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) — a nine-digit tax ID issued by the IRS — or your Social Security Number if you are a sole proprietor. You will also need a government-issued photo ID, your business address, and details about the business itself: the legal structure (sole proprietorship, LLC, S-corp, C-corp, partnership), the industry, and estimated monthly transaction volume.

If your business is a partnership, LLC, or corporation, bring the formation documents: the Articles of Organization, Articles of Incorporation, or Partnership Agreement. Bank of America will ask for these to verify the business exists and to confirm who has signing authority. If you are opening the account as a sole proprietor using your Social Security Number, you will need proof that you operate under a business name — either a DBA (Doing Business As) certificate filed with your state or county, or documentation showing the business is registered.

Have your business's expected monthly deposit and withdrawal amounts ready. Bank of America uses this information to recommend account tiers and to flag accounts that may need additional review. You will also need to provide the names and titles of anyone who will have signing authority on the account.

Key Takeaways

  • You need an EIN from the IRS (or your SSN if you are a sole proprietor), a photo ID, and your business formation documents to open an account.
  • Bank of America offers the Business Advantage Checking account for most small businesses and the Business Advantage Relationship Pricing account if you maintain higher balances or use multiple services.
  • You can open an account online, by phone, or in person at a branch; online takes 10 to 15 minutes but requires a valid business address and EIN.
  • Monthly maintenance fees range from $0 to $15 depending on the account type and whether you meet balance or deposit thresholds.
  • After opening, you will receive debit cards and checks within 7 to 10 business days, and online banking access is available immediately.

Online, phone, or in-person: which route is fastest

Opening online is the quickest option if you have all documents ready. Go to bankofamerica.com, select "Open an Account," then choose "Business Checking." You will enter your EIN or SSN, business name, address, and the names of authorized signers. The process takes 10 to 15 minutes. Bank of America will verify your identity using information from credit bureaus and the IRS database, and you will receive confirmation within minutes if approved. Your account number appears on screen immediately, and you can set up online banking and transfers the same day.

Opening by phone takes longer but may be easier if you have questions. Call Bank of America's business banking line at 1-800-933-6262. A representative will walk you through the same information and can answer questions about account features, fees, and services. This route typically takes 20 to 30 minutes, and you will receive your account number by phone or email within one business day.

Opening in person at a branch is useful if you need to deposit a check immediately or if you want to discuss account features face-to-face. Bring all documents listed above. A banker will complete the application, verify your identity, and open the account on the spot. You can leave with temporary checks and a debit card order form. Processing takes 5 to 10 business days from the branch visit.

Account types and monthly fees

Bank of America offers two main business checking accounts. The Business Advantage Checking account has a $12 monthly maintenance fee, waived if you maintain a $2,500 minimum daily balance or have $10,000 in combined deposits per month. This account includes unlimited check writing, online bill pay, and mobile banking. It is the standard choice for most small businesses.

The Business Advantage Relationship Pricing account has no monthly maintenance fee but requires you to maintain a $25,000 minimum balance across all Bank of America business accounts combined, or to have $50,000 in combined deposits per month. This account is designed for businesses that use multiple Bank of America services — such as a business loan, credit card, or merchant processing — or that maintain higher balances. The fee waiver is based on your total relationship with the bank, not just the checking account.

Both accounts include the same core features: unlimited transactions, online and mobile banking, ACH transfers, and wire transfer capability. The difference is cost: if you cannot maintain the minimum balance or deposit threshold, the $12 monthly fee applies. If you can, Relationship Pricing saves you money and may offer additional perks like discounted loan rates or merchant processing fees.

What happens after you open the account

Your account is active immediately after approval, and you can transfer money, pay bills, and receive deposits right away using your account number and routing number. Bank of America will email you a link to set up online banking and mobile app access within minutes of approval. You can log in and view your account, set up bill pay, and create transfer rules before your physical cards and checks arrive.

Debit cards and checks are mailed separately and typically arrive within 7 to 10 business days. If you need checks sooner, you can order them through online banking and have them expedited (usually 2 to 3 business days for an additional fee), or you can request temporary checks at a branch. Debit cards cannot be expedited, but you can request a rush card at a branch and pick it up the same day in some locations.

Your first statement will arrive 30 days after the account opens. Bank of America sends statements electronically by default, but you can request paper statements through online banking settings. Review your first statement to confirm all opening deposits and to verify that the account is set up correctly.

EIN vs. Social Security Number: which to use

If your business is registered as an LLC, S-corp, C-corp, or partnership, you must use your EIN. Bank of America will not open a business account under these structures using a Social Security Number. You can obtain an EIN for free from the IRS at irs.gov/ein; the process takes 15 minutes online and the number is issued immediately.

If you are a sole proprietor, you can use either your EIN or your Social Security Number. Using an EIN keeps your personal and business finances more clearly separated and may be required if you have employees or if you plan to hire them later. Using your SSN is simpler if you have no employees and do not plan to hire any. Either choice works for opening the account; the decision depends on your business structure and future plans.

Common reasons accounts are declined or delayed

Bank of America may decline or delay your application if your identity cannot be verified through credit bureaus or the IRS database. This happens most often with new businesses that have no credit history yet. If this occurs, you can open the account in person at a branch with additional documentation: a utility bill or lease showing your business address, a state business license or DBA certificate, and your photo ID. The branch banker can manually verify your identity and complete the application on the spot.

Accounts may also be delayed if the business address does not match IRS records for your EIN, or if the name on your ID does not match the name on the account application. Correct any mismatches before applying. If you recently moved or changed your business name, update your information with the IRS first, then apply to Bank of America.

Bank of America also screens accounts for fraud and money-laundering risk. If your application is flagged, a representative will call you to confirm details about your business, the source of funds, and expected transaction patterns. This is normal and does not mean you have done anything wrong. Answer honestly and provide any documents the bank requests. Most flagged accounts are approved within 1 to 3 business days.

Frequently Asked Questions

Do I need a business license to open an account?

No, but Bank of America will ask for proof that your business exists. A state business license, DBA certificate, or Articles of Organization are the most common forms of proof. If you have none of these yet, you can open an account in person at a branch with a utility bill or lease showing your business address and your photo ID.

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

If you are a sole proprietor, yes — use your Social Security Number. If your business is an LLC, S-corp, or corporation, you must have an EIN. You can obtain one for free at irs.gov/ein in 15 minutes; the number is issued immediately and you can use it to open your account the same day.

What if I need to add another person to sign checks?

You can add authorized signers during the account opening process or afterward through online banking. If you add them later, log into your business account, go to Settings, and select "Manage Users." You will need the signer's name, address, and Social Security Number. Bank of America will verify their identity, and the change takes effect within 1 to 2 business days.

How long does it take to receive my first debit card?

Standard delivery takes 7 to 10 business days. You can request expedited delivery (2 to 3 business days) through online banking for a fee, or you can request a rush card at a branch and pick it up the same day in many locations. Until your card arrives, you can use your account number and routing number for transfers and bill pay.

What is the difference between a business account and a personal account?

Business accounts are designed to handle multiple signers, higher transaction volumes, and business-specific features like ACH batch processing and merchant services. Personal accounts are for individual use only and have lower transaction limits. Bank of America requires you to open a business account if you are operating a business, even as a sole proprietor.