What you need before you walk into a bank
You need three things to open a business account: proof that your business exists, proof of who owns it, and a way to identify yourself. The exact documents depend on your business structure — sole proprietorship, LLC, corporation, or partnership — and the bank you choose.
Start by gathering your Employer Identification Number (EIN), which the IRS issues to most businesses. You can get one free from the IRS website or by phone; it takes minutes. If you are a sole proprietor with no employees, you can use your Social Security number instead, though an EIN keeps your personal and business finances more separate.
Next, bring a government-issued photo ID — a driver's license or passport. Some banks also ask for a second form of ID, like a utility bill or lease showing your address. Have your business license or registration documents ready; these prove your business is real and registered with your state or local government.
Key Takeaways
- You will need an EIN (or your Social Security number), a photo ID, and proof your business is registered — the exact documents vary by business structure and bank.
- Different business structures (sole proprietorship, LLC, corporation) require different paperwork, so know your structure before you call the bank.
- Banks verify your identity and business details before opening the account, which usually takes one to three business days.
- Some banks offer business accounts online; others require an in-person visit, so call ahead to ask what your bank needs and whether you can start the process remotely.
What documents each business structure requires
A sole proprietorship is the simplest. You need your personal ID, your EIN or Social Security number, and your business license or registration. Some banks ask for a DBA (Doing Business As) certificate if you operate under a name different from your own.
An LLC requires your personal ID, the LLC's EIN, and your Articles of Organization — the document you filed with your state to create the LLC. The bank may also ask for an Operating Agreement, which outlines how the LLC is run, though not all banks require it. Bring proof of your ownership stake in the LLC.
A corporation needs your personal ID, the corporation's EIN, Articles of Incorporation (filed with your state), and a corporate resolution or certificate authorizing the account. This document shows the bank that opening the account was approved by the corporation's board or owners. You may also need to provide bylaws.
A partnership requires personal IDs from all partners, the partnership's EIN, a partnership agreement, and proof the partnership is registered with your state. Some banks ask each partner to sign the account paperwork in person.
How to choose between in-person and online account opening
Many banks now let you start a business account online, but the process varies. Some complete the entire account opening remotely; others let you start online but require you to visit a branch to verify documents or sign final paperwork.
Call your bank before you begin. Ask whether they offer remote business account opening, what documents they need uploaded, and whether a video call with a banker is part of the process. If you bank somewhere already, they may let you open a business account faster because they already have your ID on file.
In-person opening is still common, especially for corporations and partnerships. The banker can answer questions about account features, minimum balances, and fees on the spot. If you are new to business banking, an in-person visit often saves time because the banker can tell you immediately if a document is missing or incorrect.
What happens after you submit your documents
The bank verifies your identity and your business information, usually within one to three business days. They check your EIN against IRS records, confirm your business license is real, and may run a background check. Some banks also check your personal credit or banking history.
Once verification is complete, the bank opens the account and issues you a debit card and checks. You will receive login information for online banking. Some banks mail these items; others let you pick them up at a branch or print temporary checks immediately.
Ask the banker when you can start using the account. Most accounts are ready to use the same day they are opened, though some banks hold new accounts for a few days before allowing transfers or large deposits.
Minimum balances, fees, and account features to compare
Business accounts are not all the same. Banks charge different monthly fees, require different minimum balances, and offer different numbers of free transactions per month. Some waive fees if you maintain a certain balance; others charge a flat monthly fee regardless.
Ask about the cost of checks, wire transfers, ACH transfers, and overdraft protection. Some banks charge per transaction; others bundle these into a monthly fee. If you plan to deposit cash or checks frequently, ask whether the bank charges per deposit or offers unlimited deposits.
Compare what the account includes: online banking, mobile app, invoice tools, payroll integration, or accounting software connections. Some banks offer these free; others charge extra. If you plan to hire employees and run payroll, confirm the bank supports payroll processing or integrates with payroll software you plan to use.
What to do if the bank asks for additional documents
Banks sometimes ask for more paperwork than you expected. This is normal. Common requests include a personal may provide (your promise to cover the account if the business cannot), proof of business address (a lease or utility bill), or a list of owners and their ownership percentages.
Ask the banker exactly what they need and why. Request a deadline for submitting it. Some banks will hold your account open while you gather documents; others will not activate it until everything is received. If you cannot find a document, ask whether the bank will accept an alternative — for example, a notarized statement instead of an original certificate.
If a bank's requirements seem unreasonable or you cannot meet them, you can open an account elsewhere. Different banks have different standards, and some are more flexible with newer businesses or sole proprietors.
Frequently Asked Questions
Can I open a business account without an EIN?
Yes. Sole proprietors can use their Social Security number instead of an EIN. However, using an EIN keeps your personal and business finances more separate and is often simpler if you hire employees later. You can get an EIN free from the IRS in minutes.
Do I need to visit the bank in person?
Not always. Many banks now offer remote business account opening, though some require an in-person visit to verify documents or sign final paperwork. Call your bank to ask what they require. If you already bank there, they may let you open a business account entirely online.
How long does it take to open a business account?
If you have all documents ready, the bank usually opens the account within one to three business days. Online applications may be faster. If the bank asks for additional documents, it may take longer. Ask the banker for a timeline when you apply.
What if my business is brand new and not yet registered?
Most banks require proof your business is registered with your state or local government before they open an account. Register your business first — this usually takes a few days to a few weeks depending on your state. Once registered, you can open the account.
Can I open a business account for a business I do not own yet?
No. The bank needs proof you own or control the business. If you are starting a business with a partner, both of you usually need to be present or sign the paperwork. If you are buying an existing business, you can open an account once the purchase is final and ownership transfers to you.