This article includes the following sections:


General Information

  1. What do I need on hand before I start?

  2. What’s included in my payments account?

  3. What’s the difference between sole proprietorship, LLC, etc.?

1. What do I need on hand before I start?

You can open your payments account in under 5 minutes.

We'll need some information to verify you and your business, so the following will be important to have on hand when you open your account:

  • Your SSN

  • Your EIN (if applicable)

  • Your date of incorporation (if applicable)

  • Your business address (if applicable)

2. What’s included in my payments account?

Other than a huge sigh of relief that your business transactions and expenses are organized, your payments account includes:

  • One smart business checking account (FDIC-insured, with zero maintenance fees. Woohoo!)

  • One sleek virtual Wethos Visa debit card and the option to get a physical debit card.

  • Free ACH transfers

  • No fees from Wethos for ATM withdrawals

  • Monthly bank statements

3. What’s the difference between sole proprietorship, LLC, etc.?

An LLC is a registered business entity whose owners are shielded from personal liability for business debts. Within the application process, you will choose this option if your business currently falls under an LLC, corporation, or partnership. The application requires that you provide a business address for verification purposes.

A sole proprietorship offers no legal separation between the business and the owner. Within the application process, you will choose this option if your business currently reflects a sole proprietorship. The application requires that you provide a personal or home address for verification purposes.

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Application Requirements

  1. Why do you need my social security number?

  2. Is there a balance requirement for my account?

1. Why do you need my social security number?

The U.S. Federal Government requires all financial institutions to obtain, verify, and record information identifying each person who opens an account. This means that when you open an Account, we will ask for information that allows us to identify you. We may also ask for follow-up documents like a driver’s license or other identifying documents for your business, Authorized Users, account owners, and your officers, directors, beneficial owners, controlling shareholders, and others.

Please read our Business Deposit Agreement for more information.

2. Is there a balance requirement for my account?

There is no minimum deposit required to open an account and no minimum balance you needed to maintain in your account.

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Application Process

  1. Will applying for a payments account affect my credit score?

  2. What happens after my application is submitted?

  3. What happens if I get denied?

  4. If denied, how can I edit and submit an application again?

  5. Is this application encrypted?

  6. Who can I contact for help?

1. Will applying for a payments account affect my credit score?

Nope! Our banking partners, Unit and Blue Ridge Bank N.A., will screen your information to verify your identity. This identity verification will not impact your credit score.

2. What happens after my application is submitted?

Most often the new payments account is approved within minutes. Occasionally our banking partner, Blue Ridge Bank N.A., might require some additional information or documentation, and if so we will reach out to you to confirm.

In the meantime, you can encourage any of your routine teammates to apply for a payments account with Wethos to quickly pay them out when you’re ready.

3. What happens if I get denied?

If your application isn’t approved, we’ll reach back out to clarify and request additional documentation to ensure that you can get approved.

On very rare occasions our banking partner, Blue Ridge Bank N.A., will decline to create an account, mainly if they see missing or incorrect information or evidence of fraud. If any of this happens, we’ll let you know right away. If we can clear things up, we'll try again.

4. If denied, how can I edit and submit an application again?

If your application isn’t approved, we’ll reach back out to clarify and request additional documentation to ensure that you can get approved.

If you experience any issues submitting your application via the platform, contact us at [email protected].

5. Is this application encrypted?

Yes - we take security seriously on our platform. All communications are encrypted using SSL (which is a Secure Socket Layer that can't be intercepted). Wethos stores very little PII (personal identifiable information) on our platform, that is your name, email, phone, mailing address, and we encrypt it all. All financial information including your social security number, EIN, account and routing numbers are stored safely and solely with our banking service provider.

6. Who can I contact for help?

Please reach out to [email protected] via email or open a live chat on our website at teams.wethos.co to speak with a member of our team.

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Sole Proprietorship

1. Why do you need my personal address?

We use your personal address to verify your identity to ensure you are you when opening an account.

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LLC/Corporation/Partnership

  1. Why do you need my personal address vs. business address?

  2. What's the difference between the beneficial owner, officer profile, and main company contact?

  3. Why are there title limitations for the “Officer Profile”?

1. Why do you need my personal address vs. business address?

The address you enter for your business should be the address that is legally associated with your business. If your legal business address is also your personal address, no problem! We ask for this information so that our banking partner, Blue Ridge Bank N.A., can verify your information as part of a federal compliance requirement. So, please ensure that the address you provide is actually associated with your business, not a PO box, not your great aunt Edna’s casita, etc.

2. What's the difference between the beneficial owner, officer profile, and main company contact?

A beneficial owner is an individual who ultimately owns or controls more than 25% of a company’s shares or voting rights, or who otherwise exercises control over the company or its management.

An officer is someone who has fiduciary control of and responsibility for your business. So think of a C-level executive who can sign checks and contracts. If you have an Officer that meets that criteria but don't hold any of these titles - a CEO, COO, CFO, or President - we recommend picking the closest title in the form.

The main company contact is the person to whom to address all company correspondence to.

3. Why are there title limitations for the “Officer Profile”?

If you're applying for a business account, one of the steps is to provide information about the 'Officers' of your business. An Officer is someone who has fiduciary control of and responsibility for your business. So think of a C-level executive who can sign checks and contracts. If you have an Officer that meets that criteria but don't hold any of those titles - a CEO, COO, CFO, or President - we recommend picking the closest title.

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International Applicants

1. Can I open an account if I’m not in the US?

You can open a payments account with Wethos if you’re outside of the US as long as you have a permanent US-based personal or business address. If you do have a US-based address to apply for an account and get approved for a debit card, we can ship your card to your international address. Reach out to [email protected] with your international address for us to ship the physical card to you.

We look forward to rolling out more features for our international users soon!

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