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Category: Business

We were well prepared. We had every possible company paperwork neatly filed in a manila folder, three forms of personal identification each; our suit pants had perfect creases, our shirts crisp white. When we entered the bank, heads turned.

Either that or we were dressed pretty much like normal and didn’t have a single form except in digital format. And when we entered the bank we had to sit down and wait like everyone else. :)

Either way we have now taken our first ‘official’ action as a company, and WireLoad has opened a bank account. The idea is mostly that we want to pay things out of a company account instead of our personal accounts going forward.

Just to let you know: Washington Mutual, the bank of our choice, was not able to accept digitalized copies of company documents. The following things were needed, at least here in California and for Washington Mutual:

  • Articles of Organization, with the ‘File’ stamp indicating it had been filed with the government.
  • Statement of Information. In particular the bank needed to know who owned the company. There might be other ways to demonstrate this but a statement of information is probably the easiest way.
  • An Employer Identification Number (EIN) from the IRS.
  • Two forms of identification for each person. Viktor previously had an account with Washington Mutual, so a single form of identification was sufficient there. I had to provide two pieces. This turned out to be easy: a primary id, my driver’s license, and a secondary id: a credit card with my name on it.
  • A checkbook to make the initial deposit/pay fees.

All in all it wasn’t too bad. Apparently we can expect checks and a debit card to arrive within a few weeks. The terms for the account weren’t bad either. Free checks, free debit-cards, no minimum balance and no charges for deposits or withdrawals. That’s pretty much all we need at this point.

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