What you need before you walk into a bank
A business bank account requires proof that your business exists as a legal entity separate from you personally. The documents the bank will ask for depend on your business structure — sole proprietorship, LLC, S-corp, C-corp, or partnership — and they vary by bank and state.
At minimum, bring a government-issued photo ID and your Social Security number or Employer Identification Number (EIN). If you are a sole proprietor operating under your own name, some banks will open an account with just these two items. If you operate under a business name, you will need to show that the name is registered — either a DBA (Doing Business As) certificate filed with your county, or articles of incorporation or organization filed with your state.
Bring your most recent business tax return if you have filed one, or a profit-and-loss statement if you have not. Some banks ask for a business license, though not all states require one. Call the bank before you go and ask which documents they specifically need for your business structure — this saves a wasted trip.
Key Takeaways
- You will need proof of your business structure (DBA certificate, articles of incorporation, or sole proprietor documentation) plus a photo ID and either your Social Security number or EIN.
- Different banks have different document requirements, so call ahead to confirm what you need to bring for your specific business type.
- Opening an account typically takes 15 to 30 minutes in person, or one to three business days if you start online.
- Monthly fees, minimum balance requirements, and transaction limits vary widely between banks, so compare options before committing.
- You can open an account at a traditional bank, credit union, or online bank — each has different speed, fees, and in-person support.
Where to open an account: bank types and what each offers
Traditional banks (Chase, Bank of America, Wells Fargo, regional banks) have physical branches, offer in-person support, and often provide business credit cards and lending products alongside checking. They typically charge monthly maintenance fees ranging from $10 to $25, though some waive fees if you maintain a minimum balance or set up direct deposit. Processing times are usually same-day if you open in person, or one to two business days online.
Credit unions are member-owned and often charge lower fees or no monthly fee at all. They may have fewer branches and less robust online tools than large banks, but they tend to offer better customer service and more flexibility on documentation. Processing time is similar to traditional banks — same-day in person, one to three business days online.
Online banks (Novo, Mercury, Brex, Square) have no physical locations but offer lower fees, faster online account opening (sometimes within hours), and streamlined interfaces designed for small business. The tradeoff is no in-person support and limited lending or credit products. Some online banks specialize in specific business types — Brex focuses on startups, Square on retail and service businesses.
Documents checklist by business structure
| Business Structure | Documents You Will Need | Where to Get Them |
|---|---|---|
| Sole Proprietor (your name) | Photo ID, Social Security number | You already have these |
| Sole Proprietor (business name) | Photo ID, Social Security number, DBA certificate | County clerk or secretary of state |
| LLC or Corporation | Photo ID, EIN, articles of incorporation or organization, operating agreement (some banks) | Secretary of state, IRS (for EIN) |
| Partnership | Photo ID, EIN, partnership agreement, articles of partnership | Secretary of state, IRS (for EIN) |
| Nonprofit | Photo ID, EIN, articles of incorporation, 501(c)(3) information letter | Secretary of state, IRS |
Getting an EIN if you do not have one
An Employer Identification Number (EIN) is a nine-digit number the IRS assigns to your business. You need one if your business is structured as an LLC, S-corp, C-corp, partnership, or nonprofit. Sole proprietors can use their Social Security number instead, though getting an EIN is optional and sometimes useful for separating personal and business finances.
You can get an EIN for free from the IRS website (irs.gov) by filling out Form SS-4. Online applications are processed immediately and you receive your number the same day. You can also apply by phone, fax, or mail, though those methods take longer — phone applications are processed within 15 minutes during business hours, and mail applications take two to four weeks.
Have your business structure documents and your Social Security number ready before you apply. The IRS will ask for your business name, address, type of business, and the reason you need an EIN.
The step-by-step process: in person versus online
Opening in person: Call the bank and ask when a business account specialist is available. Bring all required documents, your photo ID, and your Social Security number or EIN. The specialist will review your documents, ask about your business and expected monthly deposits, and have you sign signature cards and account agreements. The account opens immediately and you can deposit money the same day. Debit cards and checks typically arrive within five to ten business days.
Opening online: Go to the bank's website, select "business checking" or "business account", and follow the application. You will upload photos of your documents, provide your business and personal information, and set up online banking access. The bank will review your application — this usually takes one to three business days. You will receive an email or call confirming approval, and your account number. Some online banks send a debit card immediately; others require you to order one. Checks take one to two weeks to arrive.
In-person opening is faster if you need immediate access to funds or a debit card. Online opening is faster if the bank processes applications quickly and you do not need physical checks right away.
Fees and features to compare before you choose
Monthly maintenance fees range from $0 to $25 depending on the bank and account type. Some banks waive the fee if you maintain a minimum balance (often $500 to $2,500), receive direct deposits, or process a certain number of transactions per month. Read the fee schedule carefully — some banks charge per check written, per deposit, or per wire transfer, which adds up quickly if you process many transactions.
Minimum balance requirements vary. Some banks require $100 to $500 to open; others require $1,000 to $5,000 to avoid monthly fees. Online banks often have no minimum balance requirement at all. Ask whether the minimum is calculated as a daily balance or an average balance over the month — this affects whether you can dip below it occasionally.
Transaction limits matter if you process many deposits or payments. Some banks limit free deposits or transfers per month; others charge per transaction above a threshold. If you take card payments or process payroll, confirm the bank supports those features and what they cost.
What happens after your account opens
Once your account is open, you can deposit checks, transfer money from a personal account, and set up direct deposit for customer payments. Your bank will provide routing and account numbers for wire transfers and ACH payments. If you need a business credit card or line of credit, ask the bank about those products — approval depends on your personal credit and business history.
Keep your business and personal finances separate from day one. Deposit all business income into the business account and pay all business expenses from it. This protects you legally if your business is sued, and it makes tax time much simpler because your bank statements become your financial records.
Review your account statements monthly and reconcile them against your own records. Set up alerts for large deposits or withdrawals so you catch fraud or errors quickly. If you hire employees, you will need to set up payroll processing through your bank or a payroll service — ask your bank which options they support.
Frequently Asked Questions
Can I open a business account if my business is not registered yet?
It depends on the bank and your business structure. Sole proprietors can usually open an account using just their Social Security number and a business name, even without a DBA certificate. LLCs and corporations typically need articles of incorporation or organization filed with the state first. Call the bank and ask what they require for your specific situation.
Do I need a business license to open a business account?
Not always. Many banks do not require a business license, though some do. A few states do not issue business licenses at all. Call your bank and ask whether they need one. If they do, contact your city or county clerk to find out how to get one — the process and cost vary by location.
What if I do not have an EIN yet?
You can get one for free from the IRS website (irs.gov) using Form SS-4. The online application takes about 15 minutes and you receive your EIN immediately. If your bank needs it before you can open an account, get it first — it only takes one day.
Can I use a personal bank account for my business?
Legally, yes, but it is not recommended. Mixing personal and business money makes taxes harder, creates liability if your business is sued, and can trigger account closure if the bank discovers business use. A separate business account costs little and protects you significantly.
How long does it take to receive checks and a debit card?
Debit cards typically arrive within five to ten business days if you open in person, or within one to two weeks if you open online. Checks take one to two weeks to print and mail. Some banks offer expedited shipping for an extra fee. If you need to pay vendors immediately, ask whether the bank provides temporary check numbers or a digital payment option while you wait for physical checks.