Reply
Regular Contributor
Posts: 117
Registered: ‎03-04-2012
0

can i open a bank account

i formed an LLC about 8 months ago.  i have my tax id from the IRS and i have this LLC registered with the state.  i did all the leg work for the business to get up and running.  i even purchased a year of liability insurance before i even made one nickel. 

 

long story short...i never solicited any work.  i never opened a bank account.  i got so busy with my 9-5 and my wedding that i didnt have any time to pursue this extra gig ive wanted too.  the LLC was formed and registered but i never sold anything.  not one payment was ever recorded either cash or check!

 

fast forward to now, i have the time to do this.  i want to dive back into this venture.  can i walk into my bank with my tax id and state registered certificate and open a basic business account?

Valued Contributor
Posts: 2,708
Registered: ‎08-13-2009
0

Re: can i open a bank account

Most likely, yes.

 

As with any new account, shop around first.   Many banks have fees and/or requirements for a business account.  You will want to get the best

deal for you.  Be honest with the phone person you speak to.

 

If it were me calling banks, I would not give my full name or my business name or my phone number.  Just in case you gather information and tailor YOUR presentation to their requirements.  You don't want them to remember you said something different.

 

If it were me calling banks, I would not do so from work either or where a co-worker could overhear the call.

New Member
Posts: 3
Registered: ‎06-24-2013
0

Re: can i open a bank account

Absolutely, you don't even have to go to a bank -- I signed up for my small business checking account with BoA online, before I sold anything as well.

Established Contributor
Posts: 937
Registered: ‎07-24-2012
0

Re: can i open a bank account

 Who has your personal banking business? Go see them. I learned a long time ago to build a relationship with a bank and leverage it as needed. When something goes wrong you can call someone that knows who you are and they will take care of it as best as they can - or save a few bucks a month on fees (incedentally a tax write off) and become a faceless customer. 

 

I'm no baller but when I walk into my Chase branch each employee of the bank says hello to me and knows my name. My banker will bring me a cup of coffee or a cup of  kool-aid when he's got a second and I am in teller line (kool-aid is a inside joke but I drink it). I can call him anytime and he helps. He calls me to check in, so does the branch manager. I have never paid an account fee with Chase to date. Yes I have sufficient funds on deposit to cover those thresholds but a good banker will show you how to avoid those fees. They will also help you on a path of business credit when the time comes. 

Regular Contributor
Posts: 242
Registered: ‎12-11-2012
0

Re: can i open a bank account

Yes! everyone here is right. That's all you need pus your id ofcourse. Alot of banl have special promotions and also offer free first time checks including binder,stamps, and deposit slips. Als alot of bank are offering minimum deposits with no monthly minimum fee. Like $25 minimum deposit to open. I currently have 3 business accounts, Wells Fargo, TD Bank and Soveriegn Bank.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.