Depending on a single joint-venture partner, relying on a single source for leads, or working with only one supplier or vendor can leave you vulnerable to a single point of failure.
But perhaps the most crucial area where you should avoid being a “one” is banking. Having just ONE BANK ACCOUNT can be a recipe for disaster.
If that account is closed, frozen, or otherwise inaccessible, your business could be brought to its knees.
That’s why it’s crucial to diversify your banking relationships and work with multiple partners. Doing so will protect your funds, and your business can continue operating even if one bank account is compromised.
If you rely on a single bank account, it’s time to diversify. Don’t let the worst number in business bring you down – instead, take control of your financial future by working with multiple banking partners.
Update July 2025: Mercury is now the primary fintech banking solution for non-residents, with a few other transfer services also available.
Update November 2024: We now offer a private banking solution for companies with at least two years of operational history and a $100K minimum deposit requirement. No U.S. travel is necessary, but an ITIN is required. If you meet these qualifications, contact us to learn more.
Update August 2024: Mercury Bank began closing accounts for businesses in certain high-risk jurisdictions, including Ukraine and 13 African countries, citing changes in account eligibility criteria and enhanced regulatory compliance measures. This decision is likely tied to increased scrutiny on AML and KYC compliance following global fintech regulatory updates. Businesses affected should explore alternative banking options that comply with international standards.
Update April 2024: Neo-banks Mercury and Relay do not allow the registered agent address for banking purposes. Mercury has an exception if your company’s physical address is in your country and you provide a personal bank statement or utility bill to your foreign address.
NCP partners with both neo-banks and offers special customer support for our banking services. We can also consult if you are stuck with your U.S. banking process or need guidance on the best, most current options.
If you do not have a U.S. company formation, first gain clarity on your best U.S. banking options BEFORE forming a U.S. entity. You want to avoid what so many do: finding a low-priced option only to form the LLC and realize that, during the process or after opening a U.S. bank account (even without travel), it is impossible.
At NCP, we have 20 years of experience, having formed thousands of companies and worked with dozens of banks, brokerage accounts, and online banking platforms. We have the experience to help you fit all the puzzle pieces in the correct sequence to accomplish this task.
While we can’t control banks or their policy changes, we can determine the best way to form your U.S. company and position you for the most suitable bank account. This may involve how the LLC is formed and managed, from a lease agreement without an expensive lease to matching documents and state records to streamline the experience.
Most important are our relationships with our bankers, our track record of doing things right, and our attraction to successful entrepreneurs whom the banks prefer to work with over time. Let us share our current U.S. banking options and recommendations for 2026. It is important to note that we do not offer banking services separately; you would first start with our verified clearance plan.
If you or someone you know needs support in 2026, we can help set up your U.S. entity correctly and provide all the resources you need, from sales tax to tax returns.
Ensuring your bank account is verified starts with setting up your U.S. company correctly, and we’re here to guide you through the process. Book a call with our team, and as we learn more about your unique situation, we’ll provide a custom quote tailored to your needs, whether it’s reviewing and amending your LLC formation, updating IRS records, or starting fresh to do it right from the beginning. Click here to schedule your call today.
Before we get to the banking details, you must know this ONLY works on a U.S. entity, not a foreign entity. If you want to open an account with a national bank such as B of A, Citibank, Wells Fargo, or Chase, we can consult on the latest requirements and hoops to travel to the U.S. and open those accounts (see our update above).
If you don’t hit every checkmark, you will NOT get these accounts opened (even if you travel to the U.S. in person). They are not easy to set up and will be much more expensive due to the additional scrutiny at both the company and personal levels.
As you know, we do a lot of work in the e-commerce space, and there are “transfer” accounts, such as Payoneer, Wise, and others.
The challenge is that moving money from one currency to another is effective, but the accounts are not fully functional. They do not support ACH pull, which is required to automate sales tax payments.
Bank Rejections: Why Starting with the Right Support Matters
If you set up your own U.S. bank account with services like Mercury or Relay Financial (Relayfi) and it remains unverified, we cannot assist as a partner. Once your account is rejected, we cannot override the bank’s decision because its processes and compliance standards are final.
However, if your account requires additional verification, such as providing an operational presence, we make those recommendations in our verified clearance plan. This process will also involve completing several additional steps to ensure all your documentation is aligned. While we can assist in such cases, the most effective and cost-efficient approach is to work with us from the beginning. By allowing us to review your documents, set up the account, and ensure verification is completed correctly, you can avoid costly errors and delays.
Proceed with Caution: Setting Up a U.S. Bank Account on Your Own
When setting up a U.S. bank account, especially with neo-banks like Mercury, it’s crucial to ensure that all your business documents are accurate and consistent. A single oversight can lead to significant hurdles, including additional verification requirements and unexpected expenses.
If you set up your account yourself and encounter issues, there may be limitations on how much assistance we can provide. Here’s why:
- Mismatched Information Leads to Rejection:
Banks require that all submitted documents, such as your LLC Articles of Organization, operating agreement, and address, match perfectly with the information on your account. Even minor inconsistencies can trigger rejection or requests for additional verification. - Costly Corrections:
Resolving an account rejection typically involves amending your LLC’s Articles of Organization, updating your business address, and resubmitting documentation. These steps are time-intensive and come with additional fees. - Business Utility Bill Requirements:
Many banks, including Chase, B of A, and U.S. Bank, require a business lease and utility bill to verify your address. While this is possible, it often requires aligning your LLC with the utility bill’s address, which can be complex and expensive.
Real-World Consequences
Below is an example of what can happen when setting up a Mercury account without proper preparation. A recent seller submitted inconsistent documents and was subsequently required to provide additional verification. The process became significantly more expensive and required address changes and document amendments, delaying account setup by several weeks.
Avoid the Hassle by Doing It Right the First Time
While we are here to help if issues arise, starting with a clear and accurate setup process saves time, money, and stress. When your documents are aligned from the outset, the risk of rejection or additional verification steps is minimized, ensuring a smoother path to U.S. bank account approval.