How to Open a Bank Account with Mercury

Opening a bank account with Mercury doesn’t have to be complicated. In this guide, we will guide you through the process and show you exactly what to do. If you get stuck somewhere, make sure to watch the video for further clarification.

Right, let’s dive into what’s required to set up your bank account with Mercury!

A Step-by-Step Guide to Opening a Mercury Bank Account

Firstly, head over to our partner page with Mercury. Then, follow the steps below.

Create an Account

Step 1: Enter your email

Step 2: Provide personal details

Step 3: Company name and callsign

Share your company name and create a unique callsign. This callsign is crucial as it helps in easily accessing your account.

Step 4: Business type verification

Mercury will inquire if your business belongs to specific categories. Check the appropriate box or select “none of the above” if your business doesn’t fit these categories.

Step 5: PATRIOT Act Disclosure

Acknowledge the Patriot Act disclosure as per federal law, which mandates the collection of information about the bank account’s beneficiaries or owners.

Set Up Your Company Profile

Step 6: Legal Business Name and DBA

Input your legal business name. If applicable, add a DBA (Doing Business As) name.

Step 7: Company incorporation details

Specify your company of incorporation, typically indicating if you have a US LLC or C Corp, meaning your company is formed in the United States.

Step 8: Contact information

Enter a valid phone number and your Employer Identification Number (EIN), necessary for opening a US business bank account.

If you do not have an EIN yet, you need to first form a company and then fill out Form SS-4 to apply for an EIN with the IRS. Only once you have your EIN back can you continue to apply and open a US business bank account.

Complete the Application

Step 9: Website and company type

If you have a company website, include it here, though it’s optional. Select your company type, either LLC or C Corp, based on your formation.

Step 10: Industry and description

Choose the industry you operate in and provide a brief description of what your company does. If you have venture capital investors, mention them here.

Step 11: Cryptocurrency involvement

Indicate whether your business involves cryptocurrency and proceed by clicking next.

Address and Owner Information

Step 12: Company address

Add your company’s office or residential address, whether that’s in the US or outside the US.

Ensure this address is not a registered agent address or PO Box.

Step 13: Owner’s profile

Input information for any owner with more than a 25% stake in the company or who can act in the financial interests of the company, like a CFO.

Verify Your Identity

Step 14: Personal information

Fill in personal details for the individuals mentioned in the previous step, including citizenship status, social security number, and birth date.

You’ll then have to provide some personal information based on the person’s name you entered. If that is you, you can fill out the information. You can also share the form with that person, and then they can fill it out.

Step 15: Identity verification

Proceed with the identity verification process, which is a federal requirement for opening a business account. This involves scanning a valid ID, such as a passport or driver’s license.

Upload Your Documents

Step 16: Company documents

Upload your formation documents and EIN verification documents. This includes your certificate of incorporation, articles of organization, and the EIN confirmation letter from the IRS.

Next, you’ll need to upload your EIN documents. Specifically, the documents you have to upload are one of the following:

• a CP 575 form

• a 147c letter

• a returned SS-4

• or a screenshot of the IRS’s website with your EIN clearly visible

Application Review

Step 17: Expected activity

Indicate if you expect to send funds internationally and provide details regarding the transactions.

Step 18: Additional information

Share any relevant links or documents that could expedite the verification of your company’s information.

Step 19: Review and submit

Review all the information you’ve entered, ensure completeness, and submit your application. Mercury will then review your application and notify you of the outcome.

If you have followed through with the steps correctly and your business does not fall under restricted types, you should be able to successfully open a US business bank account with Mercury.

Check your email for any communication from Mercury regarding your application status.

For any queries during this process, check out the Mercury FAQ section for detailed answers to common questions. Mercury offers various banking features for startups, including FDIC-insured accounts up to $5 million, ensuring your funds are safe and secure.

Should you have any questions while navigating this process, feel free to reach out.

FAQs

What is Mercury?

Mercury is banking for startups. They provide many features, including a checking account, savings account, direct deposits, physical cards, virtual cards, check payments, domestic and international wires, and more.

Deposits are FDIC insured up to $5 million, meaning in the case of a downside scenario where the bank fails, up to $5 million of your funds will be protected, and this is critical to ensure that you have peace of mind your funds are safe.

How much does it cost to use Mercury?

Mercury is free to use, meaning you don’t pay costs upfront. However, for certain advanced features, there might be fees, which you can see here.

Can you apply for a Mercury account if you are a non-US resident?

Yes. You can see here the exact entity types and countries that Mercury accepts companies from. You can also see here the restricted list of countries, and this is critical. If you are a founder living in any of these countries, you will not be able to open an account with Mercury.