Documents and information you'll need before you walk in
Most banks want the same core set of documents, though the exact list varies by bank and by the type of business you're running. Have your Employer Identification Number (EIN) ready — this is a nine-digit number the IRS assigns to your business. If you're a sole proprietor, you can use your Social Security number instead, but an EIN keeps your personal and business finances separate from day one.
Bring a government-issued photo ID (driver's license or passport) and proof of your business address. A utility bill, lease agreement, or mortgage statement works. If you're operating under a name different from your legal name, bring a copy of your business registration documents — this might be called a DBA (doing business as) certificate, articles of incorporation, or articles of organization, depending on your state and business structure.
Have your initial deposit ready. Most banks require a minimum opening deposit, which ranges from $0 to $500 depending on the bank and account type. Some banks waive the minimum if you set up direct deposit or maintain a certain monthly balance.
Key Takeaways
- You need a government-issued photo ID, proof of your business address, and either an EIN or your Social Security number to open an account.
- If your business name differs from your legal name, bring your DBA certificate or articles of incorporation to prove the business is registered.
- Opening deposits range from $0 to $500 depending on the bank; some banks waive minimums if you set up direct deposit.
- Sole proprietors can use their Social Security number, but an EIN keeps personal and business finances legally separate.
- Different business structures (LLC, S-corp, partnership) may require additional documents like an operating agreement or partnership agreement.
What your business structure determines
The documents the bank asks for depend partly on how your business is legally organized. A sole proprietorship requires the least paperwork — usually just your ID and proof of address. An LLC or corporation needs more: the bank will want to see your articles of incorporation or articles of organization, which you filed with your state when you created the business.
If you're opening an account for a partnership, bring a copy of your partnership agreement. If you're an S-corp, bring your articles of incorporation and your IRS Form 2553 (Election by a Small Business Corporation), which shows the IRS recognizes you as an S-corp. Some banks also ask for a corporate resolution — a document signed by the business owner or board authorizing someone to open the account and manage it.
Call the bank before you go in. Tell them your business structure and ask what specific documents they need. This saves a trip back home for a missing form.
Why banks ask for an EIN and how to get one
An EIN is a tax identification number for your business. The IRS uses it to track your business income and taxes. Banks use it to set up your account under your business name rather than your personal name, which creates a legal separation between you and the business.
You can get an EIN for free from the IRS. The fastest way is online at irs.gov/ein — you'll have a number within minutes. You can also apply by phone (1-800-829-4933) or by mail using Form SS-4. If you apply online or by phone, you can start using the number immediately. If you mail the form, it takes about four weeks.
Sole proprietors don't have to get an EIN if they don't have employees and don't plan to hire them. You can use your Social Security number instead. But getting an EIN is free and keeps your personal finances off your business tax returns, so most banks and accountants recommend it even for solo operations.
What happens at the bank when you open the account
Bring all your documents and your initial deposit. The banker will verify your identity, confirm your business address, and check that your EIN or Social Security number matches your name. They'll ask what you plan to use the account for — this is routine and helps them recommend the right account type.
You'll sign signature cards authorizing who can sign checks and withdraw money. If more than one person will manage the account, each person needs to sign. The bank will also ask about your expected monthly deposit and withdrawal volume — this helps them flag unusual activity later and protects against fraud.
The account usually opens the same day. You'll get a temporary debit card or checks within a few business days. Some banks offer online banking access immediately; others wait until your account has been open for a day or two.
Opening an account online versus in person
Many banks now let you open a business account online without visiting a branch. You'll upload photos of your documents (ID, EIN letter, business registration) and verify your identity through a video call or by answering security questions. The process usually takes 10 to 20 minutes.
Online opening is faster and works well if you live far from a branch. The tradeoff is that you can't ask questions in real time, and some banks require you to visit a branch later to verify your identity in person before you can withdraw large amounts or use certain features.
In-person opening takes longer but gives you a chance to ask about account features, fees, and services. A banker can also help you understand which account type fits your business. If you're new to business banking, in-person is often worth the time.
Common documents banks ask for but you might not have yet
Some banks ask for a business license, especially if you're in a regulated industry like food service or childcare. You get this from your city or county — it's separate from your business registration. If the bank asks for one and you don't have it yet, ask whether you can open the account and provide it later, or whether you need to wait until it's issued.
A few banks ask for a business plan or a letter explaining what your business does. This is less common but happens with newer banks or with certain account types. If the bank asks, a one-paragraph explanation of your business and how you'll use the account is usually enough.
If you're opening an account as a representative of someone else's business (you're an employee or manager, not the owner), bring a letter from the owner authorizing you to open the account, plus your own ID. Some banks also ask for the owner's ID even if they're not present.
Fees and account types to understand before you open
Business checking accounts often have monthly fees ($10 to $30) and per-transaction fees for deposits or withdrawals. Some banks waive fees if you maintain a minimum balance or set up direct deposit. Compare a few banks before you choose — the fee structure can cost you hundreds of dollars a year.
Ask whether the account includes online banking, mobile deposits (photographing checks from your phone), and ACH transfers (moving money to other accounts electronically). These are standard now, but some smaller banks charge extra for them. Also ask about overdraft fees — what happens if you write a check or make a withdrawal when there's not enough money in the account.
Some banks offer a business savings account alongside checking. You don't need one to open a checking account, but if you're planning to keep a cash reserve, a savings account earns a small amount of interest and keeps that money separate from your operating funds.
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. However, most banks and accountants recommend getting an EIN anyway because it keeps your personal and business finances legally separate and makes tax filing simpler. An EIN is free and takes minutes to get online.
Do I need a physical business location to open an account?
You need a business address, but it doesn't have to be a storefront or office. A home address works. Bring proof of the address — a utility bill, lease, or mortgage statement in your name. If you're using a mailbox service or a virtual office address, ask the bank first whether they accept it; some do, some don't.
How long does it take to open a business account?
In person, usually 15 to 30 minutes. Online, 10 to 20 minutes. The account opens the same day, though some banks hold certain features (like large withdrawals) until the account has been open for a few business days. Checks and debit cards arrive within 5 to 10 business days.
What if I don't have a business license yet?
Ask the bank whether a business license is required to open the account or whether you can provide it later. Many banks don't require one — they just need your business registration (DBA, articles of incorporation, or articles of organization). If the bank does require it, you may need to wait until your city or county issues it.
Can someone else open the account for me?
Usually not. The bank needs to verify your identity in person or through a video call. If you're out of the country or unable to visit, ask the bank whether they offer remote video verification. If you're opening an account as a manager or employee (not the owner), bring a letter from the owner authorizing you, plus both your ID and the owner's ID.