When you start with Formations, we ask you for your bank preference so we can help you connect it to Formations. It's a critical part of the configuration process. Use this article to learn how to complete business bank account set up.
Formations partners with Relay for creating new business bank accounts for our customers in order to offer a smooth and streamlined process. This bank integrates seamlessly with our accounting and payroll software, eliminating manual work you’d otherwise have to do during onboarding and throughout the year. We'll even create the account and connect it to Formations for you! Just select Relay as your bank and wait for your account access info.
Most other major banks can connect to Formations, but smaller credit unions may not always have the technology to support the view-only access. If you have a question about your preferred bank, please reach out and we can help!
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 business bank, we manage the creation and connection for you. You'll receive your account access info and bank card as soon as it is created.
Once your account is set up and connected, you'll be able to seamlessly move to the next step in the onboarding process.
Other Banks
Check with your preferred bank about whether you can open a business checking account online or in person.
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.
Connecting your Bank
Once you've created your bank account and have your log in info, follow these steps to complete the connection process to Formations:
Accounting - Connecting your business bank accounts
Payroll - Connecting your business checking account