Documents and information you'll need to bring
Most banks require the same core set of documents before they'll open a business account. You'll need proof of your business's legal existence, proof of your identity, and information about who owns and controls the business. The exact documents vary by business structure — a sole proprietorship needs different paperwork than an LLC or corporation — but the principle is the same: the bank wants to verify that you are who you say you are and that your business is real.
For any business structure, bring a government-issued photo ID (driver's license, passport, or state ID). You'll also need your Social Security number or Individual Taxpayer Identification Number. If you're opening the account in person, the bank will scan or photocopy your ID during the appointment.
Beyond that, what you bring depends on your business type. A sole proprietor typically needs a DBA (Doing Business As) certificate if operating under a name other than their legal name, though some banks will open an account under your legal name alone. An LLC needs a copy of the Articles of Organization filed with your state. A corporation needs the Articles of Incorporation. A partnership needs the partnership agreement. If your business is brand new and you haven't filed these documents yet, you cannot open a business account — you have to complete the registration first.
Key Takeaways
- You must have a government-issued photo ID and your Social Security number or ITIN before any bank will open an account.
- Your business structure determines what additional documents you need: sole proprietors need a DBA certificate (if using a business name), LLCs need Articles of Organization, and corporations need Articles of Incorporation.
- The bank will ask for the names and ownership percentages of all owners, and may require personal guarantees from owners with significant stakes.
- Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the institution and account type.
- The entire process typically takes 15 to 30 minutes in person, or one to three business days if you open online.
Ownership and control documentation
Banks are required by federal law to know who actually owns and controls your business. This is called "beneficial ownership" verification, and it's part of anti-money-laundering rules. The bank will ask you to list every owner and their ownership percentage. If you own 100% of the business, you're the sole beneficial owner. If you have partners or investors, you'll need to name them all.
For LLCs and corporations, the bank may ask to see the operating agreement or bylaws to confirm the ownership structure and who has signing authority. If the business has a manager (in an LLC) or board of directors (in a corporation), the bank wants to know who that is. Some banks will require personal guarantees from owners with significant stakes — typically 20% or more — which means those owners are personally liable if the business defaults on a loan or overdraft.
If you're opening the account as a representative of the business rather than as an owner, bring documentation showing you have authority to do so. This might be a corporate resolution, a power of attorney, or a letter from the owner authorizing you to open the account.
Employer Identification Number (EIN) and tax registration
An Employer Identification Number (EIN) is a nine-digit number the IRS assigns to your business for tax purposes. Most business structures need one. Sole proprietors can use their Social Security number instead, but many banks prefer an EIN because it separates your personal and business finances more clearly.
You can obtain an EIN for free from the IRS website (irs.gov) or by phone. The online process takes about 15 minutes and you receive the number immediately. If you apply by phone or mail, it takes one to two weeks. Some banks will open an account with a pending EIN application — you provide the confirmation number from your IRS application — but others require the actual EIN before they proceed.
If your business is registered with your state for sales tax or income tax purposes, bring that registration number or certificate as well. This isn't always required, but it strengthens your application and shows the bank your business is legitimate.
Minimum deposit requirements and account setup fees
Different banks have different rules about how much money you need to deposit to open an account. Some banks have no minimum opening deposit. Others require $100, $500, or more. A few banks waive the minimum if you set up direct deposit or maintain a certain monthly balance. Check the bank's website or call ahead to ask about their specific requirements before you go in.
Account setup fees vary widely. Many banks charge nothing to open a business checking account. Others charge a one-time setup fee of $25 to $100. Some charge a monthly maintenance fee that ranges from $10 to $30, though this is often waived if you maintain a minimum balance or have regular deposits. Online banks typically have lower or no monthly fees than brick-and-mortar banks.
Ask the bank for a full fee schedule before you open the account. This should include monthly maintenance fees, per-check fees, overdraft fees, wire transfer fees, and any other charges that might apply. The fee structure matters more than the opening deposit because you'll pay it every month.
In-person versus online account opening
You can open a business bank account in person at a branch or online through the bank's website. In-person opening is faster if you have all your documents ready — most banks can complete it in 15 to 30 minutes. You'll hand over your ID, sign the account agreement, make your opening deposit if required, and walk out with a debit card and account number the same day.
Online opening is convenient if you can't visit a branch, but it takes longer. You'll upload photos of your documents, answer questions about your business and ownership, and wait for the bank to verify everything. This typically takes one to three business days. Some banks will give you a temporary account number and online access while they finish verifying your documents, so you can start using the account before the physical debit card arrives.
A few banks require in-person opening for business accounts and won't allow online applications. This is less common than it used to be, but it's worth checking the bank's website or calling before you plan to open an account.
What happens after you open the account
Once your account is open, the bank will issue you a debit card, checks (if you order them), and online banking access. You'll receive an account number and routing number, which you'll need to set up direct deposit, pay bills, or receive payments from customers. The bank will send you a welcome packet with this information, or you can find it in your online banking portal.
If you ordered checks, they typically arrive within one to two weeks. Debit cards usually arrive within five to seven business days. If you need either sooner, ask the bank if they offer rush delivery or if you can pick up a temporary card at the branch.
After opening, you're responsible for keeping your account information current. If your business address, ownership, or authorized signers change, notify the bank. Some changes require updated documentation. The bank may also ask you to update your beneficial ownership information every year or when your business structure changes.
Common reasons banks deny business account applications
Banks sometimes reject business account applications. The most common reason is incomplete or missing documentation — if you don't have your EIN, Articles of Organization, or proof of identity, the bank will ask you to come back when you do. Another common reason is that your business structure doesn't match your documentation. For example, if you say you're an LLC but you only have a DBA certificate, the bank will ask you to clarify or register as an LLC before proceeding.
Banks also check your personal credit history and banking history. If you have a history of overdrafts, bounced checks, or fraud, some banks will decline your application. This is less common for business accounts than personal accounts, but it happens. If you're declined, ask the bank why. Some banks have a second-chance program or will reconsider if you provide additional documentation or a larger opening deposit.
If you've been declined by multiple banks, consider credit unions or online banks, which often have less stringent requirements. You can also ask a business accountant or small business development center for recommendations — they often know which local banks are most willing to work with new businesses.
Frequently Asked Questions
Can I open a business account if my business is brand new and I haven't registered it yet?
No. You must complete your business registration with your state before opening an account. For an LLC, file your Articles of Organization. For a corporation, file your Articles of Incorporation. For a sole proprietorship using a business name, file a DBA certificate. Once that's done, bring the filing confirmation or certificate to the bank.
Do I need an EIN if I'm a sole proprietor?
No, but it's recommended. 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 clearer to the bank. Getting an EIN is free and takes 15 minutes online.
What if I don't have a physical business address yet?
Most banks require a physical business address — a mailbox or UPS store address usually doesn't count. If you're working from home, you can use your home address. If you don't have a permanent location yet, consider using a coworking space address or a virtual office service that provides a real street address.
Can someone else open the account for me if I'm out of the country?
It depends on the bank. Some banks allow a representative with power of attorney to open an account on your behalf. Others require the owner to be present in person or to open the account online themselves. Call the bank ahead of time to ask about their policy and what documentation they'll need from your representative.
How long does it take to get my debit card and checks after opening?
Debit cards typically arrive within five to seven business days. Checks take longer — usually one to two weeks if you order them through the bank. If you need either sooner, ask the bank about rush options or whether you can pick up a temporary card at the branch.