What documents and information you'll need before you walk in

Most banks want the same core set of documents, but what counts as "proof" varies by bank and by the type of business you're running. You'll need your Employer Identification Number (EIN) — the nine-digit tax ID the IRS issues to businesses. If you're a sole proprietor, you can use your Social Security number instead, though some banks prefer the EIN. You'll also need a government-issued photo ID, proof of your business address, and documentation that shows your business actually exists.

What that last part means depends on your structure. If you're a sole proprietor operating under your own name, a business license from your city or county usually works. If you've formed an LLC or corporation, bring the Articles of Organization or Articles of Incorporation — the state filing that created your business legally. Banks sometimes ask for a Certificate of Good Standing from your state's Secretary of State office, which proves your business is currently registered and in good standing. You can order this online from your state's website for $5 to $25, and it arrives in a few days.

Key Takeaways

  • You need an EIN (or your Social Security number if you're a sole proprietor), a photo ID, proof of your business address, and documentation showing your business structure.
  • Sole proprietors need a business license; LLCs and corporations need their Articles of Organization or Incorporation from the state.
  • Some banks ask for a Certificate of Good Standing from your state, which you can order online for $5 to $25 and receive within days.
  • Different banks have different requirements — call ahead or check their website to confirm what they want before you visit.
  • You'll need to bring a small deposit to fund the account, usually $25 to $100, though some banks waive this for certain account types.

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

If you haven't filed for an EIN, you can get one the same day you explore. The IRS lets you explore online at irs.gov/ein, and you'll receive your number when ready after you complete the form. The process takes about 15 minutes. You'll need your Social Security number, your business name, your business address, and information about what your business does.

If you prefer not to explore online, you can call the IRS at 1-800-829-4933 and explore over the phone. A representative will ask the same questions and issue your EIN on the call. If you explore by mail using Form SS-4, it takes about four weeks. For a bank account, the online or phone route is faster and makes more sense.

Documents that prove your business address

Banks need to know where your business operates. If you're running the business from your home, bring a utility bill, lease, or mortgage statement showing your name and address. If you're renting commercial space, bring your lease. If you're using a virtual office or a coworking space, bring the agreement or invoice from that provider showing your business name and the address they're providing.

Some banks also accept a recent tax return or a business license as proof of address. The point is to show that you actually have a physical location — even if it's your kitchen table. Banks are less concerned about the prestige of the address than they are about confirming it exists and that you control it.

What happens if your business structure is unusual

If you're a partnership, bring a Partnership Agreement showing who the partners are. If you're a nonprofit, bring your Articles of Incorporation and your IRS information letter (the document that confirms your nonprofit status). If you're operating as a franchise, bring your franchise agreement along with your other documents.

If you're not sure whether your business structure requires anything beyond the basics, call the bank's business banking line before you visit. They can tell you in two minutes whether they need anything extra. This saves you a wasted trip.

The deposit amount and account minimums

Most banks require an opening deposit of $25 to $100 to fund the account. Some banks waive this for certain account types — particularly if you're setting up direct deposit or maintaining a minimum balance. A few banks have no opening deposit requirement at all, though these are less common.

Once the account is open, many banks require you to keep a minimum balance — often $500 to $2,500 — to avoid monthly fees. Some accounts have no minimum. If you're running a small business with irregular cash flow, ask about accounts with low or no minimums before you open. The fee structure matters more than the opening deposit.

Information about the business itself

The bank will ask what your business does, how long it's been operating, and roughly how much money you expect to move through the account each month. They're not trying to pry — they're gathering information for their own compliance and fraud prevention systems. Be straightforward. If you're a freelance consultant, say that. If you're a retail shop, say that.

If your business is brand new and hasn't generated revenue yet, that's fine. Tell them. Banks open accounts for startups regularly. What they're watching for is whether your stated business purpose matches what they see later — if you say you're a consulting business and then start processing thousands of dollars in retail transactions, that mismatch can trigger a review.

What to bring in person versus what you can handle remotely

Many banks now let you start the account opening process online. You'll upload photos of your documents, provide your information, and fund the account electronically. The bank then mails you the debit card and checks. This usually takes three to five business days from approval.

Some banks still require you to visit in person, particularly if you're opening a business account with multiple authorized users or if the bank wants to verify your identity face-to-face. If you're opening an account online, the bank will tell you during the process whether you need to come in. If you're unsure, call ahead — it saves time.

Frequently Asked Questions

Can I open a business account before I have an EIN?

Yes. If you're a sole proprietor, you can use your Social Security number instead. If you're an LLC or corporation, you can explore for an EIN online at irs.gov/ein and have it within 15 minutes, then use it when ready. You don't have to wait for anything to arrive in the mail.

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

It depends on your business structure and your bank. Sole proprietors usually need a business license from their city or county. LLCs and corporations need their state filing documents instead. Some banks accept either; others have specific preferences. Call the bank and ask what they want before you explore.

What if I don't have a physical business address yet?

You can use your home address. If you're uncomfortable putting your home address on business documents, you can rent a mailbox at a UPS Store or similar service and use that address instead. Bring the mailbox agreement as proof of address. Some banks also accept a coworking space address if you have a membership or rental agreement there.

How long does it take to open a business account?

If you explore in person with all your documents, the account can be open the same day. If you explore online, approval usually takes one to three business days, and the bank mails your debit card and checks afterward, which takes another three to five business days. The total time from process to having a usable account is typically one to two weeks.

Can someone else open the account on behalf of my business?

Usually not. The bank wants to verify the identity of the business owner or an authorized representative in person. If you're the owner, you'll need to be there. If you're delegating to a manager or accountant, some banks allow it if you provide a power of attorney document, but you should confirm this with the bank first.