What Do I Need to Open a Business Bank Account? (Important!)

 

Are you a new business? If so, you probably have several questions about establishing your company. The following information will help you answer the following questions:

• What do I need to open a business bank account?
• How do I set up direct deposit payments?
• How do I integrate my banking account with daily, weekly, and monthly transactions?

Let us help you open your bank account remotely! Book a call with us here: https://einexpress.com/bank-account-meeting

 

What Do I Need to Open a Business Bank Account to Begin Receiving Payments?

When you ask yourself, “What do I need to open a business bank account?” you want to know this information so you can start making money. Naturally, you also want to pay invoices too. However, the main reason for opening an account—at least initially—is to receive payments from customers. 

Basic Banking Info for Opening a Business Account

Generally, the following information should be gathered to open a business bank account.

• Employer identification number or social security number
• A form of personal identification, such as a driver’s license or passport
• Certificate of assumed name or doing business as (DBA)
• A business license that states the name of the company and the name(s) of the owner(s)
• The organizing documents filed with the state
• For merchant accounts – the monthly credit card earnings

 

After I Determine, What Do I Need to Open a Business Bank Account, How Do I Choose an Account?

After you have answered the question, “What do I need to open a business bank account?” you will need to choose an account – either a checking account or a business savings account. While these bank accounts are not exclusive of one another and work well together, you still need to find out which one you need right now. 

If you want to keep your business’s working capital flowing and easy access to your money, you need to consider a business checking account. Maybe you want to stash your company’s money away so it will earn extra dividends. In this case, you should look at a business savings account.

Generally, a start-up business should choose a business checking account while an established company, which already has a good deal of cash on hand, should review business savings accounts. A business checking account is fundamental to all businesses. 

Let us help you open your bank account remotely! Book a call with us here: https://einexpress.com/bank-account-meeting

What to Look for in a Business Checking Account

When you are choosing a business checking account, you need to ask yourself the following?

• Do I need a versatile checking account?
• What are the account’s fees?
• Is it a no-fee account?
• Does the account offer unlimited ATM transactions through its ATM network?
• Does the account offer unlimited and free electronic payments?
• Do I need an account that processes cash deposits?

If you choose an online bank account, keep in mind that cash deposits cannot be processed with this type of account. Also, you cannot send wire transfers. However, sending and receiving electronic payments enable you to forego wiring money.

Checking Account Requirements/Features

When selecting a checking account, you also need to review these requirements or features:

• The minimum deposit for the account
• The monthly fee that is charged for maintaining the account
• The balance you need to keep in the account to waive a monthly fee or earn interest
• The number of free transactions you can make monthly
• The amount in dollars of free cash deposits
• The number of free outgoing wires

Also, check to see if you will receive a sign-up bonus.

 

What To Consider In a Business Savings Account

Business Savings Requirements

When choosing a business savings account, you will need to know the following:

• The minimum deposit and how many deposits are free
• The number of monthly withdrawals and transfers
• The APY for the account 
• If there is a sign-up bonus

It is important to establish a business checking and/or savings account, as it keeps your business and personal funds separate, and allows you to apply for financing. You can also build credit when you set up a business bank account.

 

What Do I Need to Open a Business Bank Account if I Work on My Own?

If you work on your own or have not formed an LLC, partnership, or corporation, you will need to answer the following:

Specifically, what do I need to open a business bank account if I work as a sole proprietor?

What You Will Need

You will not need as much in documentation as a sole proprietor. However, you will need to present the following:

• Social security number or employee identification number (EIN)
• Personal ID, such as passport or driver’s license
• Business license
• Certification of the assumed name – DBA
• Monthly credit card earnings if you are opening a merchant account

The above documentation will help you establish yourself so you can invoice clients, accept payments, and pay bills.

 

What Do I Need to Open a Business Bank Account If I Have Established by Business as a Legal Entity?

If you have set up your business as an entity, you will, no doubt, ask the following:

What do I need to open a business bank account if I am a partnership, limited liability company (LLC), or corporation?

Required Documents and Details

If you have established yourself as a partnership, limited liability company, or corporation, you will need the following documents and information:

• EIN
• Personal identification
• Business license
• Certificate of the assumed name – DBA
• Monthly credit card earnings, if you are a merchant account

Further Information for a Partnership

If you are a partnership, you will also need to provide a partnership agreement that shows the name of the company and the partners, and an organizing form that has been filed with the state. This document covers limited partnerships or limited liability partnerships as well.

Further Details for an LLC (Limited Liability Company)

Besides the above-listed basic information, you will need to include an LLC operating agreement, showing the name of the company and partners and Articles of Organization. I can help you gather the information you need to set up your business bank account.

Book a call with us here: https://einexpress.com/bank-account-meeting

Additional Information for a Corporation

Extra details you need to provide as a corporation include corporate bylaws and Articles of Incorporation.

 

What Do I Need to Open a Business Bank Account and Set Up Direct Deposit?

If you are asking, “What do I need to open a business bank account and set up direct deposit?” you probably want some more details about how direct deposit works. The following steps will give you the details you need.

1. When you initiate direct deposit, you, as an employer will initiate the service with the bank.
2. The bank takes the direct deposits and sends batches to the ACH (Automated Clearing House) to send to employee banks.
3. The employee banks credit the accounts. When this happens, your own account is debited.

According to the National Automated Clearing House Association (Nacha), the Process takes about one or two business days.

 

What the Bank Charges You for Direct Deposit

Naturally, you will want to find out how much this service costs. Banks typically charge a set-up fee for a direct deposit that ranges from $50 to $150. Some financial institutions charge recurring monthly fees for the service. In addition, the bank may charge a fee for each employee deposit. 

The fee that is charged depends on the size of your business, the bank’s regulations, and the direct deposit agreement. Fees charged for individual deposits range from about $1.50 to $1.90 per deposit.

 

What Do I Need to Open a Business Bank Account for Integrating Accounting Transactions?

While opening a business account is one thing, it starts to get more complicated, especially when you ask the following – “What do I need to open a business bank account for integrating accounting transactions?”

When reviewing this information, you need to sit down with a lawyer and consult further with an accountant. For legal advice, contact me at sam@mollaeilaw.com to get your questions answered.

Integrating Your Business Bank Account

When you integrate your business bank account with accounting transactions, you will need to gather the following information for daily transactions:

• Accounts receivable – if you provide credit to customers
• Cash transactions and sales and revenue earnings
• Accounts payable – if you buy on credit from vendors
• Summaries of daily transactions in a general ledger

To collaborate your banking transactions and accounting, you need to choose the proper accounting software. Consider the pros and cons of software programs, such as MYOB, Peachtree, and QuickBooks. Your accountant can also provide you with further advice.

Weekly and Monthly Transactions – Invoicing

Any sales invoices you send should be numbered, and, preferably, digitally recorded. Always show the following on the invoice:

• The sale date
• Quantity, if it applies
• Payment due date
• The rate or price

Can You Help Open a US Bank Account Remotely?

After 2 years of hard work, we’re REALLY excited to officially announce we’re offering a safe and secure service to open U.S. business checking accounts remotely without visiting the U.S.

We’ve worked very closely with our bank to make sure what we’re offering is completely SAFE and LEGAL for everyone involved.

With your own U.S. business bank account you will be able to:

? Accept USD dollar payments from U.S. clients

? Open payment gateways with Stripe and PayPal

? Deposit and wire transfer money into your account

? Avoid excessively overpriced multiple currency exchange fees

? Get full access to view and monitor your U.S. business checking account balance online and on your mobile phone

Other benefits you will receive:

⚡️ Get SWIFT number and ROUTING number

⚡️ Get international incoming and outgoing wires

⚡️ Get domestic U.S. incoming and outgoing wires

⚡️ Bank account can be used with Stripe, PayPal, Amazon

⚡️ Your physical U.S. bank is FDIC Insured

⚡️ 30 Minute Consulting Call and 60 Days Follow Up Call

Let us help you open your bank account remotely! Book a call with us here: https://einexpress.com/bank-account-meeting

 

What To Do Next

As you can see, you have a lot to remember when setting up a bank account and integrating it into your business. You can make sense of the process by contacting me with your questions. 

Establish a bank account and get the legal advice you need to comply legally and financially. Book a call with us here: https://einexpress.com/bank-account-meeting