USA Business Banking suggestion

[cpoulos62]

I have an EIN via IRS website and now looking to open a business banking account. I tried to open one online via BoA but now they are asking for Business License and Business Name Filing Document. None I have because I just opened a sole proprietor via IRS for the EIN.

I plan to convert my EB account into a business account for MP and I was planning on using a business bank account just in case there is a need to send docs after a possible spending threshold.

So any suggestions on whom to use business banking wise? What are others using for this issue? I appreciate any thoughts and feedback.

[Steveo036940]

Originally Posted by cpoulos62

I have an EIN via IRS website and now looking to open a business banking account. I tried to open one online via BoA but now they are asking for Business License and Business Name Filing Document. None I have because I just opened a sole proprietor via IRS for the EIN.

I plan to convert my EB account into a business account for MP and I was planning on using a business bank account just in case there is a need to send docs after a possible spending threshold.

So any suggestions on whom to use business banking wise? What are others using for this issue? I appreciate any thoughts and feedback.

An EIN is not enough to open a business checking account at any bank. All require a business license, valid business address (PO boxes and UPS store and other virtual addresses don't work). An LLC or S-corp will require articles of incorporation also.
These documents will be required for MP also as they will not be able to verify your business as it's new and not listed in data bases for a while.

[phaz0rz]

I've never had a business license but I have business bank accounts for all of my LLC's. Business license requirements vary from state to state. Wells Fargo is my bank of choice because their online banking is cutting edge compared to smaller institutions.

All I've ever needed is 1) ID, 2) articles of incorporation and 3) EIN.

I think this explains why they are wanting to see your business name filing document:




Are you in the USA? It doesn't sound like it but I'd suggest using LLC's instead if you are.

[cpoulos62]

Originally Posted by phaz0rz

I've never had a business license but I have business bank accounts for all of my LLC's. Business license requirements vary from state to state. Wells Fargo is my bank of choice because their online banking is cutting edge compared to smaller institutions.

All I've ever needed is 1) ID, 2) articles of incorporation and 3) EIN.

I think this explains why they are wanting to see your business name filing document:




Are you in the USA? It doesn't sound like it but I'd suggest using LLC's instead if you are.

I am in the USA. Why an LLC? The costs from registration, license and annual fees can add up. DBA or sole prop just require registration of that DBA. I would appreciate the insight. Thanks

[phaz0rz]

It just seemed like a more straightforward method from my POV. LLC's are a one time $110 fee in my state but I know the fees can be outrageous in other states.

Using sole prop and DBA would accomplish the same thing I suppose.

Sorry I can't give a more insightful answer. I was suggesting that method because it's always been what I do.



It doesn't sound like you'll be able to get around the business license requirement regardless, unless you create a business in another state. You must be in one of the states that requires them to open a business bank account.

[agent006140]

Banks have requirement for business account,like you need to keep a minimum balance,and there is a fee involved each month to service your account.
does it still apply?

[agent006140]

what state are you in?
In TX,DBA is good enough.

[Gotya108]

You don´t have to register an LLC or INC in the state you reside in. You just need registered agent and there are many low cost and free options online. If for example you live in New York the filing fee is $200 + annual report filing fees based on gross income. If that price is too steep you can file in Florida for $70 and a fixed $140 annual filing fee. If that´s still too steep you can file in Kentucky or for $50 and a $15 annual filing fee. If you like Volcano´s and Mai Tai´s you can file in Hawaii for $50 and $15 per year. If you file out of state you need to be aware of regional banking options. All banks don´t operate in all regions and all national banks don´t offer the same options in all regions. For example Hawaii is low cost but the banking options are very limited. Florida is a wonderful option all around but the filing time is very slow compared to many other states so if you are in a crunch for time understand it can take a few weeks for Sunbiz to post your AOI.