Documents and information you'll need before you walk in
Most banks want the same core set of documents, but the exact list depends on your business structure and whether you're opening in person or online. Have your Employer Identification Number (EIN) ready — the IRS issues this to sole proprietors, partnerships, LLCs, and corporations. If you're a sole proprietor using your Social Security number instead, bring that. You'll also need a government-issued photo ID, your personal Social Security number, and proof of your current address (a utility bill or lease dated within the last 60 days usually works).
Beyond the personal documents, bring proof that your business exists. For an LLC or corporation, that's your Articles of Organization or Articles of Incorporation — the filing you submitted to your state. For a partnership, bring the partnership agreement. Sole proprietors often don't need a formation document, but some banks ask for a Doing Business As (DBA) certificate if you're operating under a name different from your legal name. Call the bank before you go and ask what they need for your specific structure; this saves a trip back home.
If someone other than you will be signing checks or accessing the account, bring their government ID and Social Security number too. Banks treat these people as authorized signers and need to verify their identity the same way they verify yours.
Key Takeaways
- You need your EIN (or Social Security number for sole proprietors), a government photo ID, proof of address, and documentation showing your business legally exists.
- The specific documents vary by business structure — an LLC needs Articles of Organization, a corporation needs Articles of Incorporation, and sole proprietors may need a DBA certificate.
- Call your bank before visiting to confirm exactly what they need, because requirements differ between institutions and sometimes between branches.
- If anyone else will sign checks or access the account, bring their ID and Social Security number as well.
- Online account opening usually requires the same documents but asks you to upload images or PDFs instead of showing originals in person.
Getting your EIN if you don't have one yet
If you haven't received an EIN, you can get one the same day you open your account — but only if you apply in person at the bank. The IRS allows banks to issue EINs on the spot through a process called Same-Day EIN. You'll fill out Form SS-4 at the bank, and they'll submit it electronically to the IRS. You walk out with your number.
If you're opening your account online, you'll need the EIN before you start. Apply for one through the IRS website (irs.gov) or by phone at 1-800-829-4933. Online applications take about 15 minutes and you get your number immediately. By phone, you'll answer questions and receive the number during the call. Mail is slower — Form SS-4 sent by post takes about four weeks.
Sole proprietors can use their Social Security number instead of an EIN, so you're not blocked from opening an account if you haven't applied for one yet. Many banks will still ask you to get an EIN later, but it's not required to start.
What banks ask about your business and ownership
Banks will ask you to describe what your business does, how long it's been operating, and how much money you expect to move through the account each month. These questions help them understand the risk profile — a consulting business that processes $5,000 a month looks different from a retail operation processing $50,000 a week. Be honest and specific. "We sell handmade jewelry online" is better than "retail" because it tells them where your money comes from.
They'll also ask who owns the business. If it's just you, that's straightforward. If there are multiple owners, the bank needs to know the ownership percentage of each person. For an LLC with two equal partners, each person owns 50%. For a corporation, they want to know who holds shares. This information goes on your account paperwork and affects how the account is taxed and regulated.
Some banks ask whether you've had a business bank account before, and if so, where. They're checking whether you've had accounts closed for cause — fraud, repeated overdrafts, or other problems. If you have, be upfront about it. Banks can see this information through ChexSystems (a banking history report), so lying doesn't help.
Differences between in-person and online account opening
Opening in person means you bring originals of everything and a bank employee verifies them on the spot. They'll make copies, confirm your identity by scanning your ID, and usually have you sign the account agreement right there. The account is often ready to use the same day, though it can take a business day or two for the routing and account numbers to be fully active.
Opening online means you upload images or PDFs of your documents through the bank's website or app. You'll photograph both sides of your ID, your proof of address, and your business formation documents. The bank reviews these remotely, which usually takes one to three business days. Some banks use video verification — you'll have a brief video call with someone who confirms you're the person in your ID photo. Once approved, you'll receive your account number by email and can start using it, though some banks hold off on check-writing privileges for a few days while they finish their review.
Online opening is faster if you have clear, well-lit photos of your documents. It's slower if your images are blurry or if the bank needs to ask follow-up questions. In-person opening is faster if you have everything with you, but it requires a trip to a branch during business hours.
Information about owners and signers the bank will record
The bank will create a file on every person with ownership stake in the business and every person authorized to sign checks or move money. For each person, they record name, date of birth, address, Social Security number, and government ID number. This is standard Know Your Customer (KYC) compliance — federal law requires banks to verify the identity of beneficial owners.
If your business has more than 20% ownership by someone other than you, the bank will ask for that person's information even if they're not signing checks. If you're the sole owner, you're the only person they need to record. If you have a business partner, co-founder, or investor who owns a stake, bring their ID and Social Security number.
Authorized signers who don't own the business (like an office manager or bookkeeper) still need to be verified, but they're recorded separately from owners. You can add or remove signers later without closing the account, though the bank will verify any new signer the same way.
Minimum deposit and account fees
Most banks require an opening deposit to activate the account, though the amount varies widely. Some require $100, others $500, and a few have no minimum. Ask the bank what they need before you go. This money goes into your account and counts toward your balance — you're not paying a fee, you're funding the account.
Monthly maintenance fees also vary. Some banks charge $10 to $25 per month for a basic business checking account. Others waive the fee if you maintain a minimum balance (often $1,000 to $2,500) or if you set up direct deposit. Online banks and credit unions often have lower or no monthly fees. Ask about the fee structure and any ways to waive it before you open the account.
Transaction fees — for wire transfers, ACH transfers, or checks written — are separate from the monthly fee. Most banks include a certain number of transactions per month for free, then charge per transaction after that. If you plan to write many checks or make frequent transfers, ask what the per-transaction cost is and whether there's an account tier with higher transaction limits.
Timeline from paperwork to a working account
In-person opening usually takes 15 to 30 minutes at the branch, and your account is active the same day or the next business day. You'll get a debit card in the mail within 5 to 10 business days, and checks take 7 to 14 business days to arrive. You can start writing checks before the physical checks arrive by ordering them from the bank or a third-party printer.
Online opening takes one to three business days for approval, then another 5 to 10 business days for your debit card and 7 to 14 business days for checks. Some banks let you use your account for ACH transfers and bill pay before your physical cards and checks arrive, so you're not completely blocked during the waiting period.
If you're opening the account to receive a specific payment — a client invoice, a loan, or a government contract — don't wait until the last minute. Open the account at least two weeks before you need to receive money, so you have time to get your routing and account numbers set up and communicate them to whoever is paying you.
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 to open the account. However, many banks will ask you to get an EIN later, and you'll need one if you hire employees or want to keep your personal and business finances completely separate for tax purposes. It's easier to get the EIN before opening the account so you have it ready.
What if I don't have my business formation documents yet?
If you haven't filed your LLC or corporation with your state yet, you can't open a business account under that structure. You'll need to file first and receive your confirmation from the state. This usually takes one to two weeks. If you're in a hurry, some banks will let you open a sole proprietor account in your personal name and transfer it to your business name later, but this creates extra work. File your formation documents first, then open the account.
Do I need to bring my business plan or financial projections?
No. Banks don't need to see a business plan to open a checking account. They'll ask you to describe what your business does and how much money you expect to move through the account, but you don't need written documentation. Answer their questions honestly and you're fine.
What happens if I can't get to a branch in person?
Open the account online. You'll upload images of your documents and the bank will verify them remotely. Some banks use video verification to confirm your identity. The process takes one to three business days instead of 15 minutes, but you don't have to leave your home or office.
Can someone else open the account on behalf of my business?
No. The bank needs to verify the identity of the business owner or authorized representative in person or on video. You can't send someone else to open it for you. If you can't go in person, open it online with video verification instead.