What you need before you start
Bank of America requires specific documents and information before you can open a business account. You will need your Employer Identification Number (EIN) — a nine-digit number the IRS assigns to your business — or your Social Security number if you are a sole proprietor. You will also need a government-issued ID, your business address, and the names and Social Security numbers of anyone who owns 20 percent or more of the business.
The bank will ask for your business structure: sole proprietorship, partnership, LLC, S-corp, C-corp, or nonprofit. Have this decided before you walk in or start the online process. If your business is brand new and you have not yet received an EIN from the IRS, you can explore for one online at irs.gov before opening the account, or you can provide your Social Security number temporarily and add the EIN later.
You will also need to decide what type of account fits your business. Bank of America offers checking accounts designed for small businesses, which typically come with a monthly fee (usually $15 to $20) unless you maintain a minimum balance or set up direct deposit. Some accounts waive the fee if you keep a certain amount on deposit or have other Bank of America products.
Key Takeaways
- You need an EIN or Social Security number, a government-issued ID, your business address, and the names of all owners with 20 percent or more stake in the business.
- Bank of America lets you open an account online, by phone, or in person at a branch, and the process typically takes 10 to 15 minutes.
- Monthly maintenance fees range from $15 to $20 but can be waived if you maintain a minimum balance or set up direct deposit.
- After opening, you will receive a debit card and checks within one to two weeks, though you can start using the account when ready online.
Opening the account online
The fastest route is Bank of America's online account opening tool on their website. Go to bankofamerica.com, find the business banking section, and select "Open a Business Checking Account." You will enter your business name, structure, and EIN or Social Security number. The system will ask for your personal information, business address, and phone number.
The online process takes about 10 to 15 minutes. At the end, the bank will show you a summary of the account details, including the monthly fee and any current promotions. You can fund the account when ready with a transfer from another bank account, or you can leave it empty and deposit money later. Your account number and routing number appear on screen as soon as you finish, so you can start receiving transfers or setting up payroll the same day.
Bank of America will send you a debit card and starter checks by mail within one to two weeks. Until they arrive, you can use your account number and routing number to pay bills online or receive deposits. If you need a debit card faster, you can visit a local branch and request an expedited card, though this may carry a fee.
Opening the account in person at a branch
If you prefer to speak with someone, you can open an account at any Bank of America branch. Bring your government-issued ID, your EIN documentation or Social Security number, and your business address. A banker will walk you through the account options and help you choose the right checking account for your business.
Opening in person takes 20 to 30 minutes because the banker will review your information, explain the fees and features, and answer questions about other services like merchant processing or business credit cards. If you want to fund the account when ready, you can bring a check or arrange a transfer from another bank. The banker can also order an expedited debit card on the spot if you need one quickly.
One advantage of opening in person is that you can ask about current promotions or fee waivers that may not be advertised online. Bankers sometimes have access to limited-time offers for new business accounts, such as waived monthly fees for the first few months or bonus cash for maintaining a minimum balance.
What happens after you open the account
Your account is active when ready after you complete the opening process, whether online or in person. You can start receiving deposits, paying bills, and transferring money right away using your account number and routing number. Bank of America's routing number for business accounts is 026009593, though you should verify this on your account documents.
Within one to two weeks, you will receive a debit card and a book of starter checks by mail. The debit card works at any ATM or merchant that accepts Visa. Your first statement will arrive 30 days after you open the account and will show all transactions, fees, and interest earned (if applicable).
If you need to set up payroll, merchant processing, or other business services, you can do that through your online banking portal or by calling the business banking phone line. Bank of America's business support team is available Monday through Friday during business hours, and you can reach them at 1-800-933-6262.
Monthly fees and how to avoid them
Bank of America's standard business checking account carries a monthly maintenance fee, typically $15 to $20 depending on the account type. However, the bank waives this fee if you meet one of several conditions: maintaining a minimum daily balance (usually $1,500 to $2,500), setting up direct deposit, or maintaining other may have access to Bank of America products like a business savings account or credit card.
If you do not meet any of these conditions, you will be charged the full monthly fee. Some businesses choose to keep a small balance in the account specifically to avoid the fee, while others factor the fee into their operating costs. Review your account terms when you open it to understand exactly what triggers the fee waiver for your specific account type.
Bank of America also charges for certain transactions beyond a set limit — for example, some accounts include a limited number of free wire transfers per month, and additional wires cost $15 to $25 each. Check deposit fees, stop payment requests, and expedited card orders also carry charges. Ask about these when you open the account so you understand the full cost structure.
Documents you will receive and what to do with them
After opening your account, Bank of America will send you several documents by mail. Your debit card arrives in a separate envelope with a PIN that you can change online. Your starter checks come in a book of 25 or 50, depending on what you ordered. Your account number, routing number, and other key information appear on the first check.
Keep your account number and routing number in a safe place — you will need them to set up payroll, receive customer payments, and pay vendors. If you lose your debit card or checks, you can order replacements through your online banking portal or by calling the business support line. Replacement checks typically arrive within 5 to 7 business days.
Your first statement will show your opening balance, any deposits or transfers you made, and any fees charged. Review it carefully to make sure all transactions are correct. If you spot an error, contact the bank within 60 days to report it.
Frequently Asked Questions
Can I open a business account if my business is not yet registered with the state?
Yes. Bank of America will open an account for a business that is not yet officially registered, though you will need to provide a business name and structure. If you do not have an EIN yet, you can use your Social Security number temporarily and add the EIN to the account later once the IRS issues it.
How long does it take to open an account online?
The online process takes 10 to 15 minutes from start to finish. Your account is active when ready, and you can use your account number and routing number right away. Physical debit cards and checks arrive by mail within one to two weeks.
What is the minimum deposit required to open a business account?
Bank of America does not require a minimum opening deposit. You can open the account with zero dollars and fund it later. However, some account types waive the monthly fee only if you maintain a minimum balance, so check your account terms.
Can I add other people to the account after I open it?
Yes. You can add authorized users or signers to your account through your online banking portal or by visiting a branch. You will need their name, Social Security number, and government-issued ID. This is useful if you have employees or partners who need to access the account.
What if I need to change my business structure after opening the account?
Contact Bank of America's business support team to update your account. You may need to provide new documentation, such as updated business registration or a new EIN. In some cases, the bank may ask you to close the old account and open a new one with the correct structure.