What to bring when you open a business bank account

You will need a government-issued ID, your Social Security number or Employer Identification Number (EIN), and proof that your business exists. What counts as proof depends on your business structure and the bank.

If you are a sole proprietor, bring your driver's license or passport, your Social Security number, and a document showing your business name and address — this can be a business license, a lease, a utility bill in your business name, or even a DBA (Doing Business As) certificate filed with your county. If you operate under your own name with no separate registration, some banks will open an account with just your ID and Social Security number.

If you have formed an LLC, corporation, or partnership, bring your Articles of Organization or Articles of Incorporation (the document you filed with your state), your EIN letter from the IRS, and government-issued ID for the person signing the account paperwork. Some banks also ask for a resolution or certificate of good standing from your state's Secretary of State office — you can order this online from your state for a small fee, usually $5 to $25.

Key Takeaways

  • Sole proprietors typically need a government ID, Social Security number, and proof of business existence such as a business license or DBA filing.
  • LLCs and corporations must provide Articles of Organization or Incorporation, an EIN letter from the IRS, and an owner's government ID.
  • Most banks require an initial deposit to open the account, ranging from $0 to $500 depending on the institution and account type.
  • You will need to provide the bank with your business address, phone number, and expected monthly transaction volume.
  • Some banks verify your business through online searches or phone calls, so having a website or business listing helps but is not required.

How to get an EIN if you do not have one yet

An EIN is a nine-digit number issued by the IRS that identifies your business for tax purposes. If you are a sole proprietor with no employees, you can use your Social Security number instead, but most banks prefer an EIN because it keeps your personal and business finances separate on their records.

You can get an EIN for free from the IRS website at irs.gov. Go to the EIN section, select "Apply for an EIN Online," and answer questions about your business structure, location, and what you do. The process takes about 15 minutes, and you receive your EIN immediately on screen. You can also apply by phone (1-800-829-4933) or by mail using Form SS-4, though phone and mail take longer.

Print or screenshot your EIN confirmation page — this is the document banks ask for. If you applied by phone, the IRS representative will give you the number verbally and mail a formal letter within two weeks; write down the number and bring it to the bank.

Documents that prove your business exists

Banks verify that your business is real before opening an account. The documents they accept vary by bank and by how long you have been in business.

If you registered your business with your state or county, bring the registration certificate or filing confirmation. This includes LLC Articles of Organization, corporate Articles of Incorporation, or a DBA certificate. If you have not filed anything yet, bring a business license from your city or county, a lease or property deed in your business name, or a utility bill addressed to your business. If your business is brand new and you have none of these, some banks will accept a business plan, a letter from a client or vendor, or even a screenshot of your business listing on Google or your website.

A few banks also ask for a Certificate of Good Standing from your state's Secretary of State office. This document confirms your business is registered and in good legal standing. You order it online through your state's website — search "[your state] Secretary of State Certificate of Good Standing" — and it arrives by mail or email within a few days for $5 to $25.

The initial deposit and minimum balance requirements

Most banks require an opening deposit to start a business account, though the amount varies widely. Some banks have no minimum, while others ask for $100, $500, or more. A few online banks have zero opening deposit requirements.

After you open the account, many banks impose a minimum balance requirement — you must keep a certain amount in the account at all times or pay a monthly fee. Common minimums are $500, $1,000, or $2,500, though some accounts have no minimum. If you fall below the minimum, the bank typically charges $10 to $25 per month. Read the account terms before you sign; the fee schedule is usually on the bank's website or in the paperwork they give you.

Online banks and credit unions often have lower or no minimum balance requirements than traditional banks, so if you are starting with limited cash, compare options before you choose.

Personal credit checks and business history

Banks run a personal credit check on the person opening the account — usually the owner or a designated signer. They also check ChexSystems, a banking history database that flags accounts closed due to fraud or unpaid fees. A poor personal credit score or a history of bounced checks can slow down approval or lead to rejection, though some banks are more lenient than others.

If you have been rejected before, ask the bank why. If it was due to ChexSystems, you can dispute inaccurate information directly with ChexSystems at chexsystems.com. If it was due to credit, some banks specialize in accounts for people with lower credit scores — credit unions and community banks are often more flexible than national chains.

Banks do not check your business credit score to open the account, though they may ask about your business's age and revenue to assess risk. Being honest about whether your business is brand new or established helps the bank decide which account type fits you best.

What happens after you submit your documents

Once you hand over your documents and initial deposit, the bank verifies the information. They call the phone number you provided, search for your business online, or contact your state's Secretary of State office to confirm your registration. This usually takes one to three business days.

If everything checks out, the bank approves the account and gives you a debit card, checks, and online banking login information. If something does not match — for example, your business address on the registration does not match the address you gave the bank — they will call you to clarify. Have your documents handy when you visit so you can answer questions on the spot.

Some banks offer same-day approval if you open the account online and all documents are clear. Others take up to a week. Ask the bank for a timeline when you apply.

Choosing between in-person and online account opening

You can open a business account in person at a bank branch or online through the bank's website. In-person opening is faster if you have questions — a banker can tell you immediately whether your documents are acceptable and what to do if something is missing. Online opening is faster if your documents are in order and you do not need to ask questions; you upload everything and get approved within hours or days.

In-person opening usually requires an appointment, especially at larger banks. Call ahead or check the bank's website to book a time. Online opening requires a valid government ID that you can photograph or scan, so have that ready.

If you are opening an account for an LLC or corporation, some banks require at least one owner to appear in person to verify identity. Check the bank's policy before you choose the online route.

Frequently Asked Questions

Can I open a business account without an EIN?

Yes, if you are a sole proprietor. You can use your Social Security number instead. However, most banks prefer an EIN because it separates your personal and business finances in their system. Getting an EIN is free and takes 15 minutes online, so it is worth doing even if not required.

What if I do not have a business license yet?

You do not need a license to open an account, though it helps. If you do not have one, bring other proof such as a lease, utility bill in your business name, or a DBA certificate. Some banks will open an account based on your word and your ID alone, especially for service businesses that do not require licensing.

Do I need a business address separate from my home?

No. Many banks accept a home address as your business address. If you use a home address, the bank may ask whether you are running the business from home; answer honestly. Some banks offer mailbox services or virtual addresses if you prefer not to use your home.

How long does it take to open a business account?

In-person opening usually takes 30 minutes to an hour. Online opening takes anywhere from a few hours to a week, depending on how quickly the bank verifies your documents. Ask the bank for their typical timeline when you start the process.

What if the bank rejects my application?

Banks reject applications for a few reasons: a poor personal credit score, a history of bounced checks or fraud (shown in ChexSystems), or documents that do not match. Ask the bank why you were rejected. If it is ChexSystems, dispute the error directly with them. If it is credit, try a credit union or community bank, which often have more flexible standards.