What you need before you walk into a bank
To open a business bank account for an LLC, you will need your Employer Identification Number (EIN) from the IRS, your Articles of Organization (the document you filed to create the LLC), and a government-issued ID. Some banks also ask for your Operating Agreement, though not all require it. A few banks will let you open an account with just your Social Security Number if you have not yet received your EIN, but most will not process the account until the EIN arrives.
The bank will also want to know who has signing authority on the account. If you are the sole owner, this is straightforward. If there are multiple members, you will need to decide whether all of them can sign checks and withdraw money, or only certain people. Your Operating Agreement should spell this out, but if it does not, you and your co-owners need to agree before you sit down with the bank.
Bring originals or certified copies of your Articles of Organization and your ID. A photocopy of your EIN letter from the IRS is usually fine, though some banks prefer the original. Call the bank branch ahead of time and ask what they need — requirements vary between institutions and sometimes between branches of the same bank.
Key Takeaways
- You must have an EIN from the IRS before most banks will open a business account, though a few will let you start the process with your Social Security Number and complete it once the EIN arrives.
- Bring your Articles of Organization, government-issued ID, and the IRS letter showing your EIN; some banks also ask for your Operating Agreement.
- Decide in advance who will have signing authority on the account, especially if your LLC has multiple members.
- Banks have different requirements and fees, so calling ahead to confirm what documents you need saves a trip.
- The account usually opens the same day or within a few business days, and you can start depositing money immediately.
Getting your EIN if you do not have one yet
You can get an EIN from the IRS for free. The fastest way is online at irs.gov — go to the EIN section and use their online tool. You answer questions about your LLC, and the IRS issues your number immediately. You can print the confirmation page on the spot, and that counts as proof of your EIN for most banks.
If you cannot use the online tool, you can call the IRS at 1-800-829-4933 during business hours and they will issue your EIN over the phone. You will need your Social Security Number, the date you formed the LLC, and the state where you formed it. Write down the number they give you and ask them to mail you an official letter — this takes about two weeks, but you can start the bank account process immediately with the number you received by phone.
Do not pay anyone to get your EIN for you. The IRS does not charge for this, and any service that charges a fee is taking money for something you can do yourself in minutes.
What happens at the bank
When you arrive at the bank with your documents, a banker or account representative will verify your identity, review your Articles of Organization, and confirm your EIN. They will ask you to sign signature cards — these are forms that show the bank which people are authorized to sign checks and conduct transactions on the account. If you are the only owner, you sign once. If there are multiple members, each person with signing authority must sign in front of the banker.
The banker will also ask about the nature of your business, how much money you expect to deposit each month, and whether you want additional services like a business credit card or a line of credit. You do not have to say yes to anything beyond the basic checking account. They will explain the account fees — most business accounts charge a monthly maintenance fee, though some banks waive it if you keep a minimum balance or set up direct deposit.
Once everything is signed, the account opens immediately. You will receive temporary checks or a debit card on the spot, or they will mail them to you within a few days. You can start depositing money right away, either through the teller, an ATM, or by mobile deposit if the bank offers it.
Documents the bank will ask to see
| Document | What it is | Required or optional |
|---|---|---|
| Employer Identification Number (EIN) | A nine-digit number from the IRS that identifies your LLC for tax purposes | Required by most banks |
| Articles of Organization | The filing you submitted to your state to create the LLC | Required |
| Government-issued ID | Driver's license, passport, or state ID for the person opening the account | Required |
| Operating Agreement | The internal document that describes how your LLC is run and who has authority | Optional at most banks, but helpful if you have multiple members |
| Proof of address | A utility bill, lease, or mortgage statement showing your business address | Required by some banks, optional at others |
Choosing between banks and account types
Different banks charge different monthly fees for business accounts, and some offer perks like free checks or waived fees if you keep a certain balance. A few banks have no monthly fee at all, though they may charge per transaction or require a higher minimum balance. Compare at least three banks before you decide — the difference in fees can add up to hundreds of dollars a year.
Some banks offer a basic business checking account, while others have tiered options like "small business" or "professional" accounts with more features. For most LLCs starting out, a basic business checking account is all you need. You can upgrade later if your business grows and you need things like merchant processing, payroll services, or a business line of credit.
Online banks often have lower fees than brick-and-mortar banks, but they may not accept checks deposited in person or offer a physical location where you can speak to someone. Traditional banks charge more but give you a local branch and a person to call. Think about what matters to your business — if you rarely deposit checks and do most of your banking online, an online bank may save you money. If you need to deposit cash regularly or want face-to-face help, a local bank might be worth the extra cost.
What to do after the account opens
Once your account is open, set up your business finances so that all money in and out of the LLC goes through this account. Do not mix personal and business money — this is one of the main reasons to have a separate account in the first place. If you ever need to prove to a court or the IRS that your LLC is a real separate business (not just a personal venture), your bank records are the first thing they will look at.
If you have employees or contractors, you will need to set up payroll through the bank or a separate payroll service. If you take payments from customers, ask your bank about merchant services so you can accept credit cards and transfers. These are not urgent — you can add them later — but it is easier to set them up now than to switch systems later.
Keep your account information and any passwords secure. If the bank offers online banking, set up a strong password and enable two-factor authentication if available. Review your statements monthly to catch any errors or unauthorized charges early.
Frequently Asked Questions
Can I open a business account before my LLC is officially formed?
Most banks will not open an account until your Articles of Organization are filed and you have an EIN. A few banks will let you start the process with your Social Security Number and complete it once the EIN arrives, but this is uncommon. It is faster to wait until your LLC is officially formed.
Do I need a separate account if I am the only member of the LLC?
Legally, no — but it is strongly recommended. A separate account makes it much easier to track business income and expenses, and it protects your personal assets if the LLC is sued. The IRS also looks more favorably on LLCs that keep business and personal money separate.
What if the bank asks for a business license or tax ID number I do not have yet?
Tell them you have the EIN, which is the federal tax ID for your LLC. Some states also issue state tax ID numbers, but these are not required to open a bank account. If the bank insists on something you do not have, ask to speak to a manager or try a different bank.
How long does it take to open the account?
The account usually opens the same day you visit the bank, and you can start using it immediately. Checks and debit cards may arrive by mail within a few days. If you open the account online, it may take one to three business days for approval.
Can multiple members of the LLC sign checks on the account?
Yes. When you open the account, you tell the bank which members have signing authority. All of them must sign signature cards in front of the banker. You can change who has authority later by contacting the bank and updating the signature cards.