Formations partner with a few banks to offer a more smooth and streamlined process. These banks integrate seamlessly with our accounting and payroll software, eliminating manual work you’d otherwise have to do throughout the year. Customers who do their personal banking with one of our partners often choose to keep their business accounts with that same provider for convenience.
We have 4 preferred banks for creating new business bank accounts for our customers. Below you will find the instructions for how to open your new business bank account and connect it to Formations.
Chase or 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.
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.
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.