How to Open a Wyoming Bank Account for an LLC or Corporation
Opening a bank account for your Wyoming LLC or corporation sounds like it should be a simple task, but it’s one of the questions that we field the most often is “How do I open a bank account in Wyoming for my business?” If you’re physically in Wyoming, it is an extremely simple task. You walk into the bank of your choice with your corporate or LLC documentation, and bam!, you’ve got a business bank account. But if you don’t live in Wyoming and can’t easily travel here to open a bank account, this task gets more complicated. But it shouldn’t be. Follow the steps below to open your LLC or corporate bank account in Wyoming, without ever leaving your home state.
Opening a Wyoming Business Bank Account
What you’ll need:
- A Wyoming Business Entity (WY LLC or a WY Corporation)
- Corporate Documents (Articles of Organization/Incorporation, EIN, Member or Corporate Resolution to Open a Bank Account)
- Social Security Number (if opening an account online)
- Hire Us For Registered Agent Service
If you haven’t already hired us as your Wyoming registered agent ($25 a year), you’ll need to because you’ll need to use a Wyoming address on your bank account application. On our registered agent signup form, select a Wyoming mail forwarding option (we do offer free mail forwarding) and your business will be assigned its own unique address in Wyoming.
- Choose your Bank
Since you’re opening a bank account in Wyoming from a different state, you’ll need to use a bank with branches in Wyoming and your state. For years we had been recommending Bank of America and Wells Fargo, but many clients have encountered problems opening accounts for businesses while not physically in Wyoming. Also, many local banks don’t offer services for out-of-staters. This is not completely uniform, and you may be able to make one of the aforementioned options work for you (it’s a bit of a crap shoot). However, if those options don’t work for you, here’s one that has worked for multiple clients and it does NOT require you to physically venture to Wyoming: Small Business Bank. This option has worked for extremely well for clients. The downside is they have no physical location you can visit, but if that doesn’t matter to you, Small Business Bank is a solid online option.
Note: Small Business Bank does require you to have a Social Security Number, so this option may not work for Non-US citizens. To the best of our knowledge, Non-US citizens are required to be physically present when opening a bank account in the US.
- Start the Bank Account Application
Bank of America and Wells Fargo offer a couple different checking account options. Small Business Bank has one simple online sign up. Choose the one that suits you and start the application. On the application, use your business’ Wyoming mail forwarding address we’ve provided you for its physical address. The application requires basic contact information and your company’s EIN.
- Send Supplemental Documentation
If you’ve attempted to open an account with BOA or Wells Fargo, after completing your initial online application, you’ll be asked to provide copies of your filed/stamped Articles of Organization/Incorporation and Resolution to Open a Bank Account (if needed, the bank will provide you with one, or if we formed your LLC or corporation, you already have one). Small Business Bank only requires that you send a copy of your EIN confirmation from the IRS and a copy of your photo ID.
How to Get a Free Wyoming Business Bank Account:
Small Business Bank charges anywhere from $2.99 a month to $9.99 a month to maintain your checking account.
If you’ve managed to open an account with BOA or Wells Fargo, you can get a free business bank account by doing the following things:
Bank of America does charge a maintenance fee of $17 a month for the basic account, but that fee will be waived if you do one of the following:
- Carry a minimum daily balance of $3000
- Have an average monthly balance of $5000
- Spend $250 a month in new purchases using a linked Bank of America business debit or credit card.
Wells Fargo also charges a maintenance fee, unless you do both of the following:
- Maintain a balance of at least $500 in your account
- Elect to have electronic statements instead of paper