What banks need before they'll open a business account

Most banks require the same core documents before they'll open a business account: proof of your business identity, proof of your personal identity, and proof of your address. The exact list depends on your business structure—sole proprietorship, LLC, corporation, or partnership—and the bank's own rules.

For a sole proprietorship, you typically need a government-issued ID (driver's license or passport), proof of address (utility bill or lease dated within the last 60 days), and either an Employer Identification Number (EIN) from the IRS or your Social Security number. If you're operating under a business name different from your legal name, bring a Doing Business As (DBA) certificate or registration from your state or county.

For an LLC or corporation, bring your Articles of Organization or Articles of Incorporation (the document filed with your state), an EIN letter from the IRS, government-issued ID for the owner or authorized representative, and proof of address. Some banks also ask for a corporate resolution—a document signed by the business owner stating who is authorized to open and manage the account. You can create this yourself; it does not need to be notarized, though some banks prefer it to be.

For a partnership, bring the partnership agreement, EIN letter, government-issued ID for each partner (or at least the one opening the account), and proof of address. Banks vary on whether they require all partners to be present or just one authorized representative.

Key Takeaways

  • Bring government-issued ID, proof of address, and proof of your business structure (EIN letter, DBA certificate, or Articles of Organization) to your bank appointment.
  • Sole proprietors can use their Social Security number instead of an EIN, but an EIN keeps your personal and business finances separate on credit reports.
  • Banks typically fund the account within one to three business days, though some require a minimum opening deposit that ranges from zero to several hundred dollars depending on the bank and account type.
  • You will receive routing and account numbers when ready or within 24 hours, which you need to set up payroll, receive payments, or pay vendors.
  • Some banks require in-person visits; others allow you to open online if you can verify your identity through video or upload documents, but this varies widely by institution.

How to get an EIN if you don't have one yet

An EIN is a nine-digit number issued by the IRS that identifies your business for tax purposes. You do not legally need one if you are a sole proprietor with no employees—you can use your Social Security number instead—but getting one keeps your personal and business finances separate on credit reports and makes it harder for someone to use your Social Security number fraudulently.

You can get an EIN for free from the IRS in three ways. The fastest is online at irs.gov/ein: fill out the form, and you receive your number when ready on screen. You can print it or write it down. The second way is by phone: call the IRS Business and Specialty Tax Line at 1-800-829-4933 (Monday through Friday, 7 a.m. to 10 p.m. your local time), and they will issue it over the phone. The third way is by mail: send Form SS-4 to the IRS address for your state, which takes two to four weeks.

Bring your EIN letter (or a screenshot of your online confirmation) to your bank appointment. If you obtained your EIN online, you can also print the confirmation page directly from irs.gov.

What to expect during the account opening process

Most banks can open your account in a single visit or online session lasting 20 to 45 minutes. A banker will verify your documents, ask you questions about your business (what you do, how much revenue you expect, whether you plan to accept credit cards), and explain the account features and fees.

The banker will also ask you to sign signature cards or authorize signers—documents that tell the bank who is allowed to withdraw money, sign checks, or make changes to the account. If multiple people will have access, you will need to decide whether all signers must approve large transactions or whether any one signer can act alone. This matters if you later dispute a transaction.

Before you leave or log off, you should receive your routing number and account number. Some banks print these on a temporary debit card or receipt; others email them within 24 hours. You need these numbers to set up direct deposit for employees, arrange automatic bill payments, or receive wire transfers from clients.

Minimum deposits and account fees

Minimum opening deposits vary widely. Many online banks and some regional banks have no minimum. Others require $100 to $500 to open, and a few require $1,000 or more for premium business accounts. Ask the banker about this before you hand over documents—it is not a surprise you want at the end of the process.

Monthly maintenance fees also vary. Some banks charge $10 to $30 per month; others waive the fee if you maintain a minimum balance (often $1,000 to $5,000) or receive a certain number of direct deposits. A few banks charge per transaction—for example, $0.25 per check deposited or $1 per wire transfer sent. Ask for a fee schedule in writing so you can compare across banks before you commit.

If you plan to accept credit card payments from customers, the bank will refer you to a payment processor (sometimes owned by the bank, sometimes a third party). This is a separate service with its own fees, usually 2 to 3 percent of each transaction plus a monthly gateway fee. You do not have to set this up on the day you open the account.

Online versus in-person account opening

Many banks now allow you to open a business account online, but the process and requirements vary. Some require you to verify your identity through a video call with a banker; others ask you to upload photos of your documents and wait for manual review. A few still require you to visit a branch in person.

Online opening is faster if the bank approves you the same day, but it can take longer if they need to verify documents by mail or follow up with questions. In-person opening is slower on the day but often final—you walk out with your account active and your numbers in hand.

If you choose online opening, make sure your documents are clear and readable. Photos taken in poor light or at an angle often get rejected and sent back for resubmission. If the bank asks for certified copies of your Articles of Organization or DBA certificate, you will need to request these from your state or county—they cannot be photocopies you make yourself.

What happens after your account is open

Once your account is active, you can begin receiving payments and paying bills when ready. However, there are a few things to set up separately. If you have employees, you will need to enroll in payroll processing through your bank or a third-party payroll service like ADP or Gusto. If you want to accept credit card payments, you will need to set up a merchant account through a payment processor. If you plan to write checks, you will need to order them from the bank or a third-party printer.

Your bank will also send you online banking access within 24 to 48 hours. Use this to monitor your balance, set up bill pay, and read statements for your accountant or tax filing. Keep your login credentials find—do not share them with employees unless they have a separate user account with limited permissions.

If you are a new business, the bank may also contact you after 30 to 90 days to confirm that the account is being used as described and that your business is operating as expected. This is normal and not a sign of a problem.

Frequently Asked Questions

Do I need a business license to open a business bank account?

No. Banks do not require a business license, though some ask to see one if you have it. A DBA registration or Articles of Organization are usually sufficient. However, you may need a license to legally operate your business in your state or city, so check your local requirements separately.

Can I open a business account with just my Social Security number?

Yes, if you are a sole proprietor. You do not need an EIN. However, using an EIN instead keeps your personal credit separate from your business credit, which is useful as your business grows.

What if the bank rejects my documents?

Banks reject documents most often because they are unclear, outdated (older than 60 days for address proof), or do not match the name on your ID. Ask the bank which document caused the rejection and resubmit a clearer copy or a different document. If your DBA or Articles of Organization are rejected, contact your state or county to request a certified copy.

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

Debit cards usually arrive within five to ten business days. Checks take longer—typically one to three weeks if you order them from the bank, or three to five business days if you order from a third-party printer like Deluxe or Costco. You can start paying bills online or by ACH transfer before your checks arrive.

Can I change the signers on my account after it is open?

Yes. Contact your bank and ask to update the authorized signers. You will need to sign new signature cards or authorize the change in writing. Some banks allow you to do this online; others require a visit to a branch.