What you need before you start

Bank of America requires you to bring specific documents and information in person or online, depending on which route you choose. You will need your Social Security number or Individual Taxpayer Identification Number, a government-issued photo ID, and proof of your business address. If your business is registered with your state, bring that documentation too—articles of incorporation for a corporation, an operating agreement for an LLC, or a DBA (Doing Business As) certificate if you operate under a name different from your legal name.

The bank also asks for your initial deposit amount before opening the account. Minimum deposit requirements vary by account type, so confirm the current minimum when you contact the bank or visit a branch. You will also need to decide what type of business structure you have—sole proprietorship, partnership, LLC, S-corporation, or C-corporation—because this affects which account options are available to you and what tax documentation the bank will request.

Key Takeaways

  • You must bring a government-issued photo ID, proof of your business address, and your Social Security number or ITIN to open an account in person.
  • Bank of America offers different account types for different business structures, and the one you choose affects monthly fees and features.
  • You can open an account online, by phone, or in a branch, but online accounts may require you to verify your identity at a branch within 30 days.
  • The bank will ask for an EIN (Employer Identification Number) if your business has employees or is structured as a partnership, LLC, or corporation.
  • After opening, you can set up online banking, mobile deposits, and payment processing through the same account.

Opening an account in a Bank of America branch

Walk into any Bank of America branch with your documents and ask to speak with a business banker. Bring your photo ID, proof of your business address (a utility bill, lease, or mortgage statement dated within the last 60 days works), and your Social Security number or ITIN. If your business is registered with your state, bring that paperwork as well. The banker will ask you questions about your business—what you do, how long you have been operating, and how much money you expect to move through the account each month.

The banker will then show you the account options available for your business structure. Bank of America offers accounts like the Business Advantage Checking Account and the Business Advantage Money Market Account, each with different monthly fees (which may be waived if you maintain a minimum balance or set up direct deposit). You will choose one, provide your initial deposit, and sign the account agreement. The account opens immediately, and you can start using it the same day if you deposit cash or a check.

Opening an account online or by phone

Call Bank of America's business banking line at 1-800-933-6262 or visit bankofamerica.com to start an online application. You will enter your personal information, business details, and the type of account you want. The online process takes about 15 minutes. However, Bank of America requires you to verify your identity in person at a branch within 30 days of opening the account online—you cannot complete the process entirely remotely.

If you open online, the bank will send you a temporary account number and routing number so you can begin using the account before your in-person verification. You can set up direct deposit or receive ACH transfers using these numbers. When you visit the branch to verify your identity, bring the same documents you would bring if opening in person: photo ID, proof of business address, and your Social Security number or ITIN. After verification, your account is fully activated.

What happens if your business is new or has no registration

If you are a sole proprietor operating under your own name with no formal business registration, you can still open an account. Bring your photo ID, proof of your home address, and your Social Security number. The bank may ask for a business plan or description of what you do, but you do not need a registered business entity. Some sole proprietors use their personal Social Security number as their business tax ID, which is acceptable to Bank of America.

If your business is a partnership, LLC, S-corporation, or C-corporation, the bank will ask for an EIN (Employer Identification Number) from the IRS. You can obtain an EIN online at irs.gov for free, and it takes about 15 minutes. If you do not have an EIN yet, you can still open the account using your Social Security number temporarily, but the bank will ask you to provide the EIN once you receive it.

Account types and what each one costs

Bank of America's most common business account is the Business Advantage Checking Account. It has a monthly maintenance fee (currently $15 at most branches, though this varies), which is waived if you maintain a minimum balance or set up a direct deposit of at least $250 per month. This account includes online banking, mobile deposits, and the ability to process payments.

The Business Advantage Money Market Account is designed for businesses that want to earn interest on their balance. It has a higher minimum balance requirement and a monthly fee that is also waived under certain conditions. There is also the Business Advantage Relationship Pricing option, which bundles checking, savings, and credit products and may lower your overall fees if you use multiple services.

Each account type comes with different limits on the number of transactions you can make per month and different interest rates on balances. Ask the banker which account makes sense for your business volume and cash flow.

Setting up online banking and payment tools after opening

Once your account is open, you can log into Bank of America's online banking portal using your Social Security number and a password you create. From there, you can view your balance, transfer money between accounts, set up bill pay, and download statements. Mobile deposits—the ability to photograph a check and deposit it through your phone—are also available through the Bank of America mobile app.

If you want to accept credit card or debit card payments from customers, you can set up merchant services through the same account. Bank of America offers point-of-sale systems and online payment processing. You can also set up ACH payments (automatic transfers from customer bank accounts) and wire transfer capabilities. Each service has its own fee structure, which the banker will explain when you open the account or when you request to add it later.

What to do if you are denied or have questions about requirements

Bank of America may decline to open an account if you have a history of fraud, unpaid debts to the bank, or if your business is in a high-risk industry (such as money transmission or certain financial services). If you are denied, the bank will tell you why in writing. You can ask to speak with a manager to discuss the decision, but the bank is not required to reverse it.

If you have questions about what documents you need or whether your business structure qualifies, call the business banking line at 1-800-933-6262. A representative can walk you through the requirements specific to your situation before you visit a branch or complete an online application. This call takes about 10 minutes and can save you a trip if you are missing a document.

Frequently Asked Questions

Can I open a business account if I do not have an EIN yet?

Yes. If you are a sole proprietor, you can use your Social Security number. If your business is an LLC, partnership, or corporation, you can open the account with your Social Security number and provide the EIN later once you receive it from the IRS. The bank will ask you to update your information after you get the EIN.

How long does it take to open an account?

In a branch, the process takes 15 to 30 minutes. Online, it takes about 15 minutes to complete the application, but you must visit a branch within 30 days to verify your identity in person. After that verification, your account is fully active.

What is the minimum deposit to open a business account?

The minimum deposit varies by account type and changes periodically. Call 1-800-933-6262 or ask at your local branch for the current minimum. Most business checking accounts require between $100 and $500 to open.

Can I open a business account for a business that operates from my home?

Yes. Bring proof of your home address, such as a utility bill or lease agreement dated within the last 60 days. The bank does not require a commercial office space.

What if I need to add another person to sign checks on the account?

You can add an authorized signer or co-owner to the account after it opens. Visit a branch with the other person's photo ID and Social Security number, and the banker will update the account. Some account types allow multiple signers; ask about this when you open the account if you know you will need it.