Mercury Bank approved, what's next?

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websuser

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Hi, Mercury Bank just approved my LLC application.

The first time logging to the dashboard, not all functions are accessable until I make the first funding.

I just wondering if there is any alternative way to access all functions without having to make the first funding into Mercury Bank account? Thanks!
 
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websuser said:
Hi, Mercury Bank just approved my LLC application.

The first time logging to the dashboard, not all functions are accessable until I make the first funding.

I just wondering if there is any alternative way to access all functions without having to make the first funding into Mercury Bank account? Thanks!
Click to expand...
You're going to fund it anyway, aren't you?

No sense having a bank account if you are not going to use it.

Just curious, what are their fees?

I have a credit card from them, and I have no idea of the interest rate, as when I use it, which is few and far between, I just pay it off when the statement shows up.
 
websuser said:
Hi, Mercury Bank just approved my LLC application.

The first time logging to the dashboard, not all functions are accessable until I make the first funding.

I just wondering if there is any alternative way to access all functions without having to make the first funding into Mercury Bank account? Thanks!
Click to expand...
that first deposit is just how they activate the account, there’s usually no way around it you don’t need much though, even a small amount will unlock things most features won’t fully work anyway until the account is funded.
 
There is no alternative, you just to deposit some money, that's how it is
 
websuser said:
without having to make the first funding
Click to expand...

If you don’t want to fund it, then why did you open it?

For activation, you can start accepting payments and use those funds to deposit—it will activate automatically.
 
Thanks all. I will arrange to make deposit then. I formed my LLC in 2024 but didn't apply for bank account at that time until now.

Beside Mercury, I also applied Stripe, Relay and Payoneer for business account and they all appeoved my applications.

Did you guys connected all bank accounts with Plaid system?
 
websuser said:
Thanks all. I will arrange to make deposit then. I formed my LLC in 2024 but didn't apply for bank account at that time until now.

Beside Mercury, I also applied Stripe, Relay and Payoneer for business account and they all appeoved my applications.

Did you guys connected all bank accounts with Plaid system?
Click to expand...
But am assuming you still file taxes?

form 5472 and couple others even when there is no activity with the LLC if you are an alien non-resident.

If you are you a US citizen not sure about what forms/taxes to file

--

Additionally you can connect your approved Stripe, PayPal on to this mercury account as that acts as a deposit when someone pays you there

If you maintain this for a while and then can keep 1000 USD minimum deposit you can also get BOA account.

Additionally also register for a wise account with the LLC and get the accept payment with card feature turned on there.
 
indianmojojojo said:
But am assuming you still file taxes?

form 5472 and couple others even when there is no activity with the LLC if you are an alien non-resident.

If you are you a US citizen not sure about what forms/taxes to file

--

Additionally you can connect your approved Stripe, PayPal on to this mercury account as that acts as a deposit when someone pays you there

If you maintain this for a while and then can keep 1000 USD minimum deposit you can also get BOA account.

Additionally also register for a wise account with the LLC and get the accept payment with card feature turned on there.
Click to expand...
Thanks for the advise.

Honrstly, my LLC formed in New Mexico, should not requrie to file taxes annually. Am I correct?

I formed the LLC ib 2024 and didn't 'touch' the LLC and didn't file anything until now. After checking the state website, my LLC still in active status. That's why I applied for the bank account recently for receiving payments for setting up payment gateway for my websites.
 
websuser said:
Thanks for the advise.

Honrstly, my LLC formed in New Mexico, should not requrie to file taxes annually. Am I correct?

I formed the LLC ib 2024 and didn't 'touch' the LLC and didn't file anything until now. After checking the state website, my LLC still in active status. That's why I applied for the bank account recently for receiving payments for setting up payment gateway for my websites.
Click to expand...
I would suggest contacting a CPA

Because as far as I know you have to file taxes irrespective of 0 activities
 
There is no way to bypass.Mercury require a first deposited at least 10$ if you want you can also deposited ACH to unlock dashboard all features.
 
My application to open a Mercury Bank account was rejected, and I haven't received any explanation. Are there any other solutions?
 
My mercury bank got blocked. They are not opening and not giving me my funds.
What should i do ?
 
BassTrackerBoats said:
You're going to fund it anyway, aren't you?

No sense having a bank account if you are not going to use it.

Just curious, what are their fees?

I have a credit card from them, and I have no idea of the interest rate, as when I use it, which is few and far between, I just pay it off when the statement shows up.
Click to expand...

You could honestly just use their Free plan without any issues, and the credit card is also without any fees (If we are talking about the IO card), I think the way they make their money is:
1) Paid Monthly Plan
2) High FX fees, last I checked it was something like 2% for foreign currency transactions.
3) They take a small % of the yield you get from the cash account balances.
 
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