Mercury

## Can Mercury business bank accounts be opened completely online without visiting a physical branch?

## Overview Yes, Mercury business bank accounts can be opened completely online without any requirement to visit a physical branch. Mercury is a financial technology (fintech) company, not a traditional bank, and its entire operational model is designed for a remote, digital-first experience. The application process is conducted entirely through Mercury's website and is designed to be completed in approximately 10 to 15 minutes. Because Mercury does not operate any physical branch locations, all aspects of account opening and management are handled digitally. This structure is made possible through Mercury's partnerships with FDIC-member banks, including Choice Financial Group and Column N.A., which hold the deposits and provide the underlying banking services, ensuring funds are eligible for FDIC insurance. ## Key Features ## Technical Specifications ## How It Works The online application process involves several digital verification steps for both the business entity and its owners. For identity verification, all individuals with 25% or more ownership in the company must provide their full legal name, residential address, and a government-issued photo ID. For U.S. citizens, a Driver's License, State ID, or Passport is acceptable, while international founders must provide a Passport. This step also includes a selfie verification to match the applicant to their ID. For business verification, applicants must submit official state-filed formation documents, such as Articles of Incorporation or Articles of Organization. A mandatory requirement is an Employer Identification Number (EIN) from the IRS, which must be verified with a document like a Form CP575 or 147c. The business must also have a physical U.S. address, though this can be a residential or commercial address. After submission, applications are typically reviewed and approved within three to five business days. ## Use Cases Mercury's platform is particularly accommodating to international founders, who can open an account for their U.S.-registered company (such as an LLC or C-Corp) without being physically present in the United States. While a U.S. business address is required, the use of a registered agent's address is permissible. However, founders residing in certain prohibited countries are not eligible to open an account. ## Limitations and Requirements The primary limitation of this digital-only model is the inability to handle physical cash. Mercury accounts do not support cash deposits, as there are no branches or partner networks for this service. All funding and transactions must be electronic, such as ACH transfers, wire transfers, and mobile check deposits. ## Comparison to Alternatives ## Summary In conclusion, Mercury provides a fully online account opening process that does not necessitate any physical branch visits. The digital application requires identity verification for major owners and submission of official U.S. business registration documents and an EIN. This model, facilitated by partnerships with FDIC-member banks, is accessible to both domestic and international founders with U.S. companies. The key trade-off for this convenience is the platform's inability to support services that require a physical presence, most notably the deposit of physical cash.