We are commonly asked how to open a bank account, especially when most of our clients are from out of state. Opening a business bank account can feel like a process, but it doesn't have to be.
Any bank can open an account for a Wyoming LLC or New Mexico LLC. It doesn't matter whether they have branches in our state or not. There’s nothing keeping you from printing the documents we provide to the closest bank and taking care of everything in one visit.
We have found larger banks can be easier to deal with. This is because they are familiar with a variety of accounts, including out of state entities. We also find it is easier to go in person than to try and sign up online. Banks like it when you show your face as old fashioned as that may seem.
The documents we provide you are ready to print and be signed. Simply take the following in:
1) Articles of Organization (LLC) or Articles of Incorporation (Corporation)
2) Employer ID Number
3) Operating Agreement (LLC) or Bylaws (Corporation)
4) Resolution to Open a Bank Account
5) Two Forms of ID
Every bank is a little different, but this covers 95% of the situations out there. If in doubt, ask to speak to a banker ahead of time to know exactly what that company or branch requires.
Everyone wants something different, but we generally recommend choosing a bank with an online portal and one that allows mobile check deposits. This can save a lot of frustration later on if you travel or don't feel like visiting your local branch for every transaction.
For our Colorado clients we recommend Solera Bank. They have an easy set up process and don't charge any fees. New Mexico and Wyoming clients should try Small Business Bank. They have an easy online setup process and we have heard good things about them. Each of these banks only have one location, however, so be mindful if you require more in person help they may not be the best fit.
Small Business Bank charges a small monthly fee that can vary from $2.99 to $9.99 to maintain your account.
The following recommendations will help you get set up quickly If you prefer BoA or Wells Fargo:
Bank of America has a waivable maintenance fee if:
-Your Daily Balance Stays Above $3,000
-Your Daily Balance Averages $5,000
-You Purchase $250 Monthly Using Their Card
Wells Fargo has a maintenance fee as well, but it can be waived assuming you:
-Keep A Minimum Balance of $500
-Choose Electronic (Instead of Paper) Statements