What you need to open a business bank account
Most banks require the same core documents before they will open a business account: proof that your business exists, proof of your identity, and proof of your address. The exact documents vary by bank and by the type of business you run, but the pattern is consistent.
For a sole proprietorship, you typically need a government-issued ID (driver's license or passport), a Social Security number or Individual Taxpayer Identification Number (ITIN), and a recent utility bill or lease showing your home address. Some banks also ask for a business license or DBA (Doing Business As) certificate if you registered one with your state or county.
For an LLC, corporation, or partnership, the list is longer. You will need the Articles of Organization or Articles of Incorporation (the document you filed with your state), an Employer Identification Number (EIN) from the IRS, government-issued ID for the owner or authorized representative, and proof of the business address. Many banks also ask for a Certificate of Good Standing from your state's Secretary of State office, which confirms your business is registered and in good standing.
Key Takeaways
- Sole proprietors need a government ID, Social Security number, and proof of home address; LLCs and corporations need Articles of Organization or Incorporation plus an EIN.
- You can open an account in person at a branch, by mail, or online depending on the bank, though some banks require at least one in-person visit.
- Bring originals or certified copies of documents—banks will not accept photos or uncertified copies for most business formation documents.
- The account usually opens within one to five business days once the bank receives all documents, though some online banks complete it the same day.
- Minimum deposit requirements range from zero to several thousand dollars depending on the bank and account type.
Where to open the account: in person, by mail, or online
Your options depend on the bank. Large national banks like Chase, Bank of America, and Wells Fargo have branches in most cities and accept in-person applications. Community banks and credit unions often require you to visit a branch in person, especially if you are a new customer. Online banks like Mercury, Brex, and Wise offer fully remote account opening, though some still require you to verify your identity through a video call.
In-person is the fastest route if your bank has a nearby branch. Bring all your documents, and the banker can review them on the spot, ask clarifying questions, and often open the account the same day or within one business day. You will also set up online banking and receive debit cards during the visit.
By mail works if the bank accepts it, but it is slower. You send copies of your documents (certified, not just photocopied) to the bank's business account department. The bank reviews them, contacts you if anything is missing, and opens the account once everything checks out. This usually takes five to ten business days.
Online banks are fastest for remote opening. You upload photos of your documents, verify your identity through a video call or by answering security questions, and the account opens within hours or one business day. However, you cannot deposit cash or withdraw it at a physical location, so online banks work best if you handle most transactions by transfer or card.
Documents to bring or send
| Business Type | Required Documents | Additional Documents Some Banks Ask For |
|---|---|---|
| Sole Proprietorship | Government-issued ID, Social Security number or ITIN, proof of home address (utility bill, lease, or mortgage statement) | DBA certificate, business license, recent tax return |
| LLC | Articles of Organization, EIN, government-issued ID for owner, proof of business address | Certificate of Good Standing, operating agreement, recent tax return |
| Corporation | Articles of Incorporation, EIN, government-issued ID for authorized representative, proof of business address | Certificate of Good Standing, corporate bylaws, board resolution, recent tax return |
| Partnership | Partnership agreement or Articles of Partnership, EIN, government-issued ID for each partner, proof of business address | Certificate of Good Standing, recent tax return |
Bring originals or certified copies. Banks will not accept simple photocopies or photos of documents like your Articles of Organization. If you do not have a certified copy, you can request one from your state's Secretary of State office (usually for a small fee, five to fifteen dollars) or print it directly from your state's online business filing system if they offer that option.
For your EIN, you do not need a physical document. The IRS does not mail EIN confirmation letters anymore. Instead, bring the confirmation email you received when you applied for the EIN, or log into the IRS website and print the page showing your EIN. If you do not have your EIN yet, you can obtain one for free from the IRS website in minutes, and most banks will wait while you do this or let you provide it later.
Minimum deposits and account fees
Minimum deposit requirements vary widely. Some banks, especially online banks and community banks, have no minimum deposit—you can open the account with zero dollars. Others require a deposit of one hundred to five hundred dollars to activate the account. A few banks aimed at larger businesses require deposits of one thousand to five thousand dollars or more.
Ask the bank about monthly fees before you open the account. Many business checking accounts charge a monthly maintenance fee (typically ten to thirty dollars) but waive it if you maintain a minimum balance or set up direct deposit. Some banks charge per transaction or per check. Online banks often have lower or no monthly fees but may charge for services like wire transfers or paper statements.
Timeline from application to first use
In-person applications at a branch usually result in an open account within one business day. You can often use online banking and receive a temporary debit card the same day. Physical debit cards and checks arrive by mail within five to ten business days.
Online applications through a digital bank typically open within hours to one business day. You can transfer money and use the account immediately through the app. Physical cards arrive within five to seven business days.
Applications by mail take the longest: five to ten business days for the bank to receive and review your documents, plus another five to ten business days for the account to fully activate and for cards and checks to arrive. Plan for two to three weeks total.
Once the account is open, you can start receiving transfers and direct deposits right away. You do not have to wait for physical cards or checks to arrive.
What happens after you submit your application
The bank will review your documents for completeness and accuracy. If anything is missing or unclear, they will contact you by phone or email and ask you to provide it. This is the most common reason for delays—a missing document or a signature that does not match your ID.
The bank will also run a background check and verify your identity. This is standard and usually takes one to three business days. They may ask you to confirm recent transactions on a personal account or answer security questions to prove you are who you say you are.
Once everything clears, the bank opens the account, assigns you an account number and routing number, and sends you login credentials for online banking. You can then set up transfers, direct deposit, and other services. Physical debit cards and checks are ordered and shipped separately, which is why they arrive after the account is already active.
Common reasons applications are delayed or denied
The most common reason for delay is incomplete or unclear documentation. Make sure your name on your ID matches your name on your business formation documents. If you changed your name or your business address recently, bring documentation of the change (a marriage certificate, a lease, or a utility bill in the new name).
Some banks decline applications from businesses in certain industries—cannabis, firearms, money services, and high-risk financial services are common exclusions. If your business falls into one of these categories, ask the bank upfront whether they accept it before you spend time gathering documents.
Banks also decline applications if they find signs of fraud or if you have a history of bounced checks or account closures. If your application is denied, ask the bank for the specific reason. You can then address it or try a different bank.
Frequently Asked Questions
Do I need an EIN if I am a sole proprietor?
No. As a sole proprietor, you can use your Social Security number instead of an EIN. However, many banks prefer an EIN because it keeps your personal and business finances more separate. You can obtain an EIN for free from the IRS website in minutes, even if you do not have employees.
Can I open a business account without visiting a branch?
Yes, if you use an online bank or a bank that accepts remote applications. However, some large national banks require at least one in-person visit to open a business account. Call or check the bank's website to confirm their policy before you gather documents.
What if I do not have a business address yet?
You can use your home address as the business address if you work from home. If you do not have a permanent address, some banks accept a PO box, though this is less common. A few banks accept a virtual office address. Call the bank and explain your situation—they may have options.
How long does it take to receive checks and a debit card?
Debit cards usually arrive within five to ten business days. Checks take longer, often ten to fifteen business days. You do not have to wait for these to arrive to start using the account—you can transfer money and pay bills online immediately once the account opens.
What if the bank asks for documents I do not have?
Ask the bank whether the document is required or optional. If it is required and you do not have it, you may need to obtain it from your state (like a Certificate of Good Standing) or from the IRS (like an EIN confirmation). If the bank is asking for something unusual, try a different bank—requirements vary.