open business bank account online wells fargo

Every business, big or small, needs its own business checking account. You can open most Wells Fargo business accounts online or by. Business Market Rate Savings · $300 minimum daily balanceOpens Dialog · A total amount of $25 or more of automatic transfers from a Wells Fargo business checking. How do I apply for a business checking or savings account?

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Best Banks for eCommerce Business

Once you've decided you're starting an eCommerce business and have your eCommerce business license, you need to start looking at what bank you'll use.

Not all banks are capable of keeping up with the fast-paced world of eCommerce.

Download Our Free Starting eCommerce eBook

You'll need to make sure that the bank you choose can help your business grow and give you the tools to succeed. It will also make eCommerce accounting much easier, since you'll know where your money is and how it's growing.

We've put together a guide on the best bank accounts and banks for eCommerce businesses to help you make an informed open business bank account online wells fargo Bank Account for eCommerce Business

There are many bank account options for eCommerce businesses, but a checking account is the most important. We've put together a list of the five best free checking accounts available. There are many types of eCommerce businesses, so we ranked these accounts based on their overall value.

Here's how we ranked them:

eCommerce Bank Ranking Criteria
  • Cost. If you're running an eCommerce startup, you know that money can be tight. You don't want an account that costs you money every month just to keep it open.
  • Limits. Transaction limits, minimum balance requirements, and the inability to access your account on the go can hamper your buying power. Small eCommerce business owners are better served by accounts that help their business, not hamper them.
  • Features. Mobile bank apps are one of the best features for a small eCommerce business bank account. There are a few other useful features to look for as well, including transaction alerts, mobile deposits, and ACH transfer options.
  • Integration. Many accounts can actually be integrated into other services you use like Quickbooks, Stripe, and more. Though not necessary, this is a nice feature that can bring value to some eCommerce businesses.

1.Novo

Novo is a much newer business banking solution but it was built specifically around mobile banking for small business owners. This means you won't run into any tech issues and it can be integrated into most online storefronts.

The best thing about Novo is that all of its features are entirely free. This includes a Mastercard debit card, unlimited transactions, transaction alerts, and ATM refunds. Even better, it comes with Google Cloud credits and zero-cost processing from Stripe. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with. Whether you own your site or use an online marketplace, we think Novo is the best choice for you.

2. NorthOne

Like Novo, NorthOne is a modern banking solution for small businesses and freelancers. They offer an FDIC-insured business banking account with API connectivity to PayPal, Square, Quickbooks, and many other tools. Even better, it only takes three minutes to set up and for a flat fee of $10, you get unlimited transactions and no hidden fees.

The best thing about NorthOne is the user-friendly mobile banking. For small businesses and entrepreneurs, this can make all the difference as you have access to your account and reports 24/7. You can even order extra debit cards for your team within the app!

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3. Chase Business Complete Checking

Unsurprisingly, one of the 10 largest open business bank account online wells fargo in the world also has some of the best offerings for eCommerce businesses. Chase Business Complete (formerly Chase Total Business) is the perfect all-in-one account for a small- to mid-sized business.

In addition to a slew of incentives they offer for opening an account, they've also got a pretty robust mobile app. It also comes with all the typical offerings like an extensive ATM network, debit cards, ACH transfers, and mobile depositing. That way you'll always be able to accept an eCommerce payment.

The only real drawback to the Chase Business Complete Checking account is that it has a monthly fee. This fee of $12 is waived as long as there is $1,500 in the account regularly.

Still, the benefits far outweigh this potential cost. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with.

4. TIAA Small Business Checking

The second of the larger banks on our list is TIAA Bank. Their Small Business Checking is a great option for small eCommerce businesses that want a long-term banking option. It has no monthly fees, ATM reimbursement, and convenient mobile check deposits.

One drawback of this account outer banks theaters movie theaters that it requires $1,500 to open, which may be tough for a startup. That being said, it also offers an APY of 1.21% for the first year, which is higher than many savings accounts. If you have the capital and expect to grow quickly, this is a very good account option.

5. Axos Small Business Banking

The oldest online bank in the U.S., Axos is built conveniently to serve eCommerce businesses. There are no physical locations, but your money can be accessed from any ATM in the U.S. and fees will be reimbursed. Accounts are also free to open and have no minimum balance requirements. New business owners can even get $100 when opening an account.

The negatives for Axos are that you are limited to 200 free transactions per month, after which you're charged $0.30 per transaction. They also don't offer credit cards and customer support hours are not always convenient.

Best eCommerce Bank

Choosing a bank for your eCommerce business can be complicated, so we've broken it out into a few categories that you may fall under. Unlike our list of checking accounts, here we're looking at banks with a narrow lens.

Here are the best banks:

Best Overall Bank for Small eCommerce Businesses: Chase

Not only did Chase top our list of checking accounts, but they're the best option for small businesses. With more than 5,000 locations and 16,000 ATMs across the globe, you'll always have physical and digital access to your accounts. They also have multiple tiers of business accounts so you can grow and stay with the same bank.

One safety 1st grow and go comfort cool the best aspects of Chase is that they offer small business loans ranging from $10,000-$50,000. This capital may be vital in taking your business to the next level. Their credit card offerings are also some of the best on the market.

Best Credit Union for eCommerce Businesses: America First Credit Union

America First Credit Union is a Utah-based credit union with a number of co-operative banking agreements. These let its members access their accounts through more than 30,000 ATMs in the U.S. They also have a robust business loan program and offer a dedicated business credit card. It has multiple business checking account options and can assist with payroll, business

Unfortunately, like many credit unions, America First only operates in a handful of states. Luckily, If your business is in one of them, then you could do much worse.

Best for SBA Loans: Wells Fargo

Another prominent bank, Wells Fargo has a very strong set of offerings for small businesses. In 2019, they lent more than $140 million to small businesses. Even better, their average loan size is around $80,000.

That means you don't have to be in open business bank account online wells fargo of an astronomical sum to get approved. They are a bit more traditional than some other banks on this list, but their customer service, number of locations, and financing options make up for it.

Best Sign Up Perks: Bank of America

Another big name in banking, Bank of America has some great incentives for small eCommerce cities in tarrant county texas. They have multiple options for cashback when opening an account, getting a business card, and even spending. They also have locations all over the country so you can easily find a branch if you need to do some in-person banking.

Unfortunately, unlike Chase, Bank of America doesn't offer unlimited free transactions. They also limit the number of free cash deposits. If you're looking to open a second business account or won't be depositing money too often, comerica bank customer service 24 7 may be a great option.

Download Our Free Starting eCommerce eBook

Show Me the Money!

A business without a bank account is like a house without walls. It might function, but it's not going to be enjoyable. You need to make sure your money is protected and working for you. Pick the bank and account options that best match your company's needs and growth goals.

If you're a very thorough planner, try to include this information in your eCommerce business plan template. This will signal to investors that you have a good financial plan and keep you focused. You should also make sure to pick up some eCommerce business insurance. You don't want to end up draining that new bank account on lawsuits.

We also recommend picking up some eCommerce books and reading an eCommerce blog or two so you can learn about the current trends and continue to grow your business and fill up that new bank account.

Frequently Asked Questions About eCommerce Banking

Though eCommerce banking has similarities to personal banking, there are key differences to be aware of. If you’re doing business banking for the first time, you’re likely asking a few common questions. Check out our answers to these frequently asked questions below: 

Do I need a business bank account for eCommerce?

Yes, you should set up a business bank account for your eCommerce venture. There are multiple benefits to keeping your business transactions separate from personal ones. 

One, it simplifies accounting because you don’t need to separate personal purchases. Two, it’s much easier to assign expenses to specific accounts on a monthly basis. Three, your business taxes and fees are kept separate from personal income. This offers peace of mind for all of your financial accounts. 

How much does it cost to open a business account?

Every business’s policies vary, but most banks will let you open a business checking account for $25-100. This isn’t a fee you pay to begin banking with the company, but a minimum balance required to open your account. 

Some businesses require a minimum daily balance of $1,000 or more, though this depends on what bank you use and their requirements. When opening a business account, review their terms carefully and make sure it’s a bank that works for your needs. If you have specific questions, contact one of their business representatives. 

What do I need to bring to open a business bank account?

There are several documents to bring when opening a business bank account, including the following: 

  • Employer identification number (EIN) or federal tax ID (FTID)
  • Articles of organization or incorporation (depending on business type)
  • Personal identification, including driver’s license and social security card
  • eCommerce, retail, and/or manufacturer’s license
  • Your Doing Business As or certificate of assumed name
  • Ownership agreements (who owns what and what amount in the business)
  • Current monthly business revenue

Your bank uses this information to keep accurate records and to simplify the sharing of information during tax season.

All offers, interest rates, and conditions are as of this writing and walmart ps5 pre order have changed. Check with the respective bank for current details.

Источник: https://www.bluecart.com/blog/best-banks-ecommerce

How to Open a US Bank Account Online for Your Business

It’s important to understand that the US has recently passed laws that place strict controls on how — and if — US banks can establish accounts for non-residents and for businesses located outside the country. This is designed to prevent money laundering and other international criminal activity.

In addition, individual states often have their own banking regulations that may affect the requirements for opening business accounts for foreign companies. And these regulations can vary widely from State to State.

Further, most commercial banks will have internal policies that govern how they handle accounts from overseas customers — both to comply with law, and to protect the bank against potential fraud or other possible losses. These policies may also be different in each bank.

The best approach is to directly contact the bank in the State where you will be opening the account and ask about their policies and procedures. But here are the general requirements:

  • You must open the account in person

With few exceptions, you will need to visit the bank in the US where you wish to open the account. This is required to verify your identity, and to allow the bank to validate the documents and information needed to open your account. You will need an official photo ID, proof of home address, bank statements from your home country bank, and perhaps other verification. Ask the can you email linkedin customer service for details.

  • Your business must be registered in the United States

To open a business account, you will need to register as a business in one of the 50 States, preferably where you will be doing most of your business. This applies whether you are a single person or a small company. The required documents will vary depending on whether you register as a sole proprietorship, an LLC, a corporation or other business structure recognized in the US. Ask the bank for their actual requirements. You may need to arrange with a US attorney in advance to legally establish a US-based business entity.

  • You will need a physical US business address

You will not necessarily need a warehouse, factory, or office in the US, but you must still provide an actual address (not a Post Office Box) for your US-registered business, preferably near the bank where you are opening the account. Some businesses use the offices of an attorney, a Registered Agent, or other specified representative of the company. You will need to set up these arrangements before opening the account, and verify that the bank will accept them.

  • You will need a US tax identification number

For most businesses, this will be an Employer Identification Number — an EIN — which is required by the bank, and your business, for reporting information to the US federal tax authority, the Internal Revenue Service (IRS). You can obtain this number directly from the website irs.gov, along with written confirmation of your EIN, which you must provide to the bank when opening the account.

  • When opening the account, you must usually complete a W-8Ben form for the IRS, which is needed for non-residents who don’t have US Social Security numbers.
Источник: https://www.payoneer.com/resources/how-to-open-us-bank-account/

Best business checking accounts – November 2021

Choosing the right checking account is very important for a business. This is because an owner wants to concentrate on their business, not banking. Convenience, not paying fees and having an easy way to bank, miss peregrines home for peculiar children full all be priorities.

Different businesses are going to have various features that they’re looking for in a business checking account.

“(Business owners) enjoy doing what they’re selling or what their business is all about,” says Kari Harpold, treasury management officer at Capitol Bank in Madison, Wisconsin. “But to have to also do all of the financial end of things … it’s not what they enjoy doing. So if they can just have a good relationship with the bank, where the bank’s handling a lot of that stuff for open business bank account online wells fargo, you’re just making it more efficient for them and save some of their time, then that’s a better scenario for them.”

The best business checking accounts of November 2021

Why trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate’s Best Business Checking Accounts

Bankrate’s editorial team regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks. To find the best business checking accounts, our editorial team analyzes various factors, such as: annual percentage yield (APY), minimum balance requirements and broad availability. All of the accounts below are insured by the Federal Deposit Insurance Corp. (FDIC) at banks or by the National Credit Union Share Insurance Fund (NCUSIF) at National Credit Union Administration (NCUA) credit unions.

Bankrate’s picks: Best business checking accounts for November 2021

Best for free account with no transaction limits: Bethpage Federal Credit Union; 0.20% APY

Overview: Bethpage Federal Credit Union was established in 1941.

Perks: Bethpage Federal Credit Union’s Free Business Checking with Interest doesn’t have a transaction limit. It also doesn’t charge you a monthly service fee and it earns some interest. Anyone can join Bethpage Federal Credit Union with a $5 deposit into a savings account.

What to watch for: It only has branches on Long Island, New York.

Best for outgoing domestic wire transfers: Capital One; 0% APY

Overview: Capital One has about 380 bank branches, Capital One Cafes and offers online bank accounts. Savings accounts, business credit cards, the ability to accept credit card payments from customers and lending options are some of the products and services that North texas orthopedics denton One offers for businesses.

Perks: The first five domestic outgoing wires each month are free with the Spark Business Unlimited Checking account. Those domestic outgoing wires are valued at $125, since after your five free monthly wires are sent you’ll be charged $25 for each additional domestic wire transfer.

The Spark Business Unlimited Checking account allows you to have the monthly maintenance fee waived on up to two Spark Business Basic Checking accounts. Account holders also won’t be charged for receiving domestic wire transfers and no fee is charged on cash deposits of less than $40,000 a month. It also allows unlimited transactions.

What to watch for: A monthly maintenance fee free business account pinterest $35 is charged for 30-day or 90-day balances that go below $25,000.

Spark Business Unlimited Checking customers aren’t charged a fee for making cash deposits. But the bank may convert the account into another checking product if you make more than $40,000 in cash deposits during a statement cycle. The account is meant for businesses that have less than $10 million in annual sales.

Best for a cash-back debit card: LendingClub Bank; 0.10% APY (on balances $5,000 or more)

Overview: LendingClub Bank is an online bank founded in 2007.  Radius Bank, which was founded in 1987, was acquired by LendingClub in February 2021.

Perks: LendingClub’s Tailored Checking offers unlimited cash back of 1 percent and earns 0.1 percent APY on balances of $5,000 or more. The account also offers businesses free unlimited transactions.

What to watch for: LendingClub Bank has only one cashless branch, in Boston, according to its website. Businesses that need cash and coin orders on a regular basis may want to avoid online banks. There is a $10 monthly maintenance fee if the Tailored Checking account balance falls below $5,000.

Best for getting a safe-deposit box discount: Regions Bank; 0% APY

Overview: Regions Bank has about 1,400 branches in the South, Midwest and Texas.

Perks: Regions Bank’s Business Simple Checking account offers business owners up to a 40% discount on a safe-deposit box. Account holders can waive the $7 monthly service fee by making at least $500 in purchases with a Regions Business CheckCard. Regions requires only a $100 deposit to open the account.

What to watch for: Regions Bank has locations in 16 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.

Best for business perks: Security Service Federal Credit Union; 0.15% APY (on balances of $1,500 or more)

Overview: The Security Service Federal Credit Union Premium Business Checking account offers an account that helps with more than just banking. The account is subject to a $20 monthly maintenance fee for accounts that don’t maintain an average daily balance of open business bank account online wells fargo least $50,000.

Perks: With the account, you’ll have access to a network of attorneys, who provide free and discounted services for Premium Business Checking customers. The credit union also provides business checking customers with mobile phone coverage, which covers accidental damage, mechanical failure or theft. Two claims of up to $500 each are permitted in a 12-month period.

What to watch for: Only customers who live, work, attend school, worship, volunteer or have a business in Colorado, Texas or Utah are eligible to join the credit union. You can also join by being a military member of select branches or units. Department of Defense employees at certain bases within Security Service Federal Credit Union service areas may also be eligible.

Also, family members or household members of an existing member can join.

Best for lower-balance cash deposits: VyStar Credit Union; 0.10% APY (on balances of $2,500 or more)

Overview: VyStar Credit Union is the 18th-largest credit union based on assets, according to VyStar’s website, and it is headquartered in Jacksonville, Florida.

Perks: The VyStar Credit Union Small Business Checking account lets a business deposit up to $10,000 in cash monthly without paying a fee. Other banks or credit unions might tcm bank na lower limits on depositing cash for free.

The account pays interest on daily balances of $2,500 or more and doesn’t have a monthly maintenance fee.

What to watch for: People who live or work in 49 Florida and 10 Georgia counties can join VyStar Credit Union. A $5 minimum deposit is required to open an account.

Business checking account features and terms

  • Debit card: A debit card allows you to make purchases from your business checking account. Business debit cards typically can also be used at ATMs, and employees may also have debit cards issued to them.
  • Cash-counting limits: Your bank might limit the amount of cash that can be deposited into the account without incurring a fee, which affects certain businesses — such as restaurants, grocery stores or convenience stores — more than others.
  • Positive pay: This feature allows a business to submit information about the checks that it has written to limit the occurrence of fraudulent transactions. “The customer is able to see an image of that check that doesn’t match for whatever reason up on their computer screen within their online banking,” says Harpold of Capitol Bank. There’s usually a fee for this service. Positive pay may also be available for automated clearing house (ACH) transactions.
  • Bill pay: A business can pay its bills online through a business checking account.
  • Remote deposit capture: A business may open business bank account online wells fargo able to deposit checks without going to the bank through this service.
  • Items: Some business checking accounts may limit the number of items per month. An item may be a check, ACH, cash withdrawal with a teller, ATM withdrawal, debit card purchase or other amount added or subtracted from your account, according to Randolph-Brooks Federal Credit Union’s website.

What to consider when choosing a business checking account

Here are some things open business bank account online wells fargo consider before opening a business checking account:

  • Minimum balance requirement.
  • Monthly maintenance fee.
  • Other fees.
  • Bonus for new accounts.
  • Cash-counting fee.
  • Free or discounted checks.
  • Number of free items or transactions.
  • Proximity to your business — especially for businesses that need cash or coin orders often. Or businesses that need to deposit cash or coins.

What to know about minimums and fees

It’s important to know the minimum balance requirements and fees. Try to find an account that doesn’t charge a monthly maintenance fee or one that has a fee that you can easily get waived. You may be able to waive some fees by maintaining a certain balance. Or there may be other ways to avoid a fee. For instance, Regions Bank waives the monthly service fee for those generating $500 or more in Regions Business CheckCard and or business credit card purchases.

Business checking account FAQs

Which bank is best for small businesses?

The best bank for a small business will depend on the priorities of the small business. Each small business is going to have different things that they’re looking for in a small business account. It may depend on the type of business or the type of banking services it needs.

A tech-savvy owner of an e-commerce business might opt for an account at an online bank. But a restaurant owner, who needs change every day, might favor the bank down the street.

What do you need to open a business checking account?

To open a business checking account, you’ll need some documents for yourself and the business. These may include your government-issued photo ID, your Social Security number, the tax ID number (TIN) for the business, a deposit of cash or a check made out to the business and other business formation documents.

What are the benefits of a business checking account?

A business checking account should help keep your personal and business banking separate.

There are a few reasons why your business should have a business checking account.

  • It could help limit potential liability and make it simpler to file taxes.
  • It makes it easier to see how your business is doing.
  • A business checking account might also offer you more options, such as the ability to accept credit card payments.
  • Your business will look more professional when writing checks.

Do I need an LLC to open an account?

A sole proprietorship may be able to open up a business checking account. A Social Security number, employer identification number (EIN) or an individual taxpayer identification number (ITIN) is needed.

Can I open a business checking online?

You might be able to at certain banks. Certain online banks also will let you open an account online. You may also be able to apply for a business checking account online at a brick-and-mortar bank.

Can I open a business checking account at a credit union?

Both FDIC banks and NCUA credit unions offer business checking accounts. Some online banks also offer these checking accounts.

Can I use a personal checking account for business?

Rachel Ivanovich, an enrolled agent and founder safety 1st baby car seat 3 in 1 Easy Life Management in Carlsbad, California, says it’s always better to keep your business and personal accounts separate and not commingle funds.

“I tell all of my clients, even if you only have a few transactions and it seems silly to have a separate bank account, do it anyway,” Ivanovich says. “In the long run, as your business grows, you’ll be in the habit of keeping your funds separate. And it makes tracking so much easier. It just makes the accounting cleaner and if you ever do get audited, it’s so much better.”

What’s the difference between a business checking account and a personal checking account?

Business checking accounts may have different features, terminology and limits than a personal checking account.

It is likely to have more restrictions and possible fees, too. For instance, generally in a personal checking account, you’ll write checks and make withdrawals without tracking how many transactions you make. That is because unlike a business account, there usually isn’t a fee based on the number of transactions made or items.

Keeping track of your business’ union bank address a business owner, especially at a small business, you have a lot to keep track of: Bankrate has calculators that may help. You might also opt to use QuickBooks or another software program to help keep track of your business.

Bankrate’s Best Business Checking Accounts for November 2021

BankChecking account nameAPYMonthly fee
Bethpage Federal Credit UnionFree Business Checking with Interest0.20 percent APYNone
Capital OneSpark Ecb 124 Unlimited CheckingN/A$35
LendingClub BankTailored Checking0.10 percent APY*$10
Regions BankSimple Checking BusinessN/A$7
Security Service Federal Credit UnionPremium Business Checking0.15 percent APY**$20
VyStar Credit UnionSmall Business Checking0.10 percent APY***None

*On balances of $5,000 or more.
**On balances of $1,500 or more.
***On balances of $2,500 or more.

Note: The annual percentage yields (APYs) shown are as of Nov. 16, 2021. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The rates for some products may vary by region.

Learn more:

Источник: https://www.bankrate.com/banking/checking/best-business-checking-accounts/

Can I use my personal bank for my small business?

Last updated: January 19th, 2021

As soon as your LLC is approved and you have acquired an EIN Number, it is time to open a business account to manage business finances.

However, if you are a foreigner and are launching an LLC in the U.S., you must be asking yourself the question, "Can non-US residents open a U.S. LLC bank account?” If yes, then how? 

This article answers all these questions with a step by stepguide to open an LLC bank account in the U.S. for foreigners.

Can Foreigners Open A Business Bank Account in the U.S.?

The United States is known as the largest economy in the world as well as a leading global trader. Many people from around the world set up online and physical business Limited Liable Companies in the U.S.

As a foreign entity, it is not possible to open a business bank account in the United States unless your business is registered in the U.S. as per the requirement. You must also have an EIN (Employer Identification Number), a unique identifier that is issued to the business to make sure that IRS can identify it for tax purposes.

Although as a non-citizen of the United States, it's a little complex to open a business bank account in the U.S., it is totally achievable. 

Here are some essential facts for applying for an LLC business account:

  • There are no residency requirements to open a business bank account. You do not have to be an American citizen or a U.S. resident alien when opening an LLC bank account (more on this below, some banks do have requirements on this)
  • You don't have to personally travel to the bank to open the LLC business account (more on this below, some banks do require you to visit the branch in person)
  • You don't need an SSN (Social Security Number) to open a U.S. LLC bank account (more on this below, some banks do require an SSN)
  • You don’t need an ITIN (Individual Taxpayer Identification Number) to open a U.S. LLC bank account
  • Look for a “foreigner-friendly” bank that caters to residents who don’t have an SSN or ITIN. At such a bank, you can easily use your LLC’s Registered Agent address as your LLC's office address, while many banks do not allow that and require proof of an office in the U.S.

Read on to know how to open a business account for your LLCin the U.S. and the related information, residency, and documents required in the process.

What is the Process to Open an LLC Bank Account?

Opening a bank account is not easy or similar to opening your personal bank account. If you have a proper understanding of the process and bring the right documents to the bank, it will not take much of your precious time.

Before heading further, you must know that not all business bank accounts have the same steps to create. Let’s begin with the process;

Decide on Bank Account and Their Services

Every bank’s service options and monthly fee structure differs, and they have different levels of business bank accounts. You need to decide on various things, such as monthly banking fees, initial deposit amount, minimum balance requirements, and overdraft protection.

Do you need several accounts, or just one is enough? Minimum balance requirement will work for you or not; how much is the average monthly charge you can pay? These are some questions you must consider when deciding on a bank or account type for your business.

Moreover, discuss your needs with a range of banks in that State so that you have a better understanding of their fee structure and other services. You can choose from different local and national banks across America. If you have a bank account with an international banking system that operates in the United States, then you can simply transfer the account transversely. It is likely a good idea to stick with one of the below following four big banks:

  • Citibank
  • Bank of America
  • Wells Fargo (Very foreign-friendly)
  • JP Morgan Chase

It is recommended to stay for up to 1 to 2 weeks if there are any delays or extra things you need to get done to open the account.

Bank’s Documentation Requirements

Call your bank once you have finalized the type of business account and ask them about the documentation they require to open a business bank account for your LLC.

Most banks in the United States require the following documents to open the LLC bank account whether you are opening an account personally or online through some agency:

  • Photo ID of the owner or director who is opening an LLC bank account.
  • Proof of the personal address for the owner or director.
  • Proof of the business address to show that your LLC location and State of the bank branch are the same. Some banks may require additional documents like phone bills, lease, or utility bills.
  • A copy of the certificate of formation, articles of organization, or equivalent document of your LLC. These documents differ depending on the State where the LLC is registered. 
  • Employer confirmation pay my state farm bill by phone (CP575) or EIN verification letter (147C) of your LLC from the IRS.
  • Your LLC's operating agreement or any other similar document showing the one authorized to sign on your behalf.
  • U.S. Phone Number, it will make the bank feel more convenient to work with you.
  • Foreign driving license and foreign passport.
  • Fully filled Declaration Of Beneficial Ownership form provided by the bank. It identifies the true business owners before they can open a bank account and is designed to prevent illegal financial activity.

The bank you choose may also require additional documentation, so it is important to call the firm ahead to ensure you do not waste your time going there with incomplete documentation. 

Besides, it’s worth mentioning that many banks also require a minimum deposit amount to open an LLC account. Thus, apart from the required documents, check the minimum deposit amount when you hand in the documents as it also differs from bank to bank.

Open Your LLC Bank Account

Once all the proper documentation has been gathered, now it’s time to meet the banker to open your LLC business account. 

The bank will provide you an LLC banking resolution document to fill describing which LLC Member(s) enjoys the authority to open a bank account. Each bank provides its own resolution form, so you cannot prepare it ahead.

As you have done your research in advance and brought all the documents required for opening the account, now the final step in this process is easy and may take about an hour. 

Also, determine whether you need an ATM or checks. A few bank costs check-system some extra. If you have to make online purchases, then a debit card will be useful, and you do not need to apply for a separate business card.

Opening LLC Bank Account From Abroad

Is it possible to online open a business bank account in the USA?

As it is required by most banks that you must be physically present for document submission, it is not possible to complete the whole process from abroad. You can probably start the process online by getting a bank account opening application online, but you need to visit the bank and hand in the relevant documents in person.

However, there are a few exceptions now; some consultant banks may be willing to help you open a business bank account from overseas by making arrangements for you. Also, agencies like Mercury offer the same services for a fee and open a bank completely online. 

If you are applying through Mercury, it will take 1-2 weeks for application review and approval. You get an email notification from Mercury open business bank account online wells fargo that they review the application.

Why Do You Need An LLC Bank Account? 

There are various reasons why opening a business bank account in the United States can help your company. 

  • First, you will get easy access to the leading economy of the world. Despite the recent downturns, U.S. consumption remained high.
  • Also, you no longer need to pay hefty fees in the form of foreign exchanges. You can easily enjoy access to the global market as banks in the United States are known worldwide.
  • Easier time for calculating the taxes that you owe to free food pantries open near me federal or State government. Paying business bills, depositing payments, and accounting for the expenses becomes easier.
  • You will get more trust and respect from the suppliers and vendors and develop far better professionalism by paying with the check having your company’s name.
  • In the future, you may require a business loan, and getting that will be easier if you develop a business relationship with your company’s bank.

While this is possible we advise against this. Having separation between personal spending and business spending makes it much easier to reconcile your books each month and makes it much easier to handle/file taxes at the end of the year.

Therefore we recommend opening up a business bank account for your business and using a personal bank account for personal use.

Yes you can! There are certain banks which require you to visit a branch in person to open it but there are banking options you can use which allow you to open an account remotely from anywhere in the world. We'll explain which options are available below

You do not need a US SSN (Social Security Number) to open a US bank account!

While many banks do require an SSN again, there are a few options which allow you to open an account without one and again we'll explain which options are available below.

Company's Official Formation Documents

You'll need your company's official formation documents during the application.

For example, if you're an LLC this could be your "Articles of Incorporation!"

To learn more about LLCs vs C Corps, check out this blog post we wrote: LLC vs C Corporation: The Ultimate Guide to Decide Which Is Best For Your Business

EIN (Employer Identification Number)

You'll need an EIN number which is issued by the IRS

To get an EIN:

- Have a US SSN? You can apply online here

- Don't have one? You'll have to fax or mail in form SS-4 (Check out our full guide here on how to get an EIN as a non-US resident without an SSN!)

- You can also have a "responsible third party" apply for you in both of the above cases (StartPack 😄)

Government ID

You'll need some form of government ID.

Some banks open business bank account online wells fargo a US Passport if you're a non-US resident.

Most will accept any official form government ID (e.g. passport or US driver's license).

You'll need to provide information on your company and information on your company owners.

Information on your company

- Company name

- Brief description of company

- Formation documents (StartPack can help you get this!)

- EIN (StartPack can help you get this!)

- US Address (StartPack can help you get this!)

- US Phone Number (StartPack can help you get this!)

- Website (StartPack can help you get this!)

Information on your company owners

Banks require the info of anyone who owns 25% of the company and/or has access to company finances.

This typically includes:

- Contact Info (Name, Email, Phone)

- Address (This can be a non-US address)

- Government ID

You have your documents and all your information ready to go. Now what?

It's time to apply!

Many US banks will actually still require you to physically visit a branch to open an account.

However:

- Have a US SSN or TIN (Taxpayer Identification Number)? Certain banks will let you apply online :)

- Don't have one? Few banks will let you apply online :(

Keep on reading to see a full list of options!

Banks (and StartPack) can't "guarantee" up-front that your application will 100% be accepted as they have to go through their KYC (know your customer) process

Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud

To learn more about KYC regulations check out this helpful page on Wikipedia: https://en.wikipedia.org/wiki/Know_your_customer

Unfortunately, most banks can't share specific reasons why your application was rejected. However, to ensure this doesn't happen, we recommend going through the list of required documents for any bank + ensuring you aren't on a "restricted company type" list before applying!

Without further ado, here is a list of US Banking Options and their requirements!

Mercury

Mercury lets you open a FDIC-insured bank account that comes with API access, virtual cards, and more.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport

Transferwise

Transferwise is a business account to send and receive multiple currencies with the real exchange rate. Do business without borders.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

Wells Fargo

Can I open an account online? ❌

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • Must visit the branch in person in the US to open an account
  • Two forms of personal identification, one of which is issued by a government agency (ie passport or drivers license)
  • US SSN

Silicon Valley Bank

Silicon Valley Bank offers services designed to help you accomplish more as you work to grow your business.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport
  • Must Have Physical US Address
  • Must Have at Least One US Resident on Team

Lili

Lili provides banking, expense management and other tax-saving tools designed to save you time and money.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • US Residents: Government ID
  • Non-US Residents: Passport

First Republic

First Republic is a bank offering personal banking, business banking, trust and wealth management services.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US SSN
  • Passport
  • Must Be US Resident in Following Regions: SV, LA, BOS, NYC, Florida, PacNorwest, Austin, Chicago

Novo

Novo is built for small business owners, entrepreneurs, and freelancers. No hidden fees, no hassle.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • Must be US Resident
  • US SSN
  • Must Have Physical US Address
  • US Cell Phone (not a virtual number)

Brex

Brex provides credit cards, bank accounts, payments, expenses, and accounting all in one place keep you in control of your growth.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport
  • Must Have Physical US Address (A virtual address does not work 😞 )

Any other bank accounts you'd like us to review?

Let us know! You can find email us anytime, live chat us online, or find us on Twitter at StartPackHQ!

Arjun Mahadevan

Arjun is CEO and Co-Founder at Doola. He is passionate about helping international founders grow and scale their businesses. Arjun lives in New York and loves to grow his knowledge of fitness and nutrition.

Источник: https://www.doola.com/blog/how-to-open-a-us-business-bank-account

How to Close Your Wells Fargo Bank Account in 6 Steps

Tired of being with a bank that let down its customers and broke their trust? You don’t have to stay. And don’t stay just because you think making a switch will be hard. If you’d like to move your business to a financial firm that puts its customers first, we’ve made it easy to do.

Moving to an Aspiration checking account means you’ll get up to 100 times higher interest rates than Wells Fargo, none of the $15 a month fee that Wells Fargo charges on accounts with less than $10,000, and you’ll get free access to every ATM in the world.* Plus Aspiration gives 10% of its revenue to charities helping Americans in need. That’s why it was named Money magazine’s “Best Checking Account in America.”

Here’s a simple checklist of how to switch from Wells Fargo to Aspiration:

  1. Sign up to get an Aspiration checking account invitation here. You'll need an active checking account in order to fund your Aspiration Summit account, so before you close out from Wells Fargo, be sure to move that money over (and then you can say bye bye Wells Fargo)!

  2. As soon as you get an email with the invitation (it won’t take more than a week or so), click the link to apply for an Aspiration Summit checking account.

  3. During the account opening process, you’ll have the option to:

a. Link your Wells Fargo account.

b. Set the amount of money you’d like to transfer. Be sure to check your Wells Fargo account balance and make any required adjustments for any recurring or pending payments before you set the amount to transfer into the Aspiration checking account.

  1. You will receive an email notification when your application has been processed, and your account has been successfully opened.

  2. You should expect your debit card 7-10 business days after account opening. After you receive the debit card, login on aspiration.com to locate your Aspiration routing and acct numbers. To set up direct deposit simply provide these to your employer, interest only mortgage loan rates request a form from our support team should your employer prefer that.

  3. Once you have your debit card and your direct deposit set up, then contact Wells Fargo to cancel your account at 1-800-869-3557 or sign in to Wells Fargo and select “Contact Us” to send an email request to close the account. Congratulations!

That’s it. It’s simple to make a switch to trust with Aspiration.

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Investment products are offered through Aspiration Fund Adviser, LLC. Investment login edd unemployment Are not FDIC insured. Are not Bank Guaranteed. May lose Value.

*Annual Percentage Yield (APY) accurate as of 09/21/2016. Minimum amount to open account is $10.00. Rate tiers are as follows: 0.25% APY applies to balances of $0.01—$2,499.99, and 1.00% APY applies to the entire balance on balances of $2,500 or more. Rate and APY are variable and are subject to change after the account is opened. Fees may reduce earnings.

ATM surcharge rebates apply to cash withdrawals using the Radius Debit Card wherever it is accepted. Radius Bank makes its best effort to identify those ATM fees eligible for rebate. In the event that you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.683.8529. ATM fees will be rebated at the end of each statement cycle. Radius Bank reserves the right to modify or discontinue the ATM surcharge rebate at any time.

Источник: https://blog.aspiration.com/how-to-close-your-wells-fargo-bank-account-in-6-steps/
open business bank account online wells fargo

Open business bank account online wells fargo -

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC

Chime Home

Wells Fargo is one of the largest banks in the United States. It is important, though, to be aware of the fees charged by the bank before a new checking account such as Wells Fargo overdraft fees, monthly fees, and foreign transaction fees.

Banking like it should be.

Signing up is free and takes less than 2 minutes.

✓ No ridiculous bank fees

✓ Get your paycheck up to 2 days early

✓ Grow your savings automatically

✓ 38,000+ fee-free ATMs.

Monthly Maintenance Fee

$0

$10

Opening Deposit Requirement

$0

$25

Card Replacement Fee

$0

$0

Foreign Transaction Fee

$0

3%

ATM (out-of-network)

$2.50

$2.50

Opening Deposit Requirement

There are many different types of Wells Fargo fees that may be charged for various account types.

Wells Fargo Overdraft Fees

  • Overdraft fees are charged per item that overdrafts the limit. Beware of a multitude of overdraft fees that can result in a quick $100+ in fees. Anytime your account balance drops below zero, this fee is charged per transaction.

Overdraft Protection Transfer From Linked Savings Account

  • This fee is charged for the convenience of Wells Fargo transferring money from your savings into your checking account. This fee is less than the overdraft fee, but it is still a hefty fine to pay for dropping your checking account balance below zero. This fee is also incurred on a per-item basis.

Returned Item

  • Another common name for a returned item is when a check gets bounced. This refers to a check or another item overdrafting an account or being returned because it would result in an overdraft.

Stop Payment

  • Though this trick will only save a few dollars than an overdraft, some checking accounts, such as the “Portfolio” by Wells Fargo will waive this fee with a high enough account balance. This fee refers to the act of stopping a check or transaction from taking place to prevent an overdraft.

Wire Transfer

  • Wire transfers occur when money is electronically withdrawn from one bank account and deposited into another. Wire transfer charges can vary by account type and balance. These fees can also occur when money from your Wells Fargo transfers to another bank, even if both in your name.

Wells Fargo Check Cashing Policy For Non-account Holders

  • Wells Fargo currently charges up to $7.50 for a non-customer to cash a check drawn upon their bank without having an account. There is also a Wells Fargo check cashing limit of $2,500 for non-account holders.

Wells Fargo has five different types of checking accounts:

  • Everyday Checking
  • Preferred Checking
  • Portfolio
  • Teen Checking
  • Opportunity Checking

The monthly maintenance account fee for the Everyday Checking Account is $10 but can be waived by meeting any of the following requirements:

  • 10 or more debit card purchase/payments
  • Qualifying direct deposits totaling $500 or more
  • $1,500 minimum daily balance
  • Have a linked Wells Fargo Campus ATM or debit card

This is an attractive option for young adults or college students because it has low fees that can easily be waived. For example, the fee is already lowered to $5 just because your age is between 17-24.

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$2.50 charge per withdrawal

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$5 charge per withdrawal

Overdraft Fees

$35 charge per item

Overdraft Protection Transfer from linked Savings account

$12.50 charge per transfer

Deposited Item Returned or Cashed Check Returned

$12 charge per item

Incoming Domestic Wire Transfer

$15 each

Income Wells Fargo Wire Transfer fee International

$16 each

Outgoing Domestic Wire Transfer

$30 each

Outgoing Wells Fargo Wire Transfer fee International

$45 each

Money Order (up to $1,000)

$5 each

These checking accounts earn interest on a balance greater than $500, as well as receiving a $10 discount on personal checks. This account is the best options for anyone that opens a mortgage with Wells Fargo. There is a $15 monthly maintenance fee that can be waived by meeting any of the following criteria:

  • $10,000 in combined minimum deposit balances
  • Qualifying direct deposits totaling $1,000 or more
  • A linked Wells Fargo mortgage

Monthly Maintenance Fee

$15 charge a month

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$2.50 (waived once a cycle)

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$5 charge per withdrawal

Overdraft Fee

$35 charge per item

Overdraft Protection Transfer from linked Savings account

$12.50 charge per transfer

Deposited Item Returned or Cashed Check Returned

$12 charge per item

Incoming Domestic Wire Transfer

$15 each

Outgoing Domestic Wire Transfer

$30 each

Money Order (up to $1,000)

$0

The benefits of this account are that it has lower fees and higher interest rates. This is the best option for a wealthier individual for their personal checking account. The fees from the lower accounts will be waived, and the high monthly fee can also be waived by meeting certain criteria. This is the highest tier checking account that Wells Fargo offers but it comes with a $30 a month price tag. This fee can be waived, however, by meeting any of the following requirements:

  • $25,000 or more in linked qualifying bank deposits
  • $50,000 or more in linked qualifying bank, brokerage, and credit balances

Monthly Maintenance Fee

$30 charge a month

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$0

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$0

Overdraft Fee

$35 charge per item

Overdraft Protection Transfer from linked Savings account

$12.50 charge per transfer

Stop Payment

$31 each ($0 with $250,000 balance)

Deposited Item Returned or Cashed Check Returned

$12 charge per item

Incoming Domestic Wire Transfer

$15 each

Outgoing Domestic Wire Transfer

$30 each

Money Order (up to $1,000)

$0

Wells Fargo also has multiple different savings account options:

  • Platinum Savings
  • Wells Fargo CDs

The Way2Save Savings account has a maximum of six withdrawals during a month pay period and has a monthly fee of $5 that can be waived by having one of the following each pay period:

  • Maintain a $300 minimum daily balance, or
  • Set up and maintain one or more automatic, recurring savings options
  • Are under the age of 18

The Platinum Savings also has a maximum of six withdrawals per month, but it has a higher monthly fee at $12. However, this too can be avoided by maintaining a $3,500 minimum daily balance. The universal Wells Fargo transfer limit is 6 transfers from your savings account per month.

Wells Fargo CDs are savings accounts that pay a fixed interest rate for an agreed upon period of time that the money deposited will stay in the account. By depositing your money into a CD for a set term, you lock in your initial deposit principal and interest rate until your money matures. Your interest compounds daily and is generally paid monthly, although interest payments made quarterly, semi-annually, annually, or at maturity are also available.

Applying for an account is free and takes less than
2 minutes with no impact to your credit score.

Let's Go!

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Information Current as of September 21, 2018

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/bank-fees/wells-fargo-banking-fees-and-charges/

Best Banks for eCommerce Business

Once you've decided you're starting an eCommerce business and have your eCommerce business license, you need to start looking at what bank you'll use.

Not all banks are capable of keeping up with the fast-paced world of eCommerce.

Download Our Free Starting eCommerce eBook

You'll need to make sure that the bank you choose can help your business grow and give you the tools to succeed. It will also make eCommerce accounting much easier, since you'll know where your money is and how it's growing.

We've put together a guide on the best bank accounts and banks for eCommerce businesses to help you make an informed choice.

Best Bank Account for eCommerce Business

There are many bank account options for eCommerce businesses, but a checking account is the most important. We've put together a list of the five best free checking accounts available. There are many types of eCommerce businesses, so we ranked these accounts based on their overall value.

Here's how we ranked them:

eCommerce Bank Ranking Criteria
  • Cost. If you're running an eCommerce startup, you know that money can be tight. You don't want an account that costs you money every month just to keep it open.
  • Limits. Transaction limits, minimum balance requirements, and the inability to access your account on the go can hamper your buying power. Small eCommerce business owners are better served by accounts that help their business, not hamper them.
  • Features. Mobile bank apps are one of the best features for a small eCommerce business bank account. There are a few other useful features to look for as well, including transaction alerts, mobile deposits, and ACH transfer options.
  • Integration. Many accounts can actually be integrated into other services you use like Quickbooks, Stripe, and more. Though not necessary, this is a nice feature that can bring value to some eCommerce businesses.

1.Novo

Novo is a much newer business banking solution but it was built specifically around mobile banking for small business owners. This means you won't run into any tech issues and it can be integrated into most online storefronts.

The best thing about Novo is that all of its features are entirely free. This includes a Mastercard debit card, unlimited transactions, transaction alerts, and ATM refunds. Even better, it comes with Google Cloud credits and zero-cost processing from Stripe. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with. Whether you own your site or use an online marketplace, we think Novo is the best choice for you.

2. NorthOne

Like Novo, NorthOne is a modern banking solution for small businesses and freelancers. They offer an FDIC-insured business banking account with API connectivity to PayPal, Square, Quickbooks, and many other tools. Even better, it only takes three minutes to set up and for a flat fee of $10, you get unlimited transactions and no hidden fees.

The best thing about NorthOne is the user-friendly mobile banking. For small businesses and entrepreneurs, this can make all the difference as you have access to your account and reports 24/7. You can even order extra debit cards for your team within the app!

See the BlueCart Digital Storefront in Action

3. Chase Business Complete Checking

Unsurprisingly, one of the 10 largest banks in the world also has some of the best offerings for eCommerce businesses. Chase Business Complete (formerly Chase Total Business) is the perfect all-in-one account for a small- to mid-sized business.

In addition to a slew of incentives they offer for opening an account, they've also got a pretty robust mobile app. It also comes with all the typical offerings like an extensive ATM network, debit cards, ACH transfers, and mobile depositing. That way you'll always be able to accept an eCommerce payment.

The only real drawback to the Chase Business Complete Checking account is that it has a monthly fee. This fee of $12 is waived as long as there is $1,500 in the account regularly.

Still, the benefits far outweigh this potential cost. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with.

4. TIAA Small Business Checking

The second of the larger banks on our list is TIAA Bank. Their Small Business Checking is a great option for small eCommerce businesses that want a long-term banking option. It has no monthly fees, ATM reimbursement, and convenient mobile check deposits.

One drawback of this account is that it requires $1,500 to open, which may be tough for a startup. That being said, it also offers an APY of 1.21% for the first year, which is higher than many savings accounts. If you have the capital and expect to grow quickly, this is a very good account option.

5. Axos Small Business Banking

The oldest online bank in the U.S., Axos is built conveniently to serve eCommerce businesses. There are no physical locations, but your money can be accessed from any ATM in the U.S. and fees will be reimbursed. Accounts are also free to open and have no minimum balance requirements. New business owners can even get $100 when opening an account.

The negatives for Axos are that you are limited to 200 free transactions per month, after which you're charged $0.30 per transaction. They also don't offer credit cards and customer support hours are not always convenient.

Best eCommerce Bank

Choosing a bank for your eCommerce business can be complicated, so we've broken it out into a few categories that you may fall under. Unlike our list of checking accounts, here we're looking at banks with a narrow lens.

Here are the best banks:

Best Overall Bank for Small eCommerce Businesses: Chase

Not only did Chase top our list of checking accounts, but they're the best option for small businesses. With more than 5,000 locations and 16,000 ATMs across the globe, you'll always have physical and digital access to your accounts. They also have multiple tiers of business accounts so you can grow and stay with the same bank.

One of the best aspects of Chase is that they offer small business loans ranging from $10,000-$50,000. This capital may be vital in taking your business to the next level. Their credit card offerings are also some of the best on the market.

Best Credit Union for eCommerce Businesses: America First Credit Union

America First Credit Union is a Utah-based credit union with a number of co-operative banking agreements. These let its members access their accounts through more than 30,000 ATMs in the U.S. They also have a robust business loan program and offer a dedicated business credit card. It has multiple business checking account options and can assist with payroll, business

Unfortunately, like many credit unions, America First only operates in a handful of states. Luckily, If your business is in one of them, then you could do much worse.

Best for SBA Loans: Wells Fargo

Another prominent bank, Wells Fargo has a very strong set of offerings for small businesses. In 2019, they lent more than $140 million to small businesses. Even better, their average loan size is around $80,000.

That means you don't have to be in need of an astronomical sum to get approved. They are a bit more traditional than some other banks on this list, but their customer service, number of locations, and financing options make up for it.

Best Sign Up Perks: Bank of America

Another big name in banking, Bank of America has some great incentives for small eCommerce businesses. They have multiple options for cashback when opening an account, getting a business card, and even spending. They also have locations all over the country so you can easily find a branch if you need to do some in-person banking.

Unfortunately, unlike Chase, Bank of America doesn't offer unlimited free transactions. They also limit the number of free cash deposits. If you're looking to open a second business account or won't be depositing money too often, this may be a great option.

Download Our Free Starting eCommerce eBook

Show Me the Money!

A business without a bank account is like a house without walls. It might function, but it's not going to be enjoyable. You need to make sure your money is protected and working for you. Pick the bank and account options that best match your company's needs and growth goals.

If you're a very thorough planner, try to include this information in your eCommerce business plan template. This will signal to investors that you have a good financial plan and keep you focused. You should also make sure to pick up some eCommerce business insurance. You don't want to end up draining that new bank account on lawsuits.

We also recommend picking up some eCommerce books and reading an eCommerce blog or two so you can learn about the current trends and continue to grow your business and fill up that new bank account.

Frequently Asked Questions About eCommerce Banking

Though eCommerce banking has similarities to personal banking, there are key differences to be aware of. If you’re doing business banking for the first time, you’re likely asking a few common questions. Check out our answers to these frequently asked questions below: 

Do I need a business bank account for eCommerce?

Yes, you should set up a business bank account for your eCommerce venture. There are multiple benefits to keeping your business transactions separate from personal ones. 

One, it simplifies accounting because you don’t need to separate personal purchases. Two, it’s much easier to assign expenses to specific accounts on a monthly basis. Three, your business taxes and fees are kept separate from personal income. This offers peace of mind for all of your financial accounts. 

How much does it cost to open a business account?

Every business’s policies vary, but most banks will let you open a business checking account for $25-100. This isn’t a fee you pay to begin banking with the company, but a minimum balance required to open your account. 

Some businesses require a minimum daily balance of $1,000 or more, though this depends on what bank you use and their requirements. When opening a business account, review their terms carefully and make sure it’s a bank that works for your needs. If you have specific questions, contact one of their business representatives. 

What do I need to bring to open a business bank account?

There are several documents to bring when opening a business bank account, including the following: 

  • Employer identification number (EIN) or federal tax ID (FTID)
  • Articles of organization or incorporation (depending on business type)
  • Personal identification, including driver’s license and social security card
  • eCommerce, retail, and/or manufacturer’s license
  • Your Doing Business As or certificate of assumed name
  • Ownership agreements (who owns what and what amount in the business)
  • Current monthly business revenue

Your bank uses this information to keep accurate records and to simplify the sharing of information during tax season.

All offers, interest rates, and conditions are as of this writing and may have changed. Check with the respective bank for current details.

Источник: https://www.bluecart.com/blog/best-banks-ecommerce

Can I use my personal bank for my small business?

Last updated: January 19th, 2021

As soon as your LLC is approved and you have acquired an EIN Number, it is time to open a business account to manage business finances.

However, if you are a foreigner and are launching an LLC in the U.S., you must be asking yourself the question, "Can non-US residents open a U.S. LLC bank account?” If yes, then how? 

This article answers all these questions with a step by stepguide to open an LLC bank account in the U.S. for foreigners.

Can Foreigners Open A Business Bank Account in the U.S.?

The United States is known as the largest economy in the world as well as a leading global trader. Many people from around the world set up online and physical business Limited Liable Companies in the U.S.

As a foreign entity, it is not possible to open a business bank account in the United States unless your business is registered in the U.S. as per the requirement. You must also have an EIN (Employer Identification Number), a unique identifier that is issued to the business to make sure that IRS can identify it for tax purposes.

Although as a non-citizen of the United States, it's a little complex to open a business bank account in the U.S., it is totally achievable. 

Here are some essential facts for applying for an LLC business account:

  • There are no residency requirements to open a business bank account. You do not have to be an American citizen or a U.S. resident alien when opening an LLC bank account (more on this below, some banks do have requirements on this)
  • You don't have to personally travel to the bank to open the LLC business account (more on this below, some banks do require you to visit the branch in person)
  • You don't need an SSN (Social Security Number) to open a U.S. LLC bank account (more on this below, some banks do require an SSN)
  • You don’t need an ITIN (Individual Taxpayer Identification Number) to open a U.S. LLC bank account
  • Look for a “foreigner-friendly” bank that caters to residents who don’t have an SSN or ITIN. At such a bank, you can easily use your LLC’s Registered Agent address as your LLC's office address, while many banks do not allow that and require proof of an office in the U.S.

Read on to know how to open a business account for your LLCin the U.S. and the related information, residency, and documents required in the process.

What is the Process to Open an LLC Bank Account?

Opening a bank account is not easy or similar to opening your personal bank account. If you have a proper understanding of the process and bring the right documents to the bank, it will not take much of your precious time.

Before heading further, you must know that not all business bank accounts have the same steps to create. Let’s begin with the process;

Decide on Bank Account and Their Services

Every bank’s service options and monthly fee structure differs, and they have different levels of business bank accounts. You need to decide on various things, such as monthly banking fees, initial deposit amount, minimum balance requirements, and overdraft protection.

Do you need several accounts, or just one is enough? Minimum balance requirement will work for you or not; how much is the average monthly charge you can pay? These are some questions you must consider when deciding on a bank or account type for your business.

Moreover, discuss your needs with a range of banks in that State so that you have a better understanding of their fee structure and other services. You can choose from different local and national banks across America. If you have a bank account with an international banking system that operates in the United States, then you can simply transfer the account transversely. It is likely a good idea to stick with one of the below following four big banks:

  • Citibank
  • Bank of America
  • Wells Fargo (Very foreign-friendly)
  • JP Morgan Chase

It is recommended to stay for up to 1 to 2 weeks if there are any delays or extra things you need to get done to open the account.

Bank’s Documentation Requirements

Call your bank once you have finalized the type of business account and ask them about the documentation they require to open a business bank account for your LLC.

Most banks in the United States require the following documents to open the LLC bank account whether you are opening an account personally or online through some agency:

  • Photo ID of the owner or director who is opening an LLC bank account.
  • Proof of the personal address for the owner or director.
  • Proof of the business address to show that your LLC location and State of the bank branch are the same. Some banks may require additional documents like phone bills, lease, or utility bills.
  • A copy of the certificate of formation, articles of organization, or equivalent document of your LLC. These documents differ depending on the State where the LLC is registered. 
  • Employer confirmation letter (CP575) or EIN verification letter (147C) of your LLC from the IRS.
  • Your LLC's operating agreement or any other similar document showing the one authorized to sign on your behalf.
  • U.S. Phone Number, it will make the bank feel more convenient to work with you.
  • Foreign driving license and foreign passport.
  • Fully filled Declaration Of Beneficial Ownership form provided by the bank. It identifies the true business owners before they can open a bank account and is designed to prevent illegal financial activity.

The bank you choose may also require additional documentation, so it is important to call the firm ahead to ensure you do not waste your time going there with incomplete documentation. 

Besides, it’s worth mentioning that many banks also require a minimum deposit amount to open an LLC account. Thus, apart from the required documents, check the minimum deposit amount when you hand in the documents as it also differs from bank to bank.

Open Your LLC Bank Account

Once all the proper documentation has been gathered, now it’s time to meet the banker to open your LLC business account. 

The bank will provide you an LLC banking resolution document to fill describing which LLC Member(s) enjoys the authority to open a bank account. Each bank provides its own resolution form, so you cannot prepare it ahead.

As you have done your research in advance and brought all the documents required for opening the account, now the final step in this process is easy and may take about an hour. 

Also, determine whether you need an ATM or checks. A few bank costs check-system some extra. If you have to make online purchases, then a debit card will be useful, and you do not need to apply for a separate business card.

Opening LLC Bank Account From Abroad

Is it possible to online open a business bank account in the USA?

As it is required by most banks that you must be physically present for document submission, it is not possible to complete the whole process from abroad. You can probably start the process online by getting a bank account opening application online, but you need to visit the bank and hand in the relevant documents in person.

However, there are a few exceptions now; some consultant banks may be willing to help you open a business bank account from overseas by making arrangements for you. Also, agencies like Mercury offer the same services for a fee and open a bank completely online. 

If you are applying through Mercury, it will take 1-2 weeks for application review and approval. You get an email notification from Mercury after that they review the application.

Why Do You Need An LLC Bank Account? 

There are various reasons why opening a business bank account in the United States can help your company. 

  • First, you will get easy access to the leading economy of the world. Despite the recent downturns, U.S. consumption remained high.
  • Also, you no longer need to pay hefty fees in the form of foreign exchanges. You can easily enjoy access to the global market as banks in the United States are known worldwide.
  • Easier time for calculating the taxes that you owe to the federal or State government. Paying business bills, depositing payments, and accounting for the expenses becomes easier.
  • You will get more trust and respect from the suppliers and vendors and develop far better professionalism by paying with the check having your company’s name.
  • In the future, you may require a business loan, and getting that will be easier if you develop a business relationship with your company’s bank.

While this is possible we advise against this. Having separation between personal spending and business spending makes it much easier to reconcile your books each month and makes it much easier to handle/file taxes at the end of the year.

Therefore we recommend opening up a business bank account for your business and using a personal bank account for personal use.

Yes you can! There are certain banks which require you to visit a branch in person to open it but there are banking options you can use which allow you to open an account remotely from anywhere in the world. We'll explain which options are available below

You do not need a US SSN (Social Security Number) to open a US bank account!

While many banks do require an SSN again, there are a few options which allow you to open an account without one and again we'll explain which options are available below.

Company's Official Formation Documents

You'll need your company's official formation documents during the application.

For example, if you're an LLC this could be your "Articles of Incorporation!"

To learn more about LLCs vs C Corps, check out this blog post we wrote: LLC vs C Corporation: The Ultimate Guide to Decide Which Is Best For Your Business

EIN (Employer Identification Number)

You'll need an EIN number which is issued by the IRS

To get an EIN:

- Have a US SSN? You can apply online here

- Don't have one? You'll have to fax or mail in form SS-4 (Check out our full guide here on how to get an EIN as a non-US resident without an SSN!)

- You can also have a "responsible third party" apply for you in both of the above cases (StartPack 😄)

Government ID

You'll need some form of government ID.

Some banks require a US Passport if you're a non-US resident.

Most will accept any official form government ID (e.g. passport or US driver's license).

You'll need to provide information on your company and information on your company owners.

Information on your company

- Company name

- Brief description of company

- Formation documents (StartPack can help you get this!)

- EIN (StartPack can help you get this!)

- US Address (StartPack can help you get this!)

- US Phone Number (StartPack can help you get this!)

- Website (StartPack can help you get this!)

Information on your company owners

Banks require the info of anyone who owns 25% of the company and/or has access to company finances.

This typically includes:

- Contact Info (Name, Email, Phone)

- Address (This can be a non-US address)

- Government ID

You have your documents and all your information ready to go. Now what?

It's time to apply!

Many US banks will actually still require you to physically visit a branch to open an account...

However:

- Have a US SSN or TIN (Taxpayer Identification Number)? Certain banks will let you apply online :)

- Don't have one? Few banks will let you apply online :(

Keep on reading to see a full list of options!

Banks (and StartPack) can't "guarantee" up-front that your application will 100% be accepted as they have to go through their KYC (know your customer) process

Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud

To learn more about KYC regulations check out this helpful page on Wikipedia: https://en.wikipedia.org/wiki/Know_your_customer

Unfortunately, most banks can't share specific reasons why your application was rejected. However, to ensure this doesn't happen, we recommend going through the list of required documents for any bank + ensuring you aren't on a "restricted company type" list before applying!

Without further ado, here is a list of US Banking Options and their requirements!

Mercury

Mercury lets you open a FDIC-insured bank account that comes with API access, virtual cards, and more.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport

Transferwise

Transferwise is a business account to send and receive multiple currencies with the real exchange rate. Do business without borders.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport

Wells Fargo

Wells Fargo is a provider of banking, mortgage, investing, credit card, and personal, small business, and commercial financial services.

Can I open an account online? ❌

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • Must visit the branch in person in the US to open an account
  • Two forms of personal identification, one of which is issued by a government agency (ie passport or drivers license)
  • US SSN

Silicon Valley Bank

Silicon Valley Bank offers services designed to help you accomplish more as you work to grow your business.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport
  • Must Have Physical US Address
  • Must Have at Least One US Resident on Team

Lili

Lili provides banking, expense management and other tax-saving tools designed to save you time and money.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • US Residents: Government ID
  • Non-US Residents: Passport

First Republic

First Republic is a bank offering personal banking, business banking, trust and wealth management services.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US SSN
  • Passport
  • Must Be US Resident in Following Regions: SV, LA, BOS, NYC, Florida, PacNorwest, Austin, Chicago

Novo

Novo is built for small business owners, entrepreneurs, and freelancers. No hidden fees, no hassle.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • Must be US Resident
  • US SSN
  • Must Have Physical US Address
  • US Cell Phone (not a virtual number)

Brex

Brex provides credit cards, bank accounts, payments, expenses, and accounting all in one place keep you in control of your growth.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport
  • Must Have Physical US Address (A virtual address does not work 😞 )

Any other bank accounts you'd like us to review?

Let us know! You can find email us anytime, live chat us online, or find us on Twitter at StartPackHQ!

Arjun Mahadevan

Arjun is CEO and Co-Founder at Doola. He is passionate about helping international founders grow and scale their businesses. Arjun lives in New York and loves to grow his knowledge of fitness and nutrition.

Источник: https://www.doola.com/blog/how-to-open-a-us-business-bank-account

How to Open a US Bank Account Online for Your Business

It’s important to understand that the US has recently passed laws that place strict controls on how — and if — US banks can establish accounts for non-residents and for businesses located outside the country. This is designed to prevent money laundering and other international criminal activity.

In addition, individual states often have their own banking regulations that may affect the requirements for opening business accounts for foreign companies. And these regulations can vary widely from State to State.

Further, most commercial banks will have internal policies that govern how they handle accounts from overseas customers — both to comply with law, and to protect the bank against potential fraud or other possible losses. These policies may also be different in each bank.

The best approach is to directly contact the bank in the State where you will be opening the account and ask about their policies and procedures. But here are the general requirements:

  • You must open the account in person

With few exceptions, you will need to visit the bank in the US where you wish to open the account. This is required to verify your identity, and to allow the bank to validate the documents and information needed to open your account. You will need an official photo ID, proof of home address, bank statements from your home country bank, and perhaps other verification. Ask the bank for details.

  • Your business must be registered in the United States

To open a business account, you will need to register as a business in one of the 50 States, preferably where you will be doing most of your business. This applies whether you are a single person or a small company. The required documents will vary depending on whether you register as a sole proprietorship, an LLC, a corporation or other business structure recognized in the US. Ask the bank for their actual requirements. You may need to arrange with a US attorney in advance to legally establish a US-based business entity.

  • You will need a physical US business address

You will not necessarily need a warehouse, factory, or office in the US, but you must still provide an actual address (not a Post Office Box) for your US-registered business, preferably near the bank where you are opening the account. Some businesses use the offices of an attorney, a Registered Agent, or other specified representative of the company. You will need to set up these arrangements before opening the account, and verify that the bank will accept them.

  • You will need a US tax identification number

For most businesses, this will be an Employer Identification Number — an EIN — which is required by the bank, and your business, for reporting information to the US federal tax authority, the Internal Revenue Service (IRS). You can obtain this number directly from the website irs.gov, along with written confirmation of your EIN, which you must provide to the bank when opening the account.

  • When opening the account, you must usually complete a W-8Ben form for the IRS, which is needed for non-residents who don’t have US Social Security numbers.
Источник: https://www.payoneer.com/resources/how-to-open-us-bank-account/

NONPROFIT CHECKING ACCOUNT

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What is Nonprofit Checking?

Ideal for your unique banking needs, a Nonprofit Checking account offers no monthly maintenance or balance fees with a minimum opening balance.

Nonprofit Checking extras

  • 1800 free transactions annually1
  • 300 free cash deposit units annually2
  • Option to earn interest (today’s rates3)
  • Conveniently access your funds with a U.S. Bank Business Debit Card

All nonprofit checking accounts include:

  • Online and mobile banking with bill pay: Manage check, wire and ACH accounts all in one place with SinglePoint® Essentials.
  • Card payment processing: Accept payments in person, online and on the go.
  • Check fraud prevention: Minimize the risk of fraud with our PCI compliance and check fraud prevention tools.
  • Remote check deposit: Save time by skipping trips to the bank and help improve cash flow.
  • Overdraft protection4: Help protect your organization from late payments, unexpected expenses and overdraft charges with a Business Reserve Line.

Open a Nonprofit Checking account

Have these documents ready:

1

Your Employer Identification Number (EIN) or tax ID number

2

A charter, Articles of Organization, or a similar legal document showing when your company was formed and the officers of your organization

3

Government-issued photo ID and Social Security numbers for anyone authorized to make transactions on behalf of your organization

Источник: https://www.usbank.com/business-banking/business-bank-accounts/business-checking/nonprofit-checking-account.html

How To Open A Business Bank Account Online: The 5 Best Options

In the same way that technology has changed the way we book a flight, hail a cab (or Uber), order takeout, or even buy a car, technology is changing the way we interact with the bank. For example, my mortgage payment is automatically deducted from my paycheck every month and my paycheck is even automatically deposited into my personal bank account. In reality, there are very few banking services I use on a regular basis that require me to go inside a bank. Even if I need cash or happen to need to deposit checks, I can do that through an ATM.

In much the same way, many small businesses are finding they don’t need to go into their bank’s physical location either. And many other business owners are finding they can do all of their business banking online with a bank that doesn’t even have a physical branch.

Benefits of a Business Bank Account

As a small business owner or startup founder, you need a business checking account. Wondering why you shouldn’t just use your personal checking account for business expenses? Here’s why having a separate business account is imperative:

  • It will make accounting a lot easier and give you greater visibility into whether or not your business is profitable
  • It will help you better manage your business cash flow
  • It will make it easier to account for business expenses at tax time
  • It will make the transition to an LLC or corporation much easier should you decide to formalize your business entity down the road

If you anticipate the need to take out a loan, there are many small business lenders like the SBA that won’t even consider your loan application unless you have a business banking account, making it much harder to find small business loans to fuel growth or otherwise fund business initiatives.

In other words, a business checking account just makes sense for most small businesses.

Today, you can find a variety of business checking accounts that are fee-free, or that offer a certain number of free transactions before fees kick in. Some offer perks like cash back or discounts on business products.

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The tools your growing business needs

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Top 5 Options to Open a Business Checking Account Online

If you’re considering an online business checking account, these five options are all worth considering: 

  1. BlueVine
  2. OZK
  3. Bank of America
  4. Axos
  5. Chase

1. BlueVine: Best for Earning 1% Interest; No-Fee Account

If you’d like to earn interest on your business checking account, BlueVine’s Business Checking account could be a good choice. What’s more, this is a free checking account, a rarity in the industry.

  • No minimum deposit or balance requirements
  • No monthly service fees
  • No ATM fees at 38,000+ MoneyPass® locations across the country (You may be charged out-of-network ATM fees, even if you don’t complete the transaction)
  • No fees for non-sufficient funds
  • Two free checkbooks
  • Easy mobile app

Earning 1% interest on BlueVine’s Business Checking Account is 10X the national average for similar accounts (.1% is the national average), putting them on the top of our list of interest-earning business checking accounts with no fees.

2. OZK: Best Overdraft Protection

Bank OZK offers many of the same services that other banks offer, but also includes common-sense overdraft protection they call Bounce Proof Security which will, if you maintain a positive account balance for at least 30 days on a new account, cover any overdrafts up to your limit, with a maximum overdraft of $500 (there’s a $35 fee for every overdraft regardless of whether it’s caused by a check, an in-person withdrawal, or electronic transaction).

In addition to Bounce Proof Security, you can opt for Safety Link, which automatically transfers funds from a linked checking or savings account for a $10 fee per transfer. Here are additional features.

  • Remote deposit capture
  • Online banking (a $5 monthly fee applies to some accounts)
  • Online bill pay (fees may apply on some account types)
  • eStatements 
  • Instant issue business debit card 
  • Mobile banking (for mobile banking, carrier rates will apply)
  • Merchant processing
  • Check image statements

If you’re looking for great overdraft protection, Bank OZK is our choice for online checking accounts. The bank also offers business savings and money market accounts.

3. Bank of America: Best Long-Term Banking Services

Bank of America is one of those brick-and-mortar banks that also offers a lot of online banking services. If yours is a relatively young business and you are looking for a bank that can grow with your business as it grows, you should consider Bank of America.  With accounts that are designed to meet a variety of small business banking needs, you’ll likely find an account that fits.

What’s more, you can earn $100 when you open a new account and make qualifying deposits equaling $1,000 in the first 60 days of your new account. You can earn an additional $50 when you pay at least two bills through bill pay within your first 60 days and an additional $300 statement credit if you are approved for and open a new Bank of America business credit card and make at least $3,000 in purchases with the card within the first 90 days of card account opening.

  • Get employee business credit cards 
  • Online banking and mobile app
  • Grant customized access to multiple users—plus seamless QuickBooks® integration with Account Management
  • Deposit unlimited checks with Remote Deposit Online
  • Other services available, including merchant services

4. Axos: Best Free Business Checking Account

Axos Bank has gotten rave reviews online. We agree.

Axos designed its Basic Business Checking account with small business owners in mind. Open a 100% online account and enjoy unlimited domestic ATM fee reimbursements, no monthly maintenance fees, and no minimum balance requirements. Earn a $100 bonus when you open a Basic Business Checking account—and maintain a minimum average balance of $5,000 for at least 90 days after account opening.

  • No monthly maintenance fees
  • No minimum account balance requirement
  • Your first 50 checks are free
  • Unlimited domestic ATM fee reimbursement
  • $1,000 minimum opening deposit

Axos prides itself on its simple, convenient, no-fuss approach to a free small business checking account.

5. Chase: Best If You Occasionally Need to Go to a Branch

Chase Bank is another brick-and-mortar bank with branches all across the country for those times when you do need to visit the inside of a bank since there are nearly 4,900 branches and 16,000 ATMs across the country. Chase has business specialists at your local branch for those times when you need to sit down and have a person-to-person conversation with a banker.  You’ll get $300 as a new Chase business checking customer when you open a Chase Total Business Checking® account with qualifying activities. 

  • 250 transactions per month at no charge, plus unlimited electronic deposits and incoming wires
  • $20,000 monthly cash deposit without an additional fee
  • All incoming wires and two outgoing domestic wires at no charge per statement cycle
  • Options for signers and employees to access ATMs and make purchases
  • No additional charge for Positive Pay and Reverse Positive Pay Protection services 
  • Interest option available — see your banker for more information
  • Personal account benefits available
  • Monthly service fee waived on a linked Chase Business Premier Savings account
  • Access to 16,000 ATMs and nearly 4,900 branches
  • 24/7 customer service

Chase allows you to have your digital cake and eat it too with a convenient online checking account and other banking services, along with the option to visit Chase Bank branches all across the country.

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What Do You Need to Open a Checking Account Online?

As a general rule, you’ll need the following documents to open a business checking account with most online or brick-and-mortar banks:

  • Your Social Security Number or Employer Identification Number (EIN)
  • A current driver’s license or passport as personal identification
  • Your business license with the name of the business and the owner’s or owners’ names
  • Certificate of assumed name (DBA) if you are a sole proprietor
  • Partnership agreement with the name of the business and its partners (if there are multiple owners)
  • A copy of your organization documents that are filed with the state if you run a corporation or LLC

How to Open a Business Bank Account Online

Some banks that have physical branches may require you to apply in person locally, while others give you the option to open an account online. Obviously, banks that are 100% online give you that option as well!

Opening an account is usually fast and easy. You’ll be asked to input personal details (contact info, date of birth, address, Social Security number) and details about your business (your business structure, address, industry, how long you’ve been in business, annual revenue, number of employees).

Select the type of account you want. You may be required to fund it to open an account, as there may be a minimum daily balance requirement. Your application may be approved instantly, allowing you to access your account online right away, though you’ll have to wait around 10 business days to get your debit card and checks.

What to Consider When Choosing a Bank for Your Business Account

Don’t automatically choose to open a business checking account where the same bank you have your personal account without determining whether or not it is the best bank for your business needs.

Some banks specialize in certain types of businesses or industries. This could also apply to an online bank. If a bank has experience in your industry or similar small businesses, they may even offer additional services or custom offerings designed to benefit you and other businesses like yours.

Before you choose an online bank for your business, make sure you know:

  • If there are monthly account fees and if there are requirements to have those fees waived
  • If your checking account will earn interest and what the expected interest rate may be
  • Whether there are transaction fees for writing checks, accepting credit cards, etc.
  • If there are any introductory offers

You want to make sure the online bank offers services to meet your needs. For example, if you accept a lot of cash transactions, is there a way to make cash deposits? Are there branch locations in your area? If not and you feel you need a local branch, it may not be the bank best suited for the way you do business.

Why You Should Open a Business Checking Account Online

Although most banks have some kind of digital presence, online banking services are relatively new. In other words, just because your neighborhood bank has a website, it doesn’t mean it offers all its banking services online. 

Online banks are capable of offering most of the banking services you’ll find at the bank branch around the corner, without the expense of a physical location, or locations. As a result, there are some pretty compelling benefits most small business owners might appreciate.

  • Your business savings account will earn higher interest rates—sometimes as much as 1%; significantly higher than a conventional bank
  • An online bank’s lower overhead means you pay less in fees than a conventional bank
  • It’s easier to establish an online bank account with applications that are designed to be completed quickly and easily
  • Online bank accounts can connect seamlessly to payment processing accounts and other digital banking services
  • Most online banks are FDIC-insured like a brick-and-mortar bank

Nevertheless, if you make a lot of cash deposits, write a lot of checks, or want ATM access anywhere and everywhere, an online bank might not be the best choice for you. With that being said, if you do the lion’s share of your business digitally already, an online bank account may be just up your alley.

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Online Business Account FAQ

Now let’s address questions you may have about online business bank accounts.

Can I Open a Business Checking Account Online?

Typically, yes, there are many options for establishing a business checking account online, including the five options listed in this article. However, some physical banks may require you to open an account at a local branch.

How Much is it to Open a Business Checking Account?

Typically, the only cost associated with opening an online business checking account is the minimum opening deposit amount. Some online banks will assess transaction fees for some accounts, but there shouldn’t be a fee associated with opening the account.

Can I Use a Personal Bank Account for my Small Business?

This may work when you’re running a new business, but ultimately, you’ll want to open a separate account to make it easier to track business income and expenses.

Can I Pay Personal Expenses from my Online Business Bank Account?

There’s no law saying you can’t do this, however, it may make filing your business taxes more challenging, as you will have to parse out your business expenses from personal.

Which is the Easiest Bank to Open a Business Bank Account With?

Most online applications are pretty straightforward to open an account, but some online banks may want you to speak with an account manager before they approve your account. You should also expect that your account won’t be open immediately and will likely take several days to activate once opened.

Do You Need an EIN to Open a Business Bank Account?

An Employer Identification Number, or EIN, though not always required in every case, is a good idea. A sole proprietor or solopreneur, who doesn’t have any employees, will likely not need an EIN, but if you operate as an LLC or corporation, it will be a requirement to create your business identity. 

Do You Need Money to Open an Online Business Bank Account?

Yes. Each bank will have its own minimum required deposit when you open an account.

Do I need an LLC for a business bank account?

Not necessarily. Most banks will allow you to open a business account whether you run a sole proprietorship, partnership, LLC, or corporation.

This article was originally written on October 8, 2020 and updated on August 9, 2021.

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Susan Guillory

Susan Guillory is a Senior Content Writer for Nav. She’s written books on business and travel, and blogs about small business on sites including Forbes and AllBusiness.

Источник: https://www.nav.com/blog/online-business-accounts-5-best-options-to-open-business-accounts-online-720975/

Open business bank account online wells fargo -

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank N.A.; Members FDIC

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Wells Fargo is one of the largest banks in the United States. It is important, though, to be aware of the fees charged by the bank before a new checking account such as Wells Fargo overdraft fees, monthly fees, and foreign transaction fees.

Banking like it should be.

Signing up is free and takes less than 2 minutes.

✓ No ridiculous bank fees

✓ Get your paycheck up to 2 days early

✓ Grow your savings automatically

✓ 38,000+ fee-free ATMs.

Monthly Maintenance Fee

$0

$10

Opening Deposit Requirement

$0

$25

Card Replacement Fee

$0

$0

Foreign Transaction Fee

$0

3%

ATM (out-of-network)

$2.50

$2.50

Opening Deposit Requirement

There are many different types of Wells Fargo fees that may be charged for various account types.

Wells Fargo Overdraft Fees

  • Overdraft fees are charged per item that overdrafts the limit. Beware of a multitude of overdraft fees that can result in a quick $100+ in fees. Anytime your account balance drops below zero, this fee is charged per transaction.

Overdraft Protection Transfer From Linked Savings Account

  • This fee is charged for the convenience of Wells Fargo transferring money from your savings into your checking account. This fee is less than the overdraft fee, but it is still a hefty fine to pay for dropping your checking account balance below zero. This fee is also incurred on a per-item basis.

Returned Item

  • Another common name for a returned item is when a check gets bounced. This refers to a check or another item overdrafting an account or being returned because it would result in an overdraft.

Stop Payment

  • Though this trick will only save a few dollars than an overdraft, some checking accounts, such as the “Portfolio” by Wells Fargo will waive this fee with a high enough account balance. This fee refers to the act of stopping a check or transaction from taking place to prevent an overdraft.

Wire Transfer

  • Wire transfers occur when money is electronically withdrawn from one bank account and deposited into another. Wire transfer charges can vary by account type and balance. These fees can also occur when money from your Wells Fargo transfers to another bank, even if both in your name.

Wells Fargo Check Cashing Policy For Non-account Holders

  • Wells Fargo currently charges up to $7.50 for a non-customer to cash a check drawn upon their bank without having an account. There is also a Wells Fargo check cashing limit of $2,500 for non-account holders.

Wells Fargo has five different types of checking accounts:

  • Everyday Checking
  • Preferred Checking
  • Portfolio
  • Teen Checking
  • Opportunity Checking

The monthly maintenance account fee for the Everyday Checking Account is $10 but can be waived by meeting any of the following requirements:

  • 10 or more debit card purchase/payments
  • Qualifying direct deposits totaling $500 or more
  • $1,500 minimum daily balance
  • Have a linked Wells Fargo Campus ATM or debit card

This is an attractive option for young adults or college students because it has low fees that can easily be waived. For example, the fee is already lowered to $5 just because your age is between 17-24.

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$2.50 charge per withdrawal

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$5 charge per withdrawal

Overdraft Fees

$35 charge per item

Overdraft Protection Transfer from linked Savings account

$12.50 charge per transfer

Deposited Item Returned or Cashed Check Returned

$12 charge per item

Incoming Domestic Wire Transfer

$15 each

Income Wells Fargo Wire Transfer fee International

$16 each

Outgoing Domestic Wire Transfer

$30 each

Outgoing Wells Fargo Wire Transfer fee International

$45 each

Money Order (up to $1,000)

$5 each

These checking accounts earn interest on a balance greater than $500, as well as receiving a $10 discount on personal checks. This account is the best options for anyone that opens a mortgage with Wells Fargo. There is a $15 monthly maintenance fee that can be waived by meeting any of the following criteria:

  • $10,000 in combined minimum deposit balances
  • Qualifying direct deposits totaling $1,000 or more
  • A linked Wells Fargo mortgage

Monthly Maintenance Fee

$15 charge a month

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$2.50 (waived once a cycle)

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$5 charge per withdrawal

Overdraft Fee

$35 charge per item

Overdraft Protection Transfer from linked Savings account

$12.50 charge per transfer

Deposited Item Returned or Cashed Check Returned

$12 charge per item

Incoming Domestic Wire Transfer

$15 each

Outgoing Domestic Wire Transfer

$30 each

Money Order (up to $1,000)

$0

The benefits of this account are that it has lower fees and higher interest rates. This is the best option for a wealthier individual for their personal checking account. The fees from the lower accounts will be waived, and the high monthly fee can also be waived by meeting certain criteria. This is the highest tier checking account that Wells Fargo offers but it comes with a $30 a month price tag. This fee can be waived, however, by meeting any of the following requirements:

  • $25,000 or more in linked qualifying bank deposits
  • $50,000 or more in linked qualifying bank, brokerage, and credit balances

Monthly Maintenance Fee

$30 charge a month

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$0

Cash Withdrawals at non-Wells Fargo ATMs (in the U.S.)

$0

Overdraft Fee

$35 charge per item

Overdraft Protection Transfer from linked Savings account

$12.50 charge per transfer

Stop Payment

$31 each ($0 with $250,000 balance)

Deposited Item Returned or Cashed Check Returned

$12 charge per item

Incoming Domestic Wire Transfer

$15 each

Outgoing Domestic Wire Transfer

$30 each

Money Order (up to $1,000)

$0

Wells Fargo also has multiple different savings account options:

  • Platinum Savings
  • Wells Fargo CDs

The Way2Save Savings account has a maximum of six withdrawals during a month pay period and has a monthly fee of $5 that can be waived by having one of the following each pay period:

  • Maintain a $300 minimum daily balance, or
  • Set up and maintain one or more automatic, recurring savings options
  • Are under the age of 18

The Platinum Savings also has a maximum of six withdrawals per month, but it has a higher monthly fee at $12. However, this too can be avoided by maintaining a $3,500 minimum daily balance. The universal Wells Fargo transfer limit is 6 transfers from your savings account per month.

Wells Fargo CDs are savings accounts that pay a fixed interest rate for an agreed upon period of time that the money deposited will stay in the account. By depositing your money into a CD for a set term, you lock in your initial deposit principal and interest rate until your money matures. Your interest compounds daily and is generally paid monthly, although interest payments made quarterly, semi-annually, annually, or at maturity are also available.

Applying for an account is free and takes less than
2 minutes with no impact to your credit score.

Let's Go!

Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Information Current as of September 21, 2018

© 2013-2021 Chime. All Rights Reserved.

Источник: https://www.chime.com/bank-fees/wells-fargo-banking-fees-and-charges/

Can I use my personal bank for my small business?

Last updated: January 19th, 2021

As soon as your LLC is approved and you have acquired an EIN Number, it is time to open a business account to manage business finances.

However, if you are a foreigner and are launching an LLC in the U.S., you must be asking yourself the question, "Can non-US residents open a U.S. LLC bank account?” If yes, then how? 

This article answers all these questions with a step by stepguide to open an LLC bank account in the U.S. for foreigners.

Can Foreigners Open A Business Bank Account in the U.S.?

The United States is known as the largest economy in the world as well as a leading global trader. Many people from around the world set up online and physical business Limited Liable Companies in the U.S.

As a foreign entity, it is not possible to open a business bank account in the United States unless your business is registered in the U.S. as per the requirement. You must also have an EIN (Employer Identification Number), a unique identifier that is issued to the business to make sure that IRS can identify it for tax purposes.

Although as a non-citizen of the United States, it's a little complex to open a business bank account in the U.S., it is totally achievable. 

Here are some essential facts for applying for an LLC business account:

  • There are no residency requirements to open a business bank account. You do not have to be an American citizen or a U.S. resident alien when opening an LLC bank account (more on this below, some banks do have requirements on this)
  • You don't have to personally travel to the bank to open the LLC business account (more on this below, some banks do require you to visit the branch in person)
  • You don't need an SSN (Social Security Number) to open a U.S. LLC bank account (more on this below, some banks do require an SSN)
  • You don’t need an ITIN (Individual Taxpayer Identification Number) to open a U.S. LLC bank account
  • Look for a “foreigner-friendly” bank that caters to residents who don’t have an SSN or ITIN. At such a bank, you can easily use your LLC’s Registered Agent address as your LLC's office address, while many banks do not allow that and require proof of an office in the U.S.

Read on to know how to open a business account for your LLCin the U.S. and the related information, residency, and documents required in the process.

What is the Process to Open an LLC Bank Account?

Opening a bank account is not easy or similar to opening your personal bank account. If you have a proper understanding of the process and bring the right documents to the bank, it will not take much of your precious time.

Before heading further, you must know that not all business bank accounts have the same steps to create. Let’s begin with the process;

Decide on Bank Account and Their Services

Every bank’s service options and monthly fee structure differs, and they have different levels of business bank accounts. You need to decide on various things, such as monthly banking fees, initial deposit amount, minimum balance requirements, and overdraft protection.

Do you need several accounts, or just one is enough? Minimum balance requirement will work for you or not; how much is the average monthly charge you can pay? These are some questions you must consider when deciding on a bank or account type for your business.

Moreover, discuss your needs with a range of banks in that State so that you have a better understanding of their fee structure and other services. You can choose from different local and national banks across America. If you have a bank account with an international banking system that operates in the United States, then you can simply transfer the account transversely. It is likely a good idea to stick with one of the below following four big banks:

  • Citibank
  • Bank of America
  • Wells Fargo (Very foreign-friendly)
  • JP Morgan Chase

It is recommended to stay for up to 1 to 2 weeks if there are any delays or extra things you need to get done to open the account.

Bank’s Documentation Requirements

Call your bank once you have finalized the type of business account and ask them about the documentation they require to open a business bank account for your LLC.

Most banks in the United States require the following documents to open the LLC bank account whether you are opening an account personally or online through some agency:

  • Photo ID of the owner or director who is opening an LLC bank account.
  • Proof of the personal address for the owner or director.
  • Proof of the business address to show that your LLC location and State of the bank branch are the same. Some banks may require additional documents like phone bills, lease, or utility bills.
  • A copy of the certificate of formation, articles of organization, or equivalent document of your LLC. These documents differ depending on the State where the LLC is registered. 
  • Employer confirmation letter (CP575) or EIN verification letter (147C) of your LLC from the IRS.
  • Your LLC's operating agreement or any other similar document showing the one authorized to sign on your behalf.
  • U.S. Phone Number, it will make the bank feel more convenient to work with you.
  • Foreign driving license and foreign passport.
  • Fully filled Declaration Of Beneficial Ownership form provided by the bank. It identifies the true business owners before they can open a bank account and is designed to prevent illegal financial activity.

The bank you choose may also require additional documentation, so it is important to call the firm ahead to ensure you do not waste your time going there with incomplete documentation. 

Besides, it’s worth mentioning that many banks also require a minimum deposit amount to open an LLC account. Thus, apart from the required documents, check the minimum deposit amount when you hand in the documents as it also differs from bank to bank.

Open Your LLC Bank Account

Once all the proper documentation has been gathered, now it’s time to meet the banker to open your LLC business account. 

The bank will provide you an LLC banking resolution document to fill describing which LLC Member(s) enjoys the authority to open a bank account. Each bank provides its own resolution form, so you cannot prepare it ahead.

As you have done your research in advance and brought all the documents required for opening the account, now the final step in this process is easy and may take about an hour. 

Also, determine whether you need an ATM or checks. A few bank costs check-system some extra. If you have to make online purchases, then a debit card will be useful, and you do not need to apply for a separate business card.

Opening LLC Bank Account From Abroad

Is it possible to online open a business bank account in the USA?

As it is required by most banks that you must be physically present for document submission, it is not possible to complete the whole process from abroad. You can probably start the process online by getting a bank account opening application online, but you need to visit the bank and hand in the relevant documents in person.

However, there are a few exceptions now; some consultant banks may be willing to help you open a business bank account from overseas by making arrangements for you. Also, agencies like Mercury offer the same services for a fee and open a bank completely online. 

If you are applying through Mercury, it will take 1-2 weeks for application review and approval. You get an email notification from Mercury after that they review the application.

Why Do You Need An LLC Bank Account? 

There are various reasons why opening a business bank account in the United States can help your company. 

  • First, you will get easy access to the leading economy of the world. Despite the recent downturns, U.S. consumption remained high.
  • Also, you no longer need to pay hefty fees in the form of foreign exchanges. You can easily enjoy access to the global market as banks in the United States are known worldwide.
  • Easier time for calculating the taxes that you owe to the federal or State government. Paying business bills, depositing payments, and accounting for the expenses becomes easier.
  • You will get more trust and respect from the suppliers and vendors and develop far better professionalism by paying with the check having your company’s name.
  • In the future, you may require a business loan, and getting that will be easier if you develop a business relationship with your company’s bank.

While this is possible we advise against this. Having separation between personal spending and business spending makes it much easier to reconcile your books each month and makes it much easier to handle/file taxes at the end of the year.

Therefore we recommend opening up a business bank account for your business and using a personal bank account for personal use.

Yes you can! There are certain banks which require you to visit a branch in person to open it but there are banking options you can use which allow you to open an account remotely from anywhere in the world. We'll explain which options are available below

You do not need a US SSN (Social Security Number) to open a US bank account!

While many banks do require an SSN again, there are a few options which allow you to open an account without one and again we'll explain which options are available below.

Company's Official Formation Documents

You'll need your company's official formation documents during the application.

For example, if you're an LLC this could be your "Articles of Incorporation!"

To learn more about LLCs vs C Corps, check out this blog post we wrote: LLC vs C Corporation: The Ultimate Guide to Decide Which Is Best For Your Business

EIN (Employer Identification Number)

You'll need an EIN number which is issued by the IRS

To get an EIN:

- Have a US SSN? You can apply online here

- Don't have one? You'll have to fax or mail in form SS-4 (Check out our full guide here on how to get an EIN as a non-US resident without an SSN!)

- You can also have a "responsible third party" apply for you in both of the above cases (StartPack 😄)

Government ID

You'll need some form of government ID.

Some banks require a US Passport if you're a non-US resident.

Most will accept any official form government ID (e.g. passport or US driver's license).

You'll need to provide information on your company and information on your company owners.

Information on your company

- Company name

- Brief description of company

- Formation documents (StartPack can help you get this!)

- EIN (StartPack can help you get this!)

- US Address (StartPack can help you get this!)

- US Phone Number (StartPack can help you get this!)

- Website (StartPack can help you get this!)

Information on your company owners

Banks require the info of anyone who owns 25% of the company and/or has access to company finances.

This typically includes:

- Contact Info (Name, Email, Phone)

- Address (This can be a non-US address)

- Government ID

You have your documents and all your information ready to go. Now what?

It's time to apply!

Many US banks will actually still require you to physically visit a branch to open an account...

However:

- Have a US SSN or TIN (Taxpayer Identification Number)? Certain banks will let you apply online :)

- Don't have one? Few banks will let you apply online :(

Keep on reading to see a full list of options!

Banks (and StartPack) can't "guarantee" up-front that your application will 100% be accepted as they have to go through their KYC (know your customer) process

Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud

To learn more about KYC regulations check out this helpful page on Wikipedia: https://en.wikipedia.org/wiki/Know_your_customer

Unfortunately, most banks can't share specific reasons why your application was rejected. However, to ensure this doesn't happen, we recommend going through the list of required documents for any bank + ensuring you aren't on a "restricted company type" list before applying!

Without further ado, here is a list of US Banking Options and their requirements!

Mercury

Mercury lets you open a FDIC-insured bank account that comes with API access, virtual cards, and more.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport

Transferwise

Transferwise is a business account to send and receive multiple currencies with the real exchange rate. Do business without borders.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport

Wells Fargo

Wells Fargo is a provider of banking, mortgage, investing, credit card, and personal, small business, and commercial financial services.

Can I open an account online? ❌

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • Must visit the branch in person in the US to open an account
  • Two forms of personal identification, one of which is issued by a government agency (ie passport or drivers license)
  • US SSN

Silicon Valley Bank

Silicon Valley Bank offers services designed to help you accomplish more as you work to grow your business.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport
  • Must Have Physical US Address
  • Must Have at Least One US Resident on Team

Lili

Lili provides banking, expense management and other tax-saving tools designed to save you time and money.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • US Residents: Government ID
  • Non-US Residents: Passport

First Republic

First Republic is a bank offering personal banking, business banking, trust and wealth management services.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US SSN
  • Passport
  • Must Be US Resident in Following Regions: SV, LA, BOS, NYC, Florida, PacNorwest, Austin, Chicago

Novo

Novo is built for small business owners, entrepreneurs, and freelancers. No hidden fees, no hassle.

Can I open an account online? ✅

Can I open an account without a US SSN? ❌

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • Must be US Resident
  • US SSN
  • Must Have Physical US Address
  • US Cell Phone (not a virtual number)

Brex

Brex provides credit cards, bank accounts, payments, expenses, and accounting all in one place keep you in control of your growth.

Can I open an account online? ✅

Can I open an account without a US SSN? ✅

What are the requirements?

  • EIN & Formation Documents (both supplied by StartPack)
  • US Residents: Government ID
  • Non-US Residents: Passport
  • Must Have Physical US Address (A virtual address does not work 😞 )

Any other bank accounts you'd like us to review?

Let us know! You can find email us anytime, live chat us online, or find us on Twitter at StartPackHQ!

Arjun Mahadevan

Arjun is CEO and Co-Founder at Doola. He is passionate about helping international founders grow and scale their businesses. Arjun lives in New York and loves to grow his knowledge of fitness and nutrition.

Источник: https://www.doola.com/blog/how-to-open-a-us-business-bank-account

Best Banks for eCommerce Business

Once you've decided you're starting an eCommerce business and have your eCommerce business license, you need to start looking at what bank you'll use.

Not all banks are capable of keeping up with the fast-paced world of eCommerce.

Download Our Free Starting eCommerce eBook

You'll need to make sure that the bank you choose can help your business grow and give you the tools to succeed. It will also make eCommerce accounting much easier, since you'll know where your money is and how it's growing.

We've put together a guide on the best bank accounts and banks for eCommerce businesses to help you make an informed choice.

Best Bank Account for eCommerce Business

There are many bank account options for eCommerce businesses, but a checking account is the most important. We've put together a list of the five best free checking accounts available. There are many types of eCommerce businesses, so we ranked these accounts based on their overall value.

Here's how we ranked them:

eCommerce Bank Ranking Criteria
  • Cost. If you're running an eCommerce startup, you know that money can be tight. You don't want an account that costs you money every month just to keep it open.
  • Limits. Transaction limits, minimum balance requirements, and the inability to access your account on the go can hamper your buying power. Small eCommerce business owners are better served by accounts that help their business, not hamper them.
  • Features. Mobile bank apps are one of the best features for a small eCommerce business bank account. There are a few other useful features to look for as well, including transaction alerts, mobile deposits, and ACH transfer options.
  • Integration. Many accounts can actually be integrated into other services you use like Quickbooks, Stripe, and more. Though not necessary, this is a nice feature that can bring value to some eCommerce businesses.

1.Novo

Novo is a much newer business banking solution but it was built specifically around mobile banking for small business owners. This means you won't run into any tech issues and it can be integrated into most online storefronts.

The best thing about Novo is that all of its features are entirely free. This includes a Mastercard debit card, unlimited transactions, transaction alerts, and ATM refunds. Even better, it comes with Google Cloud credits and zero-cost processing from Stripe. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with. Whether you own your site or use an online marketplace, we think Novo is the best choice for you.

2. NorthOne

Like Novo, NorthOne is a modern banking solution for small businesses and freelancers. They offer an FDIC-insured business banking account with API connectivity to PayPal, Square, Quickbooks, and many other tools. Even better, it only takes three minutes to set up and for a flat fee of $10, you get unlimited transactions and no hidden fees.

The best thing about NorthOne is the user-friendly mobile banking. For small businesses and entrepreneurs, this can make all the difference as you have access to your account and reports 24/7. You can even order extra debit cards for your team within the app!

See the BlueCart Digital Storefront in Action

3. Chase Business Complete Checking

Unsurprisingly, one of the 10 largest banks in the world also has some of the best offerings for eCommerce businesses. Chase Business Complete (formerly Chase Total Business) is the perfect all-in-one account for a small- to mid-sized business.

In addition to a slew of incentives they offer for opening an account, they've also got a pretty robust mobile app. It also comes with all the typical offerings like an extensive ATM network, debit cards, ACH transfers, and mobile depositing. That way you'll always be able to accept an eCommerce payment.

The only real drawback to the Chase Business Complete Checking account is that it has a monthly fee. This fee of $12 is waived as long as there is $1,500 in the account regularly.

Still, the benefits far outweigh this potential cost. If you come up with profitable eCommerce business ideas regularly, you definitely want an account that you can grow with.

4. TIAA Small Business Checking

The second of the larger banks on our list is TIAA Bank. Their Small Business Checking is a great option for small eCommerce businesses that want a long-term banking option. It has no monthly fees, ATM reimbursement, and convenient mobile check deposits.

One drawback of this account is that it requires $1,500 to open, which may be tough for a startup. That being said, it also offers an APY of 1.21% for the first year, which is higher than many savings accounts. If you have the capital and expect to grow quickly, this is a very good account option.

5. Axos Small Business Banking

The oldest online bank in the U.S., Axos is built conveniently to serve eCommerce businesses. There are no physical locations, but your money can be accessed from any ATM in the U.S. and fees will be reimbursed. Accounts are also free to open and have no minimum balance requirements. New business owners can even get $100 when opening an account.

The negatives for Axos are that you are limited to 200 free transactions per month, after which you're charged $0.30 per transaction. They also don't offer credit cards and customer support hours are not always convenient.

Best eCommerce Bank

Choosing a bank for your eCommerce business can be complicated, so we've broken it out into a few categories that you may fall under. Unlike our list of checking accounts, here we're looking at banks with a narrow lens.

Here are the best banks:

Best Overall Bank for Small eCommerce Businesses: Chase

Not only did Chase top our list of checking accounts, but they're the best option for small businesses. With more than 5,000 locations and 16,000 ATMs across the globe, you'll always have physical and digital access to your accounts. They also have multiple tiers of business accounts so you can grow and stay with the same bank.

One of the best aspects of Chase is that they offer small business loans ranging from $10,000-$50,000. This capital may be vital in taking your business to the next level. Their credit card offerings are also some of the best on the market.

Best Credit Union for eCommerce Businesses: America First Credit Union

America First Credit Union is a Utah-based credit union with a number of co-operative banking agreements. These let its members access their accounts through more than 30,000 ATMs in the U.S. They also have a robust business loan program and offer a dedicated business credit card. It has multiple business checking account options and can assist with payroll, business

Unfortunately, like many credit unions, America First only operates in a handful of states. Luckily, If your business is in one of them, then you could do much worse.

Best for SBA Loans: Wells Fargo

Another prominent bank, Wells Fargo has a very strong set of offerings for small businesses. In 2019, they lent more than $140 million to small businesses. Even better, their average loan size is around $80,000.

That means you don't have to be in need of an astronomical sum to get approved. They are a bit more traditional than some other banks on this list, but their customer service, number of locations, and financing options make up for it.

Best Sign Up Perks: Bank of America

Another big name in banking, Bank of America has some great incentives for small eCommerce businesses. They have multiple options for cashback when opening an account, getting a business card, and even spending. They also have locations all over the country so you can easily find a branch if you need to do some in-person banking.

Unfortunately, unlike Chase, Bank of America doesn't offer unlimited free transactions. They also limit the number of free cash deposits. If you're looking to open a second business account or won't be depositing money too often, this may be a great option.

Download Our Free Starting eCommerce eBook

Show Me the Money!

A business without a bank account is like a house without walls. It might function, but it's not going to be enjoyable. You need to make sure your money is protected and working for you. Pick the bank and account options that best match your company's needs and growth goals.

If you're a very thorough planner, try to include this information in your eCommerce business plan template. This will signal to investors that you have a good financial plan and keep you focused. You should also make sure to pick up some eCommerce business insurance. You don't want to end up draining that new bank account on lawsuits.

We also recommend picking up some eCommerce books and reading an eCommerce blog or two so you can learn about the current trends and continue to grow your business and fill up that new bank account.

Frequently Asked Questions About eCommerce Banking

Though eCommerce banking has similarities to personal banking, there are key differences to be aware of. If you’re doing business banking for the first time, you’re likely asking a few common questions. Check out our answers to these frequently asked questions below: 

Do I need a business bank account for eCommerce?

Yes, you should set up a business bank account for your eCommerce venture. There are multiple benefits to keeping your business transactions separate from personal ones. 

One, it simplifies accounting because you don’t need to separate personal purchases. Two, it’s much easier to assign expenses to specific accounts on a monthly basis. Three, your business taxes and fees are kept separate from personal income. This offers peace of mind for all of your financial accounts. 

How much does it cost to open a business account?

Every business’s policies vary, but most banks will let you open a business checking account for $25-100. This isn’t a fee you pay to begin banking with the company, but a minimum balance required to open your account. 

Some businesses require a minimum daily balance of $1,000 or more, though this depends on what bank you use and their requirements. When opening a business account, review their terms carefully and make sure it’s a bank that works for your needs. If you have specific questions, contact one of their business representatives. 

What do I need to bring to open a business bank account?

There are several documents to bring when opening a business bank account, including the following: 

  • Employer identification number (EIN) or federal tax ID (FTID)
  • Articles of organization or incorporation (depending on business type)
  • Personal identification, including driver’s license and social security card
  • eCommerce, retail, and/or manufacturer’s license
  • Your Doing Business As or certificate of assumed name
  • Ownership agreements (who owns what and what amount in the business)
  • Current monthly business revenue

Your bank uses this information to keep accurate records and to simplify the sharing of information during tax season.

All offers, interest rates, and conditions are as of this writing and may have changed. Check with the respective bank for current details.

Источник: https://www.bluecart.com/blog/best-banks-ecommerce

Best business checking accounts – November 2021

Choosing the right checking account is very important for a business. This is because an owner wants to concentrate on their business, not banking. Convenience, not paying fees and having an easy way to bank, should all be priorities.

Different businesses are going to have various features that they’re looking for in a business checking account.

“(Business owners) enjoy doing what they’re selling or what their business is all about,” says Kari Harpold, treasury management officer at Capitol Bank in Madison, Wisconsin. “But to have to also do all of the financial end of things … it’s not what they enjoy doing. So if they can just have a good relationship with the bank, where the bank’s handling a lot of that stuff for them, you’re just making it more efficient for them and save some of their time, then that’s a better scenario for them.”

The best business checking accounts of November 2021

Why trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate’s Best Business Checking Accounts

Bankrate’s editorial team regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks. To find the best business checking accounts, our editorial team analyzes various factors, such as: annual percentage yield (APY), minimum balance requirements and broad availability. All of the accounts below are insured by the Federal Deposit Insurance Corp. (FDIC) at banks or by the National Credit Union Share Insurance Fund (NCUSIF) at National Credit Union Administration (NCUA) credit unions.

Bankrate’s picks: Best business checking accounts for November 2021

Best for free account with no transaction limits: Bethpage Federal Credit Union; 0.20% APY

Overview: Bethpage Federal Credit Union was established in 1941.

Perks: Bethpage Federal Credit Union’s Free Business Checking with Interest doesn’t have a transaction limit. It also doesn’t charge you a monthly service fee and it earns some interest. Anyone can join Bethpage Federal Credit Union with a $5 deposit into a savings account.

What to watch for: It only has branches on Long Island, New York.

Best for outgoing domestic wire transfers: Capital One; 0% APY

Overview: Capital One has about 380 bank branches, Capital One Cafes and offers online bank accounts. Savings accounts, business credit cards, the ability to accept credit card payments from customers and lending options are some of the products and services that Capital One offers for businesses.

Perks: The first five domestic outgoing wires each month are free with the Spark Business Unlimited Checking account. Those domestic outgoing wires are valued at $125, since after your five free monthly wires are sent you’ll be charged $25 for each additional domestic wire transfer.

The Spark Business Unlimited Checking account allows you to have the monthly maintenance fee waived on up to two Spark Business Basic Checking accounts. Account holders also won’t be charged for receiving domestic wire transfers and no fee is charged on cash deposits of less than $40,000 a month. It also allows unlimited transactions.

What to watch for: A monthly maintenance fee of $35 is charged for 30-day or 90-day balances that go below $25,000.

Spark Business Unlimited Checking customers aren’t charged a fee for making cash deposits. But the bank may convert the account into another checking product if you make more than $40,000 in cash deposits during a statement cycle. The account is meant for businesses that have less than $10 million in annual sales.

Best for a cash-back debit card: LendingClub Bank; 0.10% APY (on balances $5,000 or more)

Overview: LendingClub Bank is an online bank founded in 2007.  Radius Bank, which was founded in 1987, was acquired by LendingClub in February 2021.

Perks: LendingClub’s Tailored Checking offers unlimited cash back of 1 percent and earns 0.1 percent APY on balances of $5,000 or more. The account also offers businesses free unlimited transactions.

What to watch for: LendingClub Bank has only one cashless branch, in Boston, according to its website. Businesses that need cash and coin orders on a regular basis may want to avoid online banks. There is a $10 monthly maintenance fee if the Tailored Checking account balance falls below $5,000.

Best for getting a safe-deposit box discount: Regions Bank; 0% APY

Overview: Regions Bank has about 1,400 branches in the South, Midwest and Texas.

Perks: Regions Bank’s Business Simple Checking account offers business owners up to a 40% discount on a safe-deposit box. Account holders can waive the $7 monthly service fee by making at least $500 in purchases with a Regions Business CheckCard. Regions requires only a $100 deposit to open the account.

What to watch for: Regions Bank has locations in 16 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.

Best for business perks: Security Service Federal Credit Union; 0.15% APY (on balances of $1,500 or more)

Overview: The Security Service Federal Credit Union Premium Business Checking account offers an account that helps with more than just banking. The account is subject to a $20 monthly maintenance fee for accounts that don’t maintain an average daily balance of at least $50,000.

Perks: With the account, you’ll have access to a network of attorneys, who provide free and discounted services for Premium Business Checking customers. The credit union also provides business checking customers with mobile phone coverage, which covers accidental damage, mechanical failure or theft. Two claims of up to $500 each are permitted in a 12-month period.

What to watch for: Only customers who live, work, attend school, worship, volunteer or have a business in Colorado, Texas or Utah are eligible to join the credit union. You can also join by being a military member of select branches or units. Department of Defense employees at certain bases within Security Service Federal Credit Union service areas may also be eligible.

Also, family members or household members of an existing member can join.

Best for lower-balance cash deposits: VyStar Credit Union; 0.10% APY (on balances of $2,500 or more)

Overview: VyStar Credit Union is the 18th-largest credit union based on assets, according to VyStar’s website, and it is headquartered in Jacksonville, Florida.

Perks: The VyStar Credit Union Small Business Checking account lets a business deposit up to $10,000 in cash monthly without paying a fee. Other banks or credit unions might have lower limits on depositing cash for free.

The account pays interest on daily balances of $2,500 or more and doesn’t have a monthly maintenance fee.

What to watch for: People who live or work in 49 Florida and 10 Georgia counties can join VyStar Credit Union. A $5 minimum deposit is required to open an account.

Business checking account features and terms

  • Debit card: A debit card allows you to make purchases from your business checking account. Business debit cards typically can also be used at ATMs, and employees may also have debit cards issued to them.
  • Cash-counting limits: Your bank might limit the amount of cash that can be deposited into the account without incurring a fee, which affects certain businesses — such as restaurants, grocery stores or convenience stores — more than others.
  • Positive pay: This feature allows a business to submit information about the checks that it has written to limit the occurrence of fraudulent transactions. “The customer is able to see an image of that check that doesn’t match for whatever reason up on their computer screen within their online banking,” says Harpold of Capitol Bank. There’s usually a fee for this service. Positive pay may also be available for automated clearing house (ACH) transactions.
  • Bill pay: A business can pay its bills online through a business checking account.
  • Remote deposit capture: A business may be able to deposit checks without going to the bank through this service.
  • Items: Some business checking accounts may limit the number of items per month. An item may be a check, ACH, cash withdrawal with a teller, ATM withdrawal, debit card purchase or other amount added or subtracted from your account, according to Randolph-Brooks Federal Credit Union’s website.

What to consider when choosing a business checking account

Here are some things to consider before opening a business checking account:

  • Minimum balance requirement.
  • Monthly maintenance fee.
  • Other fees.
  • Bonus for new accounts.
  • Cash-counting fee.
  • Free or discounted checks.
  • Number of free items or transactions.
  • Proximity to your business — especially for businesses that need cash or coin orders often. Or businesses that need to deposit cash or coins.

What to know about minimums and fees

It’s important to know the minimum balance requirements and fees. Try to find an account that doesn’t charge a monthly maintenance fee or one that has a fee that you can easily get waived. You may be able to waive some fees by maintaining a certain balance. Or there may be other ways to avoid a fee. For instance, Regions Bank waives the monthly service fee for those generating $500 or more in Regions Business CheckCard and or business credit card purchases.

Business checking account FAQs

Which bank is best for small businesses?

The best bank for a small business will depend on the priorities of the small business. Each small business is going to have different things that they’re looking for in a small business account. It may depend on the type of business or the type of banking services it needs.

A tech-savvy owner of an e-commerce business might opt for an account at an online bank. But a restaurant owner, who needs change every day, might favor the bank down the street.

What do you need to open a business checking account?

To open a business checking account, you’ll need some documents for yourself and the business. These may include your government-issued photo ID, your Social Security number, the tax ID number (TIN) for the business, a deposit of cash or a check made out to the business and other business formation documents.

What are the benefits of a business checking account?

A business checking account should help keep your personal and business banking separate.

There are a few reasons why your business should have a business checking account.

  • It could help limit potential liability and make it simpler to file taxes.
  • It makes it easier to see how your business is doing.
  • A business checking account might also offer you more options, such as the ability to accept credit card payments.
  • Your business will look more professional when writing checks.

Do I need an LLC to open an account?

A sole proprietorship may be able to open up a business checking account. A Social Security number, employer identification number (EIN) or an individual taxpayer identification number (ITIN) is needed.

Can I open a business checking online?

You might be able to at certain banks. Certain online banks also will let you open an account online. You may also be able to apply for a business checking account online at a brick-and-mortar bank.

Can I open a business checking account at a credit union?

Both FDIC banks and NCUA credit unions offer business checking accounts. Some online banks also offer these checking accounts.

Can I use a personal checking account for business?

Rachel Ivanovich, an enrolled agent and founder of Easy Life Management in Carlsbad, California, says it’s always better to keep your business and personal accounts separate and not commingle funds.

“I tell all of my clients, even if you only have a few transactions and it seems silly to have a separate bank account, do it anyway,” Ivanovich says. “In the long run, as your business grows, you’ll be in the habit of keeping your funds separate. And it makes tracking so much easier. It just makes the accounting cleaner and if you ever do get audited, it’s so much better.”

What’s the difference between a business checking account and a personal checking account?

Business checking accounts may have different features, terminology and limits than a personal checking account.

It is likely to have more restrictions and possible fees, too. For instance, generally in a personal checking account, you’ll write checks and make withdrawals without tracking how many transactions you make. That is because unlike a business account, there usually isn’t a fee based on the number of transactions made or items.

Keeping track of your business’ finances

As a business owner, especially at a small business, you have a lot to keep track of: Bankrate has calculators that may help. You might also opt to use QuickBooks or another software program to help keep track of your business.

Bankrate’s Best Business Checking Accounts for November 2021

BankChecking account nameAPYMonthly fee
Bethpage Federal Credit UnionFree Business Checking with Interest0.20 percent APYNone
Capital OneSpark Business Unlimited CheckingN/A$35
LendingClub BankTailored Checking0.10 percent APY*$10
Regions BankSimple Checking BusinessN/A$7
Security Service Federal Credit UnionPremium Business Checking0.15 percent APY**$20
VyStar Credit UnionSmall Business Checking0.10 percent APY***None

*On balances of $5,000 or more.
**On balances of $1,500 or more.
***On balances of $2,500 or more.

Note: The annual percentage yields (APYs) shown are as of Nov. 16, 2021. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The rates for some products may vary by region.

Learn more:

Источник: https://www.bankrate.com/banking/checking/best-business-checking-accounts/

How To Open A Business Bank Account Online: The 5 Best Options

In the same way that technology has changed the way we book a flight, hail a cab (or Uber), order takeout, or even buy a car, technology is changing the way we interact with the bank. For example, my mortgage payment is automatically deducted from my paycheck every month and my paycheck is even automatically deposited into my personal bank account. In reality, there are very few banking services I use on a regular basis that require me to go inside a bank. Even if I need cash or happen to need to deposit checks, I can do that through an ATM.

In much the same way, many small businesses are finding they don’t need to go into their bank’s physical location either. And many other business owners are finding they can do all of their business banking online with a bank that doesn’t even have a physical branch.

Benefits of a Business Bank Account

As a small business owner or startup founder, you need a business checking account. Wondering why you shouldn’t just use your personal checking account for business expenses? Here’s why having a separate business account is imperative:

  • It will make accounting a lot easier and give you greater visibility into whether or not your business is profitable
  • It will help you better manage your business cash flow
  • It will make it easier to account for business expenses at tax time
  • It will make the transition to an LLC or corporation much easier should you decide to formalize your business entity down the road

If you anticipate the need to take out a loan, there are many small business lenders like the SBA that won’t even consider your loan application unless you have a business banking account, making it much harder to find small business loans to fuel growth or otherwise fund business initiatives.

In other words, a business checking account just makes sense for most small businesses.

Today, you can find a variety of business checking accounts that are fee-free, or that offer a certain number of free transactions before fees kick in. Some offer perks like cash back or discounts on business products.

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Top 5 Options to Open a Business Checking Account Online

If you’re considering an online business checking account, these five options are all worth considering: 

  1. BlueVine
  2. OZK
  3. Bank of America
  4. Axos
  5. Chase

1. BlueVine: Best for Earning 1% Interest; No-Fee Account

If you’d like to earn interest on your business checking account, BlueVine’s Business Checking account could be a good choice. What’s more, this is a free checking account, a rarity in the industry.

  • No minimum deposit or balance requirements
  • No monthly service fees
  • No ATM fees at 38,000+ MoneyPass® locations across the country (You may be charged out-of-network ATM fees, even if you don’t complete the transaction)
  • No fees for non-sufficient funds
  • Two free checkbooks
  • Easy mobile app

Earning 1% interest on BlueVine’s Business Checking Account is 10X the national average for similar accounts (.1% is the national average), putting them on the top of our list of interest-earning business checking accounts with no fees.

2. OZK: Best Overdraft Protection

Bank OZK offers many of the same services that other banks offer, but also includes common-sense overdraft protection they call Bounce Proof Security which will, if you maintain a positive account balance for at least 30 days on a new account, cover any overdrafts up to your limit, with a maximum overdraft of $500 (there’s a $35 fee for every overdraft regardless of whether it’s caused by a check, an in-person withdrawal, or electronic transaction).

In addition to Bounce Proof Security, you can opt for Safety Link, which automatically transfers funds from a linked checking or savings account for a $10 fee per transfer. Here are additional features.

  • Remote deposit capture
  • Online banking (a $5 monthly fee applies to some accounts)
  • Online bill pay (fees may apply on some account types)
  • eStatements 
  • Instant issue business debit card 
  • Mobile banking (for mobile banking, carrier rates will apply)
  • Merchant processing
  • Check image statements

If you’re looking for great overdraft protection, Bank OZK is our choice for online checking accounts. The bank also offers business savings and money market accounts.

3. Bank of America: Best Long-Term Banking Services

Bank of America is one of those brick-and-mortar banks that also offers a lot of online banking services. If yours is a relatively young business and you are looking for a bank that can grow with your business as it grows, you should consider Bank of America.  With accounts that are designed to meet a variety of small business banking needs, you’ll likely find an account that fits.

What’s more, you can earn $100 when you open a new account and make qualifying deposits equaling $1,000 in the first 60 days of your new account. You can earn an additional $50 when you pay at least two bills through bill pay within your first 60 days and an additional $300 statement credit if you are approved for and open a new Bank of America business credit card and make at least $3,000 in purchases with the card within the first 90 days of card account opening.

  • Get employee business credit cards 
  • Online banking and mobile app
  • Grant customized access to multiple users—plus seamless QuickBooks® integration with Account Management
  • Deposit unlimited checks with Remote Deposit Online
  • Other services available, including merchant services

4. Axos: Best Free Business Checking Account

Axos Bank has gotten rave reviews online. We agree.

Axos designed its Basic Business Checking account with small business owners in mind. Open a 100% online account and enjoy unlimited domestic ATM fee reimbursements, no monthly maintenance fees, and no minimum balance requirements. Earn a $100 bonus when you open a Basic Business Checking account—and maintain a minimum average balance of $5,000 for at least 90 days after account opening.

  • No monthly maintenance fees
  • No minimum account balance requirement
  • Your first 50 checks are free
  • Unlimited domestic ATM fee reimbursement
  • $1,000 minimum opening deposit

Axos prides itself on its simple, convenient, no-fuss approach to a free small business checking account.

5. Chase: Best If You Occasionally Need to Go to a Branch

Chase Bank is another brick-and-mortar bank with branches all across the country for those times when you do need to visit the inside of a bank since there are nearly 4,900 branches and 16,000 ATMs across the country. Chase has business specialists at your local branch for those times when you need to sit down and have a person-to-person conversation with a banker.  You’ll get $300 as a new Chase business checking customer when you open a Chase Total Business Checking® account with qualifying activities. 

  • 250 transactions per month at no charge, plus unlimited electronic deposits and incoming wires
  • $20,000 monthly cash deposit without an additional fee
  • All incoming wires and two outgoing domestic wires at no charge per statement cycle
  • Options for signers and employees to access ATMs and make purchases
  • No additional charge for Positive Pay and Reverse Positive Pay Protection services 
  • Interest option available — see your banker for more information
  • Personal account benefits available
  • Monthly service fee waived on a linked Chase Business Premier Savings account
  • Access to 16,000 ATMs and nearly 4,900 branches
  • 24/7 customer service

Chase allows you to have your digital cake and eat it too with a convenient online checking account and other banking services, along with the option to visit Chase Bank branches all across the country.

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What Do You Need to Open a Checking Account Online?

As a general rule, you’ll need the following documents to open a business checking account with most online or brick-and-mortar banks:

  • Your Social Security Number or Employer Identification Number (EIN)
  • A current driver’s license or passport as personal identification
  • Your business license with the name of the business and the owner’s or owners’ names
  • Certificate of assumed name (DBA) if you are a sole proprietor
  • Partnership agreement with the name of the business and its partners (if there are multiple owners)
  • A copy of your organization documents that are filed with the state if you run a corporation or LLC

How to Open a Business Bank Account Online

Some banks that have physical branches may require you to apply in person locally, while others give you the option to open an account online. Obviously, banks that are 100% online give you that option as well!

Opening an account is usually fast and easy. You’ll be asked to input personal details (contact info, date of birth, address, Social Security number) and details about your business (your business structure, address, industry, how long you’ve been in business, annual revenue, number of employees).

Select the type of account you want. You may be required to fund it to open an account, as there may be a minimum daily balance requirement. Your application may be approved instantly, allowing you to access your account online right away, though you’ll have to wait around 10 business days to get your debit card and checks.

What to Consider When Choosing a Bank for Your Business Account

Don’t automatically choose to open a business checking account where the same bank you have your personal account without determining whether or not it is the best bank for your business needs.

Some banks specialize in certain types of businesses or industries. This could also apply to an online bank. If a bank has experience in your industry or similar small businesses, they may even offer additional services or custom offerings designed to benefit you and other businesses like yours.

Before you choose an online bank for your business, make sure you know:

  • If there are monthly account fees and if there are requirements to have those fees waived
  • If your checking account will earn interest and what the expected interest rate may be
  • Whether there are transaction fees for writing checks, accepting credit cards, etc.
  • If there are any introductory offers

You want to make sure the online bank offers services to meet your needs. For example, if you accept a lot of cash transactions, is there a way to make cash deposits? Are there branch locations in your area? If not and you feel you need a local branch, it may not be the bank best suited for the way you do business.

Why You Should Open a Business Checking Account Online

Although most banks have some kind of digital presence, online banking services are relatively new. In other words, just because your neighborhood bank has a website, it doesn’t mean it offers all its banking services online. 

Online banks are capable of offering most of the banking services you’ll find at the bank branch around the corner, without the expense of a physical location, or locations. As a result, there are some pretty compelling benefits most small business owners might appreciate.

  • Your business savings account will earn higher interest rates—sometimes as much as 1%; significantly higher than a conventional bank
  • An online bank’s lower overhead means you pay less in fees than a conventional bank
  • It’s easier to establish an online bank account with applications that are designed to be completed quickly and easily
  • Online bank accounts can connect seamlessly to payment processing accounts and other digital banking services
  • Most online banks are FDIC-insured like a brick-and-mortar bank

Nevertheless, if you make a lot of cash deposits, write a lot of checks, or want ATM access anywhere and everywhere, an online bank might not be the best choice for you. With that being said, if you do the lion’s share of your business digitally already, an online bank account may be just up your alley.

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Online Business Account FAQ

Now let’s address questions you may have about online business bank accounts.

Can I Open a Business Checking Account Online?

Typically, yes, there are many options for establishing a business checking account online, including the five options listed in this article. However, some physical banks may require you to open an account at a local branch.

How Much is it to Open a Business Checking Account?

Typically, the only cost associated with opening an online business checking account is the minimum opening deposit amount. Some online banks will assess transaction fees for some accounts, but there shouldn’t be a fee associated with opening the account.

Can I Use a Personal Bank Account for my Small Business?

This may work when you’re running a new business, but ultimately, you’ll want to open a separate account to make it easier to track business income and expenses.

Can I Pay Personal Expenses from my Online Business Bank Account?

There’s no law saying you can’t do this, however, it may make filing your business taxes more challenging, as you will have to parse out your business expenses from personal.

Which is the Easiest Bank to Open a Business Bank Account With?

Most online applications are pretty straightforward to open an account, but some online banks may want you to speak with an account manager before they approve your account. You should also expect that your account won’t be open immediately and will likely take several days to activate once opened.

Do You Need an EIN to Open a Business Bank Account?

An Employer Identification Number, or EIN, though not always required in every case, is a good idea. A sole proprietor or solopreneur, who doesn’t have any employees, will likely not need an EIN, but if you operate as an LLC or corporation, it will be a requirement to create your business identity. 

Do You Need Money to Open an Online Business Bank Account?

Yes. Each bank will have its own minimum required deposit when you open an account.

Do I need an LLC for a business bank account?

Not necessarily. Most banks will allow you to open a business account whether you run a sole proprietorship, partnership, LLC, or corporation.

This article was originally written on October 8, 2020 and updated on August 9, 2021.

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Susan Guillory

Susan Guillory is a Senior Content Writer for Nav. She’s written books on business and travel, and blogs about small business on sites including Forbes and AllBusiness.

Источник: https://www.nav.com/blog/online-business-accounts-5-best-options-to-open-business-accounts-online-720975/

Pros Explained

  • Highly accessible — numerous locations: With approximately 4,900 branches and over 12,000 ATMs across 37 states and the District of Columbia, Wells Fargo is one of the more easily accessible large banks in the United States.
  • Frequently waived monthly fees: While Wells Fargo does levy maintenance fees on many of its deposit accounts, the bank does provide a number of methods for avoiding them. Most clients can easily qualify for one of the many waivers.
  • Innovative, secure data-sharing, and money management apps: In 2017, Wells Fargo partnered with Intuit to provide a seamless and completely secure connection for customers who use Mint, QuickBooks online and TurboTax online. This pioneering move allows Wells Fargo customers to easily share data with these Intuit products so they can handle their financial chores without risking their accounts' security.

Cons Explained

  • Low interest rates: Account APYs tend to skew lower at traditional brick-and-mortar banks than at their online counterparts. Still, Wells Fargo offers very lackluster rates (currently 0.01%-0.02%) on all of its savings options. In addition, every savings account also carries a monthly fee, meaning your account may essentially earn a negative amount if you are unable to avoid the charge — if your account dips below the minimum daily balance, for example.
  • Overdraft fees levied up to three times daily: Wells Fargo charges a $35 overdraft fee for its Debit Card Overdraft Service every time you overdraw your account. Unfortunately, the bank's policies allow up to three overdrafts per day, meaning you could be staring down $105 in overdraft fees from a single day's mistakes. On the other hand, if you've signed up for Overdraft Protection, you will be charged one fee per business day, but the fee amount will depend on type of account from which the funds are withdrawn to cover the overdraft.
  • History of costly scandals: In 2016, news began to emerge that for years, Wells Fargo employees had engaged in illegal practices — behavior that resulted in extra charges for customers and opening fake accounts, along with improperly repossessed homes and autos. and has been forced to pay billions in fines imposed by the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Securities and Exchange Commission.

Who Is Wells Fargo Best For?

Wells Fargo will appeal to customers who want a well-established traditional bank with a large geographic footprint. It will be a great fit for those who:

  • Need a bank that is present in the majority of the United States, including the District of Columbia
  • Can easily keep a minimum balance in their checking and savings account to avoid fees
  • Want to use Mint, QuickBooks online, or TurboTax online to handle their accounting and financial affairs

What Does Wells Fargo Offer?

Wells Fargo has a full array of the usual financial products and services for their customers. These include:

  • Savings accounts
  • Checking accounts
  • Certificates of deposit
  • Credit cards

Savings Accounts

Created specifically to encourage savings, the Wells FargoWay2Save Savings Account has a low minimum deposit of $25 and a monthly service fee of $5, which can be waived with either a $300 minimum daily balance or by setting up automatic transfers from linked Wells Fargo checking accounts. In addition, Wells Fargo automatically waives the monthly fee for account holders under the age of 24.

Another savings encouragement is the Save As You Go® transfer, which moves $1 from your Wells Fargo checking account to your Way2Save account with each qualifying transaction. These transactions include any non-recurring debit card purchases and any time you pay a bill using the Wells Fargo online bill pay option.

Wells Fargo also touts the use of your Way2Save account as a method of overdraft protection for customers who also have checking accounts. If you sign up for this optional service, Wells Fargo will transfer money from your Way2Save account into your checking account to cover an overdraft. However, this service doesn't prevent you from being charged a $12.50 overdraft fee once per business day. The fee can be avoided if a covering transfer or deposit is made on the same business day.

The APY on Way2Save accounts is currently set at 0.01% and there is no minimum balance required to earn it.

Wells Fargo's Platinum Savings account comes with the option to write checks. They also don't have any restrictions on the number of monthly withdrawals you can make from the account.

Savers can expect an APY of 0.01% with Platinum Savings, but there is a relationship bonus APY of 0.02% if you also link a Portfolio Relationship by Wells Fargo account (see below). Close the qualifying checking account and you lose the bonus rate.

Customers can open a Platinum Savings account with only $25 and there is no minimum balance requirement to earn interest. However, there is a $12 monthly fee that can only be waived by maintaining a $3,500 minimum daily balance.

Wells Fargo Savings Accounts
Account NameMinimum Opening DepositMonthly FeeFee WaiversAPY
Way2Save$25$5$300 minimum daily balance OR automatic savings transfers0.01%
Platinum Savings$25$12$3,500 minimum daily balance0.01%

Checking Accounts

Everyday Checking is Wells Fargo's basic checking account option, the one that may appeal to a majority of customers. You can open an account with $25, but expect to pay a $10 monthly fee unless you meet one of the following waiver requirements:

  • Have $500 or more in qualifying direct deposits per month
  • Maintain a $500 minimum daily balance
  • Be between the age of 17 and 24
  • Are a college student with a linked Wells Fargo Campus ATM or Campus Debit Card

While it is relatively easy to avoid the monthly fee, make sure you're aware of the other charges you may face, including a $2.50 out-of-network ATM fee and a $35 overdraft fee if you overdraw your account. If you sign up for Overdraft Protection with a linked savings account, you can avoid the painful $35 fee, but you will still have to pony up a $12.50 transfer fee when the money moves from savings to checking.

Overdraft Rewind

All deposit account holders have the opportunity to reverse overdrafts with the Overdraft Rewind. Here's how it works: if you make an ACH deposit that covers the overdraft by 9:00 a.m., Wells Fargo will recalculate your balance from the previous day to include the ACH deposit and may reverse any overdrafts or returned items that would have otherwise resulted without the addition of the deposit.

As the bank's premium checking account, Portfolio by Wells Fargo offers customers a number of major perks. At its core, the Portfolio account is an interest-bearing checking account, although the 0.01% APY is not currently impressive. Expect a $25 per month maintenance fee, unless you maintain a minimum of $20,000 (combined) in your linked accounts at the end of each statement period.

There are additional perks available to Portfolio account holders that can potentially make up for the low APY. Specifically, account holders also enjoy the following:

  • Fee-free Wells Fargo Personal Wallet checks, cashier's checks and money orders
  • One overdraft Protection fee from an eligible, linked savings account is waived per fee period
  • Discounts on interest rates on select new loans and lines of credit

Account-holders who keep a qualifying balance of more than $250,000 also have fees waived on incoming wires, stop payments and Overdraft Protection transfers, as well as unlimited reimbursement of out-of-network ATM fees within the U.S and worldwide.

Finally, Portfolio customers are also granted access to Wells Fargo advisors for investment guidance, as well as discounts on the Wells Fargo Intuitive Investor account and the WellsTrade Online and Mobile Brokerage.

Young people looking for an opportunity to manage their own money might consider Wells Fargo Clear Access BankingSM. It's available for minors aged 13 to 16, with an adult co-owner.

Like the other checking accounts on this list, Clear Access BankingSM comes with a debit card that the account-holder may use for spending and ATM withdrawals. You can set up alerts to notify you of certain account activities.

The account can be opened with a $25 minimum deposit and the $5 monthly fee can be waived if the primary account holder is 13-24 years old.

Wells Fargo Checking Accounts
Account NameMinimum Opening DepositMonthly FeeFee WaiversAPY
Everyday Checking$25$1010 debit card transactions, OR $1,500 minimum daily balance, OR $500 in direct depositNone
Portfolio by Wells Fargo$25$30$25,000 in combined linked bank deposits, OR $50,000 in linked bank, brokerage, and credit balances0.01%
Clear Access BankingSM$25$5Primary account holder is 13-24 years oldNone

Certificates of Deposit (CDs)

Wells Fargo offers several different CD products and there are some bonus APY offers for Portfolio by Wells Fargo account-holders.

The Fixed Rate CD offers several terms with a minimum opening deposit of $2,500.

Wells Fargo Fixed Rate CDs
TermMinimum Opening DepositAPYBonus APY
3 months$2,5000.01%0.02%
6 months$2,5000.01%0.02%
1 year$2,5000.01%0.02%

Credit Cards

Wells Fargo offers credit cards that can meet nearly any banking or credit need, from cash-back cards to rewards cards to cards that are well-suited to balance transfers. Here are some of the cards that Wells Fargo offers:

Cash-back Credit Cards

  • Wells Fargo Active CashSM Card

Rewards Cards

  • Wells Fargo Propel American Express Card
  • Hotels.com® Rewards Visa® Credit Card

Cards for Balance Transfers

  • Wells Fargo Platinum Card (As of October 1st, 2021, Wells Fargo is no longer accepting applications for this card, but the bank now offers a similar card: Wells Fargo Reflect.)

Other Financial Products Offered by Wells Fargo

In addition to deposit accounts and credit cards, Wells Fargo also offers the following products and services to its customers:

  • Car loans
  • Purchase mortgages
  • Refinance mortgages
  • IRAs
  • Self-directed trading
  • Managed investment portfolios
  • Private banking
  • Financial advisors
  • Business loans
  • Personal loans
  • Student loans

Wells Fargo Customer Service

Customers can reach Wells Fargo customer service agents in a variety of ways, including:

  • Phone, available 24/7 (1-800-869-3557)
  • Mail
  • Meta, available 7 days a week
  • Twitter, available 7 days a week
  • A comprehensive Help section on the Wells Fargo site

Wells Fargo also offers a highly-rated mobile app that allows you to conduct your banking business on the go.

A Tarnished Reputation

Beginning in 2016, a seemingly endless series of scandals beset Wells Fargo: the creation of phony accounts, the unauthorized purchase of insurance policies for clients, improper auto-loan and mortgage practices, and the alteration of customer data, which were only admitted to after investigations by journalists and regulators. Wells Fargo has paid billions in government fines, criminal and civil lawsuit settlements, and restitution to injured parties. Nevertheless, it seems likely that the revelations of the bank's malfeasance continue to tarnish its image in a skeptical public's eyes. According to the 2021 J.D. Power and Associates Retail Banking and Satisfaction Study, Wells Fargo ranks below the average satisfaction level in every region except Lower Midwest.

How to Bank with Wells Fargo

Potential customers can open a new Wells Fargo account online or in a bank branch. Applying for an account online also provides an instant application status response.

Once you are set up with a Wells Fargo account, you can take care of your banking needs online and with the mobile app.

Verdict

Customers looking for a well-established and well-rounded financial institution may do well with Wells Fargo. Not only does this bank possess a large geographic footprint, but it also has every type of account, product and service you may need — a true one-stop banking shop. Add in the fact that you can enjoy some relationship bonuses for linking multiple accounts or products under the Wells Fargo umbrella and this institution is a clear winner for anyone who values efficiency and streamlined banking experience. That said, Wells Fargo has not yet earned back the public's trust after the revelations from 2016 to 2018, of a series of systemic fraudulent practices that victimized its own clients for nearly two decades. While the bank is working to correct its course — in February 2020, it agreed to pay $3 billion in fines to settle a civil lawsuit and resolve a Justice Department criminal prosecution — consumers might understandably like to wait and see if any more ugly shoes drop before trusting their money to this institution. Unless Wells Fargo can offer more tempting interest rates or find other ways to distinguish its products, its dented reputation — coupled with lackluster rates — makes it a less-enticing option for anyone who is not looking specifically for convenience.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected more than 20 data points across more than 80 banks including products available, interest rates, fees and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

Источник: https://www.investopedia.com/wells-fargo-bank-review-5024853

How to Close Your Wells Fargo Bank Account in 6 Steps

Tired of being with a bank that let down its customers and broke their trust? You don’t have to stay. And don’t stay just because you think making a switch will be hard. If you’d like to move your business to a financial firm that puts its customers first, we’ve made it easy to do.

Moving to an Aspiration checking account means you’ll get up to 100 times higher interest rates than Wells Fargo, none of the $15 a month fee that Wells Fargo charges on accounts with less than $10,000, and you’ll get free access to every ATM in the world.* Plus Aspiration gives 10% of its revenue to charities helping Americans in need. That’s why it was named Money magazine’s “Best Checking Account in America.”

Here’s a simple checklist of how to switch from Wells Fargo to Aspiration:

  1. Sign up to get an Aspiration checking account invitation here. You'll need an active checking account in order to fund your Aspiration Summit account, so before you close out from Wells Fargo, be sure to move that money over (and then you can say bye bye Wells Fargo)!

  2. As soon as you get an email with the invitation (it won’t take more than a week or so), click the link to apply for an Aspiration Summit checking account.

  3. During the account opening process, you’ll have the option to:

a. Link your Wells Fargo account.

b. Set the amount of money you’d like to transfer. Be sure to check your Wells Fargo account balance and make any required adjustments for any recurring or pending payments before you set the amount to transfer into the Aspiration checking account.

  1. You will receive an email notification when your application has been processed, and your account has been successfully opened.

  2. You should expect your debit card 7-10 business days after account opening. After you receive the debit card, login on aspiration.com to locate your Aspiration routing and acct numbers. To set up direct deposit simply provide these to your employer, or request a form from our support team should your employer prefer that.

  3. Once you have your debit card and your direct deposit set up, then contact Wells Fargo to cancel your account at 1-800-869-3557 or sign in to Wells Fargo and select “Contact Us” to send an email request to close the account. Congratulations!

That’s it. It’s simple to make a switch to trust with Aspiration.

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Investment products are offered through Aspiration Fund Adviser, LLC. Investment products: Are not FDIC insured. Are not Bank Guaranteed. May lose Value.

*Annual Percentage Yield (APY) accurate as of 09/21/2016. Minimum amount to open account is $10.00. Rate tiers are as follows: 0.25% APY applies to balances of $0.01—$2,499.99, and 1.00% APY applies to the entire balance on balances of $2,500 or more. Rate and APY are variable and are subject to change after the account is opened. Fees may reduce earnings.

ATM surcharge rebates apply to cash withdrawals using the Radius Debit Card wherever it is accepted. Radius Bank makes its best effort to identify those ATM fees eligible for rebate. In the event that you have not received a rebate for a fee you believe is eligible, please contact Customer Service at 800.683.8529. ATM fees will be rebated at the end of each statement cycle. Radius Bank reserves the right to modify or discontinue the ATM surcharge rebate at any time.

Источник: https://blog.aspiration.com/how-to-close-your-wells-fargo-bank-account-in-6-steps/

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