What you need before you walk into a bank
You will need an Employer Identification Number (EIN) from the IRS, a government-issued photo ID, and proof that your business exists. The proof depends on your business structure: a sole proprietorship needs a DBA (Doing Business As) certificate from your county or state, an LLC needs articles of organization, a corporation needs articles of incorporation, and a partnership needs a partnership agreement. Some banks also ask for a business license or a recent utility bill showing your business address.
Different banks have different requirements, so call ahead before you go in. Some banks waive certain documents if you already have a personal account with them. A few online banks skip the in-person visit entirely and let you upload documents instead.
Have your Social Security number and personal tax ID ready as well. Banks use these to run a background check on you as the owner or authorized representative.
Key Takeaways
- You must have an EIN from the IRS, a photo ID, and proof your business exists (a DBA certificate, articles of organization, or articles of incorporation) before most banks will open an account.
- The IRS issues an EIN for free in minutes online at irs.gov, or you can call 1-800-829-4933 to get one by phone the same day.
- Local banks and credit unions often have lower minimum balances and fewer fees than national chains, but online banks are usually fastest if you have all documents ready.
- Bring originals or certified copies of your business formation documents; banks will not accept photocopies or photos of documents.
- The account opens the same day at most brick-and-mortar banks, but debit cards and checks take 5 to 10 business days to arrive by mail.
Get an EIN from the IRS if you do not have one
An EIN is a nine-digit number that identifies your business to the IRS and to banks. You need one unless you are a sole proprietor with no employees and you plan to use your Social Security number instead (most banks will still ask for an EIN even then). Getting one is free and takes minutes.
Go to irs.gov, find the EIN page, and use the online application. You will answer questions about your business structure, location, and what you do. The IRS issues your number immediately on screen. Write it down or print the confirmation page. If you prefer not to use the website, call the IRS at 1-800-829-4933 during business hours and they will issue one over the phone the same day.
If you applied online, you can use your EIN right away. If you called, the IRS mails a formal confirmation letter in about two weeks, but banks will accept the number you received by phone.
Gather your business formation documents
The document you need depends on how your business is structured. A sole proprietorship needs a DBA certificate from your county clerk or state business office. An LLC needs a copy of your articles of organization filed with your state. A corporation needs articles of incorporation. A partnership needs a partnership agreement signed by all partners.
If you have not filed these yet, do that before you go to the bank. You cannot open a business account without proof the business legally exists. Filing a DBA or articles of organization takes one to three days at most county or state offices, and many allow online filing now.
Bring originals or certified copies. Banks will not accept photocopies, photos on your phone, or PDFs you printed yourself. If you filed online and received a digital copy, ask the filing office to send you a certified copy by mail, or ask if they will certify a printout you bring in.
Choose between a local bank, credit union, or online bank
Local banks and credit unions usually have lower minimum balances (sometimes zero) and fewer monthly fees than national chains. They also let you open the account in person the same day. The downside is that their online tools may be less polished, and they might charge more per transaction.
National banks like Chase, Bank of America, and Wells Fargo have the most branch locations and the most sophisticated online banking. They often have higher minimum balances and monthly fees, but they offer more features like merchant services and payroll integration.
Online banks like Mercury, Brex, and Square have no minimum balance, low or no monthly fees, and fast account setup if you have your documents ready. You upload everything by phone or computer and get approved in hours or a day. The trade-off is that you cannot walk into a branch to deposit cash or talk to someone in person.
What to bring to the bank
| Document | Why the bank needs it |
|---|---|
| Your EIN letter or confirmation | Proves your business has a tax ID |
| Business formation document (DBA, articles of organization, articles of incorporation, or partnership agreement) | Proves your business legally exists |
| Government-issued photo ID (driver's license, passport, or state ID) | Verifies your identity |
| Business license (if your state or city requires one) | Proves you are licensed to operate |
| Utility bill or lease in your business name | Verifies your business address (some banks ask for this) |
Call the bank before you go in and ask which documents they need. Some banks have a checklist on their website. Bring originals or certified copies — never photocopies or phone photos.
Open the account and set up access
At the bank, a representative will ask you to sign signature cards and account agreements. They will run a background check using your Social Security number and personal tax ID. This usually takes a few minutes. If you pass, the account opens the same day.
You will get a temporary debit card or a card number you can use right away for online purchases. A physical debit card arrives by mail in 5 to 10 business days. Checks take 7 to 14 business days. If you need checks sooner, some banks offer rush printing for a fee, or you can order them from a third-party printer like Deluxe or Current.
Before you leave, ask the bank to set up online banking access so you can check your balance and transfer money from your phone or computer. Most banks do this on the spot or email you a link within an hour.
What happens if the bank says no
Banks can refuse to open an account if you have unpaid debts, a history of fraud, or a very poor credit score. They also check ChexSystems, a database of banking problems. If you are denied, ask the bank why. They must tell you.
If the reason is ChexSystems, you can dispute the information at chexsystems.com. If the reason is your credit, try a credit union instead — they are often more lenient. If the reason is unpaid debts, pay them off first or work out a payment plan with the creditor, then try again in a few months.
Some online banks and smaller regional banks have fewer restrictions than national chains. If one bank says no, shop around before giving up.
Frequently Asked Questions
Do I need a business license to open a business bank account?
Not always. Some states and cities require a business license, others do not. Call your city or county clerk to learn about you need one. If you do, get it before you go to the bank — most banks will ask for it. If you do not, you still need your DBA certificate, articles of organization, or articles of incorporation.
Can I use my personal Social Security number instead of an EIN?
Only if you are a sole proprietor with no employees. Even then, most banks prefer an EIN and some require it. Getting an EIN is free and takes minutes, so it is easier to just get one.
How long does it take to open a business bank account?
At a brick-and-mortar bank, the account opens the same day. At an online bank, approval takes a few hours to a day if you have all documents ready. Debit cards and checks arrive by mail in 5 to 14 business days.
What if I do not have a business address yet?
Some banks accept a home address or a virtual mailbox address. Call ahead and ask. If the bank will not accept your address, you can use a UPS store or a mail forwarding service temporarily, then update your address once you have a physical location.
Can I open a business account online without going to a bank?
Yes, if you use an online bank. You upload your documents by phone or computer, and the bank approves you in hours or a day. You will not get a physical debit card as fast, but you can use the card number for online purchases right away.