Documents and information you'll need before you walk in

Most banks want the same core set of documents before they'll open a business account. You'll need proof of your business's legal structure, proof of your identity, and proof of your address. The exact documents depend on whether you're a sole proprietor, partnership, LLC, S-corp, or C-corp — each has different paperwork requirements.

Bring a government-issued photo ID (driver's license or passport). You'll also need your Social Security number or Employer Identification Number (EIN). If your business has an EIN, the bank will ask for it; if you're operating as a sole proprietor under your own name, you may use your Social Security number instead. Bring a recent utility bill, lease, or mortgage statement to prove your business address.

Key Takeaways

  • Sole proprietors need a photo ID, Social Security number, and proof of address; LLCs and corporations need formation documents from your state plus an EIN.
  • An EIN is free from the IRS and takes about 15 minutes to request online, though some banks will open accounts while your application is pending.
  • Different banks have different minimum balance requirements and monthly fees, so compare what you'll actually pay before choosing.
  • You'll sign signature cards and authorize the bank to verify your identity and business information with the IRS and other agencies.

Formation documents for LLCs and corporations

If you've registered your business as an LLC, partnership, or corporation, bring your Articles of Organization or Articles of Incorporation — the document you filed with your state's Secretary of State office. This is the proof that your business legally exists as a separate entity. You can usually download a copy from your state's Secretary of State website if you've lost the original.

The bank will also ask for an EIN, which is a nine-digit number the IRS assigns to your business. You can request one free at irs.gov using Form SS-4. The online application takes about 15 minutes, and you'll receive your EIN immediately on screen. Some banks will open your account while your EIN application is in process, but it's faster if you have the number ready.

Sole proprietor requirements

If you're operating as a sole proprietor — meaning you haven't registered a separate business entity — the requirements are simpler. You need your photo ID, Social Security number, and proof of your business address. Some banks will ask for a DBA (Doing Business As) certificate if you're using a name other than your own, though this varies by bank and state.

Many sole proprietors use their personal Social Security number instead of getting an EIN, though getting an EIN is still free and takes the same 15 minutes. Some banks prefer an EIN even for sole proprietors because it keeps your personal and business finances more clearly separated in their system.

What banks will verify with you

When you sit down to open the account, the bank will ask you to sign authorization forms that let them verify your information. They'll contact the IRS to confirm your EIN matches your business name, and they may verify your identity through a third-party service. This is standard practice and protects both you and the bank.

You'll also sign signature cards — forms that show which people are authorized to sign checks and make withdrawals from the account. If you're the only owner, you'll sign alone. If you have partners or employees with signing authority, they'll need to sign as well, and the bank will verify their identities too.

Minimum balances and monthly fees

Banks have different rules about how much money you need to keep in the account and what they charge each month. Some require a minimum opening deposit (often $100 to $500), while others don't. Some charge a monthly maintenance fee ($10 to $30 is common), while others waive the fee if you maintain a certain balance or set up direct deposit.

Before you choose a bank, compare what you'll actually pay. A bank with no monthly fee but a $5,000 minimum balance requirement costs you differently than one with a $15 monthly fee and no minimum. Ask each bank for their fee schedule in writing, and read it carefully — some banks charge extra for things like wire transfers, check orders, or going over a certain number of transactions per month.

What to bring on the day you open the account

Make a checklist before you go. Bring your photo ID, your Social Security number or EIN, and proof of your business address. If you're an LLC or corporation, bring your formation documents. If you have a business license or DBA certificate, bring those too — they're not always required, but having them speeds things up.

Bring a checkbook or blank check if you have one, though the bank can order checks for you. Bring any business cards or letterhead you have; some banks use these to verify your business name. If you're opening the account on behalf of someone else (as a manager or accountant), bring a power of attorney document or written authorization from the owner.

Timeline and next steps after opening

The account usually opens the same day you visit, though some banks do a final verification that takes 24 to 48 hours. You'll receive temporary checks or a debit card immediately, and the bank will mail your permanent checks and cards within 5 to 10 business days. Ask the bank for your account number and routing number before you leave — you'll need these to set up payroll, receive payments, or pay bills.

Once the account is open, set up online banking right away so you can monitor deposits and withdrawals. If you have employees, you'll need to set up payroll with your bank or a payroll service — this is separate from opening the account but uses the account information you just received.

Frequently Asked Questions

Can I open a business account without an EIN if I'm a sole proprietor?

Yes. Most banks will let you use your Social Security number instead. However, getting an EIN is free and takes 15 minutes online, and it keeps your personal and business finances more clearly separated in the bank's system. Many sole proprietors get one anyway for this reason.

What if I don't have a physical business address yet?

You can use your home address, a mailbox at a UPS Store or similar service, or a virtual office address. The bank needs to verify that you have a real location associated with the business. A home address works fine; you don't need a commercial space.

Do I need to bring my business partner to open the account?

Not necessarily. One partner can open the account if they have the formation documents and authorization. However, if both partners want signing authority, both should visit the bank so they can sign the signature cards in person. Some banks allow one partner to add the other later, but it's faster to do it all at once.

What happens if my EIN application is still pending?

Many banks will open your account while your application is processing. Tell the bank you've submitted Form SS-4 and ask whether they can proceed. If they won't, you can use your Social Security number temporarily and update the account once your EIN arrives, though this creates extra paperwork.

How long does it take to open a business bank account?

The appointment itself usually takes 30 to 45 minutes. The account opens the same day in most cases, though some banks do a final verification that takes 24 to 48 hours before you can start using it. You'll have temporary checks or a debit card immediately.