Where you can open a business bank account online
Most major banks and many online-only banks let you open a business account through their website without visiting a branch. The banks that offer this include Chase, Bank of America, Wells Fargo, Citibank, and Stripe (which specializes in payments). Online banks like Mercury, Brex, and Wise also handle business accounts entirely online. Credit unions sometimes offer online business accounts, though many still require an in-person visit or a phone call to complete the process.
The speed and requirements vary by bank. Some banks finish the whole process in minutes; others take a few days because they verify your information with the IRS or request documents by mail. A few banks will let you start using the account before all paperwork is final, while others hold the account until everything clears.
Your choice depends on what you need the account for. If you process a lot of card payments, Stripe or Brex might fit better than a traditional bank. If you need a physical location to deposit checks or cash, a bank with branches near you makes sense. If you want low fees and don't need much support, an online-only bank often costs less.
Key Takeaways
- Chase, Bank of America, Wells Fargo, and online banks like Mercury and Brex all let you open a business account online without visiting a branch.
- You will need your Social Security number or EIN, business structure documents (like articles of incorporation), and sometimes a government ID to verify your identity.
- The process usually takes between a few minutes and a few business days, depending on whether the bank needs to verify your information with the IRS.
- Some banks charge monthly fees, while others waive fees if you keep a minimum balance or maintain direct deposit; compare fee structures before you choose.
- Online-only banks often have lower fees but fewer services; traditional banks with branches offer more support but may charge more.
What documents and information you need to bring
Before you start, gather your business structure documents. If you are a sole proprietor, you may only need your Social Security number. If you are an LLC, corporation, or partnership, you will need your articles of incorporation, articles of organization, or partnership agreement — whichever matches your structure. Some banks ask for a copy; others just need you to confirm you have it.
You will also need a government-issued ID to verify your identity. A driver's license or passport works. Some banks photograph or scan it as part of the online process; others ask you to upload an image. A few still require you to mail a copy.
Have your Employer Identification Number (EIN) ready if you have one. If you do not have an EIN yet, some banks will let you use your Social Security number temporarily and add the EIN later. Others will not open the account until you have an EIN. The IRS issues EINs for free through its website, and you can get one the same day you apply.
Some banks also ask for a business address, a description of what your business does, and the names and Social Security numbers of owners or signers. A few request a recent business license or proof of address (like a utility bill). Check the bank's website before you start to see what it specifically needs.
How long the process takes from start to finish
The timeline depends on the bank and how quickly you provide documents. Online banks like Mercury and Wise often finish in minutes to a few hours — you answer questions, upload an ID, and the account is ready. Traditional banks like Chase and Bank of America usually take one to three business days because they verify your information with the IRS and run background checks.
Some banks let you use the account right away while verification happens in the background. Others freeze the account until everything clears, which can take up to a week. A few banks mail you a debit card or checks before the account is fully active, so you can start using it before the final paperwork arrives.
If the bank cannot verify your information online — for example, if your business structure does not match IRS records — it may ask you to mail documents or call to finish the process. This can add several days or even weeks. Calling the bank's business line as soon as you see a hold can sometimes speed this up.
Comparing fees and minimum balance requirements
Monthly fees range from zero to $30 or more, depending on the bank and account type. Online-only banks like Mercury and Wise often have no monthly fee. Traditional banks like Chase and Bank of America typically charge $10 to $20 per month, though many waive the fee if you keep a minimum balance (often $500 to $2,500) or set up direct deposit.
Beyond the monthly fee, watch for per-transaction charges. Some banks charge for each check you deposit, each wire transfer you send, or each ACH payment you receive. Others include a certain number of these transactions free each month. A business that writes many checks or receives frequent wire transfers can end up paying much more than the advertised monthly fee.
Overdraft fees also vary widely — from $25 to $35 per overdraft at most banks. Some online banks do not charge overdraft fees at all, though they may decline the transaction instead. If your business sometimes runs tight on cash, this difference matters.
Compare the total cost for how you actually plan to use the account, not just the headline monthly fee. A bank with a $15 monthly fee but no per-check charges might cost less than a bank with no monthly fee but $1 per check.
What happens after you open the account
Once the bank approves your account, you will receive login credentials to access it online. Most banks send these by email within minutes or hours. You can usually start moving money right away through ACH transfers or wire transfers, even if your debit card or checks have not arrived yet.
The bank will mail you a debit card and starter checks, which typically arrive within 5 to 10 business days. Some banks let you order additional checks or a card through the online portal and have them arrive faster. A few charge for rush delivery.
You will also receive tax documents at the end of the year. If you receive more than $20,000 in payments through the account, the bank may send you a 1099-K form. Make sure the bank has your correct tax ID and mailing address so these documents reach you on time.
Online banks versus traditional banks with branches
Online-only banks like Mercury, Brex, and Wise are built for businesses that do most of their banking digitally. They have lower fees, faster account opening, and often better tools for invoicing or expense tracking. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person. If you need to deposit cash regularly, an online bank is not a good fit.
Traditional banks with branches offer in-person support, the ability to deposit cash and checks at a physical location, and often more lending options if you need a business loan later. They usually charge higher fees and take longer to open an account online. Some still require you to visit a branch or call to finish the process, even if you start online.
A middle ground is a bank that operates both online and through branches — Chase, Bank of America, and Wells Fargo all do this. You can open the account online and use it entirely through the app, but you also have the option to visit a branch if you need to.
What to do if the bank asks for more information
If the bank cannot verify your information automatically, it will send you an email or call asking for additional documents. This usually means your business structure does not match IRS records, your ID did not scan clearly, or the bank needs to confirm your address. Respond as quickly as you can — the longer you wait, the longer the account stays frozen.
Common requests include a clearer photo of your ID, a copy of your articles of incorporation or organization, a utility bill or lease showing your business address, or a letter from the IRS confirming your EIN. Some banks accept these by email or through the online portal; others ask you to mail them.
If you are stuck, call the bank's business customer service line. A representative can often tell you exactly what is missing and whether there is a faster way to provide it. Some banks can clear holds over the phone if you answer verification questions correctly.
Frequently Asked Questions
Can I open a business bank account online if I do not have an EIN yet?
Some banks will let you use your Social Security number temporarily and add your EIN later. Others require an EIN before they open the account. If the bank you want requires an EIN, you can get one free from the IRS website in minutes — you do not have to wait for it to arrive by mail. Check the bank's requirements before you start the application.
How do I know if the bank is real and not a scam?
Use the official website of the bank, not a link from an email or search ad. Type the bank's name directly into your browser or call the number on the back of an existing bank card. Scammers sometimes create fake websites that look like real banks. If you are unsure, call the bank's main customer service line and ask them to confirm whether you can open an account online.
What if I need to deposit cash but I chose an online-only bank?
Some online banks partner with retail locations like CVS or Walgreens where you can deposit cash for a fee. Others let you deposit cash at ATMs that are part of their network. A few do not accept cash deposits at all. If you need to deposit cash regularly, choose a bank with physical branches or confirm the online bank's cash deposit options before you open the account.
Can I open multiple business bank accounts at different banks?
Yes. Many businesses keep accounts at two or three banks for different purposes — one for everyday expenses, one for savings, and one for a specific product line or location. Each bank will ask you to verify your identity and business information, but there is no rule against having multiple accounts. Just make sure you can track them all and meet any minimum balance requirements.
What if the bank rejects my application?
Banks sometimes reject applications because of a mismatch between your business structure and IRS records, a problem with your credit history, or a flag in background checks. Ask the bank why it rejected you — some will tell you, others will not. If you were rejected, try a different bank. Online-only banks and credit unions sometimes have less strict requirements than large national banks.