What you need before you start
Bank of America requires specific documents and information before you can open a business account. You will need your Employer Identification Number (EIN) from the IRS, or your Social Security number if you are a sole proprietor. You will also need a government-issued ID, your business address, and details about the business structure — whether it is a sole proprietorship, partnership, LLC, S-corp, or C-corp.
If your business is brand new, you may not have an EIN yet. You can obtain one free from the IRS website (irs.gov) or by phone at 1-800-829-4933. The process takes minutes online and you receive your number immediately. If you are a sole proprietor using your Social Security number instead, bring that number and your ID.
Bank of America also asks for information about the business itself: the legal name, the type of business, how long it has been operating, and the names and ownership percentages of all owners. If you are opening the account in person, bring these details in writing or have them ready to provide verbally.
Key Takeaways
- You need an EIN (or Social Security number for sole proprietors), government ID, and your business address before you walk into a branch or start an online application.
- Bank of America offers business checking, savings, and money market accounts, each with different monthly fees and minimum balance requirements that vary by account type.
- Opening in person at a branch takes 20 to 30 minutes and lets you ask questions; opening online takes 10 to 15 minutes but requires you to verify your identity through a video call or by mail.
- After you open the account, you will receive debit cards, checks, and online banking access within 7 to 10 business days.
- Bank of America may place a hold on deposits for the first 30 days while they verify your business information.
Opening an account in person at a branch
Walk into any Bank of America branch with your EIN (or Social Security number), government ID, and business address. Tell the banker you want to open a business account. They will ask you questions about your business — what you do, how many employees you have, how much you expect to deposit monthly, and who the owners are. Answer honestly; this information helps Bank of America assign you to the right account type and flag any compliance concerns early.
The banker will show you the business account options available. Bank of America typically offers a basic business checking account, a business money market account, and business savings. Each has a different monthly fee (ranging from $0 to $15 depending on the account and your balance) and a minimum opening deposit (usually $100 to $500). Ask about any current promotions; Bank of America sometimes waives fees for the first few months or offers cash bonuses for new accounts.
Once you choose an account, the banker will collect your signature on the account agreement and deposit your opening funds. The entire process takes 20 to 30 minutes. You will leave with temporary debit cards or a temporary card number for online use, and permanent cards arrive by mail within 7 to 10 business days. Checks can be ordered immediately through the online portal once your account is active.
Opening an account online
Go to bankofamerica.com and select "Open an Account" under the business section. You will enter your business name, EIN, and the type of business structure. Bank of America will ask for your personal information (name, address, Social Security number or ITIN) and the names and ownership stakes of all owners with 20% or more ownership.
After you submit this information, Bank of America will ask you to verify your identity. This happens through one of two methods: a video call with a banker (which takes 5 to 10 minutes and can happen immediately) or by mail (which takes 5 to 7 business days). During the video call, you will show your government ID to the camera and answer a few security questions. If you choose the mail route, Bank of America sends a verification code to your business address, which you enter into the online portal.
Once your identity is verified, you will choose your account type and deposit amount, then review and sign the account agreement electronically. Your account opens immediately, and you can begin using online banking right away. Debit cards and checks arrive within 7 to 10 business days. Some readers report that the online process is faster than in-branch, but it requires a stable internet connection and a government ID that is readable on camera.
Account types and fees
Bank of America offers three main business account types. The Business Advantage Checking account has a $12 monthly fee (waived if you maintain a $1,500 minimum daily balance or deposit $1,500 or more per month). This account includes unlimited check writing, online bill pay, and mobile banking. The Business Advantage Money Market account earns interest on your balance but has a $25 monthly fee (waived with a $10,000 minimum balance) and limits you to six withdrawals per month. The Business Advantage Savings account earns interest and has a $5 monthly fee (waived with a $500 minimum balance).
All three accounts include access to Bank of America's online banking portal, mobile app, and customer service line. Business checking is the most common choice for small businesses because the fee is easy to waive and the account has no withdrawal limits. If you expect to keep a large cash reserve, the money market account may make sense because you earn interest, though the withdrawal limit can be restrictive.
Bank of America also charges for certain transactions: wire transfers (typically $15 to $30 depending on whether domestic or international), stop payments ($30), and overdraft fees ($35 per occurrence). These fees are separate from the monthly account fee and apply only when you use these services.
What happens after you open the account
Your account is active immediately, but Bank of America may place a deposit hold on funds you deposit during the first 30 days. This means if you deposit a check for $5,000, the bank may not make the full amount available right away — they might release $1,000 immediately and hold the rest for 2 to 5 business days. This is a compliance measure and is standard across banks for new business accounts. Ask the banker or check your online portal to see the hold timeline for your specific deposits.
You will receive your debit card, checks, and online banking login information within 7 to 10 business days. Set up online banking as soon as you receive your login credentials. This lets you monitor your balance, set up automatic bill payments, and receive alerts if your balance drops below a certain level. You can also order additional debit cards for employees or set up separate user roles (for example, one employee can view the account but not transfer money).
Bank of America will also send you information about optional services: merchant processing (to accept credit card payments), payroll services, and business credit cards. You do not need these to use your checking account, but they may be useful as your business grows.
Documents you may need later
After your account is open, Bank of America may ask for additional documents if your business structure changes or if you add new owners. If you form an LLC or incorporate, bring a copy of your articles of incorporation or articles of organization. If you add a new owner with 20% or more ownership, bring documentation showing their ownership stake and their personal identification.
Keep copies of your account agreement, your EIN letter from the IRS, and any business licenses or permits. These documents help you prove ownership of the account if you ever need to dispute a transaction or transfer the account to a new owner. Bank of America may also ask for tax returns or business financial statements if you want to open a business credit card or line of credit later.
Frequently Asked Questions
Can I open a business account if my business is not yet registered with the state?
Yes. Bank of America does not require state registration to open a business checking account. If you are a sole proprietor, you can open an account using your Social Security number and business name. If you plan to form an LLC or corporation, you can open the account now and update your account information once you receive your articles of incorporation from the state.
What if I do not have an EIN yet?
You can obtain an EIN free from the IRS before you open your account, or you can use your Social Security number if you are a sole proprietor. If you are opening an account as an LLC or partnership, you will need an EIN. The IRS issues EINs immediately online at irs.gov, so you can have one within minutes.
How long does it take to open an account?
In person at a branch, the process takes 20 to 30 minutes. Online, it takes 10 to 15 minutes to enter your information, plus 5 to 10 minutes for video identity verification (or 5 to 7 days if you choose mail verification). Your account is active immediately after verification, but debit cards and checks arrive within 7 to 10 business days.
Will Bank of America hold my deposits?
Yes, Bank of America typically places a hold on deposits for the first 30 days of a new business account. The hold timeline depends on the type of deposit (checks may be held longer than cash) and your account history. Ask the banker about the specific hold policy for your account when you open it.
Can I open a business account online if I do not have a video camera?
Yes. If you open online and do not want to do a video call, you can choose the mail verification option. Bank of America will send a verification code to your business address, which you enter into the online portal. This process takes 5 to 7 business days instead of 5 to 10 minutes, but it does not require a camera or internet-connected device for the verification step.