? All these questions will help you decide which type of bank account will work best for your LLC.
What Documents Do You Need?
The bank will require you to bring the following documents:
- Certificate of incorporation of the company in the state. Articles of Organization or Certificate of Organization, depending on the registration state of your LLC;
- Your LLC Federal Tax Identification Number (EIN, or Employer Identification Number);
- Your LLC Operating Agreement (Minutes) or any other document stating who is authorized to sign documents on behalf of your LLC;
- Your ITIN/SSN federal taxpayer number.
Once you have gathered all the necessary documents, you can meet with our banker at, say, Bank of America or any other bank mentioned above to open a bank account for your LLC or Corporation. Doing your research ahead of time and gathering all the necessary documentation will make it all easy. You can also hire online services like ZenBusiness, LegalZoom, or Northwest Registered Agent for help.
A separate business bank account is a requirement for your LLC. Having such an account will help you in many practical aspects of running your business, e.g. accounting for expenses, paying your business accounts, and making customer payments. In addition, using your business bank account responsibly will help you establish a stronger relationship with your bank, which will be especially valuable if your LLC needs loan financing from the bank.
