What You Need Before You Walk Into a Bank
You will need to bring proof that your business exists, proof of your identity, and usually a federal employer identification number (EIN) or your Social Security number. The exact documents depend on your business structure — sole proprietorship, LLC, S-corp, C-corp, or partnership — and the bank you choose.
Start by gathering your business formation documents. If you registered an LLC or corporation with your state, bring the certificate of formation or articles of incorporation. If you are a sole proprietor operating under your own name, you may not need formation paperwork at all. If you operate under a trade name (doing business as, or DBA), bring the DBA registration from your county or state.
Next, get your EIN if you have employees, operate as an LLC with multiple members, or plan to file as a corporation. You can request an EIN free from the IRS at irs.gov — the process takes minutes online and you receive the number immediately. If you are a sole proprietor with no employees, you can use your Social Security number instead, though many banks prefer an EIN.
Key Takeaways
- Bring your government-issued ID, proof your business exists (formation documents or DBA registration), and either an EIN or Social Security number.
- Different business structures require different documents — sole proprietors need less paperwork than LLCs or corporations.
- You can open an account in person at a bank branch, or online through banks that do not require a branch visit.
- The bank will verify your identity and business information before the account opens, which usually takes one to five business days.
- Bring a small initial deposit — most business accounts require a minimum, which ranges from zero to several thousand dollars depending on the bank.
Documents by Business Structure
A sole proprietor needs the least paperwork. Bring your personal ID, your Social Security number or EIN, and proof of your business address (a utility bill or lease in your name works). If you registered a DBA with your county or state, bring that certificate.
An LLC requires your articles of organization from your state, your EIN, and the personal ID of the person opening the account (usually the owner or manager). Some banks ask for an operating agreement, though not all require it. If your LLC has multiple members, the bank may ask which member is authorized to open the account and manage it.
A corporation (S-corp or C-corp) needs your articles of incorporation, your EIN, and a corporate resolution or board authorization showing that you are authorized to open the account. Bring your personal ID as well. Some banks ask for bylaws or a certificate of good standing from your state.
A partnership needs your partnership agreement, the EIN, and personal ID from the partner opening the account. The bank may ask which partners are authorized to sign checks or withdraw money.
In-Person vs. Online Account Opening
Opening in person at a bank branch takes one visit and usually 30 to 60 minutes. You bring your documents, the banker verifies them on the spot, and you walk out with account numbers and a debit card order. The account typically opens within one to three business days. This route works best if you want to ask questions about account features or if your business structure is complex.
Opening online through a bank's website is faster for paperwork but slower for verification. You upload photos of your documents, provide your information, and the bank reviews everything remotely. This can take three to five business days because the bank has to verify your identity and business registration without seeing you in person. Some online banks do not require a minimum deposit, which can save you money upfront.
A few banks offer a hybrid: you start online and finish in a branch, or you video-call with a banker instead of visiting in person. Check the bank's website to see what options they offer.
What Happens After You Submit Your Information
The bank will verify your identity using your government ID and may run a background check. They will also verify that your business exists by checking state records for your LLC, corporation, or DBA registration. This verification step is required by federal law and usually takes one to three business days.
Once verification is complete, the bank will send you a welcome packet with your account number, routing number, and information about ordering checks and setting up online banking. You can usually start using the account for transfers and bill pay within one business day of opening, even if your debit card has not arrived yet.
If the bank cannot verify your business or has questions about your documents, they will contact you by phone or email. Respond quickly — delays here can push your opening date back by a week or more.
Minimum Deposits and Account Fees
Most business checking accounts require a minimum deposit to open, ranging from zero to $2,500 or more depending on the bank and account type. Some banks waive the minimum if you set up direct deposit or maintain a certain monthly balance. A few online banks have no minimum at all.
Monthly maintenance fees vary widely. Some banks charge $10 to $25 per month; others charge nothing if you meet conditions like a minimum balance or a certain number of monthly transactions. Ask the bank about all fees before you open the account — monthly charges add up quickly.
Many business accounts also charge per-transaction fees for things like wire transfers, ACH transfers, or depositing checks. Some include a set number of these transactions free each month. Read the fee schedule carefully or ask the banker to walk you through it.
Setting Up Online Banking and Payments
Once your account opens, you can set up online banking through the bank's website or app. You will create a username and password, and the bank will send you a temporary access code by email or text. Log in, verify your identity one more time, and you can start viewing your balance, transferring money, and paying bills.
Most business accounts let you set up ACH transfers (moving money to and from other bank accounts) and bill pay (sending checks electronically to vendors). Some charge a small fee per transaction; others include a certain number free each month. Wire transfers usually cost extra and may require you to call the bank or visit a branch.
If you have employees, ask the bank about payroll services. Many offer direct deposit setup so you can pay employees automatically. Some charge a flat fee per payroll run; others charge per employee. Compare this cost against using a separate payroll service like ADP or Gusto.
If Your Application Is Denied or Delayed
Banks can deny a business account if they cannot verify your identity, cannot confirm your business exists, or have concerns about your personal or business credit history. If this happens, ask the bank why. Some reasons are fixable — a misspelled business name on your DBA registration, for example, or a missing document.
If the bank cites your credit history or background check, you have the right to know what information they used. Ask for a copy of the report and dispute any errors with the credit bureau or background check company. Then try a different bank — different institutions have different policies about credit and background checks.
If you are delayed, follow up with the bank every few days. Verification can stall if documents are unclear, if your state's business database is slow to update, or if the banker simply has not reviewed your file yet. A quick phone call often speeds things up.
Frequently Asked Questions
Do I need an EIN if I am a sole proprietor with no employees?
No. You can use your Social Security number instead. However, many banks prefer an EIN because it keeps your personal and business finances separate on their records. Getting an EIN is free and takes five minutes online, so most sole proprietors get one anyway.
Can I open a business account with just a DBA and no LLC?
Yes. A DBA is a legal registration in most states and counties, and banks accept it as proof your business exists. Bring your DBA certificate, your personal ID, and your Social Security number or EIN. You do not need to form an LLC.
What if I do not have a business address yet?
Most banks require a physical address — a home address, office, or mailbox service. A PO box usually does not work. If you are starting from home, use your home address. If you are renting office space but have not moved in yet, use the office address and bring a lease or letter from the landlord confirming your occupancy date.
How long does it take to get checks printed?
Most banks order checks when you open the account, and they arrive in five to ten business days. You can usually start paying vendors before your checks arrive by using bill pay or ACH transfers through online banking. Ask the bank if they offer rush printing for an extra fee if you need checks faster.
Can I add another person to the account later?
Yes. Contact the bank and ask to add an authorized user or signer. You will need that person's ID and Social Security number, and the bank may ask for a corporate resolution or partnership agreement showing they are authorized. This usually takes a few business days to process.