What banks ask for before they open your account
Most banks will ask for three things before you can open a business checking account: proof of your business structure, a form of identification, and an initial deposit. The exact documents depend on whether you are a sole proprietor, partnership, LLC, S-corp, or C-corp — each one has different paperwork requirements.
You will need a government-issued ID (driver's license or passport) and usually your Social Security number or Employer Identification Number (EIN). If your business is registered with your state, bring your Articles of Organization or Certificate of Incorporation. If you operate as a sole proprietor under your own name, you may need less paperwork than a business with a separate legal structure.
The initial deposit varies by bank and account type. Some banks have no minimum; others require $100 to $500 to open. A few business accounts aimed at larger companies may require $5,000 or more, but these are not common for new businesses.
Key Takeaways
- Bring your government ID, Social Security number or EIN, and proof of your business structure (Articles of Organization, Certificate of Incorporation, or business license).
- Sole proprietors often need only an ID and Social Security number, while LLCs and corporations need formal registration documents from your state.
- Initial deposit requirements range from zero to several hundred dollars depending on the bank and account tier you choose.
- You can open an account in person at a branch, online through the bank's website, or by phone with some banks that offer remote account opening.
- The process typically takes one to three business days from the time you submit all documents, though some online banks complete it the same day.
Documents you need for each business structure
A sole proprietorship requires the least paperwork. Bring your driver's license or passport and your Social Security number. Some banks will ask for a DBA (Doing Business As) certificate if you operate under a name different from your own, though not all require it. A few banks may ask for a business license from your city or county.
An LLC or partnership requires your Articles of Organization (for an LLC) or partnership agreement. Your state's Secretary of State office issued this when you registered your business. Bring a certified copy if the bank asks for one, though many accept a photocopy. You will also need an EIN from the IRS, which you can get for free online at irs.gov. Bring your personal ID and the EIN letter the IRS sent you, or print your EIN confirmation from the IRS website.
A corporation (S-corp or C-corp) requires your Certificate of Incorporation from your state, an EIN, and often a corporate resolution authorizing someone to open the account on behalf of the company. Some banks ask for bylaws or a board resolution. Call the bank before you go in to ask exactly what they need.
If your business is brand new and not yet registered, you have two options: open a sole proprietor account under your name and Social Security number, or wait until your registration is complete. Some banks will hold your place while you finish paperwork, but most want to see the completed registration before they open the account.
How to open the account: in person, online, or by phone
In-person at a branch is the most straightforward route if you have a bank nearby. Bring all your documents, your ID, and your initial deposit (cash or a check). A banker will review everything, answer questions about account features, and usually open the account while you wait. You will get a debit card and checks ordered on the spot, though checks take five to ten business days to arrive.
Online account opening is faster if the bank supports it. You upload photos of your documents, enter your information, and transfer your initial deposit electronically. The bank reviews everything and either approves you the same day or within one to two business days. You will not have a debit card immediately — most banks mail it to you, which takes five to seven business days. Not all banks offer remote opening for business accounts, so check their website first.
By phone is an option with some banks, particularly those focused on small business. You speak with an account representative, provide your information verbally, and mail or upload documents afterward. This is slower than in-person or online because the bank has to receive and process your paperwork before they finalize the account. It typically takes three to five business days.
What happens after you submit your documents
The bank will verify your identity and business registration. They run a background check and check you against the OFAC (Office of Foreign Assets Control) list, which is a federal requirement. This takes one to three business days for most banks. If everything clears, you will receive confirmation that your account is open.
Your debit card arrives by mail within five to ten business days. Checks take longer — usually ten to fifteen business days from the order date. Some banks offer temporary digital checks or allow you to pay bills immediately from your new account while you wait for physical checks to arrive.
You can begin depositing money and paying bills as soon as the account is open, even if your debit card and checks have not arrived yet. Most banks give you online access within one business day, so you can transfer money, set up automatic payments, and monitor your balance right away.
Fees and account features to compare
Business checking accounts charge different fees depending on the bank and account type. Monthly maintenance fees range from zero to $25 or more. Some banks waive the fee if you maintain a minimum balance (often $500 to $2,500) or set up direct deposit. Others charge per transaction — for example, $0.25 per check or $1 per wire transfer.
Compare what is included: unlimited check writing, online bill pay, mobile deposit, wire transfers, and ACH transfers. Some banks charge for each wire transfer ($15 to $30); others include a certain number per month for free. Mobile deposit (photographing checks with your phone) is standard at most banks now, but confirm it is included in the account you are considering.
Interest-bearing business checking accounts exist but are rare and usually require high minimum balances. Most business checking accounts do not earn interest. If you want your money to earn something, you may open a separate business savings account at the same bank.
What to do if the bank denies your account
Banks can deny a business checking account for several reasons: a poor personal credit history, a history of fraud or financial crime, an unverifiable business address, or a mismatch between your documents and the information you provided. If you are denied, ask the bank why. They are required to tell you.
If the issue is your credit history, you may have better luck with a bank that does not pull a credit report or that focuses on small or new businesses. Some community banks and credit unions have more flexible policies than large national banks. If the issue is your business address, make sure your registration documents match the address you gave the bank.
If you were denied because of a past banking problem (like unpaid overdrafts or fraud), you may need to wait a year or more before trying again, or work with a bank that specializes in second-chance business accounts. Check the ChexSystems report about your banking history — you can request it free at chexsystems.com.
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. However, getting an EIN is free and keeps your personal and business finances more separate. Many sole proprietors get an EIN anyway for this reason, even though it is not required.
Can I open a business account if my business is not registered yet?
Most banks want to see proof of registration before they open the account. However, some will open a sole proprietor account under your name and Social Security number while you are waiting for your LLC or corporation paperwork to process. Call ahead and ask what the bank will accept.
How long does it take to get my debit card and checks?
Debit cards usually arrive within five to ten business days. Checks take longer — typically ten to fifteen business days from when you order them. Some banks offer temporary digital checks or let you pay bills online while you wait for physical checks to arrive.
What if I need to open an account but I do not have an address yet?
You will need a physical address — a PO box does not work for most banks. Use your home address, a coworking space address, or a virtual office address if your state allows it. Call the bank first to confirm they will accept the address you plan to use.
Can someone else open the account on behalf of my business?
Yes, but the person will need a power of attorney document or a corporate resolution authorizing them to act on behalf of the business. For an LLC or corporation, bring the resolution to the bank. For a sole proprietorship, it is more complicated — call the bank first to ask what they require.