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 establish the account without a local office site inspection, or personal US 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 important 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]: Before that, we will share that we have access to a new beta test option which is a fully functioning bank account with the ability to do an ACH pull (which is important for automating sales tax compliance), and other major bank features. Reach out to our team for more details at firstname.lastname@example.org.
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 US 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 US 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 10 business days after the account is opened.
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 US entity have to be foreign qualified in the state of Nevada, since the bank is in Las Vegas? No, but it must be a US 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. 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 4 years and we follow an organized process.
8. I have Payoneer, why do I need a U.S. bank account? This is the only pay to pay automatically sales tax 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 needed. It is actually 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.
Email NCP at email@example.com for our latest fees and services to help you open a U.S. bank account on your U.S. entity. Travel is required (check on our non-travel, beta option).
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We are pleased to receive questions, comments and suggestions. If you ask for a specific piece of information or a reply, we will respond as soon as possible; however, please be patient as we do receive a lot of correspondence.