The documents and information you'll need before you walk in
You need three things to open a business bank account: proof that your business exists, proof of who you are, and the money to fund it. The exact documents depend on your business structure—sole proprietorship, LLC, corporation, partnership—and which bank you choose. Most banks will ask for the same core set of items, but some require additional paperwork if your business is newer or structured in a particular way.
The process takes between one and five business days once you've submitted everything. Some banks let you start online and finish in a branch; others require you to come in person. A few will mail you the account details and debit card. The speed depends on whether the bank needs to verify your documents with a government agency or whether they can process everything internally.
Key Takeaways
- You will need a government-issued ID for yourself and documentation proving your business structure—either an EIN letter from the IRS, articles of incorporation, or a DBA filing depending on what type of business you have.
- Sole proprietors can often open an account with just a Social Security number and ID, but some banks now require an EIN even for solo businesses.
- LLCs and corporations must provide articles of organization or incorporation, and the bank will usually ask for an EIN letter and a resolution authorizing the account.
- You will need to bring or deposit an opening balance, which ranges from zero to several hundred dollars depending on the bank and account type.
- If you are not the sole owner, you will need documentation showing who the other owners are and their ownership percentages.
Documents for sole proprietors
If you operate as a sole proprietor—meaning you are the only owner and have not filed any formal business structure—you can open an account with your Social Security number and a government-issued ID. A driver's license or passport works. The bank will ask for your personal address and phone number.
However, many banks now require an EIN (Employer Identification Number) even for sole proprietors, especially if you have employees or plan to hire them. You can get an EIN for free from the IRS website in about 15 minutes. If the bank does not require it, you can still use your Social Security number as your tax ID. Some sole proprietors get an EIN anyway to keep their personal and business finances more separate on paper.
You will also need to bring a DBA (Doing Business As) filing if you operate under a name different from your legal name. This is a public record filed with your county or state, and the bank will want to see a copy to confirm the name you are registering is actually yours. If you operate under your own name, you do not need a DBA.
Documents for LLCs and corporations
If you have formed an LLC or corporation, the bank will ask for your articles of organization (for an LLC) or articles of incorporation (for a corporation). These are the documents you filed with your state when you created the business. You can usually read a certified copy from your state's Secretary of State website for a small fee, or you may have received one when you filed.
The bank will also ask for an EIN letter from the IRS. This is a one-page document the IRS sends you when you obtain an EIN. If you do not have the original letter, you can request a new one from the IRS for free using Form SS-4 or by calling their EIN line. Some banks will accept a screenshot or photocopy; others want the original.
Many banks require a corporate resolution or board resolution authorizing the account. This is a document signed by the owner or board stating that the business is authorized to open a bank account and naming who can sign checks or make withdrawals. You can write this yourself or use a template—it does not have to be filed anywhere, just presented to the bank. If you are the sole owner of an LLC, some banks waive this requirement.
Personal identification and ownership information
You will need a government-issued photo ID for yourself—a driver's license, passport, or state ID card. The bank will scan or photocopy it. If there are multiple owners, the bank will ask for ID from each owner, and some banks require each owner to be present in person to sign the account paperwork.
The bank will ask for the ownership structure: who owns what percentage of the business. If you are the sole owner, this is straightforward. If there are multiple owners, you will need to provide each owner's name, address, Social Security number or EIN, and ownership percentage. Some banks ask for this information on a form they provide; others ask you to bring a copy of your operating agreement or partnership agreement that shows the ownership breakdown.
If any owner is not a U.S. citizen, the bank may ask for additional documentation such as a visa, green card, or ITIN (Individual Taxpayer Identification Number). Requirements vary by bank and by federal anti-money-laundering rules.
Opening balance and account type
Most business bank accounts require an opening deposit, though the amount varies. Some banks have no minimum; others require $100, $500, or more. A few banks waive the minimum if you set up direct deposit or maintain a certain monthly balance. Ask the bank about their specific requirements before you go in, because if you do not have enough to meet the minimum, you will not be able to open the account that day.
You can fund the account with a check, wire transfer, or debit card, depending on the bank's policy. Some banks let you fund it online after you open the account; others require the deposit at the time you sign the paperwork. If you are opening the account in person, bringing a check from your personal account is the simplest approach.
What happens after you submit everything
Once you have provided all documents and made your opening deposit, the bank will process the account. This usually takes one to three business days. During this time, the bank verifies your identity and, if applicable, confirms that your business structure documents are legitimate. For corporations and LLCs, they may contact your state's Secretary of State office to confirm your filing.
You will receive your account number, routing number, and debit card by mail or email depending on the bank. Some banks give you temporary access to the account online while the physical card is being printed. Others wait until everything arrives before activating the account. Ask the bank what to expect so you know when you can start using the account.
Common reasons banks ask for more documents
If your business is brand new—filed within the last few weeks—the bank may ask for additional proof that you are a real business. This might include a business license, a lease or utility bill showing your business address, or a screenshot of your business website. The bank is checking that you are not opening an account for fraudulent purposes.
If you have a criminal record or a history of banking problems, the bank may decline to open the account or ask for more information. Banks use a system called ChexSystems that tracks banking history. If you have unpaid overdrafts or fraud allegations, this will show up and may disqualify you from some banks. Community banks and credit unions are sometimes more flexible than large national banks in these situations.
If your business involves certain industries—such as cannabis, money services, or high-risk activities—the bank may ask for additional compliance documentation. These industries face stricter federal oversight, and banks have to do more thorough background checks.
Frequently Asked Questions
Can I open a business account online without going to a branch?
Some banks let you open the account entirely online, but most require at least one in-person visit or a video call to verify your identity. A few banks will mail you everything and let you sign documents electronically. Call the bank first to ask whether they offer fully online account opening for your business type.
What if I do not have an EIN yet?
You can get an EIN from the IRS website in about 15 minutes for free. If the bank requires it and you do not have one, explore for it before you go in. Some banks will let you open the account with just a Social Security number and explore for the EIN later, but this is less common now.
Do all owners have to be present when I open the account?
Most banks require all owners to sign the account paperwork, which usually means being present in person. Some banks will accept signatures by mail or electronically if you cannot all be there at the same time. Ask the bank about their policy before you schedule an appointment.
How much money do I need to open the account?
This depends on the bank and the account type. Some have no minimum; others require $100 to $500. A few waive the minimum if you set up direct deposit or maintain a certain balance. Check with your bank about their specific requirement before you explore.
What if the bank rejects my documents?
The bank will tell you which documents are missing or incorrect. Common issues are outdated articles of incorporation, an EIN letter that does not match your business name, or missing owner information. You can usually fix these and resubmit within a few days.