What you need before you walk into a bank
You need your Employer Identification Number (EIN) from the IRS, your Articles of Organization (the document you filed to create your LLC), and a government-issued ID showing your name and address. Some banks also ask for your operating agreement — the internal rules document for your LLC — even though it is not always required by law. A few banks want to see proof of your business address, which can be a lease, utility bill, or even a mailbox receipt.
The bank will ask whether your LLC is single-member (one owner) or multi-member (more than one owner). This matters because single-member LLCs are sometimes treated as sole proprietorships for tax purposes, and the bank may ask different questions depending on the structure. If your LLC is multi-member, bring the names and Social Security numbers of all owners, because the bank will run background checks on each one.
You do not need to have made any money yet, and you do not need a business license in most states to open the account — the EIN and Articles of Organization are usually enough. However, some states or cities do require a license before you can open a business account, so check with your state's Secretary of State office or your city's business licensing department first.
Key Takeaways
- You must have an EIN from the IRS and your Articles of Organization before any bank will open an LLC account.
- Bring your government-issued ID, and be prepared to provide the names and Social Security numbers of all LLC owners if there is more than one.
- Banks verify that your LLC actually exists by checking your Articles of Organization and sometimes calling your state's Secretary of State office.
- The entire process usually takes 15 to 30 minutes in person, or one to three business days if you open the account online.
- Some banks charge monthly fees for business accounts, while others waive fees if you maintain a minimum balance or set up direct deposit.
Getting your EIN from the IRS
You cannot open a business bank account without an EIN, and you cannot get one without first filing your Articles of Organization with your state. The EIN is a nine-digit number that identifies your LLC to the IRS and other government agencies — it is the business equivalent of a Social Security number.
You can get an EIN for free through the IRS website at irs.gov. Go to the "Apply for an EIN" section and choose "Apply online now." The process takes about 15 minutes, and you receive your EIN immediately on screen. You can also print a confirmation page right away. If you prefer to apply by phone, call the IRS at 1-800-829-4933 during business hours (Monday through Friday, 7 a.m. to 10 p.m. Eastern time). By mail or fax, the process takes about four weeks.
Write down your EIN and keep it somewhere safe — you will need it not just for the bank account, but for taxes, hiring employees, and many other business tasks. The bank will ask you to confirm it matches your Articles of Organization, so have both documents ready when you go in.
Choosing between in-person and online account opening
Most banks offer both options. In-person is faster if you have all your documents ready — you walk in, hand over your EIN letter and Articles of Organization, answer a few questions, and leave with a debit card and account number the same day. The bank teller or business banker can also answer questions about fees, minimum balances, and what services come with the account.
Online account opening is convenient if you cannot visit a branch, but it takes longer. You upload photos of your documents, answer questions on a form, and the bank reviews everything. This usually takes one to three business days. Some banks send you a debit card by mail after approval, which adds another week. A few banks let you start using the account before the card arrives, so you can set up transfers and payments right away.
The documents you need are the same either way: your EIN letter (or a screenshot of your EIN confirmation from the IRS website), your Articles of Organization, and your government-issued ID. If your LLC has multiple owners, you will need to provide each owner's name, Social Security number, and date of birth, whether you are applying in person or online.
What happens during the bank's verification process
The bank will verify that your LLC actually exists by checking your Articles of Organization against your state's records. Some banks do this automatically through a database; others call your state's Secretary of State office or search the state website themselves. This verification usually takes a few minutes in person, or up to one business day if you apply online.
The bank will also run a background check on you (and on all owners if there are multiple). This is a standard check for fraud and financial crimes — it does not affect your credit score. If you have had problems with a bank before — such as writing bad checks or leaving an account overdrawn — the bank may see that and ask about it. Being honest about past problems is better than hoping they do not notice.
If the bank cannot verify your LLC through the state database, they may ask you to bring in additional proof, such as a business license, a lease for your business address, or a utility bill in the LLC's name. This is rare, but it happens in some states where the Secretary of State's database is slow to update.
Monthly fees and minimum balance requirements
Business bank accounts almost always charge a monthly fee, unlike many personal checking accounts. The fee ranges from $10 to $30 per month at most banks, though some charge more. A few banks waive the fee if you maintain a minimum balance — often $2,500 to $5,000 — or if you set up direct deposit of payroll or business income.
Ask the bank about all the fees before you open the account. Some banks charge extra for things like wire transfers, stop payments, or overdrafts. Others charge per check if you order checks, or per transaction if you make more than a certain number of transfers per month. These add-on fees can quickly make a cheap account expensive.
Compare at least two or three banks before deciding. A bank with a $15 monthly fee but no minimum balance might be better for you than one with no monthly fee but a $5,000 minimum balance requirement. The best choice depends on how much money you plan to keep in the account and how many transactions you expect to make each month.
What to do if the bank rejects your application
Banks can refuse to open an account for several reasons. The most common are: your LLC does not appear in the state database yet (usually because the state is slow to process new filings), you have a history of fraud or financial crimes, or the bank has a policy against opening accounts for certain types of businesses.
If the bank rejects you, ask why. If it is because your LLC is not yet in the state database, wait a few days and try again — most states update their records within one to two weeks of filing. If it is because of your personal background, you can try a different bank; not all banks use the same screening criteria. Some banks, particularly community banks and credit unions, are more flexible than large national banks.
If multiple banks reject you and you believe it is because of incorrect information in a background check, you can request a copy of your report from the consumer reporting agency. The three major agencies are Equifax, Experian, and TransUnion. You can dispute errors on your report for free.
Setting up your account after opening it
Once your account is open, you will receive a debit card, checks, and online banking access. Before you use the account, set up a login and password for online banking. Most banks let you transfer money between your personal account and your business account, pay bills, and see your balance online.
If you have employees or contractors, you will need to set up payroll. Many banks offer payroll services, or you can use a third-party payroll company like Gusto or ADP. You will need your EIN to set this up, which you already have.
Keep your business and personal finances separate from day one. Deposit all business income into the business account and pay all business expenses from it. This separation protects your personal assets if your LLC is sued, and it makes taxes much easier at the end of the year.
Frequently Asked Questions
Can I open a business bank account before my LLC is officially registered with the state?
No. Banks verify that your LLC exists by checking your state's records, so your Articles of Organization must be filed and processed first. This usually takes one to two weeks after you file, depending on your state. You can apply for an EIN while you are waiting for your state filing to process, since the IRS does not verify the state filing.
Do I need a business license to open a business bank account?
Most banks do not require a business license — your EIN and Articles of Organization are usually enough. However, some states or cities do require a license before you can legally operate a business, so check your state and local rules. If your state requires a license, get it before opening the account, because the bank may ask to see it.
What if my LLC has multiple owners and one owner cannot come to the bank?
You do not need all owners to be present. Bring the names, Social Security numbers, and dates of birth of all owners, and the bank will run background checks on each one. Some banks may ask for a copy of your operating agreement to confirm the ownership structure, but most will not require all owners to sign in person.
Can I use my personal Social Security number instead of getting an EIN?
Some single-member LLCs can use the owner's Social Security number for tax purposes, but banks almost always require an EIN to open a business account. Even if your LLC is single-member, get an EIN — it is free and takes 15 minutes online, and it keeps your personal and business finances separate.
How long does it take to start using my business account after I open it?
If you open the account in person, you can use it the same day — the bank will give you an account number and debit card before you leave. If you open it online, you can usually start making transfers and payments within one to three business days, though your debit card may take another week to arrive by mail.