What banks ask for when you open a business account

Most banks require three categories of documents: proof of your business identity, proof of your personal identity, and proof of your business address. The exact list varies by bank and by the structure of your business — a sole proprietorship needs different paperwork than an LLC or corporation.

You will also need to bring money to deposit. Banks typically require an opening deposit that ranges from $0 to $2,500 depending on the account type and institution. Some banks waive the minimum for certain business account tiers; others require it regardless.

Key Takeaways

  • You will need an Employer Identification Number (EIN) from the IRS, or your Social Security Number if you are a sole proprietor, plus a government-issued ID.
  • Sole proprietorships usually need only your personal ID and SSN; LLCs and corporations require formation documents like Articles of Organization or Articles of Incorporation.
  • Banks ask for proof of business address, which can be a lease, utility bill, or office agreement — a home address works if you operate from home.
  • Bring your opening deposit in the form you plan to use (check, wire transfer, or cash, depending on the bank's policy).
  • The process typically takes 15 to 30 minutes in person; online account opening can take a few days to a week for verification.

Documents for sole proprietorships

If you operate as a sole proprietor — meaning you have not formed an LLC, S-corp, or other legal entity — you need minimal paperwork. Bring a government-issued photo ID (driver's license, passport, or state ID) and your Social Security Number. You do not need an EIN unless you plan to hire employees or operate under a name other than your own.

Some banks will ask whether you have an EIN even if you do not legally require one. If you do not have one and do not need one, simply say so. The bank will open the account under your Social Security Number instead.

Documents for LLCs and corporations

If you have formed an LLC, S-corporation, C-corporation, or partnership, bring your Articles of Organization (for LLCs) or Articles of Incorporation (for corporations). These are the documents you filed with your state's Secretary of State office when you created the business. You will need a certified copy or a copy stamped by the state.

You will also need an Employer Identification Number (EIN) from the IRS. You can obtain an EIN for free at irs.gov by filling out Form SS-4. The IRS issues it immediately if you apply online, or within a few business days by mail. Bring the EIN confirmation letter or the number itself.

Some banks also ask for a Resolutions or Certificate of Authority — a document stating who is authorized to sign checks and conduct transactions on behalf of the business. Your accountant or the attorney who formed your business can provide this, or you can create one yourself using a template from your state's Secretary of State website.

Proof of business address and ownership

Banks require proof that your business operates at the address you provide. If you rent office space, bring a copy of your lease. If you own the building, bring a property deed or mortgage statement. If you work from home, bring a utility bill or mortgage statement in your name showing your home address.

Some banks accept a recent business license or a letter from a landlord confirming your tenancy. Call the bank before you go in to ask what they will accept — policies vary.

Personal identification and the beneficial owner rule

You will need a government-issued photo ID. The bank will also ask you to confirm that you are the beneficial owner of the business — meaning you own it or control it, rather than acting as an agent for someone else. If someone else owns the business and you are opening the account on their behalf, the bank will need their ID and signature as well.

Banks are required by federal law to verify the identity of anyone with significant ownership or control. For most small businesses, this is just you. For partnerships or businesses with multiple owners, each owner may need to provide ID and sign documents.

Opening deposit and account minimums

Bring the amount you plan to deposit to open the account. Some banks accept checks, wire transfers, or cash. Others require a specific method — ask when you call to schedule your appointment or before you arrive.

Minimum opening deposits range widely. Many banks have no minimum for basic business checking accounts. Others require $500 to $2,500 depending on the account tier. Some waive the minimum if you set up automatic deposits or maintain a certain monthly balance. Check the bank's website or call ahead to confirm what applies to the account you want.

In-person versus online account opening

Opening an account in person at a branch takes 15 to 30 minutes. The banker will review your documents, answer questions, and set up your account on the spot. You can usually start using the account within a day or two.

Many banks now offer online business account opening. You upload photos of your documents, provide your information through their website, and the bank verifies everything remotely. This process typically takes three to seven business days. Some banks require you to visit a branch in person at some point to verify your identity, even if you start online.

Frequently Asked Questions

Do I need an EIN if I am a sole proprietor?

No, not unless you hire employees or want to operate under a business name different from your own. You can use your Social Security Number instead. However, getting an EIN is free and takes five minutes online, and some sole proprietors get one anyway for privacy or organizational reasons.

What if I have not received my EIN yet?

If you applied for an EIN online, you receive it immediately. If you applied by mail, it can take two to four weeks. Some banks will hold your account opening appointment until you have the EIN; others will open the account temporarily under your SSN and update it once the EIN arrives. Call the bank to ask their policy.

Can I open a business account without visiting a branch?

Many banks offer fully online opening for business accounts, though some require at least one in-person visit to verify your identity. Check your bank's website or call to confirm whether they offer remote opening for your business structure.

What if my business address is the same as my home address?

That is fine. Bring a utility bill, mortgage statement, or lease in your name showing that address. Banks understand that many small businesses operate from home.

Do I need a business license to open a business bank account?

No. A business license is not required by banks. However, if you have one, it serves as additional proof of your business and address, so bringing it does not hurt.