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LLC Academy® bank recommendations

Our bank recommendations are split into two categories: traditional banks (with physical branches) and online banks.

Best traditional LLC depository financial institution accounts (physical branches)

If you travel a lot, having branches in nearly every country is super helpful. Bank check out:

Wells Fargo has the largest number of branches and they cover virtually of the The states. We have accounts with Wells Fargo. Here's a map of Wells Fargo locations.
Depository financial institution of America has branches in nearly every state, except for a few. Hither'south a map of Bank of America locations. Note: In our experience, Banking company of America doesn't accept the best customer service and information technology tin can exist difficult to get phone support without waiting a long time.
US Banking company doesn't take every bit many locations as Wells Fargo and Bank of America (specifically not on the east coast), only they are located in many other states. Hither'due south a map of United states Bank locations.

If you live on the east declension:

TD Banking concern has slap-up hours and peachy customer support. We have accounts with TD Bank. Hither's a map of TD Bank locations.

Other banking options:

5th Third Banking company has branches in the Midwest and a few in the Southeast. Here's a map of 5th Third Bank locations.
PNC Bank has branches in most all states east of the Mississippi, except for New England. Here's a map of PNC Bank locations.
Citizens Bank has branches in CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT. Here'southward a map of Citizens Banking company locations.
Santander is a good choice for an LLC bank business relationship. They are only located in the Northeast. Here'due south a map of Santander branch locations.
Truist (formerly SunTrust Bank) is well-known in the Southeast region. Hither'southward a map of Truist locations.
At that place are lots of other cyberbanking options all throughout the country. We recommend making a few calls and seeing if banks have monthly fees every bit well equally checking on other account features. Nosotros have more tips on banking farther downwards on the folio.

Business organization cyberbanking in a smaller town

If you alive in a smaller town, or don't have access to the branches above, you can open up a business bank account with your local bank. You can google "pocket-size business checking + {proper noun of your town}" or review this map for options in your area.

Tip: Whichever depository financial institution you choose, they should have corking customer service and exist willing to answer all your questions. They should help educate yous on their diverse products, like business concern loans, checking, savings, and investments. Finding a bank with great hours and a few branch locations is besides a plus.

Online LLC bank accounts

Mercury

Mercury is our #1 recommendation. Here are our favorite features:

No monthly fees
Virtual debit cards
Helpful support
Cute and intuitive design
Helpful mobile app
Dandy for non-United states residents (no SSN or ITIN required)
Spending analytics
Checks
Domestic and international wires (incoming and outgoing)
Complimentary ACH transfers
And more

Nosotros accept a Mercury business account and nosotros find it like shooting fish in a barrel to use.

Annotation: Mercury doesn't let cash deposits, so if you demand to eolith cash, you'll as well want to open a traditional bank business relationship. Too, Mercury doesn't offer telephone support, so if you prefer to deal with customer support by telephone, a traditional bank may be a better fit. Mercury does take electronic mail support though.

How to open an LLC banking concern account

One of the first things to do after forming your LLC (and getting your LLC EIN Number) is to open an LLC business concern depository financial institution account.

Not simply does opening an LLC business bank account make life easier, information technology also helps you maintain personal liability protection (which is the main reason people form LLCs).

Think of your LLC every bit being some other person: information technology makes its ain money, has its own depository financial institution account, and has its own expenses.

If you don't create a separate bank account for your LLC (and you mixed your LLC funds with your personal funds), you would be "commingling" your assets and a courtroom could "pierce your corporate veil", which would and then make you personally liable for the LLC's debts and legal obligations.

Note: This doesn't mean yous tin't movement money between your personal account and your concern account; you certainly can. You merely want to avoid paying business expenses with a personal card and avoid paying personal expenses with a business menu.

Other reasons to take an LLC bank account are:

easier financial record-keeping
easier to summate and pay taxes
audit prevention
easy to rails/deduct business expenses
professionalism and credibility (using business organisation checks instead of personal checks)

In order to keep your personal liability protection:

don't pay personal expenses out of your business account
don't pay business expenses out of your personal account

What documents are needed to open up an LLC bank account?

Yous'll need the following items to open your LLC's business depository financial institution account:

one. Manufactures of Organisation (or equivalent)

This will be your LLC'due south approved Articles of Organization, which might be called something different in your land (Certificate of Formation or Certificate of Organization).

2. EIN Confirmation Letter or EIN Verification Letter

Make certain y'all've received your EIN Number from the IRS before heading to the bank. Yous'll need to bear witness them a copy of your EIN in social club to open your account. If y'all need assistance getting your EIN, please see getting an EIN for my LLC.

The two letters from the IRS that are acceptable past banks are:

EIN Confirmation Letter (575 CP)
EIN Verification Letter (147C)

Tin't find your EIN letter? You tin can call the IRS and get a 147C EIN Confirmation Letter. You'll need a fax, since that's the only fashion the IRS tin send you lot 147C. Simply they'll fax it to y'all right while you're on the phone. Make sure to call as early as possible (7am ideally) for the shortest concur times. If you don't have a fax, any digital fax service (ex: HelloFax) will work fine.

3. Your Identification

Y'all'll need to bring in two forms of ID. Ane of these needs to be government-issued (such as a driver'due south license). The 2nd ID could be any of the post-obit: credit/debit card, passport, voter's registration, or utility nib.

4. Operating Understanding and Additional Forms

Virtually banks don't demand a copy of your Operating Agreement or your Welcome/Approving Letter (if you received ane), only some banks may require information technology. Nosotros recommend bringing all additional LLC documentation only to be safe.

5. Announcement of Beneficial Ownership

A Declaration of Beneficial Ownership grade will be provided by the banking company. It'south simply a document that discloses who the LLC owners are.

How tin non-US residents and not-Us citizens open an LLC bank business relationship?

Non-US residents with an LLC can either:

Visit the U.s. to open a depository financial institution account (but that can exist difficult).
Open up an online bank business relationship with Mercury (no SSN or ITIN required and no Us address required)

If you lot visit the U.s.a. in person, you'll demand to open an LLC bank account in the state where you lot formed your LLC. We recommend calling the bank ahead of time and making sure they are comfy opening a banking concern account for a non-United states resident/non-US denizen.

To avoid traveling, Mercury is a great option. No Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is required and you don't need a Us address. Yous can employ your local address in your country or your Registered Agent accost in the US.

For more than details please see how non-US residents can open an LLC bank account in the USA.

All LLC Members Need to be Present

Near banks require all LLC members to exist nowadays when opening a bank account.

We recommend calling the banking company ahead of time to double-cheque.

Don't be confused if they ask for your DBA

A lot of people who work at banks are clueless when it comes to LLCs. Hopefully you don't get ane of these reps, simply if you do, they may ask for your DBA (aka Fictitious Name) documentation.

Yous don't need a DBA for your LLC, since your LLC operates under its ain proper noun. Merely frequently the reps become dislocated and think that the LLC needs one.

We can clinch you, it does non, and the account will just get in the name of the LLC.

Having said that, if your LLC needs to operate nether a name dissimilar than the 1 y'all registered with the state (and yous have a DBA), make certain to bring its approval.

Call the bank ahead of time

Call the depository financial institution ahead of time and enquire to speak with the person who handles concern accounts.

Check on the post-obit:

What are the required documents?
What are the minimum monthly balance requirements?
What are the monthly fees, if whatsoever?
How much is needed for the initial deposit?
Exercise all LLC members need to exist present?
What's the best fourth dimension of day for the quickest service?
What else do I need to bring that I forgot to ask?

Be Careful of…

Monthly Fees and Required Minimum Balances

A lot of banks charge monthly fees and require you to maintain a minimum monthly rest.

But many other banks don't charge monthly fees, so we recommend calling a few and checking before going into the local branch.

Promotions

Be careful of promotions and incentives for opening an account. Although they may sound skilful, most are simply temporary and unremarkably pb to ongoing monthly fees.

Different Packages

Banks may have unlike packages/tiers of business concern accounts (like economic system, gilt, and palatial, for example). Usually, the fancier sounding packages have crap you don't need and higher fees.

Nosotros recommend going with the bones parcel and salve yourself the money (and the hype). You tin always upgrade later.

Debit Cards

You'll too receive a business organization debit carte du jour afterwards opening your account. Some banks will issue them right on the spot, others will mail them in a few days.

Having a debit card helps you keep track of business expenses with a dedicated card.

Almost debit cards as well have technology built in to forestall whatsoever fraudulent purchases.

Credit Cards

Besides a debit menu, you lot can also get credit cards for your LLC to use for rewards, such as cash back or travel.

To see the top cards, cheque out business organisation credit cards.

Tips when Ordering Checks

Later on your account is opened, y'all'll be able to club business checks. Below are some helpful tips.

Don't start your checks at #001

Near checks start at number 001. This could give your business organization an "amateur" feel. But ask the banking concern to start your checks at #1000 or #5000 or whatever you please.

Don't become super-sized checks

Most banks volition try to sell you lot "special" checks that boost your ego. They are big business checks that come up in a big, bulky binder. Unless you need to run checks through a printer (which is what they were originally designed for), you tin can save yourself some coin by but ordering regular size checks.

Single Member LLCs: EIN vs. SSN?

Nearly banks will let Unmarried-Member LLCs open a banking company account with their SSN, and some might fifty-fifty suggest it. We recommend using your EIN instead of your SSN for privacy and easier record keeping.

If you formed your LLC by post-obit our LLC filing instructions, you should take obtained an EIN from the IRS.

Founder & Educator, LLC University®

Matt Horwitz has been the leading expert on LLC education for the past decade. He founded LLC University in 2010 later on realizing people needed simple and actionable instructions to start an LLC that other companies weren't offering. He's cited by Entrepreneur Mag, Yahoo Finance, and the U.s. Bedroom of Commerce, and was featured by CNBC and InventRight.

Matt holds a Available's Caste in business from Drexel University with a concentration in business organisation police force. He performs extensive inquiry and analysis to convert state laws into simple instructions anyone can follow to form their LLC - all for free! Read more about Matt Horwitz and LLC University.