How to Open a Wells Fargo Business Account (Requirements explained)
Wells Fargo has many banking options, but it can be hard to know which account best suits your business’s needs. That’s why it’s important to understand the requirements of opening an account, what each account offers and how it will benefit your business.
In this article, we’ll take you through the Wells Fargo business account requirements and tell you more about some of their best business accounts.
Table of Contents
What is a Business Account?
A business account is a deposit account that is used exclusively for business purposes. This type of account is different from a personal account in that it offers certain features and services that are designed to meet the needs of businesses.
When you open a business account, you will be asked to provide some basic information about your business, such as your business name, address, and contact information. You can learn more about these benefits in the following sections.
Who can Apply for wells fargo business account
In order to apply for a business account with Wells Fargo, you must be an authorised representative of the business.
Whether you’re a small business or enterprise organization, it’s designed to help you grow and succeed.
The Wells Fargo Business Account is available for businesses in all industries. U.S. based businesses only qualify for the Wells Fargo Business Account.
Requirements for Opening an account
To open a Wells Fargo business account, you will need to meet the following requirements:
- Be an owner of a business that’s licensed or registered to conduct banking.
- Have a verifiable business address and telephone number. A post office box is not sufficient.
- Provide proof of your bank account ownership or identity.
- Provide your tax identification number (TIN) from the IRS or a copy of your federal employer ID card.
- Be at least 18 years old.
- Social Security Number.
- Valid driver’s license or state ID.
- U.S. State or Territory business registration information.
It should be noted that some businesses accept online account opening applications. If you are unsure, please visit the branch to open an account or contact customer service at 18002255935.
The Types of Wells Fargo Business AccountOpen a Wells Fargo Business Account
Wells Fargo offers business accounts in the following four types:
Initiate Business Checking: This account is designed for small businesses or seasoned businesses, including sole proprietorships. It’s also referred to as a “Small Business Checking” account.
It includes Free Incoming Wires, Stop Payments, 2 Free Domestic Non Wells Fargo ATM access and 75$ monthly service fee.
Navigate Business Checking: The Navigate account features Fraud Monitoring, access to an online banking portal, mobile banking and bill pay via Smartphone or tablet and unlimited domestic Wells Fargos ATM & 2 Non Wells Fragos.
It also offers Bill Pay, which allows you to send and receive checks from anywhere in the United States at no cost. Its average monthly maintenance costs are $25.
Optimize Business Checking: The Optimized account is designed for Ambitious businesses. This account offers free online banking with BillPay, free mobile banking and more than 100 free ATMs nationwide(only wells Fargo’s), plus free transactions for 100 per month and a monthly minimum average balance of 1000$.
Document Need to Open Business Account In wells Fargo
Sole Proprietor
If the business name does not include the legal first and last name of the owner, you will need one of the following documents:
- Fictitious Name Certificate or Statement
- Certificate of Assumed Name
- Business License
- Registration of Trade Name
You will require the supplementary papers, for instance, if the owner's legal name is Jan Johnson and the business name is Johnson Jewelers. If the company is called Jan Johnson Jewelers, you won't, though.
Partnerships
For General Partnership
You will need one of the following business documents:
- Partnership Agreement
- Fictitious Name Certificate or Statement
- Certificate of Assumed Name
- Business License
Bring a written statement signed by all partners stating that no written Partnership Agreement exists if you don't have one of the aforementioned documents or if you haven't submitted the necessary paperwork with the appropriate authority. All authorized signers must be present if you don't have documentation produced by a government body.
For Limited Partnership
You will need one of the following business documents:
- Certificate of Limited Partnership
- Limited Partnership document
For Corporation
You will need one of the following business documents:
- Articles of Incorporation
- Certificate of Good Standing
- Certificate of Formation
For Limited Liability Company
You will need one of the following business documents:
- Articles of Organization
- Certificate of Organization
- Certificate of Formation
For Social/Recreational Clubs, Unincorporated Associations and Civic Groups
You will need one of the following business documents:
- Business License
- Fictitious Name Certificate or Statement
- Certificate of Assumed Name
- Organization/Association Articles or Bylaws
- Certificate of Formation
- Certificate of Organization
- Statement of Organization
- Certificate of Registration
For Limited Liability Partnership
You will need one of the following business documents:
- Statement of Qualification
- Limited Partnership document
- Limited Liability Partnership Election
Procedure to open Wells Fargo Business Account
The following is the procedure to open a Wells Fargo Business Account:
Step 1: Contact your local branch and request a business account application. If you are opening a new account at a branch, you must have an appointment scheduled with one of their bankers. If you are opening a Wells Fargo account online, please wait until they call you for your appointment after Filling up the online Application Form.
Step 2: Complete the form by providing your name and address, phone number, email address and social security number. You will also be asked to provide a valid photo ID or driver's license number.
Step 3: Submit a payment of $25 as non-refundable fee.
Step 4: Wait for a response from the bank team. They will contact you with further details on opening your new business account.
In the case of Online Application, you must Fill & Submit these two forms
Authorization for Information and Certificate of Authority (PDF) - For authorizes Bank to check your credit
Certification Regarding Beneficial Owners of Legal Entity Customers (PDF) - beneficial owners for clients who conduct business legally (Not required for Sole Proprietorships)
Tips to Open Wells Fargo Business Account
1. Get your documentation organized.
2. Gather the necessary documentation for your business.
3. Determine whether you need additional documentation.
4. Call 18009326736 for an appointment to open a business account, or visit a local Wells Fargo branch.
5. Provide your Social Security number and other identifying information when you meet with the banker.
6. Have the documents that are required (or requested) for opening an account, such as a government-issued photo ID and a corporate stamp or seal.
7. Follow up with the bank to complete your application process.
8. You can open a Wells Fargo Business Account, but it will take some effort and patience.
Benefits of wells fargo business account
Wells Fargo Business Accounts offer several benefits over other types of accounts, including:
Easy online access - View and pay your bills online, manage your account via mobile app or desktop computer or link it to your existing accounts through a single log-in ID
Flexibility -Set up recurring payments, deposit slips, automatic deposit schedules and more.
FAQ
Can I Open a wells Fargo Business account without running business in US?
No, you cannot open a Wells Fargo bank account without running a business in the US.
You need to be an active business owner or employee of a US-based company to open a Wells Fargo Business bank account.
Can I open my Wells Fargo business bank account Online?
Yes, you can open your Wells Fargo business bank account Online. But It is only for Certain businesses. However, you need to go through the process of downloading and completing the application forms as per your requirement.
Note: We want to reassure everyone that our site does not offer any investment advice or services to customers. We have put in place all the necessary measures to ensure that you can use the site with confidence, but if you have any concerns about your own situation please contact your financial adviser or the appropriate authority before proceeding to complete any form on this website. We also recommend that you read our Terms page before making any judgement.
