How to Open Your Bank Account in the United States

Book excerpt: Do you want to open and manage yourself your bank account in the United States? If you are a foreign entrepreneur, this practical guide is for you! This third guide in the YES TO ENTREPRENEURS® series will help you understand how the American banking system works. It will also provide you with the tools you need to open and manage your own bank account in the United States, both business and personal. Together, we will explore several aspects of the banking world in the United States: ✅ Banking regulation and agencies ✅ Types of bank accounts ✅ Choice of bank ✅ Prerequisites to open a bank account ✅ Bank account management ✅ Bank transfers and less expensive solutions ✅ Bank cards - debit, credit, hybrid ✅ Merchant accounts - Visa, MasterCard, American Express, Discover ✅ PayPal account ✅ Alternative solutions 💥 Exclusive Bonus: Useful Resources Throughout the process of writing this guide, the author accumulated many hyperlinks that greatly enrich its content. An up-to-date list of these hyperlinks can be found at the web address listed in the Useful Resources section, at the end of this guide. 🇺🇸 Go for it! Open and manage your own bank account in the United States. ----- WHAT THEY SAY "Books such as those in the Yes to Entrepreneurs series provide businesses with useful information and practical tools to expand into the United States market, the largest consumer market and recipient of foreign direct investment in the world." Gina Bento, Commercial Specialist, U.S. Department of Commerce, International Trade Administration "Never before have guides been so deserving of the term practical!" Bernard Geenen, Economic and Commercial Counselor, Wallonia Export & Investment Agency, Consulate of Belgium, New York "Simple. Clear. Precise. Complete.... A must." Richard Johnson, Retired Journalist, Journal of Montreal "... these guides are great... I highly recommend their use." Tom Creary, Founder and Past Chairman of the American Chamber of Commerce in Canada - Quebec Chapter "The Yes to Entrepreneurs book series is extremely structured, complete and easy to use..." Serge Bouganim, Lawyer of the Paris and Brussels Bars "Congratulations to my colleague Vincent Allard for the publication of three exceptional popularization books for entrepreneurs who want to start a business in the United States." Pierre Chagnon, Retired Emeritus Attorney, Bâtonnier of Quebec "This series of practical guides allows entrepreneurs and professionals who advise them to benefit from the experience of thousands of other entrepreneurs who have started their business in the United States." Robert CHAYER, U.S. Tax Expert, Canada "Reading is highly recommended. Three essential and very comprehensive guides for all immigrant candidates who wish to familiarize themselves with the important concepts to start their professional installation in the United States." Estelle Berenbaum, Immigration Lawyer, Florida "Vincent Allard's Yes to Entrepreneurs collection provides ready-to-use pragmatic knowledge to successfully navigate American waters." Arnaud Labossière, CEO, The Free Minds Press Ltd ----- CONTENTS 1 - Introduction 1.1 Presentation 2 - Understanding the Banking System in the United States 2.1 Banking Regulation 2.2 Federal Regulatory Agencies 2.3 Anti-money Laundering and Anti-terrorism 2.4 Types of Banks 2.5 Active Banks in the United States 3 - Everything About Bank Accounts in the United States 3.1 Types of Bank Accounts 3.2 Bank Documents to Sign 3.3 Bank Account Details 3.4 Bank Account Management 3.5 Bank Cards 3.6 Bank Statements 3.7 Bank Checks 3.8 Bank Transfers 3.9 Bank Fees 3.10 Bank Customer Service 4 - Business Bank Account: Facts ... and Secrets! 4.1 Choice of Bank 4.2 Prerequisites to Open a Business Bank Account 4.3 Sensitive Topics for Banks 4.4 Authorized Signatories 4.5 Using the Bank Account 4.6 One Bank Account Is Good. But… 4.7 Need a Real Credit Card? 4.8 Bank Compliance Department 4.9 Closing the Bank Account 4.10 Personal Bank Account: Some Tips 4.11 Alternative Solutions 5 - Merchant Account and PayPal: Yes, It Is Possible! 5.1 Visa / MasterCard / Amex Merchant Account 5.2 PayPal Account 6 - Conclusion 6.1 If I Were You... * Exclusive Bonus: Useful Resources