NEVADA BANK ACCOUNTS
ARE NEVADA BANK ACCOUNTS CAUSING PROBLEMS FOR NEW DEPOSITORS?
There are people traveling to Nevada to open a bank account and they are turned down. There are Nevada banks that require the signer to be a resident of Nevada. Other banks are requiring a street address in a commercial zone to approve the account. Why?
California is putting pressure on Nevada banks to be more selective in accepting new accounts. California Secretary of State is facing much frustration with so much corporate income dollars being lost to Nevada. Furthermore, Nevada banks are hyper-vigilant in terms of fraudulent activity due to the highly transient nature of the Nevada population. As a result, Nevada banks have grown to become impersonal and restrictive.
Why put up with unnecessary restrictions and impersonal service? Consider not banking in Nevada at all. It’s not necessary to bank in Nevada when you have a Nevada corporation or Nevada LLC. Likewise, you don’t need a Wyoming bank account for a Wyoming corporation. Further, You don’t need to pay $100-$300 for a Nevada resident agent, or a Wyoming registered agent, to help you with an application you can fill out yourself. We wouldn’t think of charging such a fee.
In contrast to Nevada, Wyoming is business-friendly, is known for clean business, and respects property rights. Maintaining a Nevada company creates a $325.00 annual bill to the Nevada Secretary of State. Wyoming only charges $50.00 per year in annual fees. Lower still is Montana, which charges only $15.00 per year. There are better choices than incorporating in Nevada.
DO YOU REALLY NEED A NEVADA BANK ACCOUNT FOR A NEVADA CORPORATION TO SECURE NEVADA CORPORATE PRESENCE? NO!
DO YOU REALLY NEED A NEVADA BANK ACCOUNT? NO. A NEVADA BANK ACCOUNT IS NOT NECESSARY.
Today, banking is done electronically. You can tap into an internet account without hassle. Internet banks are accommodating and friendly. Most of all, their customers (businesses) that set up business checking accounts are from many different states around the U.S. That means that they won’t ask you to come in to sign the signature card. It’s an arbitrary requirement imposed on by unnecessary internal policies by banks hung up on red tape.
Better yet, internet brokerage firms are more friendly than banks and they offer better rates on money market accounts. The initial deposit is higher on the brokerage accounts than the online banking.