Bank Account & Banking

You may find it difficult, or more likely impossible, to open a bank account with a US bank unless you are able to demonstrate US residence and hold a Social Security Card valid for work in the US issued by the Department of Homeland Security. We can do that. Opening an electronic business bank account can only be achieved if your US company has a US address and US telephone number.

Opening an electronic business bank account with Bank of America is charged at $650 (it takes a lot of time and a face-to-face meeting with one, sometimes two, Branch Managers). A deposit to your account of $100 is required to activate your account.

ExportAction will not hold check (cheque) books, nor credit or debit cards for clients. Nor will we make transfers, withdrawals, or payments from clients’ bank accounts.

Feel a need for your bank to be on Wall Street? Look at the top ten US banks: #1 JP Morgan Chase is headquartered in New York, but #2 Bank of America hq is in North Carolina. #3 Citibank – South Dakota. #4 Wells Fargo – California. #5 US Bancorp – Minneapolis. #6 Truist Bank – North Carolina. #7 PNC – Pittsburgh. #8 Goldman Sachs – New York. #9 TD Group – New Jersey. #10 Capital One – Virginia. There are nearly 770,000 banks in 9,913 US cities.

ExportAction works exclusively with Bank of America. First, you will have heard of Bank of America. Second, their credit and/or debit Visa cards work in many ATMs in the UK which can be helpful/reassuring if you want cash, or to check your US bank balance.

Typically, unless you have been overdrawn, your monthly bank charge will be $20.00 or less.

Compared with to eans, Americans continue use a lot of checks (cheques). According to Michelle Moore, Bank of America’s head of digital banking, “Our customers wrote almost a billion checks last year (2021). Checks will be around for a while.”

We have heard of payments made to US$ accounts of UK banks taking twelve weeks before giving access to cleared funds!!! One well-known UK Bank was recently reported as “no longer accepting non-UK checks for deposit to a UK account.” A cheque paid into our local Bank of America typically gives you access to cleared funds in three business days.

If ExportAction opened your US bank account for you, when they available after production, we will mail you Bank of America debit cards.

When your US company is incorporated, we will visit our local Bank of America branch and open an electronic business bank account for you. Upon our return (almost invariably the same day) to the office, we will email you your bank account details and the password for access to your account. PLEASE immediately change your password.

After you change your password, ExportAction will not be able to have sight of your bank account or make payments on your behalf, or withdrawals, or transfers. It is your money. Look after it!

From time-to-time, you may wish to make a transaction which requires use of a Bank of America security code. Codes are only issued in normal US business hours. You may wish to check Bank of America open hours at this website: (https://

It is our experience that no US bank employee can make or receive telephone calls from outside the +1 International Dialing Code. We address this problem by having the bank send us a code by text message and we then immediately message you. This is an addressable issue which may require you giving us advance notice of when you will be at your computer and ready to receive a call or text message on the telephone of your choice.

It is recommended you purchase a US cellphone. It will make life easier.

“Wonderful. Thank you” – after receiving help (which most people need at first) with their US bank Account.”

– Nigel C

A preferred solution is for our client to buy a “USB Security Key” which is plugged into a computer’s USB port and functions as an extra layer of security. When prompted, the client presses the button on the key already inserted into the USB port. This allows the browser to read the device and continue with the transfer. Snag? Internet Explorer does not currently support USB Security Keys, but Chrome, Edge, Safari, and Firefox all do. USB Security Keys can be purchased at many online and trusted retailers. In the US the cost is typically as low as $18.00 and has never been more than $50.00 (say £13.50 to £37.80).

Banking services are provided by 770,000 local and national banks located in 9,913 cities of the US. Many US banks have only one branch. According to outdated state law, some banks will not make payments (electronic or paper) across state lines, let alone to overseas countries.

The closest branch of Barclays Bank to ExportAction’s headquarters was 276 miles away, but that branch is now permanently closed. The closest HSBC to ExportAction’s headquarters is 238 miles away. The only NatWest branch we could find is 1,152 miles away. You get the picture.

“I appreciate all the help you have given me.It was very helpful and you have been very patient with me.”