1. Opening Bank Accounts

1.1 Does Urson open bank accounts for my LLC or Corp?

We assist in applying for a bank account with Mercury, Lili and Novo a digital banking platform. However, approval is at the discretion of the bank’s Compliance Department. They assess the LLC or Corp based on the business model and ensure the member(s) have no issues that might lead to a rejection.

1.2 What types of businesses does Mercury, lili and novo support?

Mercury: Tailored for startups, tech companies, e-commerce businesses, and small-to-medium-sized businesses. Mercury specializes in offering modern, tech-focused financial solutions for online-based businesses.

• Lili: Best for freelancers, solopreneurs, gig workers, and independent contractors. Lili focuses on simplifying finances with tools like expense tracking and tax preparation.

• Novo: Ideal for small business owners, entrepreneurs, and startups across various industries. Novo provides flexible, straightforward banking tools for businesses of all

1.3 Do I need to wait until I have the EIN to apply for a bank account?

Yes, you need an EIN to apply for any banking services in the U.S.

1.4 What can I use the bank account for?

You can use a business bank account for several essential functions to manage your company’s finances effectively, including:

• Receiving Payments: Accept payments from customers, clients, or business partners.

• Paying Expenses: Cover business expenses such as rent, utilities, supplies, and subscriptions.

• Payroll: Pay employees or independent contractors securely and on time.

• Separating Finances: Keep your personal and business finances separate to simplify accounting and tax preparation.

• Tracking Cash Flow: Monitor your business’s income and expenses to stay on top of your financial health.

• Building Credit: Establish your business’s credit profile for future loans or financing opportunities.

• Online Transactions: Use your account for e-commerce, software subscriptions, or other digital transactions.

• Savings and Growth: Set aside funds for business growth, taxes, or emergencies.

A business bank account helps you stay organized and maintain professionalism while ensuring financial transparency

1.5 What benefits does Mercury, lili and novooffer?

Mercury

• No Monthly Fees: Mercury offers free business checking and savings accounts with no monthly maintenance fees.

• Easy Online Setup: Set up your account online in just a few minutes, without needing to visit a physical branch.

• Virtual and Physical Cards: Get both virtual and physical debit cards to make business purchases and track expenses.

• Integrations: Mercury integrates with popular accounting tools like QuickBooks, Xero, and more to streamline bookkeeping.

• API Access: Developers can use Mercury’s API to automate payments, accounting, and other financial tasks.

• Free Domestic & International Wire Transfers: Mercury supports domestic and international transfers with no fees on ACH payments and free wire transfers for U.S. customers.

Lili

• Tailored for Freelancers: Lili is designed for freelancers and small business owners, providing tools to easily manage finances for self-employed people.

• No Monthly Fees: No hidden charges, and Lili offers a free business checking account with no minimum balance requirements.

• Expense Management: Automatic categorization of expenses, allowing you to track deductions and optimize your taxes.

• Tax Tools: Lili provides tools to set aside taxes automatically, making tax season much easier.

• Mobile App: Full mobile app functionality to manage your account, track expenses, and transfer money, anytime and anywhere.

• Instant Payments: Enjoy fast payments and transfers, especially for freelancers who need quick access to their earnings.

Novo

• No Fees: Novo offers free business checking with no monthly fees, minimum balance requirements, or bounced check fees.

• Easy Integration: It integrates with tools like QuickBooks, Xero, Stripe, and Shopify for easy expense tracking and invoicing.

• Cash Flow Insights: With its integrated accounting tools, Novo helps you track your income and expenses, giving you insights into your cash flow.

• Virtual Cards: Issue virtual cards for secure online transactions and budgeting.

• Cash Deposits: Novo partners with third-party networks to allow you to deposit cash at thousands of locations across the U.S.

• 24/7 Customer Support: Novo provides customer support 24/7 via chat to ensure you can get help whenever you need it.

Each of these services offers an excellent option for businesses looking for easy-to-manage, low-cost banking solutions with smart tools for growing your business.

1.6 Can I run a crypto business with Mercury, lili or novo?

If your business is crypto-focused, Mercury and Novo are better options, but you should always check their specific terms and conditions for any restrictions or additional requirements.

1.7 What alternatives do I have if Mercury rejects my application?

f Mercury, Lili, or Novo rejects your application, here are some alternatives to consider:

Traditional Banks: Banks like Chase, Bank of America, and Wells Fargo offer business accounts with broader acceptance but may require more paperwork.

1.8 Can I open a bank account in the U.S. with the documents provided by Urson?

Yes, you can open a bank account in person using the LLC or Corp formation documents we provide. We recommend confirming the specific requirements with the bank beforehand, as these may vary by institution.

1.9 What documents should I upload to Mercury if asked to show U.S. connections?

If Mercury, Lili, or Novo asks for U.S. connections, you may need to upload:

1. U.S. Address Verification: Utility bill or lease agreement.

2. Tax ID: EIN or ITIN.

3. Business Documents: Articles of Incorporation or LLC Operating Agreement.

4. Personal ID: Passport or U.S. state ID.

Check with the bank for exact requirements.

2.0 How do I receive my physical debit card?

Banks will send it to your chosen address. If no address is provided, it will be sent to the registered agent’s office, where forwarding fees will apply.

2.1 Do I need to activate my physical debit card before using it?

Yes, along with the card, you will receive instructions for activation.

2.2 How do I provide my address for the physical card?

Log into your bank account, navigate to “Cards,” then select “Create Card.” Enter your address when prompted to receive your physical card.

2.3 Why doesn’t the full transfer amount reach my bank account when I send money from my U.S. bank?

Intermediary and receiving banks may charge fees for these transactions.

2.4 Can I link my Mercury, lili or novo account to Zelle?

1. Mercury: Mercury currently does not support Zelle directly. However, you can use a workaround by linking your Mercury account to another bank that supports Zelle and transferring funds from there.

2. Lili: Lili offers Zelle integration, so you can link your Lili account directly to Zelle for seamless transfers.

3. Novo: Novo does not support Zelle natively, but like Mercury, you can link your Novo account to a bank that supports Zelle and transfer funds to or from your Novo account that way.

2.5 How can I withdraw money from my Mercury, lili or novo account?

1. Mercury:

• ATM Withdrawals: You can withdraw money from ATMs that accept Mastercard, but you’ll need to check for any ATM fees based on your account.

• Transfer to External Account: You can transfer funds to your linked external bank account or payment platform for withdrawal.

• Wire Transfers: Mercury allows wire transfers if you need to send funds to another bank.

2. Lili:

• ATM Withdrawals: Lili offers fee-free ATM withdrawals at over 24,000 ATMs nationwide. You can also use any ATM that accepts Mastercard, though fees might apply.

• Transfer to External Account: You can transfer funds to an external bank account via ACH or wire transfer.

• Cashback at Stores: Some locations might offer cashback with purchases, which can help you access funds.

3. Novo:

• ATM Withdrawals: Novo users can withdraw from ATMs that accept Mastercard, and you can locate fee-free ATMs through the Allpoint network.

• Transfer to External Account: You can transfer funds to any linked external account via ACH.

• Wire Transfers: You can also send money through wire transfers if needed.

For all three, the easiest method is transferring funds to a linked external bank account, as you can then access your money through any traditional ATM or even via your local bank

2.6 How do I access transfer instructions in Mercury, lili or novo?

To access transfer instructions in Mercury, Lili, or Novo:

1. Mercury: Log in, go to the “Transfers” tab, and follow the steps for ACH or wire transfers.

2. Lili: Log in, tap “Transfers,” and follow the prompts for ACH or wire transfers.

3. Novo: Log in, click “Transfers,” and follow the instructions for ACH or wire transfers

Each platform provides clear steps to complete your transfers easily.

2.7 Other Financial Services

2.7.1 Can you help me open an Amazon account for my LLC or Corp?

We do not provide this service.

2.7.2 Can you help me understand how Amazon works?

We do not offer detailed guidance on Amazon operations.

2.7.3 If I am opening an Amazon account for my LLC or Corp, should I use W8 or W9 if my LLC or Corp is Single Member?

• W8: For non-U.S. persons, typically resulting in a 30% tax withholding.

• W9: For U.S. persons, where income is reported but without withholding.

Your LLC may initially be treated as a single person, and the W8 form is typically used, but sellers may register with W9 and clarify non-residency during tax filing to avoid withholding.

2.7.4 Can I build a U.S. credit history with a Mercury account?

No, Mercury, Lili, and Novo accounts do not directly help build U.S. credit history because they are not traditional credit accounts. These accounts are primarily designed for business banking and do not report to credit bureaus. However, if you need to build U.S. credit, you can consider other options like business credit cards or loans that report to the credit bureaus.