Where to Start
Opening a bank account in the state of Colorado is not a hard process, even if it's for your corporation or an LLC. If you're located in the state, there's nothing stopping you from taking your documents to the bank closest to your home or office and simply opening the account in one visit.
Sadly, things get a little harder if you are located outside of Colorado, especially if it's not possible for you to visit the state. However, if you still want to open a corporate or LLC bank account without having to leave your state of residence, we can help you navigate the process. Just follow this easy guide and you'll have your Colorado bank account in no time!
What You'll Need
- A business entity for the state of Colorado (corporation or an LLC)
- Articles of Organization or Incorporation
- Member or Corporate Resolution to Open a Bank Account
- Proof of Identity
- EIN - (free guide here)
Need A Registered Agent
If you still need a registered agent, we can gladly offer our services to you. Our firm can represent your business as your registered agent in Colorado. If you do this, we will provide to you a unique address that you can use to set up your bank account and get all of your mail, including debit cards, credit cards, and check books forwarded with our mail forwarding service.
If we form your LLC or corporation, your first year of registered agent service is free. Our registered agent service includes 5 pieces of mail scanned per year. Junk mail and registered agent mail do not count toward that total. If you need additional mail scanned, you have the option to purchase more mail. Our virtual office package includes unlimited mail scanning. For either service, if mail forwarding is required, we have the option to forward your mail for free via first class (if applicable) or we offer expedited forwarding with tracking for and additional fee.
Begin the Application
If you want to open a bank account, Bank of America or Wells Fargo are good options you might want to consider, with simple forms and an easy set up process. Just keep in mind what's best for you and your business, as they might charge higher fees than smaller banks. Once you get started, remember you need all the documentation that's relevant to your corporation or LLC, as well as a registered agent with an address in the state of Colorado.
Choosing A Bank
Remember, opening a bank account from a different state means you need to pick a bank that has branches in the state you reside in, as well as having branches in Colorado. You should also make sure that the bank has a way for your to open bank accounts online.
Keep in mind, you will need one of the following to open a bank account: US Passport, EIN, SSN, or a valid form of ID. Every bank has different requirements, so you should check with the bank before you try to open an account.
Maintenance Fees & Other Options
To maintain your business checking account, many banks will charge a monthly service fee that can vary from $2.99 to $9.99.
By following these recommendations, you may be able to avoid these monthly fees:
Bank of America charges a maintenance fee that be easily
waived if you follow any of these requirements:
- Keep a daily balance of at least $3,000.
- Maintain at least a $5,000 monthly average balance for your services.
- Make purchases of $250 minimum via your Bank of America credit or debit business card.
Wells Fargo also has a maintenance fee, so be prepared to
pay that if you don't meet the following requirements to
waive the fee:
- Keep a balance of $500 minimum in your bank account
- Choose electronic statements instead of physical paper ones
To open a bank account with Wells Fargo or Bank of America, you will need two main documents: copies of your stamped or filed Articles of Organization or Articles of Incorporation, and the Bank Account Resolution you receive when you form a Colorado LLC with us. You may also need to provide a copy of the letter you receive when you apply for an EIN number. If you hire us to obtain an EIN for you, we will provide you with a copy fo the letter.
For more information about Colorado LLCs, including articles of organization, EINs, sole-proprietorships, and Colorado business licenses, check out the rest of our blog.