What you need to open a business account
A business bank account requires two things: proof that your business exists as a legal entity, and proof of who owns it. The first part depends on what type of business you have. If you're a sole proprietor (you own the business by yourself with no formal registration), you may only need a personal ID and a document showing your business name — sometimes just a DBA filing from your county, sometimes a business license. If you've formed an LLC, S-corp, or C-corp, you'll need your articles of incorporation or formation, which the state gave you when you registered.
The second part is your personal identification. Bring a government-issued ID — a driver's license, passport, or state ID card. Some banks also ask for a second form of ID, like a utility bill or lease showing your address. You'll also need an Employer Identification Number (EIN) from the IRS, which is a nine-digit number that works like a Social Security number for your business. You can get one free from the IRS website in minutes, even before you open the account.
A few banks ask for additional documents depending on your business type. If you're a partnership, bring proof of the partnership agreement. If you're operating under a name different from your legal name, bring the DBA (Doing Business As) certificate from your county clerk's office. Call the bank before you go in — they can tell you exactly what they need for your specific situation.
Key Takeaways
- You need proof your business exists (articles of incorporation, DBA filing, or business license) and a government-issued ID showing who owns it.
- An EIN from the IRS is required by most banks and takes minutes to get for free online.
- Sole proprietors may need fewer documents than LLCs or corporations, so your business structure determines what you bring.
- Call your bank before visiting to confirm what documents they need, because requirements vary between banks and business types.
- You can open an account in person at a branch, by mail with some banks, or online with digital-first banks that serve businesses.
Where to open a business account
You have three main routes: a traditional bank with physical branches, a credit union, or an online bank. Traditional banks like Chase, Bank of America, and Wells Fargo have business account products at most branches. Credit unions often have lower fees and more personal service, but you have to be a member first — you join by opening a personal account or meeting a membership requirement like living in a certain area or working in a certain industry. Online banks like Mercury, Brex, and Novo have no branches but let you open entirely online and often have lower minimum balances.
The choice depends on what you need. If you need to deposit cash or checks frequently, a branch-based bank or credit union is easier because you can walk in. If you mostly transfer money electronically and rarely need in-person service, an online bank is usually cheaper and faster. If you want a relationship with a banker who knows your business, a local credit union or community bank often provides that better than a large national bank.
Documents to bring or upload
Bring originals or certified copies of your business formation documents. If you formed an LLC, bring your articles of formation. If you incorporated, bring your articles of incorporation. If you're a sole proprietor, bring your DBA certificate if you have one, or your business license. If you don't have any of these yet, you can register your business with your state before opening the account — most states let you do this online in a few days for a small fee.
Bring your EIN letter from the IRS. When you request an EIN online, the IRS gives you the number when ready on screen. Write it down or take a screenshot. Some banks accept just the number; others want the official letter, which you can print from the IRS website or request by mail (it takes about two weeks by mail, so print it online if you can).
Bring your government-issued ID and a second form of identification with your address — a utility bill, lease, or recent bank statement. Bring the names and ownership percentages of all owners if there's more than one. If someone else is signing the account on your behalf, bring a power of attorney document.
The process process and what happens next
At a branch, you'll sit with a banker who will ask about your business — what you do, how much money you expect to move through the account, whether you need credit or just checking. They'll review your documents, run a background check (usually when ready), and you'll sign paperwork. The account opens that day or the next business day, and you get a debit card and checks within a week.
Online, you upload photos of your documents, answer the same questions about your business, and the bank reviews them. This usually takes one to three business days. Once approved, you can start using the account when ready for transfers, though some banks hold checks or cash deposits for a few days while they verify everything.
By mail, you send copies of your documents and a signed process. This takes longer — usually one to two weeks — because the bank has to receive your package, process it, and mail you your debit card and checks. Some banks no longer offer this option, so call first.
Fees and account minimums
Business accounts cost more than personal accounts. Most banks charge a monthly fee ranging from zero to fifty dollars, depending on the account type and the bank. Some waive the fee if you keep a minimum balance — often five hundred to two thousand five hundred dollars — or if you set up direct deposit. Online banks and credit unions typically have lower fees than large national banks.
Ask about fees for the things you'll actually do: wire transfers, ACH transfers, check deposits, and overdrafts. Some banks charge per transaction; others include a certain number free each month. A bank that looks cheap on the monthly fee might be expensive if you wire money often. Compare the total cost for your actual use, not just the headline fee.
What to do if you don't have all your documents yet
You don't have to wait until your business is fully registered. You can open a business account as a sole proprietor using just your Social Security number and a DBA filing, which takes a day or two in most counties. You can get an EIN the same day you explore for the account — the IRS gives it to you when ready online. Some banks will even let you open with just your personal ID and a business license while you're getting the EIN, though this is less common.
If you're forming an LLC or corporation, register with your state first — this usually takes three to five business days online, sometimes longer by mail. Once you have your articles of formation, you can open the account. You don't need to wait for an EIN; you can use your Social Security number temporarily and add the EIN later, though most banks prefer you have it ready.
Frequently Asked Questions
Can I open a business account with just a Social Security number?
Yes, if you're a sole proprietor. You'll need a government ID and proof of your business name — usually a DBA filing from your county. You don't need an LLC or corporation. Most banks will ask for an EIN eventually, but you can get one free and when ready from the IRS website.
How long does it take to open an account?
At a branch, same day or next business day. Online, one to three business days. By mail, one to two weeks. Online banks are usually fastest because they don't require you to visit a location or mail documents.
Do I need a separate account if I'm a sole proprietor?
You're not required to, but most banks and accountants recommend it. Mixing personal and business money makes taxes harder and can create legal problems if something goes wrong. A business account also looks more professional to customers and vendors.
What if my bank asks for documents I don't have?
Call the bank and ask what they need specifically. If they want something you can't get quickly, ask if there's an alternative — for example, some banks accept a business license instead of a DBA certificate. If one bank won't work, another might have different requirements.
Can someone else open the account for me?
Usually only if you give them power of attorney, which is a legal document saying they can act on your behalf. Some banks accept this; others require the owner to be present or to sign documents in front of a notary. Ask your bank what they allow.