What you need before you walk into a bank
Opening a business bank account requires you to bring proof of your business existence and your identity. The exact documents depend on your business structure — sole proprietorship, LLC, corporation, or partnership — and the bank you choose. Most banks will ask for your Social Security number or Employer Identification Number (EIN), a government-issued ID, and something that proves your business is real.
For a sole proprietorship, you may only need your personal ID and Social Security number. For an LLC or corporation, you'll need the formation documents filed with your state — typically called Articles of Organization or Articles of Incorporation — plus an EIN from the IRS. A partnership requires the partnership agreement and EINs for all partners. Some banks also want to see a recent utility bill or lease agreement showing your business address.
Call the bank before you go. Different banks have different requirements, and some require you to schedule an appointment rather than walk in. A few minutes on the phone can save you a trip back home for a missing document.
Key Takeaways
- You need proof of your business structure (Articles of Organization for an LLC, Articles of Incorporation for a corporation) plus a government-issued ID and either your Social Security number or EIN.
- Sole proprietorships often need only a personal ID and Social Security number, while LLCs and corporations require state formation documents and an EIN.
- Call your bank before visiting to confirm which documents they need, since requirements vary by institution.
- The account typically opens the same day if you bring everything, though some banks may take one to three business days to activate it.
- Monthly fees, minimum balances, and transaction limits vary widely between banks, so compare options before committing.
Getting an EIN if you don't have one yet
An Employer Identification Number (EIN) is a nine-digit number the IRS assigns to your business. You need one if your business is structured as an LLC, corporation, or partnership. If you're a sole proprietor with no employees, you can use your Social Security number instead, but many banks prefer an EIN anyway.
You can get an EIN for free from the IRS website at irs.gov. Go to the "Apply for an EIN" section and use their online tool — it takes about 15 minutes and you receive your number immediately. You can also apply by phone at 1-800-829-4933 or by mail, but the online method is fastest. Print or save your confirmation letter; banks often want to see it.
If you're opening an account before your business is officially registered with the state, some banks will let you use a pending EIN or your Social Security number temporarily. Ask the bank what they'll accept while you're waiting for your state paperwork to process.
What to bring to the bank
Bring originals or certified copies of your business formation documents. For an LLC, that's your Articles of Organization filed with your state. For a corporation, it's your Articles of Incorporation. For a partnership, bring the partnership agreement. Bring your EIN confirmation letter from the IRS if you have one.
Bring a government-issued photo ID — a driver's license or passport works. Bring your Social Security number or EIN. If your business address is different from your home address, bring proof of that address: a lease, utility bill, or mail from the city or county addressed to your business.
Some banks ask for a business plan or proof of funding, especially if you're opening with a small deposit. Others want to know what your business does. Be ready to explain briefly. If you're opening the account on behalf of the business but you're not the owner, bring a letter from the owner authorizing you to do so, plus your ID.
How long it takes and what happens next
If you bring all required documents, the account usually opens the same day. The bank will give you a temporary debit card or checks, and you can start using the account right away. Some banks mail your permanent debit card and checks within five to ten business days.
A few banks take one to three business days to verify your documents and activate the account, especially if they need to confirm your EIN with the IRS or your business formation with your state. Ask the bank for a timeline when you open the account so you know when to expect your card and checks.
Once the account is open, you'll receive online banking access immediately or within one business day. You can log in to transfer money, pay bills, and monitor your balance. The bank will send you account statements monthly, either by mail or email depending on what you choose.
Comparing fees and account types
Business checking accounts vary in cost. Some banks charge no monthly fee if you maintain a minimum balance — often $500 to $2,500. Others charge $10 to $30 per month regardless of balance. Some charge per transaction: a few cents for each check you write or deposit you make. A handful of banks offer free business checking with no minimums or per-transaction fees, though they may limit the number of deposits or transfers you can make each month.
Look at what matters to your business. If you write many checks, find a bank that doesn't charge per check. If you make frequent deposits, check whether the bank limits deposits or charges for them. If you plan to use mobile deposit or online transfers, confirm the bank supports those features. Some banks charge extra for wire transfers, ACH transfers, or stop-payment requests.
Ask about overdraft fees and whether the bank offers overdraft protection. Some banks link your business checking to a savings account and automatically transfer money if you overdraw; others charge $25 to $35 per overdraft. A few banks decline transactions instead of charging a fee. These details matter when cash flow is tight.
Sole proprietors and using your Social Security number
If you're a sole proprietor with no employees, you can open a business account using your Social Security number instead of an EIN. You still need to bring your business formation documents if you've registered your business name with the state — usually a DBA (Doing Business As) certificate. If you haven't registered the name, bring proof that you're using it: business cards, invoices, a website, or a lease in that name.
Using your Social Security number means your personal credit is tied to the business account. If the account goes negative or you default on a business loan, it affects your personal credit score. Many sole proprietors get an EIN anyway to keep business and personal finances separate, even though it's not required.
Some banks prefer to see an EIN even for sole proprietors because it makes record-keeping clearer. Call ahead and ask whether the bank will open an account with just your Social Security number, or whether they require an EIN.
What to do if the bank says no
Banks sometimes decline to open an account if your business formation documents are incomplete, if your EIN doesn't match your name, or if you have a history of overdrafts or fraud at other banks. If a bank turns you down, ask why. The reason matters because it tells you what to fix.
If the problem is your documents, get certified copies from your state's Secretary of State office or the county clerk. If the problem is your EIN, contact the IRS to verify it's correct. If the problem is your banking history, some banks specialize in second-chance accounts for people with past issues. Credit unions sometimes have more flexible policies than large banks.
If you're opening an account for a business you haven't officially registered yet, register it first. Most states let you file online in a few days. Once your formation documents are official, banks will open an account.
Frequently Asked Questions
Can I open a business account online without going to the bank?
Some banks let you open a business account entirely online, but most require you to visit in person or schedule a video call to verify your identity and documents. Online-only banks like Square Cash for Business or Brex may have faster online processes, but they have different requirements and may not suit all business types. Call the bank to ask whether they offer online account opening.
Do I need a business license to open a business account?
No. You need proof that your business exists — formation documents like an LLC Articles of Organization or a DBA certificate — but not a business license. Some cities require a business license, but banks don't. If your city requires one, get it after you open the account.
What if I'm opening an account for a business that's still being formed?
Most banks want to see filed formation documents, not pending ones. File your Articles of Organization or Incorporation with your state first — this usually takes a few days to a week. Once you have the filed documents, you can open the account. Some banks will accept a pending EIN while you wait for state paperwork.
Can I use a business account for personal expenses?
Legally, no. Mixing personal and business money can hurt you at tax time and may void liability protection if your business is an LLC or corporation. Keep the accounts separate. If you need personal money from the business, take a documented withdrawal or owner's draw rather than using the business card for personal purchases.
How much do I need to deposit to open an account?
It depends on the bank. Some require a minimum opening deposit of $25 to $100. Others have no minimum. Some charge a monthly fee if your balance drops below a certain amount — often $500 to $2,500. Ask the bank about both the opening deposit and any balance requirements before you commit.