What you need before you walk in
Most banks will ask for the same core documents, but the exact list depends on your business structure. You will need proof of your business's legal existence — this might be articles of incorporation, a partnership agreement, or an EIN letter from the IRS. Sole proprietors sometimes need only a Social Security Number and a DBA (doing business as) certificate filed with your county or state.
Bring a government-issued ID for the person opening the account, usually the owner or an authorized representative. You will also need an initial deposit, which varies by bank and account type — some require $100, others $1,000 or more. A few banks have no minimum, but they may charge higher monthly fees instead.
Have your business address ready, along with a phone number and email. If your business is brand new and has no history, the bank may ask about the nature of your business and how you plan to use the account. This is routine and not a barrier — they are checking that the account matches your stated purpose.
Key Takeaways
- You will need proof your business legally exists (EIN letter, articles of incorporation, or DBA certificate) plus a government ID and an initial deposit.
- Sole proprietors can often open an account with just a Social Security Number and a DBA, while LLCs and corporations need formal business documents.
- The process usually takes 15 minutes to an hour in person, or one to three business days if you open online.
- Some banks require a minimum deposit of $100 to $1,000, while others have no minimum but charge higher monthly fees.
- You will receive a debit card and checks within one to two weeks; online access is usually available the same day or next business day.
Opening in person versus online
Opening at a physical branch is the fastest route if you have all your documents ready. Walk in during business hours, speak to a business banker or new accounts representative, and you can usually complete the process in 15 minutes to an hour. The bank will verify your documents on the spot, take your initial deposit, and set up online access before you leave. You walk out with a temporary debit card or a card number you can use immediately.
Online opening is faster for paperwork but slower for access. You upload photos of your documents, enter your business and personal information, and fund the account by linking an existing bank account or arranging a wire transfer. The bank reviews your application within one to three business days. Once approved, you get online access right away, but your physical debit card and checks arrive by mail in one to two weeks.
Some banks offer a hybrid: you start online and finish in person, or you open online and the bank mails you a kit to sign and return. Ask your bank which route is available before you start — it affects how long the whole process takes.
Documents for different business structures
| Business Structure | Documents Needed | Additional Notes |
|---|---|---|
| Sole Proprietor | Government ID, Social Security Number, DBA certificate (if using a business name) | Simplest route; no formal business registration required in most states if using your personal name |
| LLC | Articles of Organization, EIN letter, government ID of owner or authorized signer | EIN letter comes from IRS; if you do not have one yet, apply online at irs.gov before opening the account |
| Corporation (C or S) | Articles of Incorporation, EIN letter, corporate resolution or board minutes authorizing the account, government ID of authorized signer | Some banks require a corporate resolution stating who can sign checks and access the account |
| Partnership | Partnership agreement, EIN letter, government IDs of all partners or authorized signers | Banks may require a resolution stating which partners can sign checks |
| Nonprofit | Articles of Incorporation, EIN letter, nonprofit status letter from IRS, board resolution, government ID of authorized signer | Some banks offer nonprofit-specific accounts with lower fees |
What happens after you open the account
Once your account is open, you will receive online banking access immediately or within one business day. Log in to set up bill pay, transfers, and alerts. Your debit card arrives by mail within one to two weeks, along with an initial set of checks if you ordered them.
Your first few transactions may take longer to clear than you expect. Deposits from other banks can take one to three business days, even if you deposit them at an ATM or mobile app. Wire transfers usually clear the same day or next business day. Checks you deposit may take three to five business days. Ask your bank about their specific timelines when you open the account.
Set up payroll if you have employees. Most banks can connect you with payroll services, or you can use a third-party provider like ADP or Gusto. You will need your EIN and the account number to get your free guide. Some banks offer free payroll setup for the first few months.
Choosing between banks
Large national banks like Chase, Bank of America, and Wells Fargo have branches everywhere and robust online tools, but they often charge monthly maintenance fees ($10 to $25) and require higher minimum deposits. They are a good choice if you need in-person service or plan to use multiple banking products.
Regional and community banks often have lower fees and more personalized service, but fewer branches and sometimes less advanced online features. Credit unions may offer the lowest fees and best rates, but membership requirements and limited branch networks can be a drawback.
Online-only banks like Mercury, Brex, and Novo have no monthly fees, low or no minimum deposits, and strong digital tools built for small business. The trade-off is no physical branch to visit and sometimes stricter requirements for new businesses. Compare fee schedules, minimum deposits, and features like invoicing tools or expense management before you decide.
If your business is brand new
A brand-new business with no tax history can still open a bank account, but some banks may ask more questions. Have a clear answer ready about what your business does and how you will use the account. If you have not yet received an EIN from the IRS, you can apply online at irs.gov — it takes about 15 minutes and you receive a number immediately, though the official letter arrives by mail in one to two weeks.
If you are a sole proprietor and have not filed a DBA, you can often open an account using your Social Security Number and personal name, then add a business name later. Ask the bank whether they will let you do this before you visit.
Some banks are hesitant to open accounts for businesses in high-risk categories like cryptocurrency, cannabis, or money services, even where legal. If your business falls into one of these areas, call ahead and ask whether the bank will work with you. Specialized banks exist for these industries, though they may charge higher fees.
Frequently Asked Questions
Can I open a business account with just my Social Security Number?
Yes, if you are a sole proprietor and do not have an EIN. You will need a government ID and proof of your business name (a DBA certificate if you are using a name other than your own). If you plan to hire employees later, you will need to get an EIN and update the bank.
How long does it take to get checks and a debit card?
Debit cards and checks arrive by mail in one to two weeks after you open the account. Some banks offer rush delivery for an extra fee. If you need to make payments before your card arrives, ask the bank for a temporary card number or set up bill pay through your online account.
What if I do not have all my documents ready yet?
Call the bank and ask which documents are absolutely required to open the account and which can be provided later. Most banks will let you open with your ID and initial deposit, then send in your EIN letter or business registration within a few days. Do not delay opening the account waiting for perfect paperwork.
Do I need a separate business account if I am a sole proprietor?
You are not legally required to, but it is strongly recommended. A separate account makes tax time easier, protects your personal assets if you are sued, and looks more professional to customers and vendors. The IRS also looks more favorably on sole proprietors who keep business and personal finances separate.
Can someone else open the account on behalf of my business?
Yes, if you give them written authorization. The person opening the account will need their own government ID, and you will need to provide a power of attorney or a letter authorizing them to act on your behalf. Some banks have specific forms for this — ask before you send someone in your place.