Wells Fargo Business Account Requirements
If you’re thinking about applying for an account with Wells Fargo, it’s important to know what the bank requires from customers who are opening business accounts.
If you don’t meet these requirements, you may not be eligible to open an account. Find out what the Wells Fargo business account requirements are and whether or not you qualify in this guide!
Table of Contents
Why Use a Business Checking Account
There are many reasons to use a business checking account, including:
Accessibility: Business checking accounts are designed to make it easy for you to conduct your business and manage your money.
Discounts: Business checking accounts offer discounts on banking services, which can save you money in the long run.
Flexibility: Business checking accounts offer greater flexibility than personal checking accounts and can make it easier to meet your financial goals.
Potential for Rewards: Some businesses may offer rewards for maintaining good credit scores, providing additional motivation for good behaviour.
Organized: Businesses face many of the same challenges as consumers when it comes to managing their finances – paying bills on time, avoiding overdrafts, keeping track of receipts, etc. The main difference is that many businesses need more sophisticated tools than consumers do in order to stay organized and efficient with their money.
Who Can Apply for a Wells Fargo Business Checking Account?
The Wells Fargo Business account is for business owners who want to boost their cash flow and take control of their finances.
The Business Checking account is designed for small business owners and other professionals who want to open a personal account that offers a variety of benefits, including:
- Higher interest rates on all deposits
- Low monthly service fees
- Online banking with free mobile banking apps
- Access to an array of business banking services
Requirements for open Wells Fargo Business 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
Documents required
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
How Do I Open a Well Fargo Business checking Account?
There are several steps involve in opening a new wells fargo business account. You will first need to visit your local Wells Fargo branch and fill out the application form.
The next step is to make an appointment with a banker. After you have made an appointment, you will be given an application form that you can use to apply for a wells fargo business account at Wells Fargo.
Your banker will ask you questions about your business and financial situation in order to determine whether or not you qualify for the account.
You will then be asked about the type of services that you provide. The banker may ask questions about your products, services and prices so that they can determine what kind of account would be best for your business needs.
If they think that there is something wrong with your business, they may ask additional questions about it before approving the application.
When all of these questions have been answered satisfactorily, the banker will review your application and decide whether or not it meets their requirements for approval.
To know more About Wells Fargo business Account Opening such as types, Faq’s Read our Detail Guide.
Available Services in My Wells Fargo
The Wells Fargo Business account has lots of benefits for business owners, including:
Low opening deposit requirement – you don’t need a big initial investment to open a Wells Fargo Business account today! In fact, you can start out with as little as $75.
Fast wire transfer – If you need to make quick transfers between accounts or send money overseas, you’ll be happy to know that your transactions will go through quickly via Wells Fargo’s Deposit Service.
Multiple statements – you can now get up to five statements per month from your business checking account! There’s no charge for these statements either, so you can monitor all of your financial information in one place, even if it’s spread across multiple accounts.
Conclusion
Hopefully this blog post was helpful for those considering opening up a wells fargo business account.
While setting up such an account can be a bit more complicated than what is required for a personal account, the benefits far outweigh the negatives for most businesses.
