When you start with Formations, we ask you for your bank preference so we can help you open a business bank account and connect it to Formations. It's a critical part of the configuration process. Use this article to learn how to complete it.
Formations partners with a few banks to offer a more smooth and streamlined process. These include Chase, Bank of America, Relay Bank, and Wells Fargo. Additionally, Formations supports all other business bank accounts but will require some changes in the process. Below you will find the instructions for how to open your new business bank account and connect it to Formations.
Relay Bank
We partner with Relay Bank as a technology partner and when you choose it as your preferred bank, we manage the creation and connection for you.
Once your account is set up the bank will notify us so we can proceed with your configuration steps for you to get the most value of Formation Service.
Bank of America
Since Formations has a strong partnership with both Chase and Bank of America when you choose one of these banks, a representative from the bank will be reaching out to you with the next steps within the next two business days from your signature packet completion. If you do not hear from them, please reach out to us to assist with escalation.
Once your account is set up the bank will notify us so we can proceed with your configuration steps for you to get the most value of Formation Service.
Chase
Whether you are an existing or new Chase customer, you can open your account online or in person. You can open one online at: https://www.chase.com/business/banking/checking.
You will need to download a copy of your Operating Agreement, EIN Letter, and Articles of Organization to provide to the bank when opening the account. You can access these documents in the Documents Hub in your Formations account at https://app.formationscorp.com/documents/. Please let us know if you have any issues accessing these documents.
Wells Fargo
If you already are a Wells Fargo customer for your personal bank account, you will be able to set up a business bank account online: https://welcome.wf.com/smallbizchecking/
If you are new to Wells Fargo – you will need to make an appointment at your local branch to open your business bank account. You can use their branch locator https://www.wellsfargo.com/locator/ to find the nearest location convenient to you and make an appointment.
You will need to download a copy of your Operating Agreement, EIN Letter, and Articles of Organization to provide to the bank when opening the account. You can access these documents in the Documents Hub in your Formations account at https://app.formationscorp.com/documents/. Please let us know if you have any issues accessing these documents.
Other Bank (non-preferred)
Since Formations is currently not able to open an account on your behalf with other banks, you will need to manage the creation and connection on your own. Each bank has its own process for opening business accounts. In general, you will need to go to a branch, provide supporting documents, and sign their internal documentation. Once that is complete, we will need your direct deposit information and view-only access to the account.
You will need to download and print a copy of your Operating Agreement, EIN Letter, and Articles of Organization to provide to the bank when opening the account. You can access these documents in the Documents Hub in your Formations account at https://app.formationscorp.com/documents/. Please let us know if you have any issues accessing these documents and inform us when you have your new account set up.