I was at the bank today trying to open a business checking account. I have my LLC approved, EIN confirmation letter, everything. The rep said I can't complete the application without a state tax ID number. I don't have one yet because I'm still waiting on the state. Has anyone dealt with this? I feel stuck.
Banking
The bank wouldn't let me finish the application without a tax ID
Which state are you in? That sounds like a state-specific requirement. Some banks want the state tax registration before they'll finalize, even if the EIN is federal.
I ran into something similar last year. The bank wanted the state sales tax permit, not just the the EIN. Had to wait almost three weeks for it to come in the mail.
You could try a different bank. Some are more flexible and will open the account with just the EIN and your formation documents, then you update the tax ID later. Might be worth calling around.
Did they tell you exactly which tax ID they needd? Sometimes the branch people mix up the federal EIN with a state one. If you have the EIN letter, that should be enough for most account applications.
coffee_first has a point. I'd ask them to clarify. If it's truly the state tax registration, you might be able to show proof that the application is pending. Some banks will accept that.
Also check if your state requires a separate business license or permit before the tax ID. In my case, the delay was because I hadn't filed for the sales tax permit yet. Once I did, it came through faster than expected.
Another option is a credit union. They often have more lenient requirements for small business accounts. I switched to one after a similar issue with a big bank.
You might also ask if they can open a provisional account. Some banks allow you to deposit funds but restrict withdrawals until you provide the missing document. Not ideal, but it could get you moving.