What you need before you walk in
A business bank account requires proof that your business exists as a legal entity separate from you personally. The documents the bank will ask for depend on what type of business structure you have — sole proprietorship, LLC, S-corp, C-corp, or partnership — and they vary slightly by bank and state.
Start by gathering your Employer Identification Number (EIN), which the IRS issues to nearly all business structures except sole proprietorships without employees (those can use a Social Security number instead). You can get an EIN free from the IRS website or by phone; it takes minutes and you receive it immediately. You will also need a government-issued photo ID, your Social Security number, and proof of your business address — a utility bill, lease, or mortgage statement dated within the last 60 days usually works.
If your business is an LLC, corporation, or partnership, bring your Articles of Organization or Certificate of Incorporation — the document you filed with your state to create the business legally. If you do not have this yet, you cannot open a business account; you have to register the business with your state first. A sole proprietor operating under their own name can sometimes skip this step, but many banks now require it anyway.
Key Takeaways
- You need an EIN from the IRS (or your Social Security number if you are a sole proprietor with no employees), a government photo ID, and proof your business is registered with your state.
- Different business structures — sole proprietorship, LLC, S-corp, C-corp, partnership — require different documents, so confirm with the bank what applies to you before you visit.
- Banks verify your identity and business registration before opening the account, a process that usually takes one to three business days.
- You will need to bring a minimum opening deposit, which ranges from zero to several hundred dollars depending on the bank and account type.
- Online banks often have lower fees and no minimum deposit requirements, but they do not accept cash deposits and may not offer business credit cards or loans.
Where to open the account: in-person versus online
Traditional banks with physical branches let you walk in with your documents, speak to an account representative, and leave with a debit card the same day. They typically offer business credit cards, merchant services, and the option to deposit cash at a teller or ATM. The trade-off is higher monthly fees — often $10 to $25 per month — and higher minimum opening deposits, sometimes $500 or more.
Online banks and fintech platforms have no physical locations, so you upload documents and complete the process on your phone or computer. They usually charge no monthly fee and have no minimum opening deposit. However, they do not accept cash deposits, do not issue physical debit cards immediately (you get a virtual card first), and rarely offer business credit or lending products. Online banks work well if you operate primarily by card or digital transfer and do not need to handle cash.
Credit unions are a middle ground: they are member-owned, often charge lower fees than traditional banks, and may have more flexible requirements for newer businesses. You have to be a member to open an account, which usually means living or working in a specific area or belonging to a particular profession or employer group. Ask your local credit union whether they serve business owners in your situation.
Step-by-step: what happens when you apply
If you are applying in person, call ahead or check the bank's website to confirm what documents they need for your specific business structure. Bring originals or certified copies — a photocopy of your Articles of Organization is usually not enough. Bring two forms of ID if possible (your driver's license plus a passport, for example), even though the bank will ask for only one.
The account representative will verify your identity, check your business registration with your state, and run a background check. They will ask how you plan to use the account — how many deposits and withdrawals per month, whether you expect large transfers, whether you will deposit checks or cash. This information helps them assign you to the right account tier and flag any suspicious patterns later.
You will sign paperwork authorizing the bank to pull your credit report and verify your identity. You will also choose account features: whether you want overdraft protection, how many authorized users you need, whether you want online banking and bill pay. Then you make your opening deposit, usually by check, debit card, or wire transfer. The account opens immediately, though the bank may hold the deposit for a few business days before it clears.
If you are applying online, the process is similar but happens on your phone or computer. You upload photos of your documents, answer the same questions about how you will use the account, and verify your identity through a video call or by answering security questions. Most online banks complete this in one to three business days and notify you by email when the account is ready.
Documents checklist by business structure
| Business Structure | Documents You Need | ID Requirements |
|---|---|---|
| Sole Proprietorship | EIN letter from IRS (or Social Security number); some banks require a DBA filing if you operate under a business name | Government photo ID; Social Security number |
| LLC | Articles of Organization from your state; EIN letter from IRS | Government photo ID of the owner or authorized representative; Social Security number |
| S-Corp or C-Corp | Certificate of Incorporation from your state; EIN letter from IRS; corporate bylaws (some banks ask for this) | Government photo ID of the owner, officer, or authorized representative; Social Security number |
| Partnership | Partnership agreement; Articles of Partnership filed with your state; EIN letter from IRS | Government photo ID of at least one partner; Social Security numbers of all partners |
Minimum deposits and ongoing fees
Minimum opening deposits range from zero to $500, depending on the bank and account type. Many online banks have no minimum. Traditional banks often require $100 to $500 for a basic business checking account, and more for premium accounts that include merchant services or credit lines. Some banks waive the minimum if you set up direct deposit or maintain a certain balance.
Monthly maintenance fees typically run $10 to $25 at traditional banks, though some offer the first month free or waive the fee if you maintain a minimum balance (often $1,000 to $5,000). Online banks and some credit unions charge no monthly fee. Beyond the base fee, watch for per-transaction charges: some banks charge $0.50 to $1.00 for each check deposited, wire transfer sent, or ACH transfer made. Others include a set number of these transactions free each month.
Ask the bank for a fee schedule before you open the account. The schedule will list every charge — overdraft fees (typically $25 to $35), returned check fees, wire transfer fees, and fees for stopping payment on a check. These add up quickly if your business has high transaction volume.
What happens after the account opens
The bank will issue you a debit card, usually within 5 to 10 business days. You will receive online banking login credentials immediately (or within 24 hours for online banks). Set up online banking right away so you can monitor deposits, pay bills, and transfer money without visiting a branch.
If you need to deposit checks, the bank will provide deposit slips or a mobile deposit option (photograph the check with your phone and the bank credits your account). If you need to deposit cash, you will have to visit a branch or ATM — online banks do not accept cash deposits at all.
The bank will send you tax documents at the end of the year if you earned interest on your account balance (usually a 1099-INT form). Keep these for your tax records. You will also receive monthly statements showing all transactions; review these carefully to catch unauthorized charges or errors.
If your business is not yet registered with your state
You cannot open a business bank account without proof that your business is registered. If you have not filed your Articles of Organization or Certificate of Incorporation yet, do that first. The process takes 1 to 10 business days depending on your state and whether you pay for expedited processing. You can file online through your state's Secretary of State website for a fee (usually $50 to $300). Once you receive your filing confirmation, you can take it to the bank.
If you are a sole proprietor operating under your own legal name, some banks will open an account without state registration. However, most now require a DBA (Doing Business As) filing or equivalent, which registers your business name with your county or state. This costs $10 to $100 and takes a few days. Check with your bank first to see whether they require it.
Frequently Asked Questions
Can I open a business account if my business is brand new and has no revenue yet?
Yes. Banks do not require you to have been in business for any length of time or to have revenue. They do require proof that your business is registered with your state (or that you have filed a DBA if you are a sole proprietor). A business that exists on paper but has not yet earned money is fine.
Do I need a business license to open a business bank account?
Not always. A business license and business registration are different things. Most banks require proof of registration (your Articles of Organization or DBA filing), but not all require a business license. Some industries — food service, real estate, contracting — do need a license. Call the bank and ask what they need for your specific type of business.
What if I am the only owner but the bank asks for multiple signatures?
Banks sometimes require two authorized signers on a business account for fraud prevention. If you are the sole owner, you can usually name yourself as the only signer. If the bank insists on two signers, you can name a trusted employee, family member, or accountant as the second signer. They do not have to be an owner of the business.
Can I use my personal bank account for my business instead?
Technically yes, but it creates problems. The IRS may question whether your business is legitimate if you do not have a separate account. If you are sued, a personal account makes it harder to prove that your business assets are separate from your personal assets, which can put your personal savings at risk. A business account costs little and protects you both legally and at tax time.
How long does it take to get my debit card after I open the account?
Physical debit cards usually arrive within 5 to 10 business days. Online banks issue a virtual card (a number you can use online immediately) and mail a physical card later. If you need to access your money right away, use online banking to transfer funds or pay bills; you do not have to wait for the card.