What documents and information you'll bring to the bank
Most banks want the same core set of documents before they'll open a business account. You'll need proof that your business exists, proof of your identity, and information about who owns or runs it. The exact list varies slightly by bank and by what type of business you have, but the pattern is consistent enough that you can prepare once and use the same stack at multiple banks if you're shopping around.
Start with your Employer Identification Number (EIN), which the IRS issues to identify your business for tax purposes. You can get an EIN for free from the IRS website or by phone — it takes minutes and you get it immediately. If you're a sole proprietor (you own the business alone and haven't formed an LLC or corporation), some banks will let you use your Social Security number instead, but having an EIN keeps your personal and business finances separate from the start, which is worth doing.
Next, bring a government-issued photo ID — your driver's license or passport. The bank needs to verify you are who you say you are. If your business is a partnership, LLC, or corporation, each owner or authorized signer will need to bring their own ID.
You'll also need proof that your business is registered or legally formed. What counts depends on your structure. If you're a sole proprietor operating under your own name, a business license from your city or county usually works. If you've formed an LLC or corporation, bring a copy of your Articles of Organization or Articles of Incorporation — the document you filed with your state. If you're a partnership, bring the partnership agreement or the registration document your state requires.
Key Takeaways
- Bring your EIN (or Social Security number if you're a sole proprietor), a government photo ID, and proof your business is registered or legally formed.
- Different business structures — sole proprietor, LLC, corporation, partnership — require different documents, so know which one you are before you walk in.
- Banks verify your identity and your business's identity separately, so bring ID for every person who will sign checks or access the account.
- Some banks require a minimum deposit to open the account; amounts vary widely, so call ahead or check the bank's website before you go.
- You can open an account in person, by mail, or online depending on the bank, and online often takes less time if the bank offers it.
How your business structure affects what you bring
The documents you need depend on whether you're operating as a sole proprietor, an LLC, a corporation, or a partnership. Each structure files different paperwork with the state, and the bank will want to see that paperwork.
If you're a sole proprietor — you own the business by yourself and haven't formed a separate legal entity — you may only need your Social Security number, a photo ID, and a business license. Some banks will ask for a DBA (Doing Business As) certificate if you're operating under a name other than your own legal name. You can get a DBA from your county clerk's office, usually for a small fee.
If you've formed an LLC or corporation, bring the Articles of Organization (for an LLC) or Articles of Incorporation (for a corporation) that you filed with your state. The bank will want to see that document to confirm the business legally exists. You'll also need to bring ID for the owner or owners, and if someone other than the owner will be signing checks, bring their ID too.
If you're in a partnership, bring the partnership agreement and ID for each partner who will have access to the account. Some banks also ask for a resolution from the partnership authorizing the account, though not all do — call ahead to ask.
Information about ownership and who can access the account
Banks ask who owns the business and who is authorized to sign checks or withdraw money. Be ready to name the owner or owners and provide their Social Security numbers or EINs. If the business is owned by another business (a corporation owns an LLC, for example), the bank may ask for that parent company's EIN and documentation.
You'll also decide who can sign checks and access the account. If it's just you, that's straightforward. If multiple people need access, tell the bank upfront — they'll ask each authorized person to sign documents and may require each person to provide ID. Some banks require that all owners be authorized signers; others let you choose. Ask the bank what their policy is.
If your business has a board of directors or managers (common in corporations and LLCs), the bank may ask for a resolution or certificate showing who has authority to open the account and sign on the business's behalf. You can get a template for this from your state's Secretary of State office or from a business formation service.
Minimum deposits and account fees
Most banks require a minimum deposit to open a business account, but the amount varies widely — anywhere from zero to several thousand dollars depending on the bank and the type of account. Some banks waive the minimum if you set up direct deposit or maintain a certain balance. Others charge a monthly fee regardless of your balance.
Before you go to the bank, check their website or call to ask what the minimum deposit is and what the monthly fee will be. This matters because a bank that requires a $5,000 minimum and charges $25 a month is very different from one that has no minimum and no monthly fee. If you're just starting out, the second option saves you money.
Some banks offer a period with no monthly fee if you open the account during a promotion, though these offers change. It's worth asking whether any current promotions apply to you.
Opening the account in person, by mail, or online
You can open a business account three ways: in person at a bank branch, by mail, or online. Each has trade-offs.
In person takes the longest but is the most straightforward. You bring your documents, the banker verifies everything on the spot, and you walk out with an account number and checks ordered. This usually takes 30 minutes to an hour. The downside is you have to go to the bank during business hours.
By mail works if the bank accepts it. You send copies of your documents (usually certified copies for some documents, regular copies for others — ask the bank which). The bank reviews them, and you get your account number by mail or email. This takes one to two weeks and you never have to leave home, but if the bank rejects a document, the back-and-forth delays things further.
Online is fastest if the bank offers it. You upload photos of your documents, answer questions about the business and owners, and the bank reviews everything electronically. You can get an account number the same day or within 24 hours. Not all banks offer this yet, but the number that do is growing. If your bank does, it's usually the quickest route.
What happens after you open the account
Once the account is open, the bank will give you an account number and routing number. You'll use these to set up direct deposit, pay bills, and receive payments from customers. The bank will also order checks for you — this usually takes one to two weeks to arrive by mail, though you can order expedited checks if you need them sooner (for a fee).
In the meantime, you can transfer money into the account using a wire transfer or ACH transfer from your personal bank account. You can also deposit checks using mobile deposit if the bank offers it. Ask the bank what payment methods they support and which ones are free.
The bank will send you statements monthly (or you can view them online). Keep these for your records and for tax time — your accountant or tax preparer will need them to verify business income and expenses.
Frequently Asked Questions
Do I need an LLC or corporation to open a business bank account?
No. You can open a business account as a sole proprietor using your Social Security number and a business license. However, having an EIN and keeping business and personal money separate is a good practice even if you're not required to form an LLC or corporation.
Can I open a business account online if I'm a new business?
Many banks allow it, but not all. Call or check the bank's website to see if they offer online account opening for new businesses. Some banks require you to come in person the first time, then let you manage the account online afterward.
What if I don't have an EIN yet?
You can get one for free from the IRS website (irs.gov) or by calling 1-800-829-4933. It takes minutes online and you get the number immediately. Some banks will let you open an account with your Social Security number and apply for an EIN later, but having the EIN ready makes the process smoother.
Do I need to bring original documents or can I bring copies?
If you're opening in person, bring originals so the bank can verify them. If you're opening by mail or online, the bank will tell you whether they want certified copies, regular copies, or photos. Ask before you send anything.
How long does it take to open a business account?
In person: 30 minutes to an hour. Online: same day to 24 hours. By mail: one to two weeks. The timeline depends on how quickly the bank can verify your documents and how quickly you can get them to the bank.