What You Need Before You Start

Bank of America requires specific documents and information before you can open a business account. You will need to bring proof of your business structure, a form of identification, and details about who owns and controls the account. The exact documents depend on whether you are a sole proprietor, partnership, LLC, corporation, or nonprofit.

Have your Employer Identification Number (EIN) ready if your business has one. If you are a sole proprietor using your Social Security number instead, bring that. You will also need the names, titles, and Social Security numbers of all owners with more than 20% stake in the business, plus any signers who will access the account.

Bring a government-issued photo ID for yourself and any other authorized signers. Bank of America will verify your identity against their database, so the ID must match the name on your account process exactly.

Key Takeaways

  • You can open a business account in person at any Bank of America branch, by phone at 1-800-933-6262, or online through their business banking portal.
  • Sole proprietors need an EIN or Social Security number, while LLCs and corporations must provide articles of organization or incorporation and an EIN.
  • Bank of America requires identification for all owners with more than 20% ownership and any person authorized to sign on the account.
  • The account opens when ready if you explore in person with all required documents, but online and phone applications may take one to three business days for verification.
  • Monthly maintenance fees vary by account type, and some accounts waive fees if you maintain a minimum balance or set up direct deposit.

Documents Required by Business Type

Sole proprietors need the fewest documents. Bring your Social Security number or EIN, a government photo ID, and proof of your business name if you operate under a name different from your legal name (a DBA certificate or business license). Bank of America will treat the account as tied to your personal credit and tax history.

Partnerships require a partnership agreement or certificate of partnership, the EIN, and identification for all partners. If one partner will be the sole signer, bring documentation showing that partner has authority to bind the partnership.

LLCs must provide the articles of organization filed with your state, the EIN, and identification for all members with more than 20% ownership. If a manager who is not an owner will sign on the account, bring their ID as well.

Corporations need the articles of incorporation, corporate bylaws, a corporate resolution authorizing the account, the EIN, and identification for all shareholders with more than 20% ownership plus any officers who will sign. The corporate resolution is a document signed by the board stating who is authorized to open and manage the account.

Nonprofits require articles of incorporation, bylaws, the EIN, and identification for board members or officers. Some nonprofits also need proof of tax-exempt status from the IRS (Form 990-N or a information letter).

Three Ways to Open Your Account

In person at a branch: Find your nearest Bank of America location and bring all required documents. A banker will verify your identity, review your paperwork, and open the account on the spot. This is the fastest route if you have everything ready. The account is live when ready, though it may take one business day for the routing and account numbers to appear in online banking.

By phone: Call Bank of America's business banking line at 1-800-933-6262. A representative will walk you through the process, verify your identity, and ask you to mail or fax copies of your documents. The account opens once Bank of America receives and reviews the paperwork, which typically takes one to three business days. You will receive a confirmation number and can ask when to expect your debit card and checks.

Online through the business portal: Visit bankofamerica.com/business and select "Open an Account." You will upload images of your documents, enter business and ownership information, and verify your identity. Bank of America will review your process and contact you if they need clarification. This route also takes one to three business days. You cannot complete the full process online if you are opening certain account types, so the system will tell you whether you need to finish by phone or in person.

What Happens After You Submit Your process

Bank of America verifies the information you provided against public records, your credit history, and their internal databases. They check that your EIN matches your business structure, that owners are who they claim to be, and that no one on the account has a history of fraud or financial crime. This verification process takes one to three business days for phone and online applications.

If Bank of America needs more information, they will contact you by phone or email using the number and address you provided. Common requests include clarification on business ownership, proof that a business name is registered, or additional identification for a signer. Respond as quickly as you can—delays in providing documents can push your opening date back.

Once approved, your account is active and you can begin using it. Bank of America will mail your debit card, checks, and account documentation to the address on file. Debit cards typically arrive within five to seven business days. You can set up online banking and mobile access when ready through the Bank of America website or app.

Account Types and Monthly Fees

Bank of America offers several business checking accounts, each with different features and costs. The Business Advantage Checking account has a $12 monthly maintenance fee, waived if you maintain a $2,500 minimum daily balance or set up direct deposit. This account includes unlimited check writing, online banking, and a debit card.

The Business Advantage Checking with Interest account earns a small amount of interest on your balance but has a $25 monthly fee, waived with a $25,000 minimum balance. This account is useful if you keep a large cash reserve.

The Business Advantage Money Market Deposit Account is a savings product, not a checking account, and earns interest. It has a $25 monthly fee and a $25,000 minimum balance requirement. You can write checks from it, but it is designed for longer-term funds rather than daily operations.

Bank of America also charges for certain transactions and services: wire transfers, stop payments, overdraft protection, and account research requests each carry separate fees. Ask the banker or representative which services you are likely to use and what they cost.

Setting Up Online Banking and Security

Once your account is open, you can log into online banking at bankofamerica.com using your business tax ID or EIN as your username. You will create a password and set up security questions. Bank of America will send you a temporary access code by text or email to verify your identity the first time you log in.

Enable multi-factor authentication, which requires a second form of verification (usually a code sent to your phone) every time you log in from a new device. This protects your account from unauthorized access even if someone learns your password. You can also set up alerts that notify you of large transactions, low balances, or login attempts from new locations.

If multiple people need access to the account, you can add authorized signers through online banking or by visiting a branch. Each signer gets their own login credentials. You can restrict what each person can do—for example, one employee might be able to view transactions but not initiate transfers, while another can approve wire transfers up to a certain amount.

Common Reasons Applications Are Delayed or Denied

Bank of America may delay your process if documents do not match the information you provided. For example, if your articles of incorporation list a different business address than your process, or if an owner's ID does not match the name on your paperwork, the bank will ask for clarification. Provide corrected or additional documents as soon as possible.

Applications are sometimes denied if Bank of America detects a pattern of financial crime, fraud, or money laundering risk associated with you, your business, or your owners. This can happen if someone on the account has a prior conviction, if the business operates in a high-risk industry, or if the bank's screening tools flag unusual activity. If your process is denied, Bank of America will send you a written explanation. You can contact the bank to discuss the reason and may be able to reapply after addressing the concern.

Incomplete applications also cause delays. If you do not provide identification for all required owners, or if you submit documents that are illegible or expired, the bank will contact you to request replacements. Keep copies of everything you submit so you can resend quickly if asked.

Frequently Asked Questions

Can I open a business account if I do not have an EIN yet?

Yes. Sole proprietors can use their Social Security number instead of an EIN. If you are an LLC or corporation, you can explore for an EIN online at irs.gov before opening your account—it takes about 15 minutes and you receive the number when ready. Bank of America will accept your process with a pending EIN if you provide the confirmation number from your IRS process.

How long does it take to receive my debit card and checks?

Debit cards arrive within five to seven business days of account opening. Checks take longer—typically 10 to 15 business days. If you need checks sooner, you can order them through online banking from a third-party printer, though they cost more than Bank of America's standard checks. You can also request a temporary debit card at the branch if you open in person.

What if I need to add or remove a signer after the account is open?

You can add authorized signers online through business banking or by visiting a branch with the new signer's identification. Removing a signer requires a visit to the branch or a call to the business banking line. Bank of America will verify the identity of anyone you add and may ask for documentation showing their authority within your business.

Do I need a separate business account if I am a sole proprietor?

You are not required to, but it is strongly recommended. A business account keeps your business and personal finances separate, which makes tax filing easier and protects your personal assets if your business faces legal action. It also looks more professional to customers and vendors.

What is the minimum deposit to open an account?

Bank of America does not require a minimum opening deposit for most business checking accounts. However, some accounts waive monthly fees only if you maintain a minimum balance—typically $2,500 to $25,000 depending on the account type. You can open with $0 and deposit funds later, but you will pay the monthly fee until you meet the balance requirement.