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 that your business exists, proof of who you are, and proof of your ownership stake. The exact list varies by bank and by what kind of business structure you have — a sole proprietorship needs different paperwork than an LLC or corporation.
Bring your government-issued ID (driver's license or passport). Bring your Social Security Number or Individual Taxpayer Identification Number. If your business is registered with your state, bring the registration document — this might be called a Certificate of Formation, Articles of Incorporation, or a DBA (Doing Business As) filing, depending on your state and structure. If you don't have formal registration yet, some banks will still open an account, but you'll need to show them something that proves the business name and that you're the owner.
You'll also need to know your Employer Identification Number (EIN) if your business has one. If you don't have an EIN yet, you can get one from the IRS before you go to the bank, or some banks will help you apply during the account opening. The process takes a few minutes online at irs.gov.
Key Takeaways
- Bring a government-issued ID, your Social Security Number or ITIN, and proof your business is registered with your state (such as a Certificate of Formation or DBA filing).
- You'll need an Employer Identification Number (EIN) unless your business is a sole proprietorship with no employees, though having one makes the process smoother.
- Different business structures — sole proprietorship, LLC, S-corp, C-corp — require different documents, so call your bank first to confirm what they need.
- Banks verify your identity and business registration before opening the account, which usually takes one business day to one week depending on the bank.
- Some banks require a minimum opening deposit or minimum balance, which ranges from zero to several hundred dollars depending on the account type and bank.
What your business structure determines
A sole proprietorship is the simplest. You don't need formal registration in most states, so you'll bring your personal ID and Social Security Number. If you're doing business under a name other than your legal name, bring a copy of your DBA filing (also called a fictitious name certificate). Some banks will open an account with just your personal ID and a statement that you're operating as a sole proprietor, though this is less common now.
An LLC requires your Certificate of Formation (or Articles of Organization, depending on your state). This document shows the state has registered your business and lists you as the owner. Bring it along with your personal ID and Social Security Number. The bank will verify the LLC exists by checking your state's business database.
A corporation (C-corp or S-corp) needs your Articles of Incorporation and a corporate resolution or certificate authorizing the account opening. Some banks ask for a list of officers and directors. Bring your personal ID as the person signing the account paperwork, even if you're not the sole owner.
A partnership requires your Partnership Agreement and identification for each partner who will have signing authority on the account. Some banks require all partners to be present; others will accept documentation from one partner with the others' consent.
Proof of identity and ownership
Banks are required by federal law to verify your identity before opening any account. This is called Know Your Customer (KYC) compliance. They'll check your government-issued ID against their database and may ask follow-up questions about your address, previous addresses, or employment history.
For business ownership, the bank needs to confirm you're actually authorized to open an account on behalf of the business. For a sole proprietorship, your personal ID is usually enough. For an LLC or corporation, the bank will check your state's business registry to confirm your name appears as an owner or manager. If you're opening the account as a representative of the business but not the owner, bring a letter from the owner authorizing you to do so, or bring the owner with you.
Some banks now use third-party verification services that check your identity electronically. If the bank uses this method, the process can happen during your visit or online, and it usually takes a few minutes to a few hours.
Employer Identification Number (EIN) — when you need it and when you don't
An EIN is a nine-digit number the IRS assigns to businesses. You need one if your business is an LLC with more than one member, a corporation, a partnership, or a sole proprietorship with employees. If you're a sole proprietor with no employees, you can use your Social Security Number instead, though many banks prefer you have an EIN anyway.
Getting an EIN is free and takes about 15 minutes online at irs.gov/ein. You can also apply by phone or mail, but online is fastest. The IRS gives you the number immediately after you apply online. Some banks will let you open an account with an application receipt if you don't have the actual EIN yet, though this is less common.
If you don't have an EIN before you go to the bank, call ahead and ask whether they can help you apply during the account opening, or whether you need to get one first. Most banks can do this, but policies vary.
Minimum deposits and account fees
Banks vary widely on what they require to open a business account. Some have no minimum opening deposit. Others require $100 to $500 or more. A few require you to maintain a minimum balance — if your balance drops below that amount, you pay a monthly fee.
Ask the bank about their specific requirements before you go in. If you're opening an account online, the bank's website will list the minimum. If you're going in person, call the business banking department and ask what the current minimum is for the type of account you want. Minimums can change, and they sometimes vary by location.
Business accounts also typically have monthly maintenance fees ranging from $10 to $30, though some banks waive the fee if you maintain a certain balance or set up direct deposit. Ask about this too — it affects the true cost of the account.
How to prepare before you go to the bank
Call or visit the bank's website first. Most banks have a business banking section that lists exactly what documents they need. This saves you a trip back home if you forget something. Ask specifically whether they need originals or copies, and whether you can open the account online or whether you have to come in person.
Gather your documents in one place: your ID, Social Security Number or ITIN, your EIN (or the application receipt if you just applied), and your business registration document. Make copies of everything except your ID — keep the originals in case the bank needs to see them. Some banks scan documents during the appointment; others ask you to bring copies.
If you're opening the account online, you'll upload photos of your documents. Make sure the photos are clear, well-lit, and show the entire document. Blurry or partial images slow down the process.
If you're opening in person, bring the originals. The bank will verify them and may make copies for their file.
What happens after you submit your documents
The bank verifies your identity and your business registration, usually within one business day. They check your Social Security Number against fraud databases and confirm your business exists in your state's registry. If everything checks out, they open the account and issue you a debit card and checkbook (if you requested one).
If there's a problem — your ID doesn't match their records, your business registration can't be found, or your Social Security Number raises a flag — the bank will contact you. This can add a few days to the process. Be prepared to provide additional documentation, such as a utility bill showing your address or a letter from your state confirming your business registration.
Once the account is open, you can usually start using it immediately for transfers and online payments. Debit cards and checks typically arrive within 5 to 10 business days.
Frequently Asked Questions
Can I open a business account without an EIN?
Yes, if you're a sole proprietor with no employees. You can use your Social Security Number instead. However, many banks prefer you have an EIN, and it's free to get one online in about 15 minutes. If you plan to hire employees later, you'll need an EIN anyway, so getting one upfront simplifies things.
Do I need to bring the business owner to the bank if I'm opening the account on their behalf?
Not always. If you have a written authorization letter from the owner, most banks will accept it. Call the bank first to confirm their policy. Some banks require the owner to be present; others don't. Having the owner there makes the process faster and avoids delays if the bank has questions.
What if my business registration document is from another state?
If your business is registered in one state but you're opening an account in another, bring the registration document from your home state. The bank will verify it through their database. Some banks may ask for additional documentation showing your business operates in their state, such as a lease or utility bill for a business address.
How long does it take to open a business account?
In person, the appointment usually takes 20 to 45 minutes. The bank verifies your documents during the visit and opens the account the same day. Online, it can take 24 hours to a few days because the bank verifies everything after you submit. If there are any issues with your documents, add another few days.
What if the bank can't verify my business registration?
This sometimes happens if your state's database is slow to update or if there's a typo in how you registered. Call your state's business registry office and confirm your registration is on file and spelled correctly. Then contact the bank and provide them with a confirmation number or letter from the state. This usually resolves the issue within a day or two.