Bank account for co-founders with passports from a sanctioned country

[DKoltan]

Jurisdiction

Delaware

When submitting documents for opening an account, what documents can prove that the co-founders do not live in the sanctioned country (in our case, we have a Belarusian passport)? Or only a residence permit can prove it? Or is it outside the law, but simply internal regulations of the banks themselves?

 

[adjusterjack]

Pick a bank. Walk in the door. Apply to open an account. All your questions will be answered.

 

[army judge]

When submitting documents for opening an account, what documents can prove that the co-founders do not live in the sanctioned country (in our case, we have a Belarusian passport)? Or only a residence permit can prove it? Or is it outside the law, but simply internal regulations of the banks themselves?

You might find that you're unable to open a bank account in the USA. I'm sure you know why.

This might help:

https://home.treasury.gov/policy-is...ams-and-country-information/belarus-sanctions
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Whether you apply for a bank account online or in person, you'll need a government-issued ID and personal details, such as your Social Security number, on hand. You might also be asked to fund your account with an initial deposit.

Here are details on what you need to open a savings account or checking account and what to expect during the process.

What you need to open a bank account
You can open a bank account online or at a branch, if the bank offers brick-and-mortar locations. The information you'll be asked to provide will be much the same whether you're opening a checking account, a savings account or both.

Here's a list of what you'll need to open your new bank account:

1. A valid, government-issued photo ID, such as a driver's license or a passport. Nondrivers can get a state ID card at the Department of Motor Vehicles office.

2. Other basic information, such as your birthdate, Social Security number or Taxpayer Identification Number, or phone number.

3. An initial deposit is required by some banks, too. Skip ahead to learn more about account funding.

Depending on your circumstances, you might need a few other items, too:

4. Identification details for other applicants, if you're opening a joint account: Because the account will be owned by multiple people, the bank will want all owners' identification and personal information.

5. A co-owner if you're not yet 18. Ask a parent or legal guardian to sign legal documents with the bank.

There are other options if you've had trouble with banking in the past, you have poor credit or you're not a U.S. citizen. If you've been denied a bank account, get a fresh start with a second chance checking account: See what's offered in your area.
Second Chance Checking Accounts Across the U.S. - NerdWallet
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More information
What Do You Need to Open a Bank Account? | Banking | Chase

Foreign nationals addressed
https://www.forbes.com/advisor/banking/non-us-citizen-open-bank-account/
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Alternatives for Identification
Banks and credit unions typically accept alternative forms of ID for non-U.S. residents.

For instance, if you don't have a Social Security number, you may be able to obtain an ITIN that can be used to open an account. The Social Security Administration issues nine-digit Social Security numbers, while the IRS issues nine-digit individual ITINs. ITINs are available only to certain non-resident and resident aliens, their spouses and their dependents who can't get a Social Security number.

Some financial institutions won't accept an ITIN in place of a Social Security number.

Requirements for other types of ID from non-U.S. citizens can vary among banks and credit unions. Bank of America, for example, spells out these identification requirements.

For a primary ID, Bank of America wants one of the following:

Foreign passport with or without a visa.
U.S. non-immigrant visa and border crossing card.
Mexican, Guatemalan, Dominican or Colombian consular ID.
Canadian citizenship certificate card.
For a secondary ID, Bank of America asks for one of the following:

Foreign driver's license (or U.S. driver's license).
U.S.-issued work ID card or badge.
Debit or major credit card bearing a Visa or Mastercard logo.
Retail credit card from a nationally known company.
Major retail credit card from a nationally well-known company.
U.S. State Department ID.
Mexican voter registration card.
Some banks or credit unions may accept an alien registration number card from a non-U.S. citizen who's trying to open an account. The seven- to nine-digit alien registration number can be found on various documents, such as a green card, from the U.S. Citizenship and Immigration Services.

 

[flyingron]

What sort of accounts? There are broad categories of things that Belarusian entities can't do under a variety of executive orders. Not living there doesn't suddenly make a Belarusian free from the sanctions.

 

[DKoltan]

What sort of accounts? There are broad categories of things that Belarusian entities can't do under a variety of executive orders. Not living there doesn't suddenly make a Belarusian free from the sanctions.

That's what I wanted to ask about, but can you be more specific? Or in general, in principle, I cannot open an account as a citizen of a country under sanctions? Just for me to check it, I need to register a company, I don't have other data to check before that, there is no ssn or something like that in order to register a bank account. I found out in some banks, somewhere they told me that you can prove that you do not live in a country under sanctions, and that will be enough, such as providing a rental agreement in another country. And I decided to ask more on the forum.

 

[Zigner]

That's what I wanted to ask about, but can you be more specific? Or in general, in principle, I cannot open an account as a citizen of a country under sanctions? Just for me to check it, I need to register a company, I don't have other data to check before that, there is no ssn or something like that in order to register a bank account. I found out in some banks, somewhere they told me that you can prove that you do not live in a country under sanctions, and that will be enough, such as providing a rental agreement in another country. And I decided to ask more on the forum.

Ask. The. Bank.