What you need before you walk into a bank
A business bank account requires proof that your business exists as a legal entity separate from you personally. The documents you bring depend on what type of business structure you have — sole proprietorship, LLC, corporation, or partnership — and which bank you choose. Most banks will ask for your business license, tax identification number, and personal identification, but the exact list varies.
Start by gathering your Employer Identification Number (EIN) from the IRS, even if you are a sole proprietor. You can get one free at irs.gov or by calling the IRS at 1-800-829-4933. If your business is registered as an LLC or corporation, you will also need your Articles of Organization or Articles of Incorporation from your state. Bring your personal ID — a driver's license or passport — and proof of your business address, which can be a utility bill, lease, or mortgage statement in your business name.
Key Takeaways
- You will need an EIN from the IRS, your business license or registration documents, and a personal ID before most banks will open an account.
- Different business structures (sole proprietorship, LLC, corporation) require different paperwork, so confirm what your bank needs before your appointment.
- Some banks charge monthly fees for business accounts, while others waive fees if you maintain a minimum balance or set up direct deposit.
- Opening an account typically takes 15 to 30 minutes in person, though some banks now offer online account opening for certain business types.
How business structure affects what documents you bring
A sole proprietorship is the simplest structure. You and your business are legally the same, so you may only need your personal ID, Social Security Number, and a business license or DBA (Doing Business As) certificate from your county. Some banks will open an account with just your Social Security Number if you have not yet filed for an EIN, though having the EIN makes the process smoother.
An LLC or corporation requires more paperwork because it is a separate legal entity. Bring your Articles of Organization (for an LLC) or Articles of Incorporation (for a corporation), both filed with your state. You will also need your EIN and the names and ownership percentages of all members or shareholders. Some banks ask for a corporate resolution — a document signed by an authorized officer stating that the business has decided to open a bank account — though this is becoming less common.
A partnership needs the partnership agreement, the names and Social Security Numbers of all partners, and an EIN. If your partnership is registered with your state, bring that registration document as well.
Comparing what different banks require and charge
Banks vary in their requirements and fees. Some regional banks and credit unions have simpler paperwork processes and lower minimum balances than national chains. Others require you to have been in business for a certain length of time — typically six months to a year — before they will open an account.
Monthly fees for business accounts range widely. Some banks charge $10 to $25 per month with no minimum balance. Others waive the fee if you maintain a minimum balance (often $1,000 to $5,000), set up payroll direct deposit, or keep a certain amount in savings. A few banks offer free business checking with no strings attached, though these accounts may have limits on the number of transactions per month or charge per-transaction fees above a threshold.
Before you visit or go online, call the bank and ask: What is the monthly fee? What waives it? What is the minimum balance? Do you charge per transaction? What documents do you need for my business type? This five-minute call can save you a wasted trip or a surprise fee later.
The step-by-step process for opening an account in person
Call ahead or check the bank's website to confirm their business account hours and whether you need an appointment. Bring all your documents in a folder — originals and copies of everything, because the bank will likely keep copies on file.
When you arrive, tell the banker you want to open a business account and provide your business structure type. They will ask you to fill out a signature card, which authorizes who can sign checks and withdraw money. If there are multiple owners, each person who will have signing authority must be present and sign the card. The banker will verify your identity, record your EIN and business address, and ask about the nature of your business and expected monthly transaction volume.
The account usually opens on the spot. You will receive temporary checks or a debit card, and the bank will mail you permanent checks within 5 to 10 business days. Some banks now offer online account opening for sole proprietors and simple LLCs, which can be faster if you have all your documents scanned and ready.
What happens if your business is brand new
Banks are more cautious with businesses that have not yet filed tax returns. If you started your business within the last few months, some banks will still open an account but may ask for additional documentation — a business plan, proof of funding, or a personal may provide from the owner. A few banks will not open an account until you have filed at least one business tax return, which means waiting until the following year.
If you hit this wall, look for community banks or credit unions in your area, which often have more flexible policies for new businesses. You can also ask the bank whether opening a personal account under your business name is an option while you wait to meet their requirements, though this is not ideal because it does not create the legal separation between you and your business that a true business account provides.
Online account opening and what it requires
Several banks now let you open a business account online without visiting a branch. The process usually works for sole proprietors and simple LLCs but not for corporations or partnerships. You will upload photos of your ID and business documents, enter your information, and verify your identity through a video call or by answering security questions.
Online opening is faster — often completed within 24 hours — but requires that all your documents be scanned and ready before you start. You will still need an EIN, and the bank will still run a background check. If anything is unclear or missing, the bank will contact you to clarify before the account opens.
What to do after your account opens
Once your account is open, set up your business finances to keep them separate from your personal money. This separation is the main reason to have a business account in the first place — it protects you personally if your business is sued, and it makes tax time much simpler. Deposit your business income into this account and pay business expenses from it.
Ask the bank about their online banking platform and set up bill pay if you will be paying vendors regularly. Many business accounts include accounting software integrations — connections to QuickBooks, Xero, or Wave — that automatically pull your transactions into your bookkeeping system. Setting this up early saves hours of manual data entry later.
Frequently Asked Questions
Can I open a business account with just a Social Security Number instead of an EIN?
Some banks will, especially if you are a sole proprietor. However, having an EIN is faster and cleaner. It takes 15 minutes to get one online at irs.gov, and it signals to the bank that you are serious about separating your business finances from your personal ones.
What if I do not have a physical business address yet?
Many banks accept a home address, a virtual office address, or a UPS mailbox as your business address. Call the bank first to confirm they accept the type of address you have. If you use a home address, the bank may ask for a utility bill or lease in your name as proof.
Do I need to bring all owners to open the account?
Not necessarily to open it, but all owners who will have signing authority must sign the signature card in person or provide a notarized authorization. If you are the only person who will sign checks, you can open the account alone and add other signers later.
How long does it take to get checks printed?
Most banks mail permanent checks within 5 to 10 business days. You will receive temporary checks or a debit card immediately so you can start using the account right away. Some banks charge for checks; others include a certain number free each year.
What if the bank rejects my application?
Banks use ChexSystems, a checking account verification system, to screen applicants. If you have unpaid overdrafts or fraud flags from another bank, you may be declined. Ask the bank why you were declined, then contact ChexSystems at chexsystems.com to review your report and dispute any errors.