When signing up for a Wallet Business checking account, it’s important to select the correct account type. The difference between a Business/LLC account and an Individual or Sole Proprietor account can affect how your application is processed, what documentation is required, and how your account is verified.
Here’s a breakdown of the differences to help you choose the correct option:
Business/LLC Bank Account
A Business/LLC bank account is opened under a registered business entity such as an LLC, corporation, or partnership. These accounts are legally distinct from personal finances and typically include the business name on the account.
Choose this option if:
- Your bank account is under a business name (e.g., “Sunrise Real Estate LLC”)
- You have an Employer Identification Number (EIN) for your business
- You have filed paperwork to form a legal business entity (LLC, S-Corp, C-Corp, etc.)
- The name on the bank account does not match your personal legal name
What you may need to provide:
- Business formation documents
- EIN documentation from the IRSBusiness license or registration
- Matching name on your application and business account
Individual or Sole Proprietor Bank Account
An Individual or Sole Proprietor bank account is opened under your personal name, even if you're running a business as a sole proprietor. These accounts may not have a separate legal entity behind them.
Choose this option if:
- Your bank account is under your full legal name (e.g., “Jane Doe”)
- You operate your business as a sole proprietor and have not registered a separate business entity
- You file taxes under your own Social Security Number (SSN)
- Your account is used for both business and personal finances
What you may need to provide:
- A government-issued ID
- A Social Security Number (SSN)
- A business name (optional, if you’ve registered a DBA - Doing Business As)
The Real Brokerage is a real estate technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC Insurance available for funds on deposit through Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Real Wallet Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when Thread Bank places them at program banks in its deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program. Pass-through insurance coverage is subject to conditions.