What you need before you walk into a bank
Florida banks will ask for three things before opening a business account: proof that your business exists, proof of your identity, and an Employer Identification Number (EIN) or Social Security Number. The "proof your business exists" part depends on what kind of business you run.
If you are a sole proprietor operating under your own name, you may only need your driver's license and Social Security Number. If you are using a business name that is not your legal name, you will need a Doing Business As (DBA) certificate from your county clerk's office, or articles of incorporation if you formed an LLC or corporation. Most Florida banks will not open an account without one of these documents if the account name differs from your personal name.
An EIN is a nine-digit number issued by the IRS that identifies your business for tax purposes. You can get one free from the IRS website (irs.gov) or by calling 1-800-829-4933. The process takes minutes online and you receive your number immediately. Some banks will let you use your Social Security Number temporarily while your EIN application is pending, but having the EIN ready before you visit the bank speeds things up.
Key Takeaways
- Bring your driver's license or passport, your business formation documents (DBA, articles of incorporation, or LLC operating agreement), and either an EIN or your Social Security Number.
- Florida has no state-specific business bank account requirements beyond what federal law and individual banks require, so the process is the same across the state.
- Different banks charge different monthly fees, require different minimum balances, and offer different numbers of free transactions — compare these before choosing.
- You will need to sign signature cards and authorize the bank to pull your credit report, which does not affect your personal credit score.
Documents to bring to the bank
Bring originals or certified copies of your business formation documents. If you filed a DBA with your county clerk, bring that certificate or a copy stamped by the clerk's office. If you formed an LLC or corporation, bring a copy of your articles of incorporation or articles of organization — the state-issued version, not a photocopy of a photocopy. Banks want to see the official seal or filing stamp.
Bring two forms of ID. Your driver's license counts as one. A passport, state ID card, or military ID works as the second. Some banks accept utility bills or lease agreements as secondary ID if you do not have a second government-issued document.
Bring your EIN letter from the IRS if you have it. If you do not yet have an EIN, bring the confirmation email or printout from the IRS website showing your number was issued. If you are still waiting for your EIN, bring your Social Security Number and let the bank know — many will open the account under your SSN and convert it to the EIN once it arrives.
Bring a list of the people who will have signing authority on the account. This includes you and any co-owners, managers, or employees authorized to withdraw money or make decisions about the account. The bank will ask each authorized person to sign a signature card.
What different account types cost and what they include
Most Florida banks offer a basic business checking account, a business savings account, or both. Checking accounts are for frequent transactions; savings accounts earn interest but limit how many withdrawals you can make per month. Many small businesses open both.
Monthly fees range from zero to $25 depending on the bank and account type. Some banks waive the fee if you keep a minimum balance (often $500 to $2,500) or maintain a certain number of direct deposits per month. Others charge a flat fee regardless. Ask the bank for a fee schedule in writing before you open the account.
Most accounts include a debit card, online banking, and bill pay at no extra charge. Some include a set number of free transactions per month (for example, 50 free checks and transfers combined); transactions beyond that number may cost 25 cents to $1 each. If you write many checks or make frequent transfers, ask how many free transactions come with the account.
Business savings accounts typically earn between 0.01% and 0.50% annual interest, depending on the bank and the balance you maintain. The rate changes over time and varies by institution. Ask what the current rate is and whether it changes based on your balance.
Where to open the account: national banks, regional banks, and credit unions
National banks like Chase, Bank of America, and Wells Fargo have branches throughout Florida and offer business accounts online or in person. They tend to have higher minimum balances and monthly fees, but offer more services like merchant processing and business loans.
Regional Florida banks like TIB Financial Corp, Seacoast Banking Corporation, and BankUnited have lower minimums and fees at some branches. Call ahead to confirm they offer business accounts and ask about their current requirements.
Credit unions like Suncoast Credit Union and Vystar Credit Union often have lower fees and no minimum balance requirements, but membership is restricted — you must live or work in a certain area or belong to a certain group. Check whether you are may be able to access before visiting.
You can also open a business account online with banks like Mercury, Brex, or Wise, which do not require you to visit a physical location. These banks are faster but may have different requirements or higher fees for certain services. Compare what each offers before deciding.
The steps to take on the day you open the account
Arrive with all documents listed above. Tell the bank representative you want to open a business checking account (or savings, or both). They will ask you to fill out an account application form, which asks for your business name, address, phone number, the type of business you run, and how many owners or authorized users there are.
The bank will ask to see your ID and business formation documents. They will make copies or take photos. They will verify your EIN with the IRS database or ask you to provide it in writing.
You will sign signature cards — one for each authorized user on the account. The bank keeps these on file so they can verify signatures on checks and withdrawal requests. If you are the only authorized user, you sign once.
The bank will ask permission to pull your credit report. This is a soft inquiry and does not lower your personal credit score. They use it to verify your identity and check for fraud risk.
The bank will tell you when the account is active. Some accounts are ready to use the same day; others take one to three business days. Ask when you can start depositing money and when your debit card will arrive.
What happens if your business formation documents are not ready yet
If you have not yet filed your DBA or formed your LLC, you have two options. You can wait to open the account until your documents are filed — this usually takes one to two weeks at the county clerk's office for a DBA, or one to two weeks through the Florida Department of State for an LLC. Or you can open a sole proprietor account under your personal name and Social Security Number, then convert it to your business name once your formation documents are ready.
Some banks will let you convert an account; others will ask you to close the old one and open a new one. Ask the bank about their conversion policy before you open the account. If conversion is not possible, opening a second account and closing the first one takes about a week.
If you are in a hurry and your formation documents are not ready, opening under your personal name is faster. You can operate this way legally as a sole proprietor, and you can still get an EIN for tax purposes even if you have not filed a DBA.
After the account is open: what to do next
Set up online banking and bill pay so you can manage the account from your computer or phone. Most banks offer this free. Write down your account number and routing number — you will need these to set up payroll, receive payments from customers, and pay vendors.
Order checks if you plan to write them. Most banks charge for checks; ordering through a third-party printer like Deluxe or Costco is usually cheaper than ordering through the bank.
If you have employees, set up payroll through your bank or a payroll service like Gusto or ADP. Your bank can tell you what information they need and whether they offer payroll services directly.
Keep your account agreement and fee schedule in a safe place. Banks change their fees and terms periodically, and you will want to know what you agreed to if a question comes up later.
Frequently Asked Questions
Can I open a business account if I have not registered my business with the state yet?
Yes, if you are a sole proprietor operating under your own name. You can open an account using your Social Security Number and driver's license alone. If you are using a business name, you will need a DBA certificate from your county clerk before most banks will open an account under that name.
Do I need a separate business account if I am a sole proprietor?
You are not legally required to, but the IRS and most accountants recommend it. A separate account makes it much easier to track business income and expenses for tax time, and it protects your personal finances if your business is sued. Many banks offer sole proprietor accounts with low or no monthly fees.
How long does it take to open a business account in Florida?
If you have all your documents ready, you can open an account in one visit — usually 15 to 30 minutes. The account may be active the same day or within one to three business days. If you need to get a DBA or EIN first, add one to two weeks for those steps.
What if the bank says my business formation documents are not acceptable?
Ask the bank what specific document they need. If you filed a DBA, they may want the official certificate from the clerk's office rather than a photocopy. If you formed an LLC, they may want the state-issued articles of organization with the filing stamp. Call your county clerk or the Florida Department of State to get certified copies if the bank rejects what you have.
Can I open a business account online without visiting a branch?
Yes, several banks and fintech companies offer online business accounts. You upload photos of your ID and business documents, and the account opens within one to three business days. Online banks often have lower fees, but confirm they offer the services you need — some do not offer merchant processing or business loans.