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 proof of your business's legal existence, proof of your identity, and proof of your address. The exact documents depend on your business structure — sole proprietorship, LLC, corporation, or partnership — and whether the bank knows you already.

Start by gathering your Employer Identification Number (EIN), which the IRS issues to nearly all business structures except sole proprietorships without employees. You can get an EIN free from the IRS website or by phone; it takes minutes. If you're a sole proprietor, you can use your Social Security number instead, though some banks prefer an EIN anyway.

Bring a government-issued photo ID — a driver's license or passport works. The bank will also ask for your business address. If your business operates from your home, that's fine; if you rent commercial space, bring your lease or a letter from the landlord confirming your occupancy.

Key Takeaways

  • You need an EIN (or your Social Security number if you're a sole proprietor), a photo ID, and proof of your business address before most banks will open an account.
  • Your business formation documents — articles of incorporation, articles of organization, or a partnership agreement — must be current and match the name on your account.
  • Banks verify your identity and business legitimacy through these documents, so bring originals or certified copies, not photocopies.
  • Some banks require a minimum deposit to open the account; amounts vary from zero to several hundred dollars depending on the bank and account type.
  • The process typically takes 15 to 30 minutes in person, or one to three business days if you open the account online.

Formation documents that prove your business structure

The bank needs to see that your business actually exists as a legal entity. For an LLC, bring your Articles of Organization — the document you filed with your state to create the LLC. For a corporation, bring your Articles of Incorporation. For a partnership, bring your partnership agreement or the document that establishes the partnership under state law.

These documents must be current. If you filed your LLC five years ago and have since amended it, bring the most recent version. The bank will check that the business name on the document matches the name you want on the account. If you operate under a different name — a "doing business as" or DBA — you'll need to show that registration too.

If you're a sole proprietor, you may not have formal formation documents. In that case, bring a DBA registration if you operate under a name other than your own, or simply bring your photo ID and EIN. Some banks will open a sole proprietor account with just those two items.

Ownership and authorization paperwork

Banks want to know who owns the business and who can sign checks or move money. If you're the sole owner, this is straightforward — you sign the account agreement. If there are multiple owners, the bank will ask each owner to provide a photo ID and sign the account paperwork.

For LLCs and corporations, the bank may ask for a Certificate of Good Standing from your state — a document that confirms your business is in good legal standing and hasn't been dissolved. You can order this from your state's Secretary of State office for a small fee, usually $5 to $25. Some banks don't require it, but having one speeds things up.

If someone other than the owner will be authorized to use the account, bring that person's photo ID as well. The bank will have them sign a signature card or authorization form. This step is important if you plan to hire an accountant or bookkeeper who needs access.

Minimum deposits and account fees

Banks vary widely on whether they require money in the account before they'll open it. Some require no minimum deposit at all. Others ask for $100 to $500 to open a business checking account, and higher amounts — sometimes $1,000 or more — for premium accounts.

Ask the bank about their minimum deposit requirement before you go in. If you don't have that amount on hand, ask whether they'll waive it for new business customers or whether you can deposit it over the first few days. Some banks will hold the minimum deposit in a separate savings account if you don't want to tie up cash in checking.

Also ask about monthly maintenance fees, per-check fees, and fees for transfers or wire transfers. Business accounts often cost more than personal accounts. Comparing a few banks can save you hundreds of dollars a year.

What to bring if you're opening the account in person

Bring originals or certified copies of your formation documents — not photocopies. Banks are required to verify that documents are genuine, and a photocopy won't do. If you don't have a certified copy, ask your state's Secretary of State office to send one; it usually arrives in one to two weeks and costs $5 to $15.

Bring all photo IDs for every owner or authorized user. Bring your EIN letter from the IRS, or write down your EIN if you have it memorized. Bring proof of your business address — a lease, utility bill, or letter from a landlord. Bring a checkbook or deposit slip if you have one, though the bank will provide these.

If you're opening the account on behalf of someone else, bring a power of attorney document authorizing you to do so. Otherwise, the bank will require the owner to be present.

Opening an account online or by mail

Many banks now let you open a business account online without visiting a branch. The process is similar: you upload photos of your formation documents, photo ID, and proof of address. The bank reviews these and contacts you within one to three business days to confirm.

Some banks will ask you to verify your identity by video call — you'll show your ID to a camera and answer a few questions. Others use third-party verification services that check your information against public records. Once verified, the bank deposits a small amount (usually $1 to $2) into the account to confirm it's active, then asks you to confirm the deposit amount.

If you open by mail, the bank will send you forms to sign and return. This takes longer — usually one to two weeks — because of mail delays. In-person opening is faster if you're in a hurry.

Common reasons banks reject or delay account openings

Banks sometimes ask for more information or deny accounts outright. The most common reason is that your formation documents don't match the name you're using. If your LLC is registered as "Smith Consulting LLC" but you want the account under "Smith Consulting," the bank may flag this as a mismatch. Bring your DBA registration to clear it up.

Banks also check your personal credit and banking history. If you have a history of overdrafts, fraud, or unpaid debts, some banks will deny the account. This is less common for business accounts than personal accounts, but it happens. If you're denied, ask the bank why and whether you can address the issue.

Finally, banks are required to verify that your business isn't on government sanctions lists or involved in illegal activity. This is routine and usually clears in a few days. If there's a delay, the bank will contact you.

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, many banks prefer an EIN because it keeps your personal and business finances separate in their system. An EIN is free and takes minutes to get from the IRS, so it's worth doing even if not required.

Do I need to have my business registered with the state before opening an account?

Yes, for LLCs and corporations. You must file your formation documents with your state before the bank will open an account. For sole proprietorships, you don't need to file anything unless you operate under a name other than your own — in that case, you need a DBA registration.

What if I don't have a physical business address?

You can use your home address. If you don't want to use your home address, you can rent a mailbox at a UPS Store or similar service and use that address. Some banks accept this; others require a physical address where the business actually operates. Call the bank first to ask.

How long does it take to open a business account?

In person, usually 15 to 30 minutes. Online, one to three business days for verification and account activation. By mail, one to two weeks because of mail delays. Once the account is open, you can start depositing checks and making transfers immediately.

What if the bank asks for a Certificate of Good Standing?

Order it from your state's Secretary of State office — you can usually do this online. It costs $5 to $25 and arrives in one to two weeks. If you need it faster, some states offer expedited service for an extra fee. Ask the bank how soon they need it before you order.