Documents and information you'll need before you walk in
Most banks want the same core set of documents: your Employer Identification Number (EIN) or Social Security Number if you're a sole proprietor, proof of your business address, a government-issued ID, and your initial deposit. Some banks also ask for your business license or articles of incorporation depending on your business structure. Call the bank's business line before you go — requirements vary by institution and by state, and some banks have different rules for different business types.
If your business is new and you don't have an EIN yet, you can get one free from the IRS within minutes using their online tool at irs.gov, or by phone at 1-800-829-4933. You don't need to wait for a letter in the mail; the IRS gives you the number immediately. Some banks will open an account with just your Social Security Number if you haven't received your EIN yet, but having the EIN ready makes the process faster.
Bring your personal identification — a driver's license, passport, or state ID — and be ready to sign documents in person or electronically depending on the bank. Many banks now allow you to open a business account online, but they may still require you to verify your identity through video call or by uploading photos of your documents.
Key Takeaways
- You need an EIN (or your Social Security Number for a sole proprietorship), a government-issued ID, proof of your business address, and your initial deposit amount.
- You can obtain an EIN free and instantly from the IRS online or by phone before opening your account.
- Different banks require different documents depending on your business structure — sole proprietorship, LLC, partnership, or corporation — so confirm requirements with your specific bank first.
- Many banks now let you start the process online, but you may need to verify your identity through video or document upload.
- Your initial deposit amount varies by bank; some have no minimum, while others require $100 to $500 or more.
What your business structure determines
Banks categorize accounts by how your business is legally set up, and each structure requires different paperwork. A sole proprietorship — where you are the only owner — typically needs just your Social Security Number, personal ID, and proof of your business address. An LLC (Limited Liability Company) requires your EIN, articles of organization filed with your state, and often a resolution or certificate showing who is authorized to open the account.
A partnership needs an EIN, your partnership agreement, and identification for each partner who will have signing authority. A corporation requires your EIN, articles of incorporation, corporate bylaws, a board resolution authorizing the account, and IDs for the officers. If you're unsure which structure you chose or whether you've filed the right paperwork, check with your state's Secretary of State office — they maintain a public database of registered businesses.
Banks sometimes ask for a Certificate of Good Standing from your state, which proves your business is in good legal standing. This is a one-page document you can order from your state's Secretary of State office, usually for $5 to $25, and it arrives within a few days. Not every bank requires it, but having one on hand speeds things up.
Initial deposit amounts and account minimums
Banks vary widely on how much you need to deposit to open an account. Some have no minimum at all; others require $100, $500, or $1,000 to start. 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 their business banking line to confirm the minimum before you go in, because it affects whether you can open the account that day.
The initial deposit is your money — it goes into your new account and counts toward your balance. You're not paying a fee; you're funding the account. Some banks also charge a monthly maintenance fee ($10 to $30 is common), though many waive it if you maintain a minimum balance or set up payroll direct deposit. Read the fee schedule before you commit, because these costs add up over a year.
Bringing proof of your business address
Banks need to verify where your business operates. If you have a physical office or storefront, bring a recent utility bill, lease agreement, or property tax statement showing your business address and your name or business name. If you work from home, a utility bill with your home address usually works, though some banks ask for additional documentation like a business license or a letter from your landlord confirming you operate a business there.
If you use a virtual business address or mail forwarding service, policies differ by bank. Some accept them without question; others won't. Call ahead to ask whether your address type is acceptable, because showing up with a virtual address when the bank doesn't accept them wastes a trip.
Online versus in-person account opening
Many banks now let you start the process entirely online — you upload photos of your documents, provide your business information, and fund the account electronically. The bank then verifies your identity through a video call or by reviewing the documents you submitted. This usually takes one to three business days, and your account is ready to use once approved.
Some banks still require you to visit a branch in person, especially for larger initial deposits or more complex business structures. Even banks that offer online opening sometimes ask you to come in to sign certain documents or verify your identity face-to-face. Ask whether your bank requires an in-person visit before you schedule time off work.
If you open online, you'll receive your debit card and checks by mail within one to two weeks. Some banks offer expedited shipping for a fee, or they let you order checks through a third-party printer immediately so you don't have to wait.
What happens after you open the account
Once your account is open, the bank provides you with a debit card, checks, and online banking access. You can usually start using the debit card and online transfers immediately, even if your physical checks haven't arrived yet. Set up online bill pay through your bank's website if you plan to pay vendors or contractors regularly.
If you need to add other authorized users — employees, partners, or accountants — bring their IDs and have them sign signature cards. Some banks let you do this online; others require an in-person visit. Ask your bank about their process for adding signers before you need to do it.
Frequently Asked Questions
Can I open a business account if my business isn't registered yet?
Some banks will open an account for a business that's not yet formally registered, especially for sole proprietorships. However, you'll need an EIN or Social Security Number, and the bank may ask when you plan to register. It's faster to register your business first — filing takes one to two weeks in most states — so you have all your paperwork ready when you walk in.
Do I need to bring my business license to open an account?
Not always. A business license helps, but most banks only require it for certain business types like restaurants or financial services. Call your bank first to ask whether they need it. If you have one, bring it anyway — it speeds up verification and shows the bank your business is legitimate.
What if I'm opening an account for a business I'm starting but haven't launched yet?
You can open an account before your business is operating. You'll need your EIN, proof of your business address (even if it's your home), and your personal ID. The bank may ask when you expect to start receiving income, but they won't turn you down for being new. Having the account open before you launch means you're ready to deposit your first payment immediately.
Can someone else open the account on my behalf?
No. Banks require the business owner or an authorized officer to open the account in person or through a verified online process. They need to confirm your identity and your authority to open the account. If you can't go in person, ask whether the bank offers video verification or whether you can authorize someone to sign documents on your behalf with a power of attorney.
How long does it take to open a business checking account?
If you go in person with all your documents, the account opens the same day and you can start using it immediately. Online applications typically take one to three business days for approval. Your debit card arrives by mail within one to two weeks, and checks take one to three weeks unless you pay for expedited printing.