You need an EIN for most LLC checking accounts, but not always

Whether you need an Employer Identification Number (EIN) to open a checking account for your LLC depends on how your LLC is taxed and what the bank requires. If your LLC is taxed as a corporation or has more than one member, you will need an EIN. If your single-member LLC is taxed as a sole proprietorship, you may be able to use your Social Security number instead — but many banks will still ask for an EIN anyway, and getting one takes only a few minutes online.

The safest approach is to get an EIN before you visit the bank. It costs nothing, takes about 15 minutes, and removes any back-and-forth about whether the bank will accept your application. The IRS issues EINs online at no charge through their website.

Key Takeaways

  • Multi-member LLCs and LLCs taxed as corporations must have an EIN to open a business checking account.
  • Single-member LLCs taxed as sole proprietorships can sometimes use a Social Security number, but most banks require an EIN anyway.
  • You can get an EIN free from the IRS online in about 15 minutes, or by phone or mail if you need it faster or have no internet access.
  • Bring your EIN letter from the IRS to the bank, along with your LLC formation documents and personal ID.
  • Some banks will issue a temporary account number while your EIN application is processing, but most want the EIN confirmed before opening the account.

When your LLC definitely needs an EIN

If your LLC has two or more members, you must have an EIN. The IRS treats multi-member LLCs as partnerships by default, and partnerships cannot use a Social Security number for business accounts. Your bank will ask for proof of your EIN before opening the account.

If you have elected to have your LLC taxed as a corporation (by filing Form 8832 with the IRS), you also must have an EIN. Banks will not open a corporate account without one. The same rule applies if you have chosen S-corporation tax treatment.

If you plan to hire employees at any point, you will need an EIN regardless of how your LLC is structured. Some banks will ask about this during the account application and may require an EIN even if you do not have employees yet.

When a single-member LLC might not need an EIN

A single-member LLC that is taxed as a sole proprietorship is the only case where you might open a checking account without an EIN. The IRS allows you to use your Social Security number for tax purposes. Some banks, particularly smaller regional banks and credit unions, will accept a Social Security number instead of an EIN for this type of account.

However, most national banks and many regional banks now require an EIN even for single-member LLCs. They do this to keep their records clear and to avoid confusion with personal accounts. You will not know the bank's policy until you ask or try to open the account, so having an EIN ready saves time.

Even if your bank accepts a Social Security number, using an EIN keeps your personal and business finances more clearly separated in your records and on your credit reports. It is a good practice even when it is not required.

How to get an EIN from the IRS

The fastest way is to apply online at the IRS website (irs.gov). Go to the EIN section and select "Apply for an EIN Online." You will answer questions about your LLC's name, address, business type, and ownership. The process takes about 15 minutes, and the IRS issues your EIN immediately on screen. You can print the confirmation page right away and use it at the bank.

If you do not have internet access or prefer not to apply online, you can call the IRS at 1-800-829-4933. The phone line is open Monday through Friday, 7 a.m. to 10 p.m. Eastern time. A representative will issue your EIN over the phone and mail you an official letter within two weeks.

You can also mail Form SS-4 (Application for Employer Identification Number) to the IRS, but this takes four to six weeks. The online and phone methods are much faster and are the standard routes.

What to bring to the bank

Bring your EIN confirmation letter or the printed page from your online application. The bank will want to see proof that the EIN has been issued. Also bring your LLC formation documents — usually your Articles of Organization filed with your state — and a government-issued photo ID.

Some banks will also ask for a business license or a certificate of good standing from your state. These are not always required, but having them on hand speeds up the process. Your state's Secretary of State office can issue a certificate of good standing for a small fee, usually $5 to $25.

If you are opening the account as the LLC's owner or manager, bring your personal ID. If someone else is opening it on behalf of the LLC, bring a power of attorney or a board resolution (for multi-member LLCs) authorizing that person to do so.

What happens if you do not have an EIN yet

If you walk into the bank without an EIN and the bank requires one, you have a few options. You can apply online on your phone or computer right there in the bank — it takes 15 minutes and you will have the number before you leave. Some banks will hold your application and issue a temporary account number while you get your EIN, though this is less common now.

A few banks will let you come back with your EIN letter within a set time frame (usually 30 days) to complete the account setup. Ask the bank representative what their policy is if you do not have the EIN ready. Do not assume they will accept a delayed submission.

The safest move is to get your EIN before you go to the bank. It costs nothing and takes 15 minutes online. There is no reason to risk a delay or a rejected application.

Using your Social Security number instead (and why you might not want to)

If your bank accepts a Social Security number for a single-member LLC, you can use it instead of an EIN. The bank will open the account under your name and Social Security number, with a note that it is a business account.

This approach has downsides. Your business and personal credit histories may become mixed together. If your LLC is sued or has debt problems, those issues could show up on your personal credit report. Lenders and other businesses may also have a harder time distinguishing between your personal and business finances, which can complicate loans or partnerships later.

Using an EIN keeps these records separate and is the cleaner approach, even if your bank would accept a Social Security number. It also signals to the IRS and other agencies that you are running a formal business, which can matter if you are ever audited.

Frequently Asked Questions

Can I open a checking account before I get my EIN?

Most banks will not open a business checking account without an EIN if your LLC has multiple members or is taxed as a corporation. Some banks may accept a Social Security number for a single-member LLC, but this is becoming less common. It is faster to get your EIN first — the online application takes 15 minutes — than to deal with a rejected application or delays.

What if I applied for an EIN but have not received the letter yet?

If you applied online, you have your EIN immediately and can print the confirmation page to show the bank. If you applied by phone or mail, the IRS will mail you an official letter, but you can use the confirmation number from your application in the meantime. Call the bank and ask if they will accept the confirmation number or if they need the official letter.

Do I need an EIN if my LLC is just me and I am not hiring anyone?

Not technically, if your bank accepts a Social Security number for single-member LLCs. However, most banks now require an EIN anyway, and using one keeps your business and personal finances separate. Getting an EIN is free and takes 15 minutes, so it is worth doing even if it is not strictly required.

What if the bank says they do not need an EIN?

If the bank tells you they will open the account with just your Social Security number, ask them to confirm this in writing or note it in your application. This protects you if there is confusion later. You can still get an EIN afterward and update your account information with the bank if you want to.

Can I use my LLC's EIN for a personal checking account?

No. An EIN is for business purposes only. A personal checking account must be in your name and use your Social Security number. Mixing the two can create tax and legal problems. Keep your business and personal accounts separate.