U.S. Bank Account Service
Establishing a U.S. bank account for a U.S. entity requires not only the right steps, documents, but also finding the bank that is willing to create the account without a local office site inspection, or personal U.S. utility bill for the signer.
NCP has worked with several banks since 1997, and we understand their concerns and compliance guidelines to help you navigate your U.S. bank account set up.
Is Travel Required to Establish a U.S. Bank Account for a U.S. Entity?
Let’s cover the most critical question, is travel required? Yes, travel is required, but even then, most banks will not set up the account for you. See our case study below.
[New Banking Option Without Travel]: We have access to a new banking option, which is a fully functioning bank account with the ability to do an ACH pull (which is vital for automating sales tax compliance), and other major bank features. Reach out to our team for more details at email@example.com.
Case Study: One of our clients had a Citibank account set for a US LLC. They were coming to an event in Las Vegas, and we suggested they attempt to use the same bank for their new LLC. Citibank (as most banks may likely do) said they treat each new bank account as a separate set up for a new entity.
Citibank now requires a U.S. personal utility bill of the signers and an office site inspection. They were not able to just add a new bank account, even though they had a previous account that is still open. In the end, they used our service with another major bank, the personal U.S. utility bill was not required, nor the office site inspection.
The great news is that our clients were able to go to our recommendation and service and set up their account for their new LLC the same day.
Common and Important Banking Q & A with Travel to Las Vegas:
1. Do both partners need to be at the branch to open the account. Yes. If your entity has partners (any percentage), ALL partners need to be present. Yes, we realize this is not practical, but that is the bank’s requirements. They are not even looking for those owning 20% or more. Most of you likely either have a U.S. single-member LLC or a Corporation with one owner.
2. Will you receive a debit card? Yes, and it will be mailed to you within ten business days after opening the account.
3. What is the minimum bank deposit? $100.00.
4. Are we able to do international wires from abroad? Yes, and you will need to sign additional forms at the bank, and you will need to call into the bank to authorize the wire over the phone vs. trigger online (that last part requires an ITIN or SSN).
5. Does the U.S. entity have to be foreign qualified in the state of Nevada, since the bank is in Las Vegas? No, but it must be a U.S. entity in good standing, and you will need a copy of the filed articles.
6. Is a copy of the EIN letter from the IRS required to open the bank account? It is recommended, but not required.
7. Why don’t I just set up a bank account on your own when I am in Las Vegas? You can set up a personal account on your own, but any other banks or branches will want to typically do a site inspection at your local office, which is not going to happen. We have had a great working relationship with our banker for the past four years, and we follow an organized process.
8. I have Payoneer, why do I need a U.S. bank account? Our service is the only pay to pay sales tax automatically when remitting. You need to be able to do an ACH pull from a bank. The debit card is in the name of your entity and allows for recurring billing as required. It is a good idea to have both.
9. If I have a single-member LLC, do I need a copy of my operating agreement that matches the number of members and taxation type? Yes, this is required. If you don’t have one, our fee is $97.00.
Banking Fee Travel Option to Las Vegas: $397.00 (deposit is separate). Only available on a U.S. entity.
Process: After you sign up, you will receive an email with the steps and bank details to email and schedule an appointment.
Our non-travel U.S. banking option is recommended due to COVID-19 and travel limitations.
Go to this link to learn more about our U.S. Entity packages that include our U.S. banking services.
[New] U.S. Banking (Non-Travel Option)
Non-travel option. Fee: $297.00. We have been introduced to a new tech company with a banking platform that has found a Midwestern U.S. bank. It is a fully functioning bank. It is not Payoneer.
Our 100% money-back guarantee is simple. If you submit all the correct forms below and we submit, and your bank account is not opened, we will refund your money within 48 hours that our bank has confirmed they are unable to open your account. At this point, we would let the bank know to close out your account as you are not able to complete the setup process.
By the way, this is not Payoneer. They provide an excellent service, but they do not offer a fully functioning U.S. bank account with the ability of an ACH pull and debit card.
Here are the details…
We have been introduced to a new tech company with a banking platform that has found a Midwestern US bank that is looking for more clients, both in and outside the US, and is not requiring that you go to the bank in person.
Requirements to open our NEW U.S. Bank Account without Travel:
- U.S. Entity and EIN (any of the 50 states). If you do not have either set up (especially correctly) we provide those services at our website on this page.
- The owner must be a foreign individual (not a foreign company).
- U.S. Entity Operating Agreement for an LLC or Bylaws for a Corporation.
- IRS Letter with your EIN. If you do not have it, we will provide you the steps to call the IRS to have them fax it to you. The challenge now is with COVID-19 you are not able to call, so you would need to fax, but this may take 2-3 weeks to receive the letter which you will need.
- U.S. business address is a real address, NOT a UPS store or PO box. If you do not have an address, we provide one for $397 for a year. We only offer the year in full address with the bank account only (not our month to month option for $37.00 per month for 12 months). Learn more here.
- U.S. phone number. A skype number will work. Go to this link to set up.
- Personal information on all owners that are more than 25% of the U.S. company.
- A Government-issued passport in COLOR.
Important Note: Is anyone else a “co-signer” on your account in the U.S.? No. We are aware of other options where someone will become a signer on your account, and that is how they open the account. We are not on your account and have no access after it is set up. All the confirmation details will go to your e-mail.
Time Frame to Open U.S. Account:
- After payment and completing our web form with all your details for the U.S. bank account, we will create your account within 72 hours. You will receive a welcome email with the steps to fund your account. You may add signers later.
- The debit card will be mailed separately to your business address. You will receive that within 15 business days after your account is opened.
How to Fund the Account once Opened:
We recommend you fund your account with $100 to start and test out your account. How to fund your account (outside the US): You will send money from your foreign source account (via Wire, TransferWise, etc) to fund your account. International cards can be linked. There is an additional $1 charge beyond the base fee per transaction.
Non-Disclosure to be Signed. Why?
Our non-disclosure agreement says you will NOT disclose the bank URL to other sellers. If you have someone who is interested, please send them to us first. We are working with clients first, and, as the process is verified for everyone, we will open the option to more sellers.
In the past, we have lost banking options because sellers would share the resource and create issues with the bank. These issues caused the bank to shut down our banking options.
Process After Payment:
- We will send you an email with 24-48 hours with a Non-disclosure to sign as the first step.
- We will send you an email with an online web form to be completed with your details that are required to open an account.
- We will complete the online process through our link, and you will receive an email.
- Once the bank account is set up, the debit card and bank details will also be emailed to you.
After you get started, you will receive a welcome email with a link to fill out your details for your new bank account, and our team will set up the account on your behalf.
Go to the link below to get started.