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 — and whether you have an Employer Identification Number (EIN).
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 operate as a sole proprietor, you may need a DBA (Doing Business As) certificate if you registered one with your county or state. Bring your personal ID and Social Security Number or EIN.
Most banks also want to see a business license, a recent utility bill or lease showing your business address, and a voided check or deposit slip if you already have a business account elsewhere. Some banks ask for a business plan or tax returns if your business is new, though this is less common for basic checking accounts.
Key Takeaways
- You will need your business formation documents (LLC articles, corporate bylaws, or DBA certificate) plus a personal ID and either your Social Security Number or EIN.
- Banks verify your identity and your business's legal status before opening the account, which usually takes one to three business days.
- Minimum deposit amounts and monthly fees vary widely by bank and account type — compare options before committing.
- Some banks offer accounts designed for new or small businesses with lower minimums and reduced fees than standard business accounts.
- You can open an account in person, by phone, or online depending on the bank, though in-person is fastest if you have all documents ready.
Choosing between banks and account types
National banks, credit unions, and online banks all offer business checking accounts, and the differences matter. National banks like Chase, Bank of America, and Wells Fargo have physical branches where you can deposit cash and speak to someone in person. Credit unions often have lower fees and better rates on savings, but membership requirements vary. Online banks like Mercury, Brex, and Wise have no physical locations but often lower minimums and faster account setup.
Within each bank, you will see different account tiers. A basic business checking account is what most small businesses need — it lets you write checks, use a debit card, and deposit money. Premium accounts add features like higher interest rates on balances, more free wire transfers, or business credit cards, but they usually require higher minimum balances or charge higher monthly fees.
Compare the actual costs: monthly maintenance fees (many banks waive these if you maintain a minimum balance or receive direct deposits), per-check fees, wire transfer fees, overdraft fees, and ATM fees if you will be using out-of-network machines. A bank with a $15 monthly fee but unlimited transactions may cost less than one with no monthly fee but $1 per check.
The step-by-step process for opening the account
Call or visit the bank's website first to confirm what documents they need for your specific business structure. This saves a trip if you are missing something. If you are opening in person, bring originals of all documents plus copies — the bank will keep copies on file.
At the bank, you will fill out a signature card (a form that records who is authorized to sign checks and conduct transactions on the account) and a business information form with your business name, address, EIN or Social Security Number, and the names and titles of owners or authorized signers. The bank will verify your identity by checking your personal ID against their records and may run a background check.
If you are opening online, you will upload photos of your documents and complete the same forms digitally. The bank will send you a confirmation email once the account is open, usually within one to three business days. You will receive your debit card and checks in the mail within five to ten business days.
Some banks offer expedited card delivery for an extra fee, or you can request a temporary debit card number to use immediately while the physical card is in transit.
Getting your EIN if you do not have one yet
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, or partnership. Sole proprietors can use their Social Security Number instead, but getting an EIN keeps your personal and business finances separate for tax purposes.
You can get an EIN for free from the IRS at irs.gov/ein. The online application takes about 15 minutes and you receive your number immediately. You can also apply by mail or phone, but mail takes four weeks and phone lines have long wait times. Print your confirmation letter as proof of your EIN — some banks ask to see it.
If you are opening a bank account before you have your EIN, tell the bank you are applying for one. Most will let you open the account with your Social Security Number and update it to your EIN once it arrives.
What happens after the account opens
Once your account is active, set up online banking immediately. This lets you monitor your balance, transfer money, and pay bills without visiting a branch. Most banks offer mobile apps so you can deposit checks by taking a photo.
Order checks with your business name and account number printed on them. Blank check stock is cheaper than ordering from the bank, but bank-ordered checks arrive faster. You will also receive a debit card linked to the account — use this for business expenses rather than personal credit cards to keep records clean for taxes.
If you have employees or contractors, set up direct deposit and payroll processing through your bank or a payroll service like Gusto or ADP. This is separate from the account itself but most banks can connect you with providers or offer their own payroll tools.
Accounts for new or very small businesses
If your business is brand new or you expect very low transaction volume, some banks offer starter accounts with no minimum balance and reduced or waived monthly fees. These accounts may limit the number of free transactions per month or not include a debit card, but they cost nothing to maintain.
Online banks and fintech companies like Novo, Lemonade, and Square have accounts designed specifically for freelancers and solo entrepreneurs. These often have no monthly fees, no minimum balance, and built-in invoicing or expense tracking tools. The tradeoff is no physical branch and sometimes slower customer service.
Credit unions in your area may also offer small-business accounts with lower fees than national banks. Search for credit unions near you at co-opsharedbranch.org to see if you are may be able to access to join.
What to do if the bank denies your account
Banks can refuse to open a business account if your personal credit is very poor, if you have a history of fraud or financial crime, or if your business operates in a high-risk industry (cannabis, gambling, money services). If you are denied, ask the bank in writing why — they are required to tell you.
If the reason is your personal credit, work on improving it before trying another bank. If the reason is your business type, look for banks or credit unions that specialize in your industry. Some community banks and credit unions are more flexible than national chains.
You can also try opening an account under your business name as a sole proprietor using your Social Security Number rather than an EIN, which sometimes has fewer verification requirements. This is not ideal for tax purposes, but it is a temporary option while you work on other issues.
Frequently Asked Questions
Do I need an EIN to open a business bank account?
No. Sole proprietors can use their Social Security Number instead. LLCs, corporations, and partnerships need an EIN, but you can open the account with your Social Security Number and update it to your EIN once it arrives from the IRS.
How long does it take to open a business bank account?
In-person accounts usually open the same day or within one business day. Online accounts take one to three business days for approval. Your debit card and checks arrive by mail in five to ten business days after that.
What is the minimum deposit to open a business account?
It varies by bank and account type. Some accounts have no minimum. Others require $100 to $500 to open and a higher balance to avoid monthly fees. Check the bank's website or call before visiting.
Can I open a business account if I do not have a physical business address yet?
Most banks require a business address, but it does not have to be a commercial space — your home address works if you operate from home. Some banks accept a UPS mailbox or virtual office address, though this is less common. Call ahead to confirm what the bank accepts.
Do I need to bring my business partner or co-owner to open the account?
Not necessarily. One owner can open the account and add others as authorized signers later. If both owners want to sign checks or make withdrawals, both should be present or you can add the second person after the account opens by submitting a signature card update.