What you need before you start

You can open a commercial bank account online, but the bank will ask for documents before they finish the setup. Most banks require your Employer Identification Number (EIN) or Social Security Number, proof that your business exists, and personal identification for the owner or authorized signers. The process takes 10 to 20 minutes to start, but approval can take 1 to 5 business days while the bank verifies your information.

Have these items ready before you log in: your EIN (or the application you filed for one), a government-issued ID, your business address, and the names and Social Security Numbers of anyone who will sign checks or make transfers. If your business is a sole proprietorship, you may only need your personal SSN and ID. If it is a corporation, LLC, or partnership, you will need formation documents like your Articles of Incorporation or Operating Agreement.

Not all banks offer the same online process. Some let you complete everything on their website and get approved the same day. Others require you to upload documents or schedule a video call with a banker. A few still require you to visit a branch in person to finish the account, even if you start online.

Key Takeaways

  • You will need your EIN, a government-issued ID, and proof of business formation (Articles of Incorporation, Operating Agreement, or DBA filing) to open an account online.
  • The online application takes 10 to 20 minutes, but the bank may take 1 to 5 business days to verify your information and activate the account.
  • Some banks finish the entire process online; others require you to upload documents, sign via video, or visit a branch to complete the setup.
  • You will need the names and Social Security Numbers of all owners and anyone authorized to sign checks or make transfers.
  • Monthly fees, minimum balances, and transaction limits vary by bank and account type, so compare options before you choose.

Steps to complete the online application

Start by going to the bank's website and finding the commercial or business account section. Look for a button labeled "Open an Account," "New Business Account," or "get your free guide." The bank will ask you to choose the type of account—usually Checking, Savings, or Money Market—and the business structure (sole proprietorship, LLC, corporation, partnership, or nonprofit).

Enter your business name, address, phone number, and the date you started or plan to start. The bank will ask for your EIN. If you do not have one yet, you can apply for an EIN online through the IRS website (irs.gov) for free, and you will receive it immediately. Some banks let you use your SSN temporarily and add the EIN later; others will not let you proceed without it.

Next, provide personal information for the owner or each owner. This includes full name, date of birth, Social Security Number, home address, and sometimes employment history. The bank runs a background check and verifies your identity against government records. If you are opening the account on behalf of someone else, you may need to provide a power of attorney or corporate resolution authorizing you to do so.

Upload or photograph the documents the bank requests. These usually include a copy of your government-issued ID (driver's license or passport), your business formation documents, and sometimes a recent utility bill or lease showing your business address. Some banks accept photos taken on your phone; others require PDF scans. Follow the bank's file size and format requirements exactly, or the upload will be rejected.

What happens after you submit

The bank sends your application to its verification team. They check that your EIN matches your business name, that your formation documents are real, and that your personal information passes a background check. This step usually takes 1 to 3 business days. You may receive an email asking you to clarify something—for example, if the name on your ID does not match the name on your business formation documents.

Some banks call you during this time to confirm details or ask questions about your business. Answer honestly and have your documents nearby. If the bank cannot reach you, the application may stall. Check your email and voicemail regularly while your account is pending.

Once the bank approves your application, you will receive an email with your account number, routing number, and instructions to set up online banking. You can log in immediately and see your account, but you may not be able to transfer money or order checks until the account is fully activated—usually within 24 hours. Some banks send a debit card or checks by mail; others let you order them online.

Differences between banks and account types

Large national banks like Chase, Bank of America, and Wells Fargo offer online commercial accounts, but they often require a minimum balance (usually $500 to $2,500) and charge monthly fees ($10 to $30). They provide robust online banking, mobile apps, and access to business loans. Regional banks and credit unions may have lower fees or no minimum balance, but their online process can be slower or less streamlined.

Online-only banks like Mercury, Brex, and Novo specialize in business accounts and often have no monthly fees and no minimum balance. Their approval is usually faster (sometimes same-day), and their online tools are built for small business owners. However, they may not offer all the services a traditional bank does, such as in-person support, business loans, or merchant services.

The type of account you choose affects what you can do. A basic checking account lets you deposit checks, transfer money, and pay bills. A money market account pays interest but may have limits on how many withdrawals you can make per month. Some banks offer sweep accounts that automatically move money between checking and savings to earn interest.

Common reasons applications are delayed or denied

The most common delay is a mismatch between your documents. For example, your EIN application shows a different business address than your formation documents, or your ID name does not match your business name exactly. The bank will email you to ask for clarification or an updated document. Respond within a few days, or the application may be closed.

Banks also deny applications if the owner has a poor personal credit history, a history of fraud or financial crime, or if the business is in a high-risk industry (like cannabis, gambling, or money services). If your application is denied, the bank will tell you why. You can ask to reapply after you address the issue, or you can try a different bank.

If you are opening an account for a business that does not yet exist (you have not filed formation documents yet), some banks will not let you proceed. File your formation documents first—either a DBA (Doing Business As) registration with your county, or formal incorporation or LLC formation with your state—and then apply for the account.

Setting up online banking and transfers after approval

Once your account is active, log into your online banking portal using the username and password the bank provided. Change your password to something only you know. Set up two-factor authentication (usually a code sent to your phone) to protect the account from unauthorized access.

Link external bank accounts if you want to transfer money in or out. The bank will ask for the account number and routing number of the other account. Most banks verify the link by making two small deposits (usually $0.01 to $0.99) to the external account, then ask you to confirm the amounts. This takes 1 to 3 business days. Once verified, you can transfer money between accounts.

Set up bill pay if you want to pay vendors or suppliers from your commercial account. Enter the payee's name, address, and account number. The bank will mail a check or transfer the money electronically, depending on the payee's setup. Bill pay usually takes 1 to 3 business days to process.

Order checks and a debit card through your online banking portal. Checks usually arrive within 7 to 10 business days. Debit cards may arrive faster or slower depending on the bank. Some banks charge for checks; others include them free with your account.

Fees and minimums to compare

Monthly maintenance fees range from $0 to $30 depending on the bank and account type. Some banks waive the fee if you keep a minimum balance (often $500 to $2,500) or if you set up direct deposit. Others charge the fee no matter what.

Transaction fees apply to certain activities. Excess withdrawal fees (usually $5 to $10 per withdrawal over a limit) apply to money market accounts. Wire transfer fees (typically $15 to $30 per wire) apply when you send money to another bank. ACH transfer fees (usually $0 to $3) apply when you transfer money electronically to or from another account. Check deposit fees are rare but some banks charge $0.25 to $1 per check deposited via mobile app.

Overdraft fees (usually $25 to $35 per overdraft) apply if you spend more than your balance. Some banks offer overdraft protection, which automatically transfers money from savings to checking to prevent overdrafts. Others let you opt out of overdraft coverage, which means transactions will be declined instead of charged a fee.

Frequently Asked Questions

Can I open a commercial account if my business is not registered yet?

Most banks require proof that your business exists before they will open an account. File a DBA (Doing Business As) registration with your county, or incorporate your business or form an LLC with your state first. This usually takes 1 to 5 business days. Some banks will let you start the application with your EIN application number, but they will not finish the account until you have filed formation documents.

What if I do not have an EIN yet?

Apply for an EIN through the IRS website (irs.gov) for free. You will receive it immediately after you apply online. Some banks let you use your Social Security Number temporarily and add the EIN later, but most require the EIN before they approve the account. Getting an EIN takes 5 to 10 minutes online.

How long does it take to get approved?

The online application takes 10 to 20 minutes to complete. The bank's verification team usually approves or denies the account within 1 to 3 business days. Some online-only banks approve accounts the same day. Once approved, the account is usually active within 24 hours, though you may not be able to transfer money until the next business day.

Do I have to visit a branch in person?

Most banks let you complete the entire process online. However, some regional banks and credit unions require you to visit a branch in person to sign documents or verify your identity. Check the bank's website or call before you apply to confirm whether an in-person visit is required.

What if my application is denied?

The bank will tell you why. Common reasons include a mismatch in your documents, a poor personal credit history, or a high-risk business type. You can ask the bank what you need to fix and reapply, or you can try a different bank. Some banks are more flexible with new businesses or owners with credit issues than others.