Documents and information you'll need before you walk in

Most banks want the same core set of documents before they'll open a business account. You'll need your Employer Identification Number (EIN) — a nine-digit tax ID the IRS assigns to your business. If you're a sole proprietor, you can use your Social Security number instead, though many banks prefer the EIN. You'll also need a business license or certificate of formation, depending on your business structure.

Bring a government-issued photo ID for yourself and any co-owners or signers on the account. Banks verify identity before opening any account, and they'll want to see a driver's license or passport. If you're opening the account as a representative of the business rather than an owner, bring documentation showing you have authority to do so — typically a corporate resolution or operating agreement.

Have your business address ready, along with a phone number and email. If you work from home, that counts as your business address. You'll also need to know your business structure — sole proprietorship, LLC, S-corp, C-corp, or partnership — because the account type and tax forms required depend on it.

Key Takeaways

  • You need an EIN (or your Social Security number for sole proprietors), a government photo ID, and proof of your business structure such as a business license or articles of incorporation.
  • Different business structures require different tax forms: sole proprietors file Form SS-4, LLCs and partnerships file Form 8832 or 2553, and corporations file Form 2553 or 8832 depending on tax election.
  • Banks verify ownership and authority before opening the account, so bring documents showing who owns the business and who can sign checks.
  • Opening typically takes 15 to 30 minutes in person or one to three business days online, depending on the bank and how quickly you provide documents.
  • Some banks charge monthly fees for business accounts, while others waive fees if you maintain a minimum balance or set up direct deposit.

Tax forms the bank will ask for

The bank will ask you to sign a W-9 form (Request for Taxpayer Identification Number and Certification). This tells the bank your EIN and confirms you're authorized to use it. Don't confuse this with a W-4, which is for employees — the W-9 is what businesses sign.

If your business is structured as an LLC, S-corp, or partnership, the bank may also ask for a copy of your IRS Form 2553 (Election by a Small Business Corporation to be Taxed as an S Corporation) or Form 8832 (Entity Classification Election), depending on how you've chosen to be taxed. If you haven't filed these yet, tell the bank — they can often proceed without them, but you'll need to file them with the IRS separately for tax purposes.

For sole proprietors, no additional tax form is usually required beyond the W-9. For corporations, the bank may want to see your corporate bylaws or a board resolution authorizing the account opening.

Proof of business ownership and authority

Banks need to know who actually owns the business and who has the right to sign checks and withdraw money. For a sole proprietorship, your personal ID is usually enough. For an LLC or partnership, bring your articles of organization or partnership agreement — these are the documents you filed with your state when you formed the business.

For a corporation, bring your articles of incorporation and corporate bylaws. If someone other than the owner is opening the account on behalf of the business, bring a corporate resolution or a letter from the owner authorizing that person to act. Some banks have their own authorization forms they'll ask you to sign.

If there are multiple owners or signers, each person with signing authority typically needs to be present or provide a signed authorization. Some banks allow remote account opening, in which case you may upload these documents electronically and sign forms digitally.

Personal identification and address verification

Bring an unexpired government-issued photo ID — a driver's license, passport, or state ID card. The bank will copy it and verify your identity against their fraud-prevention database. If you're opening the account remotely, you may need to upload a photo of your ID or verify your identity through a video call.

The bank will also verify your address. If your business address is different from your personal address on file, bring a recent utility bill, lease agreement, or other document showing the business address. If you work from home, a mortgage statement or lease in your name at that address usually works.

Some banks ask for a second form of ID or additional verification if you have no prior banking history with them. This is standard anti-fraud practice and typically doesn't delay the process.

What to bring if you're opening remotely

Many banks now allow you to open a business account online without visiting a branch. The process is similar, but you'll upload documents instead of handing them over. You'll need clear photos or scans of your EIN documentation, business license, articles of incorporation or organization, and personal ID.

The bank will ask you to verify your identity, usually through a video call where you show your ID to a representative or through an automated identity verification system. Some banks use third-party verification services that check your information against public records and credit bureaus.

After you submit everything, the bank typically reviews it within one to three business days. They'll contact you by email or phone if they need additional documents or clarification. Once approved, you can usually start using the account immediately, though checks and debit cards may take five to ten business days to arrive.

Fees and minimum balance requirements

Business accounts often have monthly maintenance fees ranging from $10 to $30, though this varies widely by bank and account type. Some banks waive the fee if you maintain a minimum balance — commonly $500 to $2,500 — or if you set up direct deposit of business income.

Ask the bank about all fees before you open the account: monthly maintenance, per-check fees, wire transfer fees, overdraft fees, and fees for services like stop payments or account research. Some banks charge for incoming wire transfers, which can add up quickly if you receive frequent payments from clients.

Online banks and credit unions often have lower fees than traditional banks, though they may have fewer branch locations or ATM access. If you need in-person service or frequent cash deposits, a local or regional bank may be worth the higher fees.

Timeline for opening and using the account

If you open the account in person at a branch, the process usually takes 15 to 30 minutes. You'll walk out with temporary checks or a debit card the same day, though official checks and cards ordered through the mail take five to ten business days.

If you open remotely, expect one to three business days for the bank to review your documents and approve the account. Some banks approve within hours if everything is in order. Once approved, you can transfer money into the account immediately, but checks and cards still take five to ten business days to arrive.

If the bank needs additional information or verification, the timeline extends. Have all your documents ready and respond quickly to any requests from the bank to avoid delays.

Frequently Asked Questions

Can I open a business account without an EIN?

Yes, if you're a sole proprietor. You can use your Social Security number instead of an EIN. However, many banks prefer the EIN because it keeps your personal and business finances separate for tax purposes. You can obtain an EIN for free from the IRS online in minutes, so it's worth getting one even if the bank doesn't require it.

Do I need to be present in person to open the account?

No. Most banks now allow remote account opening through their website or mobile app. You'll upload documents and verify your identity through a video call or automated system. Some banks still require in-person opening, so check with your bank first.

What if I don't have a business license yet?

Many banks will open an account based on your articles of incorporation or organization alone, without a separate business license. If you haven't filed your articles yet, do that first — it's the foundational document proving your business exists. Some banks may ask you to bring the license within 30 days of opening the account.

Can someone else open the account on my behalf?

Yes, if you provide written authorization. Bring a letter signed by you authorizing that person to open the account, along with their government ID and yours. Some banks have their own power-of-attorney forms. Call ahead to ask what documentation the bank needs.

How long before I can start using the account?

You can usually transfer money into the account the same day or within one business day of approval. However, checks and debit cards take five to ten business days to arrive by mail. If you need to pay bills immediately, ask the bank about temporary checks or electronic payment options.