Documents and information you'll bring to the bank
Most banks will ask for three categories of things: proof of your identity, proof that your business exists, and basic information about who owns and runs it. The exact list varies by bank and by what kind of business structure you have, but the core documents stay the same.
Bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank needs to verify you are who you say you are. If you're opening the account as a sole proprietor (you own the business by yourself), that's often all the personal ID you need.
For proof your business exists, bring your Employer Identification Number (EIN) if you have one. You can get an EIN from the IRS for free, even if you're a sole proprietor. If you don't have an EIN yet, bring a copy of your business license or registration certificate from your state or local government. Some banks will also accept a DBA (Doing Business As) certificate if you registered a business name.
If your business is structured as an LLC, S-corp, C-corp, or partnership, bring a copy of your formation documents — the articles of incorporation or articles of organization filed with your state. The bank needs these to confirm the business is real and to understand who has authority to sign checks and make decisions.
Key Takeaways
- Bring a government photo ID, your EIN or business license, and formation documents if your business is an LLC or corporation.
- Most banks require at least one owner or authorized person to be present in person, though some now offer remote account opening.
- You will need to provide the business address, the type of business, and estimated monthly deposit and withdrawal amounts.
- Sole proprietors can often open an account faster than LLCs or corporations because there are fewer documents to verify.
- Different banks have different minimum balance requirements and monthly fees, so compare options before you choose.
Information about your business you'll provide verbally or on a form
The bank will ask you to describe what your business does. Be specific: "consulting" is less useful to them than "bookkeeping services for small retail businesses." They use this to assess risk and to comply with anti-money-laundering rules.
You'll provide your business address — the physical location where you operate or where mail reaches you. A home address is fine if you run the business from home. The bank will also ask for your phone number and email.
Most banks ask for an estimate of how much money you expect to deposit each month and how many transactions you'll make. This helps them decide which account type fits your needs and whether they need to flag your account for additional monitoring. Be honest but don't overthink it — you can update this later if your business grows.
Who needs to be present and what happens if you're not the only owner
If you're a sole proprietor, you can usually open the account yourself. Bring your ID and your EIN or business license, and you're done.
If your business is an LLC or corporation with multiple owners, the bank typically requires at least one owner to appear in person with ID. Some banks require all owners to sign the account agreement, but most allow one authorized representative to sign on behalf of the business. Ask the bank before you go in whether they need signatures from all owners or just one.
A few banks now offer remote account opening for business accounts, meaning you can video-call a representative and upload documents instead of visiting a branch. This is less common than in-person opening, so call ahead to ask whether your bank offers it.
If you have a business partner or co-owner who can't be present, bring a written authorization or power of attorney document signed by that person. The bank may or may not accept it — policies vary — so confirm before the appointment.
Minimum balance requirements and monthly fees
Business bank accounts are not free. Most banks charge a monthly maintenance fee that ranges from $10 to $30, though some waive the fee if you keep a minimum balance or maintain a certain number of monthly transactions.
Minimum balance requirements vary widely. Some banks require $500 to $1,000 in the account at all times. Others have no minimum but charge higher monthly fees. A few banks aimed at small businesses or startups have lower minimums or no monthly fee at all.
Ask about the cost of checks, wire transfers, and ACH transfers — these add up if you use them frequently. Some banks include a certain number of these transactions per month before charging per transaction; others charge from the first one.
Timeline from application to your first deposit
If you walk into a branch with all your documents in order, you can often open the account the same day. The bank will verify your ID, review your business documents, and have you sign the account agreement. You'll receive a temporary debit card or checks within a few days, and your account number immediately.
If the bank needs to verify your EIN with the IRS or your business registration with your state, it can take three to five business days. If your business structure is unusual or if the bank has questions about what you do, it may take longer.
Remote account opening, when available, usually takes one to two business days after you submit your documents and video call.
What to do if you don't have an EIN yet
You can get an EIN from the IRS online at irs.gov/ein. The application takes about 15 minutes, and you receive your number immediately. You don't need to have filed taxes or incorporated yet — the IRS will issue an EIN to a business that exists on paper only.
If you prefer not to get an EIN, you can use your Social Security number as the business tax ID, but only if you're a sole proprietor with no employees. Many banks prefer an EIN anyway because it separates your personal and business finances more clearly.
If you're opening the account before your EIN arrives, bring a copy of your IRS confirmation email showing your EIN was issued. Most banks will accept this as proof.
Choosing between banks
National banks like Chase, Bank of America, and Wells Fargo offer business accounts but often have higher minimum balances and monthly fees. They're useful if you need a lot of branches or if your business already banks there.
Regional and community banks often have lower minimums and more flexibility with small businesses. They may waive fees if you maintain a certain balance or if you also open a personal account there.
Online banks like Mercury, Brex, and Wise have no monthly fees and no minimum balance, but they don't have physical branches. They work well if you don't need to deposit cash or checks in person.
Credit unions sometimes offer business accounts to members at lower cost than banks. You'll need to join the credit union first, which usually requires a small deposit.
Frequently Asked Questions
Can I open a business bank account with just a Social Security number?
Yes, if you're a sole proprietor. You can use your Social Security number instead of an EIN. However, most banks still prefer an EIN because it keeps your personal and business finances separate and makes tax time easier. Getting an EIN is free and takes 15 minutes online.
What if my business doesn't have a physical address yet?
Use your home address or a mailing address where you can receive bank statements. Some banks accept a UPS store or mailbox service address. You don't need a commercial office to open a business account.
Do I need to have been in business for a certain amount of time?
No. Banks will open an account for a brand-new business as long as you have the required documents. A business that exists only on paper — registered with the state but not yet operating — can still get a business bank account.
What if I'm opening an account for an LLC but I don't have the articles of organization yet?
Most banks won't open the account until you show proof the LLC is registered with your state. File your articles of organization first, which takes one to two weeks depending on your state. Some states offer expedited filing for an extra fee if you need it faster.
Can someone else open the account on my behalf if I can't be there?
It depends on the bank. Most require at least one owner to appear in person with ID. Some will accept a power of attorney document signed by the owner, but policies vary. Call your bank before you go in to ask what they need.