Why Do I Need a U.S. Bank Account?
One of the first tasks you should take after forming a business is to open a business bank account. This separates your personal and business banking and limits your personal liability. It also helps your business organize its taxes, simplify its accounting, and establish credibility with your customers and suppliers.
For our Plus and Pro plan customers, we file for their Employer ID Number (EIN) and obtain a banking resolution. Once your EIN has been filed with the state, we create a U.S business bank account under your newly filed company and send the banking information and cards to the address given to us during the plan selection phase. We do this immediately after receiving your EIN so you can hit the ground running with your new company!
What Are The Benefits of Banking With Mercury
Simplifies your accounting A separate bank account allows you to easily automate the bookkeeping of your business by importing all transactions into accounting software systems like Xero, Quickbooks, and Quicken.
Allows you to receive payments A business bank account is required for you to accept credit card or debit card payments from your customers.
Positions your business for growth As you scale it becomes difficult for you to handle every aspect of the business. Having a bank account will allow you to delegate bank-related tasks like bookkeeping, payroll, and payments to other employees or consultants.
Common sense pricing Mercury accounts are free. We don’t have minimum balances, account opening fees, or monthly fees. The only things that cost money are wire transfers, which are $5 domestically and $20 internationally. With Mercury, you can use your brain for something other than banking fees.
Applying For Your Account
It's no surprise that getting a U.S. bank account as an international founder is hard. Even U.S. citizens tend to have trouble getting bank accounts due to stringent regulations here.
Jumpstart can make this process easy for you. In order to for Jumpstart to file your company's bank account, we will need you to provide the following:
First and Last Name
Photo of your passport
*Certificate of Organization/Formation*
*Employer Identification Number (EIN)*
*Jumpstart can get you these!
To maximize your chances for success we recommend following these best practices.
Be as transparent as possible.
Compliance officers at banks spend all day reviewing applications and applications that are hard to quickly understand or review tend to get rejected.
Be specific with what your business does, who you are, and why you want a bank account. Review our guidelines for eligibility below before you even submit your application to ensure you don't get flagged and rejected by the bank's automated systems.
Compliance officers don't want to reject you or make it harder for you to get a bank account but they are responsible for making sure the bank is not taking on additional risk by thoroughly vetting applications before accounts are issued so do them a favor and be transparent upfront.
Be detailed about how your business works
Compliance officers have seen hundreds of thousands of different businesses and understand the details of how companies operate. Do them a favor and be upfront about how your business works.
If you're in eCommerce, tell us about your suppliers, how long they've been in business, and whether you own or license your brand. This information helps compliance officers quickly identify the risk associated with opening an account for your business. If you're not transparent enough, banks will err on the side of caution and reject your account.
Represent yourself well online
Compliance officers do background checks and also check your online presence before opening accounts for people. Therefore, it's important that your information is easy to find online and they can verify you're someone they want to bank with.
Make sure your company website is clean and well designed. Bad or scammy-looking websites are one of the most common rejection reasons we see when reviewing applications. If a banker doesn't feel comfortable when they visit your website, why would a customer?
Review our eligibility criteria before you apply
Companies that don't meet our eligibility criteria are not eligible for a bank account. Please review these criteria before we file your application.