Different Banks Have Different Requirements To Open a Bank Account
In this audio snippet, you'll hear about:
- So, at the most basic level, the first thing you need to do after getting your entity is setup a new bank account?
- Different banks have different requirements to open a bank account
Audio Transcript
Travis:
So at the most basic level, the first thing that you need to do
after you have your entity is to set up a separate bank account.
Yosef:
Yes. And generally while one sets up their own entity, typically get a
new tax ID number from the IRS. That's the ID number that's used when
setting up a bank account.
Travis:
Right. I think that most bank accounts require that before they'll allow you to set up the bank account.
Yosef:
Well, actually I know this is going to be somewhat of a digression, but
you would be surprised, and clients tell this to me often, how every
bank has a different expectation, or requirements for setting up
different types of bank accounts. And there are reasons for that, they
go beyond the scope.
But,
again you should realize that – don't be surprised if you could set up
a bank account in one of these today, and they'll require certain
documents. And you'll walk into another bank tomorrow, and they'll
require a whole different set of documents.
Travis:
Yeah, I've actually experienced that. The first bank that I tried to
open a bank account with one of the documents that I sent to the State,
that I filed with the State. And I said, "Well, here's a certified copy
of it that they sent back to me." And they said, "No. We need the
original that you sent to the State." I said, "But I sent it to the
State." I had to go to another bank.
Yosef:
I actually think you called me back then.
Travis:
[laughs]
Yosef:
And you actually told me the story, and I told you which bank you went to without you telling me the name of the bank.
Travis:
[laughs] Yeah, you'd heard that before, huh?
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