What Other Services Won't Tell You About Opening a Bank Account
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Opening a US business bank account can be harder than forming your company, and almost nobody tells you that before you’ve already paid for your company.
The application process feels designed to confuse you. Requirements change from bank to bank, month to month, sometimes from the person reviewing your file on Monday to the one reviewing it on Tuesday.
You’re not sure if you’re even eligible. You’re worried you’ll be rejected and never told why. You’re worried you’ll be approved, transfer money in, and then watch the account get suspended a few weeks later with your funds locked up.
Your company is active. And now you’re staring at the very real possibility of a legal business with no way to receive or send a single dollar.
This is where most formation services quietly disappear. They sell you the LLC and leave the banking (the part that actually decides whether your business can operate) entirely up to you.
We don’t work that way. We tell you which banks are realistically accepting founders in your situation, what each one is going to ask for, and how to put your application together so it doesn’t end up in the rejection pile.
If something goes sideways, you can contact us directly, not a chatbot, not a ticket queue, not a salesperson reading from a script.
Here’s how the bank account process actually works at Start in Wyoming. No surprises, no hidden costs, no being left to figure it out alone.
On this page...
Are You Eligible for an Account?
This answer to this depends on a few main factors:
- What country are you in?
- What industry does your business operate in?
What Country Are You In?
There are several countries that we cannot help due to the bank’s rules. This does change from time to time.
Not every bank will have the same list. We generally follow the guidance of Mercury and Relay. Some countries on this list will be able to work with other banks. If your country is on this list, we recommend contacting multiple banks to see if they will work with you. If you’re unsure, send our team a message.
| Name | Age | Phone |
|---|---|---|
| Afghanistan | Albania | Angola |
| Bangladesh | Belarus | Bhutan |
| Bosnia and Herzegovina | Burkina Faso | Burundi |
| Cambodia | Cameroon | Central African Republic |
| Congo | Croatia | Cuba |
| Eritrea | Ethiopia | Gambia |
| Guinea-Bissau | Haiti | Indonesia |
| Iran | Iraq | Kyrgyzstan |
| Latvia | Lebanon | Lesotho |
| Liberia | Libya | Maldives |
| Mali | Mozambique | Myanmar |
| Nepal | Nicaragua | Nigeria |
| North Korea | Pakistan | Palestine |
| Philippines | Russia | Somalia |
| South Sudan | Sudan | Syria |
| Ukraine | Uzbekistan | Vanuatu |
| Venezuela | Vietnam | Yemen |
| Zimbabwe |
What Industry Does Your Business Operate In?
The bank will also check what your business does to make money. Please note that this is at the banks’ discretion, not ours.
Again, we typically follow the guidance of Mercury and Relay. Every bank decides on a case-by-case basis and will differ slightly from one bank to another. Payment processors often follow similar guidelines.
You cannot operate in the following industries:
| Industry | Description and Examples |
|---|---|
| Adult Entertainment Businesses | e.g. erotic dancers, lingerie modeling/Only Fans |
| CBD Products | |
| Controlled Substances | e.g. Marijuana/THC, other Schedule I drugs |
| Counterfeit Goods | e.g. fake designer handbags |
| Cryptocurrency Mining | |
| Cryptocurrency, FBO/MTL Activity | Includes Crypto ATMs, Biz Takes Ownership of Their Customer’s Funds in Mercury, Cash for Crytpo Exchanges |
| Personal Use | Businesses with no customers and won't be selling any sort of product or service. Things like a business formed to manage an IRA (Individual Retirement Account). A single individual funding their account with personal funds and planning to use their Mercury account only as a personal investment account only for themself. |
| Shell Corporations | A business without active operations or significant assets, products, or services. |
| Debt Collection/Payday Lenders | |
| Gambling (including fantasy-sports platforms) | |
| Direct marketing/telemarketing | |
| Money Services Business | Currency dealer or exchanger, check casher, issuer of traveller’s checks, money orders or stored value, seller or redeemer of traveller’s checks, money orders or stored value, money transmitter, or U.S. Postal Service |
How Does the Account Opening Process Work?
When you’ve purchased our virtual office service, we will assess your business against the rules listed above. We will refund your money if we do not think there is a high chance of success. We will also refund your money if you do not get accepted to Mercury or Relay and don’t want to continue with the lease.
We are an official partner of Mercury and Relay. This gives us benefits that are not open to the general public.
We recommend Relay as our number one choice. This is because we can open the account for you. This means less work for you and a much higher chance of success.
You will need the following documents ready before opening an account.
- Government-Issued ID
- EIN Confirmation Letter (CP575 or 147C)
- Formation Documents (Articles of Organization or Articles of Incorporation)
- Proof of Personal Address (You will need to verify your home address)
Both banks are only allowed to operate in certain countries. Due to this, the bank will require proof of where you actually operate. We recommend that you use your home address. This address does not have to be in the U.S. Proof of home address can be a utility bill or bank statement in your personal name and address.
When you’ve done that, you can use the lease and utility bill to open accounts with Stripe and an Amazon Seller Account. Your business will have everything it needs to start receiving and sending money.
Relay Step By Step
- We will provide you with a short form to get your information and documents. This will include instructions on how to provide the correct documents
- We will use this information to open the account. You will receive a notificaiton from Relay to sign up.
- If any information is wrong, we will follow up with you. Avoid automatic rejections and customer service. We troubleshoot directly with our partnership rep on your behalf
- You will receive an invite to Relay via email, and your account will be ready for you! It only takes 1-2 days on average
- You should fund the account with a minimum of $1000 to keep the account in good standing
Mercury Step By Step
- We will provide you with our partnership sign-up link
- We will provide you with step-by-step instructions to open the account. Most business owners verify wrong
- We can contact our partnership rep if your account is rejected for a second opinion. This is not available through regular customer service
Mercury is the strictest of all the FinTech banks. They assess every part of your business, and their rejection rate is higher than most.
What About a Physical Bank Account?
Opening a business account at a physical brick-and-mortar bank, such as Chase or Bank of America, is possible with our virtual office service.
However, it’s not as easy as opening a FinTech bank account, and it can’t be done remotely.
The Know Your Customer requirements are stricter in the U.S. than in other parts of the world. Power of attorney to open an account is not common. The banks will want to meet you in person.
If you have the option to visit a bank in person, you will need the following. We recommend contacting the banks directly to establish the exact requirements.
- Government-Issued ID
- Formation documents
- EIN confirmation letter
- Operating agreement
- An SSN or ITIN
- Proof of business address
We can provide you with proof of business address via the lease agreement included in our virtual office service. We’ve had many clients successfully open physical bank accounts with their office address.
Ready To Get Started?
Don’t risk your business or bank account with a service that doesn’t care. When you’re ready to get started the right way, Start in Wyoming is here for you.
Form a company in Wyoming with an attorney and a team that understands your banking needs.
If you already have a company and need help with banking, you can purchase our virtual office service.