What banks will ask for before opening an account
Most banks require the same core documents before they will open a business account: proof of your business identity, proof of your personal identity, and proof of your address. The exact list varies by bank and by the type of business structure you have, but you will need to bring originals or certified copies — banks do not accept photocopies or digital images for the initial setup.
For a sole proprietorship, you typically need a driver's license or passport, a Social Security number, and a recent utility bill or lease showing your home address. For an LLC or corporation, you need the business formation documents filed with your state (the Articles of Organization or Articles of Incorporation), an Employer Identification Number (EIN) from the IRS, and identification for the owner or authorized representative who is signing the account paperwork.
Some banks also ask for a business license, a DBA certificate if you operate under a name different from your legal business name, or a recent business tax return if your business has been operating for more than a year. A few banks will request a business plan or proof of funding, though this is less common for basic checking accounts and more common for business lines of credit or merchant services.
Key Takeaways
- You will need a government-issued ID, proof of address, and your Social Security number or EIN, along with your business formation documents if you are an LLC or corporation.
- Banks require originals or certified copies of documents — photocopies and digital images are not accepted at account opening.
- The exact documents vary by bank and business structure, so calling ahead to ask what your specific bank needs saves a trip.
- Opening an account typically takes 15 to 30 minutes in person or one to three business days if you start online.
- You will receive account numbers, routing numbers, and debit cards within one to two weeks after the account is opened.
Documents for sole proprietorships
If you operate as a sole proprietor — meaning you have not filed any formal business structure with your state — you need less paperwork than an LLC owner. Bring your driver's license or passport, your Social Security number, and a recent utility bill, lease agreement, or mortgage statement showing your home address. Some banks will also ask for a business license from your city or county, though not all require it.
You do not need an EIN if you are a sole proprietor, though you can obtain one from the IRS if you want to keep your business and personal finances more separate. Many sole proprietors use their Social Security number as their business tax ID instead. If you plan to hire employees later, you will need an EIN at that point, but you can open the account without one.
Documents for LLCs and corporations
For an LLC or corporation, bring the Articles of Organization or Articles of Incorporation that you filed with your state — this is the document that officially created your business. You will also need an EIN, which you can obtain free from the IRS website (irs.gov) or by calling 1-800-829-4933. The EIN process takes a few minutes online or up to two weeks by mail.
The person opening the account must bring a government-issued ID and proof of address. If you are the owner, you will sign as the account holder. If someone else is opening it on behalf of the business, the bank will typically ask for a resolution or letter from the owner authorizing that person to act, though requirements vary by bank.
Some banks also ask for an Operating Agreement (for LLCs) or Corporate Bylaws (for corporations), though many do not require these at account opening. If your bank asks and you do not have one, ask whether they will proceed without it or whether you need to provide one before the account can be funded.
What happens during the account opening process
If you open the account in person, the process usually takes 15 to 30 minutes. The bank representative will verify your documents, ask you questions about the business (what you do, how much you expect to deposit monthly, whether you will need merchant services), and have you sign the account agreement and signature card. They will assign you an account number and routing number on the spot.
If you start online, the bank will ask you to upload images of your documents and answer questions about your business. This part takes 10 to 20 minutes. The bank then reviews your submission, which can take one to three business days. Some banks will call you to verify information or ask follow-up questions before approving the account.
Once the account is approved, you will receive a debit card and checks by mail within one to two weeks. Some banks offer temporary debit card numbers you can use immediately while you wait for the physical card. You can usually start transferring money or setting up direct deposit as soon as the account is open, even if your card has not arrived yet.
Timing and what to expect after opening
The entire process — from walking in or clicking "open account" to having a working account — usually takes one to three business days for online applications and same-day for in-person visits. However, some banks place a hold on deposits for the first 24 to 48 hours while they verify the account, so plan accordingly if you need to move money quickly.
After opening, you will receive login credentials for online banking, usually by email within a few hours. You can set up bill pay, transfers, and direct deposit through the online portal before your debit card arrives. If you need checks, most banks can order them through their online system, though you can also order from third-party check printers, which are often cheaper.
Some banks charge monthly fees for business accounts, while others waive fees if you maintain a minimum balance or set up direct deposit. Ask about this before opening — the fee structure can vary significantly between banks, and it is easier to choose the right account upfront than to switch later.
What to do if the bank rejects your application
Banks sometimes decline to open a business account if your personal credit is poor, if you have a history of overdrafts or fraud, or if your business type is considered high-risk (such as cannabis retail, money services, or certain online businesses). If this happens, ask the bank why they declined — they are required to tell you.
If the reason is your personal credit or banking history, you can try a different bank, particularly a credit union or a bank that specializes in small business accounts. Some banks have fewer restrictions than others. If the reason is your business type, you may need to look for a bank that specifically works with that industry, as mainstream banks often decline these accounts due to regulatory concerns.
If you were declined because your documents were incomplete or incorrect, fix the issue and reapply. For example, if your address on your ID did not match your current address, bring a utility bill or lease showing your current address. If your business formation documents were not filed correctly with the state, contact your state's Secretary of State office to verify they were received.
Frequently Asked Questions
Can I open a business account without an EIN if I have an LLC?
No. Banks require an EIN for LLCs and corporations. You can obtain one free from the IRS website in a few minutes, or by phone at 1-800-829-4933. If you have not yet received your EIN, some banks will hold the account open temporarily while you provide it within a few days.
Do I need a business license to open a business bank account?
Most banks do not require a business license at account opening, though some ask for one. Call your bank ahead of time to ask what they need. If you do not have a license yet, you can usually open the account without it, but check with your specific bank first.
What if I do not have a current utility bill for my address?
A lease agreement, mortgage statement, or recent tax return showing your address will work instead. If you just moved and do not have any of these yet, bring a utility bill from your previous address plus a lease or rental agreement for your new place. Some banks will also accept a government letter with your address, such as a voter registration card or tax document.
Can someone else open the account for me if I am out of the country?
It depends on the bank. Some banks require the owner to be present in person or to sign documents electronically. Others allow an authorized representative to open the account if they bring a letter from the owner and a copy of the owner's ID. Call your bank to ask what they allow before sending someone on your behalf.
How long does it take to get checks after opening the account?
Most banks mail checks within one to two weeks of account opening. If you need checks sooner, you can order from a third-party printer like Deluxe or Costco, which often deliver within three to five business days and are cheaper than bank-ordered checks. You can also use your debit card or online transfers for most payments while you wait.