Documents and information you'll need before you walk in

Most banks want the same core set of documents: your business license or articles of incorporation, a federal Employer Identification Number (EIN) from the IRS, a government-issued photo ID, and your Social Security Number. If you're a sole proprietor, you may be able to use your personal Social Security Number instead of an EIN, though many banks prefer the EIN anyway. If you're an LLC, partnership, or corporation, you must have an EIN — you cannot use a personal number.

Beyond the paperwork, bring a recent business address (even if it's your home), proof of that address (a utility bill or lease works), and the names and titles of anyone who will have signing authority on the account. If someone other than you will deposit checks or withdraw money, the bank needs their information too. Some banks also ask for a business plan or recent tax returns, especially if you're seeking a business line of credit at the same time, but for a basic checking account this is usually not required.

Have your expected monthly deposit volume and transaction patterns ready to discuss. Banks use this to recommend account types and fee structures. If you expect to deposit $50,000 a month in checks and make 200 transactions, that's different from a business that deposits $5,000 quarterly and writes five checks a month.

Key Takeaways

  • You need an EIN from the IRS if your business is anything other than a sole proprietorship, and many banks require it even for sole proprietors.
  • Bring your business license or articles of incorporation, a government photo ID, proof of your business address, and the names of anyone else who will use the account.
  • Different banks have different requirements — some ask for tax returns or a business plan, while others open an account with just the basics.
  • The account opening process usually takes 15 to 30 minutes in person, or one to three business days if you do it online.
  • Monthly fees, per-transaction costs, and minimum balance requirements vary widely, so comparing banks before you go saves money over time.

How to get an EIN if you don't have one yet

You can obtain an EIN from the IRS for free through their website at irs.gov, by phone at 1-800-829-4933, or by mail using Form SS-4. The online method is fastest — you fill out the form, submit it, and receive your EIN immediately. You do not need to have filed taxes yet or have a business license in hand; the EIN comes before those things.

If you apply online, have your Social Security Number, date of birth, and business address ready. The process takes about 15 minutes. If you call, an IRS representative will ask the same questions and issue your EIN over the phone. If you mail Form SS-4, allow four to six weeks for processing. Most banks will not open an account without an EIN in hand, so do this step first if you're not a sole proprietor.

What counts as proof of business address

Banks accept a utility bill (electric, water, gas, internet), a lease agreement, a property tax bill, or a commercial office rental agreement. The document must show your business name and the address where you operate, and it should be dated within the last 60 to 90 days. If you work from home, a utility bill in your name at that address works fine.

If you rent a mailbox at a UPS Store or similar service, that address alone usually does not satisfy the requirement — banks want a physical location where business actually happens. Some banks will accept a mailbox address as a mailing address but require a separate physical address for verification. Call ahead if you plan to use a mailbox address.

Differences between banks and what they ask for

Large national banks like Chase, Bank of America, and Wells Fargo typically ask for the full document set — EIN, business license, photo ID, and proof of address — but they process accounts quickly and offer many account types. Community banks and credit unions often have simpler requirements and may skip the business license if you have an EIN and a lease. Online banks like Mercury, Brex, and Novo often require less paperwork but may have stricter rules about business structure or revenue size.

Some banks charge monthly fees ($10 to $30), while others waive fees if you maintain a minimum balance or hit a transaction threshold. A few online banks have no monthly fees at all. The trade-off is usually that banks with lower fees offer fewer in-person services or have stricter account requirements. Compare three to five banks before opening to understand what you'll actually pay.

What happens if you're a new business with no tax returns yet

Banks understand that new businesses have no tax history. Most will open an account based on your EIN, business license, and personal credit alone. A few banks ask to see a business plan or a letter from your accountant describing the business, but this is less common for a basic checking account. If a bank declines you, it is usually because of your personal credit score, not because the business is new.

If you have poor personal credit, be upfront about it when you call to ask what documents they need. Some banks specialize in accounts for people with credit challenges. You may also consider a credit union, which often has more flexible underwriting than national banks.

Timeline and next steps after opening

If you open an account in person, you walk out with a debit card and temporary checks the same day. Permanent checks arrive by mail in five to ten business days. If you open online, the account is usually active within one to three business days, and you can order checks immediately through the bank's portal.

Once the account is open, set up payroll if you have employees, arrange for invoice payments to be deposited, and establish a record-keeping system so you can track business income and expenses for taxes. Many business accounts integrate with accounting software like QuickBooks or FreshBooks, which can save time at tax time.

Frequently Asked Questions

Can I open a business account as a sole proprietor without an EIN?

Yes, many banks allow sole proprietors to use their personal Social Security Number instead of an EIN. However, most banks now prefer or require an EIN even for sole proprietors because it separates your personal and business finances more clearly. Getting an EIN is free and takes 15 minutes online, so it is worth doing regardless.

What if I don't have a business license yet?

Most banks do not require a business license to open an account — an EIN and proof of address are usually enough. Some states and cities do not require licenses for certain business types anyway. Call the bank you want to use and ask what they specifically need; you may be able to open the account before your license arrives.

Do I need to bring my business partner or co-owner to open the account?

No. One owner can open the account and add signers later, or you can both go in together. The bank will ask who has authority to sign checks and withdraw money. You decide whether that is one person, both, or any authorized employee. You can change this later if your business structure changes.

How much money do I need to deposit to open the account?

Most banks have no minimum opening deposit. Some require $25 to $100 to activate the account, and a few premium business accounts ask for $10,000 or more. Check the bank's website or call to confirm before you go in. Online banks often have no opening deposit requirement at all.

Can I open a business account online, or do I have to go to a branch?

Many banks now offer fully online account opening for business accounts. You upload documents, verify your identity, and the account opens within one to three business days. Some banks require an in-person visit for certain business structures like LLCs or corporations. Check the bank's website to see which option they offer for your situation.