So I went to open a business checking account yesterday. I've been freelancing for like 3 months, no clients yet, just building my portfolio and doing some free work for friends. The banker asks for 'proof of business activity' and I hand over my LLC paperwork. She says 'do you have any invoices?' I said no, I don't have customers yet. She looked at me like I'd asked to pay in Monopoly money. Anyone dealt with this? I just want a place to put my startup capital before I launch.
Banking
The bank asked for invoices before I had any customers
That's wild. Usually they just want the EIN and articles of organization. Did you go to a big bank or a credit union?
I got hit with something similar. They wanted receipts for expenses to prove I was 'operating' but I hadn't bought anything yet either. It's a catch-22
It was one of the big national chains. Maybe that was my first mistake. The whole thing made me feel like a kid playing pretend
credit union. seroiously. walk in with the same papers and they'll probably just ask if you want a lollipop.
Just make an invoicce to yourself. Problem solved. (kidding, don't do that)
The banker probably has a checklist and 'pre-revenue' isn't on it. It's not personal, it's just a rigid system. You could ask if they have a 'startup' or 'new business' account type that doesn't require revenue history
Ask to speak to a business specialist. The front desk person might not know the options.
Honestly, I just gave a projected invoice. Like a quote. They accepted it. Might be a little morally gray, but it's not like I lied.
A quote? Like a document saying 'this is what I would charge if I had a client'? That's clever... and also feels like a trap.
Quotes worked for me. i wrote one out for a friend's project and that was enough. They just want a piece of paper with a number on it.
Have you tried just doing a tiny paid gig for a friend? Like $10 to design a sticker. Then boom, you have an invoice.
I wouldn't go the fake invoice route. Banks can flag that and then you're really stuck. Just walk into a local bank, shake someone's hand, explain you're pre-launch. Human conversation still beats a checklist.
This. I bank with a small local bank and they basically just needed my ID and a pulse. Plus they actually know know my name.
I still say a quote is fine. It's a forward-looking document, not a historical invoice. In my experience, the banker just wants something they can staple to the file.
Have you tried an online business bank? Like Novo or Mercury? They don't care about invoices as long as you have the formation docs docs.