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) — the nine-digit tax ID the IRS issues to your business. If you're a sole proprietor, you can use your Social Security number instead, though some banks prefer the EIN. You'll also need a government-issued photo ID, your Social Security number, and proof of your business address.
The address proof can be a utility bill, lease agreement, or mortgage statement in your business name, or a recent piece of mail from the IRS or your state tax authority. If you're working from home, most banks accept a residential utility bill. Some banks also ask for a business license or certificate of formation — the document your state issued when you registered the business — so bring that if you have it.
Bring your personal tax returns for the past two years if you're self-employed or a sole proprietor. If your business is a partnership, LLC, or corporation, bring the business's tax returns instead. Banks use these to verify that the business is real and operating, not to judge whether you're profitable.
Key Takeaways
- You need a government photo ID, your EIN or Social Security number, and proof of your business address — usually a utility bill or lease.
- Bring your business formation documents (articles of incorporation, LLC operating agreement, or partnership agreement) if the bank asks for them.
- Banks may ask for personal or business tax returns from the past two years to confirm the business exists and is operating.
- Different account types have different minimums and fees, so compare what each bank charges for the type of account you need.
- Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the bank and account type.
What your business structure means for what you bring
A sole proprietorship — where you're the only owner and haven't registered a separate business entity — requires the least paperwork. Bring your personal ID, Social Security number, and proof of address. You don't need an EIN unless you plan to hire employees, though many sole proprietors get one anyway to keep personal and business finances separate.
An LLC, corporation, or partnership requires formation documents. This is usually your articles of incorporation (for a corporation), articles of organization (for an LLC), or partnership agreement. Your state's Secretary of State office issued these when you registered. If you don't have a copy, you can request one from that office, usually for a small fee. Bring the original or a certified copy — banks sometimes accept a photocopy, but calling ahead saves a trip.
If your business is a partnership or has multiple owners, some banks require all owners to be present and sign the account paperwork. Others allow one owner to sign on behalf of the others if they bring a resolution or written authorization from the other owners. Ask the bank before you go in.
Minimum deposits and account fees
Most banks require an opening deposit to start a business account, though the amount varies widely. Some accounts have no minimum; others ask for $100 to $500 to open. A few banks that cater to small businesses have minimums of $1,000 or more. The opening deposit becomes part of your account balance — it's not a separate fee — so you can withdraw it once the account is open if you want to.
Ask about monthly maintenance fees, per-check fees, and fees for transfers or wire transfers. Some banks waive monthly fees if you maintain a certain balance or set up direct deposit. Others charge a flat monthly fee regardless. Business accounts almost always cost more per month than personal accounts, so comparing a few banks before you open saves money over time.
Online banks and credit unions often have lower fees and no minimum deposits, though they may not offer the same in-person services as a traditional bank. If you need to deposit cash regularly or meet with a banker in person, a local or regional bank may be worth the higher fees.
Bringing proof of your business address
Banks need to know where your business operates. If you have a physical office or storefront, bring a utility bill, lease agreement, or mortgage statement in your business name. If you're working from home, a utility bill with your home address works fine — banks understand that many small businesses operate from home.
If you're brand new and haven't received any mail at your business address yet, bring your lease agreement or a letter from your landlord confirming that you occupy the space. Some banks also accept a recent purchase receipt for office equipment or supplies if it shows your business address. If you're renting a mailbox at a UPS Store or similar service, that address usually does not work as a business address for bank purposes, so use your home address or physical office instead.
What happens if you don't have an EIN yet
You can open a business account without an EIN if you're a sole proprietor — the bank will use your Social Security number instead. However, if you plan to hire employees or want to keep your personal and business finances completely separate, getting an EIN first makes sense. You can request one from the IRS online at irs.gov, by phone, or by mail using Form SS-4. Online requests are processed immediately; phone and mail requests take a few days to a few weeks.
If you're an LLC, corporation, or partnership, you need an EIN before you open a business account. The bank will ask for it, and you won't be able to open the account without one. Get it from the IRS before your bank appointment.
What to expect during the account opening process
Most banks can open a business account in one visit, though some require a follow-up appointment or additional paperwork by mail. Bring all your documents in originals or certified copies — banks rarely accept photocopies of formation documents. The banker will review everything, ask questions about your business and how you plan to use the account, and then have you sign the account agreement and signature cards.
The signature card is important: it lists who is authorized to sign checks and conduct transactions on the account. If multiple people will have access, make sure all authorized signers are present or have signed a power of attorney. The bank will give you temporary checks or a debit card on the spot, though your permanent checks may take one to two weeks to arrive by mail.
Some banks offer to set up online banking during your visit. This usually takes a few minutes and lets you start transferring money and paying bills right away. Ask whether the bank charges for online banking or bill pay — most don't, but it's worth confirming.
Online business accounts and what they need instead
Online banks often have simpler opening processes because they don't have physical branches. You'll still need your EIN or Social Security number, photo ID, and proof of address, but you can submit everything digitally — photos of your documents taken with your phone work fine. The bank verifies your identity online, sometimes by asking security questions or confirming recent transactions on your personal bank account.
Opening an online business account usually takes 24 to 48 hours. You won't get a debit card or checks immediately — most online banks mail these within five to ten business days. If you need to deposit cash, online banks are less convenient because they don't have tellers. Some partner with ATM networks or allow you to deposit checks by photographing them through a mobile app.
Frequently Asked Questions
Can I open a business account with just my Social Security number?
Yes, if you're a sole proprietor. You don't need an EIN unless you hire employees. However, many sole proprietors get an EIN anyway to keep personal and business finances separate on tax returns and to protect their Social Security number from being used as a business identifier.
What if I don't have a business license yet?
Most banks don't require a business license to open an account, though some ask for one. If you haven't obtained a license yet, call the bank first to ask whether it's required. In many cases, your formation documents (articles of incorporation or LLC paperwork) are enough to prove the business exists.
Do I need to bring my business plan or financial projections?
No. Banks don't ask for these when opening a standard business checking account. They may ask if you're applying for a business loan, but for an account opening, they only need proof that the business exists and your identity.
How long does it take to open a business account?
In-person at a bank branch usually takes 30 minutes to an hour. Online banks typically process your application within 24 to 48 hours. You may be able to start using the account immediately online, though physical checks and debit cards arrive by mail within one to two weeks.
What if the bank asks for documents I don't have?
Ask the banker which documents are required versus optional. If you're missing something, ask whether the bank can proceed without it or whether you need to get it first. For formation documents, you can request a certified copy from your state's Secretary of State office, usually for $5 to $25.