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 assigns to your business. If you're a sole proprietor, you can use your Social Security number instead, but banks often prefer the EIN. You'll also need a government-issued photo ID, your Social Security number, and proof of your business address.
The bank will ask what type of business structure you have: sole proprietorship, partnership, LLC, S-corp, or C-corp. This matters because different structures require different paperwork. An LLC needs the Articles of Incorporation or Certificate of Formation filed with your state. A partnership needs the partnership agreement. A corporation needs Articles of Incorporation and bylaws. If you're a sole proprietor, you may only need your personal ID and EIN.
Bring proof of your business address — a utility bill, lease, or mortgage statement with your name and the business address on it. Some banks accept a recent tax return or business license instead. If you're operating from home, a utility bill in your name at that address works. The bank is verifying that your business actually exists at a real location.
Key Takeaways
- You need an EIN from the IRS, a government-issued photo ID, and proof of your business address before most banks will open an account.
- Different business structures (LLC, corporation, partnership, sole proprietorship) require different documents — bring your formation paperwork if you have it.
- Banks verify your identity and business existence, so bring originals or certified copies of formation documents, not photocopies.
- Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the bank and account type.
- The whole process usually takes 15 to 30 minutes in person, or one to three business days if you open online.
How to get an EIN if you don't have one yet
If your business doesn't have an EIN, you can get one the same day you open the account — or before. The IRS issues EINs free through their website at irs.gov. You fill out Form SS-4 online and receive your number immediately. You don't need to mail anything or wait for a letter.
If you prefer to apply by phone, call the IRS Business and Specialty Tax Line at 1-800-829-4933. They'll issue your EIN over the phone and you can write it down. If you apply by mail or fax, it takes about four weeks. Most people applying for a business account should use the online method — it's instant and the bank can verify it right away.
Sole proprietors can use their Social Security number instead of an EIN, but the bank may still ask you to get one. It's simpler to have both separated: your personal SSN stays off the business account, which keeps your finances cleaner for tax purposes and makes accounting easier later.
What to bring if your business is an LLC or corporation
If you formed an LLC or corporation, bring your Certificate of Formation or Articles of Incorporation — the document your state issued when you registered the business. This is usually a one-page certificate with a filing date and state seal. The bank needs to see it to confirm the business legally exists and to verify who is authorized to open accounts on its behalf.
You'll also need an Operating Agreement (for LLCs) or Bylaws (for corporations). These documents spell out who can sign checks and make decisions for the business. If you don't have one, some banks will let you open the account anyway, but they may require you to sign a resolution stating who has signing authority. Ask the bank before you arrive whether they need this document or a signed resolution instead.
If there are multiple owners, bring a list of all owners and their ownership percentages. The bank will ask for ID from each owner who will have signing authority on the account. Some banks require all owners to be present; others let you bring notarized authorization letters from owners who can't attend.
Minimum deposits and account fees
Most banks no longer require a minimum opening deposit to start a business checking account, but some still do. The amount varies widely — anywhere from zero to $500 or more, depending on the bank and the type of account. Online banks and credit unions tend to have lower or no minimums. Traditional brick-and-mortar banks are more likely to require one.
Ask the bank about monthly maintenance fees, per-check fees, and transaction limits before you open. Some accounts are free if you maintain a certain balance or set up direct deposit. Others charge $10 to $25 per month regardless. A few banks offer free business checking with no strings attached. The fee structure matters more than the opening deposit because you'll pay it every month.
Also ask whether the bank offers a grace period if your balance drops below the minimum. Some banks waive the fee for the first month or two while you're getting started. Others charge immediately. Knowing this upfront helps you avoid surprise fees.
Opening the account in person versus online
Opening in person at a branch takes 15 to 30 minutes. You bring your documents, the banker verifies everything, and you leave with checks and a debit card. You can ask questions face-to-face and get immediate answers about fees, limits, and services. This works well if you want to build a relationship with a local banker or if your business structure is complex.
Opening online takes one to three business days. You upload photos of your documents, answer questions about your business, and sign electronically. You don't need to visit a branch. The bank reviews everything and contacts you if they need clarification. Your account opens once everything checks out, and they mail your debit card and checks. This is faster if you're in a hurry and works well for straightforward sole proprietorships.
Some banks offer both options — you can start online and finish in person, or vice versa. If you're unsure whether your documents are complete, call the bank's business line before you go. They can tell you exactly what to bring and whether you need anything else.
What happens after you open the account
Once the account is open, the bank will give you a routing number and account number. You'll use these to set up direct deposit for payroll, arrange automatic bill payments, and provide to customers who want to pay by ACH transfer. Write these down and keep them somewhere safe.
The bank will mail you checks and a debit card within 5 to 10 business days. If you need checks sooner, some banks can print them in-branch the same day, or you can order them from a third-party printer like Deluxe or Costco. Debit cards usually arrive within a week.
Set up online banking right away so you can monitor your account, transfer money, and pay bills without writing checks. Most banks let you do this during account opening or immediately after. You'll create a username and password, and many offer mobile apps for checking your balance on your phone.
Frequently Asked Questions
Can I open a business account if I haven't registered my business with the state yet?
It depends on the bank and your business structure. Sole proprietors can usually open an account with just an EIN and ID — no state registration required. LLCs and corporations typically need proof of state registration. Call the bank first and ask whether they'll accept a business license or if they need the official Certificate of Formation.
Do I need to bring the original documents or can I bring copies?
Banks usually want to see originals or certified copies so they can verify the seals and signatures. Photocopies are often not accepted. If you don't have the original, ask the bank whether a certified copy from your state's Secretary of State office will work. Some banks will accept a notarized copy.
What if I'm opening the account for an LLC but I'm the only member?
Bring your Certificate of Formation and your personal ID. You don't need an Operating Agreement, though the bank may ask you to sign a resolution confirming you have authority to open the account. Some banks skip this step for single-member LLCs. Ask when you call to confirm what you need.
How long does it take to get an EIN if I apply by mail?
About four weeks. If you need the EIN sooner, apply online at irs.gov and get it instantly, or call 1-800-829-4933 and they'll issue it over the phone. Most people opening a business account should use the online method.
Can I open a business account with just a business license, without an EIN?
Most banks require an EIN or Social Security number. A business license alone is not enough. Get your EIN first — it's free and takes minutes online — then bring that to the bank along with your license and other documents.