For a company to grow, it is crucial that everything runs smoothly. To grow your business as quickly as possible, you will need easy access to money. It can be difficult to keep track of your cash flow and manage your finances. However, a business bank account makes this easier than ever.
Business bank accounts are personal accounts that can be used by legal entities and businesses to manage cash and financial transactions. This account is different than a household or personal bank account because it’s only used to make financial transactions for specific businesses or legal entities and not open to the public.
Documents are Required to Open a Business Bank Account at Wells Fargo
To open a Wells Fargo business account, you will need to sign a contract as well as a deposit slip. Once you have all the documents, you will need to bring them to your local Wells Fargo branch. You will need to include details such as company name, trading name and location.
You may also need to show identification, such as your driver’s licence or a government-issued ID card. Once you have submitted all required documents, you can either set up an account online or go to a Wells Fargo location.
How to Set up a Business Bank Account with Wells Fargo
If you’re starting a business, it’s important to have an account with a bank that will offer good rates and helpful services. Wells Fargo is one of the most popular banks for businesses, and it offers great rates and plenty of helpful features. These are the steps to get started with Wells Fargo:
1. Collect the necessary personal information
- Gather all information Well Fargo requires to identify you correctly and comply with banking laws.
- Valid identification (driver’s license, state ID, or matriculate card).
- Tax ID or Social Security number
- Contact information: name, address, email address, phone number
- Money for your opening deposit
- You might need to scan your ID to open an account online.
2. Choose a Wells Fargo Bank Account
Take a look at all the Wells Fargo savings and checking account options to find out which one is right for you. Wells Fargo currently offers four checking and two savings accounts, and each has its advantages and drawbacks.
Wells Fargo Checking Accounts
- Wells Fargo Everyday Checking: This account has features like the Wells Fargo mobile application, a debit card, and alerts. A $10 monthly service fee applies. However, there are several ways to avoid this fee. One way is to maintain a $500 minimum daily balance or receive $500 in direct deposit. Account-holders between the ages of 17 and 24 are exempted from this fee.
- Wells Fargo’s Preferred Checking: This pays interest on your balance, and provides cashier’s checks for no additional charge. The $15 monthly service fee is included. However, you can avoid it by maintaining a minimum $10,000 balance, making direct deposits of at least $1,000 each month, or linking a Wells Fargo mortgage to your account.
- Wells Fargo Clear Access Banking: This account is specifically designed for young people who open their first checking account. Anyone as young as 13 can open it with a co-owner. There are no overdraft or checks fees. There is a $5 monthly service charge, but Wells Fargo waives this fee for account holders aged 13-24.
- Portfolio by Wells Fargo: This interest checking account offers premium benefits and rewards. You can also avoid ATM fees in the U.S. or overseas. The current $30 monthly service fee is applicable. However, you can avoid it by making $25,000 monthly linked bank deposits or $50,000 in credit, brokerage, and bank balances. This account will be subject to the following changes:
The monthly fee will drop to $25 starting May 28th. $20,000 of qualifying deposits or balances in investment accounts is required to waive the fee.
Credit accounts that are not in compliance with the minimum monthly credit limit will no longer be counted towards that amount. Credit accounts will be delinked from that date.
Wells Fargo Savings Accounts
- Way2Save Savings : This account allows you to save money by automatically transferring $1 from your checking account into your savings account for each debit card purchase. You can avoid a $5 monthly fee by maintaining a minimum $300 daily balance and meeting certain transfer requirements. All primary account holders younger than 24 years old are exempt from the fee.
- Platinum Savings: Get a 0.02% annual percentage return and easy access to your cash with check-writing capabilities and unlimited ATM withdrawals. The account has a $12 monthly service charge, but you can avoid it by keeping a minimum $3,500 daily balance.
3. You can fill out the online application or apply in person
Wells Fargo makes opening a bank account online quick and simple. You will need to gather your personal information as well as the $25 deposit.
A few questions will be asked, including whether you are currently a customer and if you would like a joint or individual bank account. You can then choose the account you want to apply for, and complete the application.
What Type of Account is Best for Small Businesses?
A standard savings or checking account may be more appropriate for you if you are a sole proprietor and own or manage a small business. You may prefer the flexibility and lower fees of a savings or checking account if you are an LLC or other business entity.
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A business checking account is the best option if you are setting up your first business account with Wells Fargo. This account type is more popular than savings accounts and has higher interest rates.
Talk to a Wells Fargo representative if you have any questions about the best account type for your business. These are the things you should keep in mind. Talk to a Wells Fargo representative if you have any questions or need to know how to open an account.
Select the right account type for your business. This will allow you to choose the best financial products and services for your company. Talk to a representative at Wells Fargo if you are unsure about which type of account is right for your company.
Wells Fargo Business Account Number
When you open a new Wells Fargo business account, you will need to select a business account number. This four-digit number will identify you by Wells Fargo and your business. These account numbers are unique, so keeping a record is a good idea.
If you have any questions regarding the account number, you can quickly look it up and find the answers. To track the numbers of your bank accounts, you can also make a spreadsheet. You can use this to help you keep track of your finances and stay organized as your business grows.
Does Wells Fargo Charge a Monthly Fee for Business Accounts?
No. A business bank account is free and open to all businesses regardless of their size. You can pay a monthly fee or a prorated portion of your account fee.
If you sign up for a Wells Fargo business bank account. You have the option to choose how you want to set up your Wells Fargo business bank account and which option is best for you.
How Quickly Can I Set up a Business Bank Account With Wells Fargo?
Once you have decided which type of account with Wells Fargo you want, you will need to decide how frequently you would like to access your account. You have two options for business accounts: annual and monthly.
You can also contribute to your employer’s retirement plan or take part in a profit-sharing plan. Each type of account has its own rules and regulations, and you’ll need to be able to decide which type is best for your company.
Conclusion
A business bank account is a financial account separate from a person’s bank account. A business bank account is used to manage your finances and make financial transactions related to your business.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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