Yes, you can open a business bank account online, but the process varies by bank and business type
Most banks now let you start a business account application on their website without visiting a branch. You fill out forms about your business, upload documents, and fund the account—all from your computer. However, some banks still require an in-person visit to verify your identity or sign documents, and a few require you to apply in person from the start. The speed and ease depend on whether you have an Employer Identification Number (EIN), how your business is structured, and which bank you choose.
The online process typically takes a few minutes to complete the application itself, but approval can take anywhere from same-day to several business days. Some banks offer same-day or next-day account opening if you meet their requirements. Others may hold your account pending verification of your documents, which can add a week or more.
Key Takeaways
- Most major banks and many smaller banks allow you to start a business account application online, though some require a final in-person step or phone call to verify your identity.
- You will need your Social Security Number or EIN, business structure documents (like articles of incorporation or an LLC formation certificate), and a government-issued ID to complete an online application.
- Banks that offer same-day or next-day account opening typically require you to have an EIN already and may limit this speed to certain business structures like sole proprietorships or LLCs.
- If a bank cannot verify your identity online, they will ask you to visit a branch, schedule a video call, or mail in additional documents before the account is activated.
What documents you need to open an account online
The exact documents depend on your business structure and the bank's requirements. For a sole proprietorship, most banks need your Social Security Number, a government-issued ID (driver's license or passport), and proof of your business name if you operate under a name other than your own. Some banks ask for a business license or a certificate of assumed name filed with your state or county.
For an LLC or corporation, you will need your EIN, articles of incorporation or organization, a government-issued ID for the owner or authorized representative, and sometimes a certificate of good standing from your state. A few banks also ask for a resolution or certificate authorizing the person opening the account to act on behalf of the business.
If you do not have an EIN yet, you can obtain one free from the IRS before you apply, or some banks will help you apply for one as part of the account opening process. Having an EIN ready speeds things up significantly.
Banks that let you complete the entire process online
Chase, Bank of America, Wells Fargo, and Citibank all allow online applications for business accounts, though most require a phone call or in-person visit to finalize. Chase offers same-day account opening for sole proprietorships and LLCs if you have an EIN and complete the application online. Bank of America typically approves accounts within one to two business days if you apply online and verify your identity by phone.
Smaller and online-only banks often move faster. Mercury, Brex, Wise, and Stripe all handle business account setup entirely online with no branch visit required. Mercury and Brex can open accounts in minutes for may be able to access businesses. Wise and Stripe focus on international payments and invoicing but also offer business accounts with faster online setup than traditional banks.
Credit unions vary widely. Some allow full online applications, while others require at least one in-person visit or a video call with a representative. Contact your local credit union to ask whether they support online business account opening.
When banks require an in-person visit or phone call
Banks use in-person visits or phone calls to verify your identity and prevent fraud. If you apply online and the bank cannot confirm who you are through their digital verification tools, they will ask you to visit a branch or schedule a video call. This is common if your ID is expired, if you have no credit history with that bank, or if your address does not match their records.
Some banks also require an in-person visit if your business structure is complex—for example, if you are opening an account for a partnership, a nonprofit, or a business with multiple owners. In those cases, the bank may need signatures from all owners or officers, which they prefer to collect in person.
A few banks, particularly smaller regional banks and some credit unions, do not offer online business account opening at all and require you to apply in person from the start. Call ahead or check the bank's website before you start an application.
How long approval takes and when you can use the account
If you complete the application online and the bank approves it the same day, you may be able to use the account immediately—though some banks place a temporary hold on deposits or transfers while they finish their background checks. This hold typically lasts 24 to 48 hours.
If the bank needs to verify documents or your identity by phone or video, approval usually takes one to three business days after that verification. If they ask you to mail in documents or visit a branch, add another five to ten business days depending on mail speed and branch availability.
Once your account is open, you can usually set up online banking, request a debit card, and start making transfers within hours. Checks and physical debit cards typically arrive within five to ten business days.
What to do if you cannot complete the process online
If a bank tells you that you must apply in person, you have two options: visit a branch at that bank, or switch to a bank that supports full online opening. Before you visit a branch, call ahead and ask whether you need an appointment. Many branches now require appointments for account opening, especially at larger banks.
If you want to avoid a branch visit entirely, look for online-only banks or fintech companies that handle business accounts. Mercury, Brex, Wise, and Stripe all support businesses that cannot or prefer not to visit a physical location. These banks typically have lower minimum balances and faster account opening than traditional banks, though they may charge different fees or offer fewer services like in-person check deposits.
If you have already started an application at one bank and it is stalled waiting for in-person verification, you can abandon that application and start fresh at a different bank. There is no penalty for doing so, and your credit report will not be affected.
Fees and minimum balances for online business accounts
Monthly fees for business accounts range from zero to $25 or more, depending on the bank and account type. Many banks waive the monthly fee if you maintain a minimum balance—typically $500 to $2,500—or if you set up direct deposit. Online-only banks and fintech companies often charge no monthly fee at all.
Some banks charge per-transaction fees for wire transfers, ACH transfers, or checks written. Others include a set number of these transactions per month before charging. Ask about these fees before you open the account, because they add up quickly if you move money frequently.
Minimum opening deposits vary. Many banks require $100 to $500 to open a business account, though some online banks require nothing. A few banks waive the minimum if you set up a direct deposit or transfer from another account.
Frequently Asked Questions
Do I need an EIN to open a business account online?
No, but having one speeds up the process significantly. Sole proprietors can use their Social Security Number instead. If you do not have an EIN yet, you can obtain one free from the IRS website in minutes, or some banks will help you apply during account opening.
Can I open a business account online if I do not have a physical business address?
Yes. You can use a home address, a virtual office address, or a mailbox service address. The bank needs a mailing address for statements and correspondence, but it does not have to be a commercial location. Tell the bank which address to use when you fill out the application.
What if the bank asks me to verify my identity by phone?
Answer the call or call the bank back at the number on your account statement or their website. They will ask you to confirm personal information and details about your business. This call usually takes five to ten minutes and completes the verification process so your account can be activated.
How long does it take to receive checks and a debit card after opening an account online?
Debit cards and checks typically arrive within five to ten business days of account activation. Some banks offer rush delivery for an extra fee. You can usually start making transfers and payments online before the physical cards and checks arrive.
Can I open multiple business accounts online at different banks?
Yes. There is no limit to how many business accounts you can open. However, each bank will run a background check and may ask about your other accounts. Opening multiple accounts in a short time may trigger additional verification steps at some banks.