What you need before you walk in
You will need to bring proof of your business structure, a government-issued ID, and your Social Security number or Employer Identification Number (EIN). The bank will also ask for your business address and the names of anyone who will sign checks or access the account.
If your business is a sole proprietorship, bring your Social Security number and a driver's license. If you are an LLC, S-corp, or C-corp, bring your Articles of Organization or Articles of Incorporation — the document you filed with your state when you registered the business. You can usually get a copy from your state's Secretary of State website if you do not have the original.
Some banks ask for an EIN even if you are a sole proprietor. You can get one free from the IRS website (irs.gov) in about 15 minutes, or apply by mail or phone if you prefer. If you do not have one yet, ask the bank whether they will open the account with your Social Security number instead — many will, though some require an EIN.
Key Takeaways
- Bring your business formation documents (Articles of Organization or Incorporation), a government ID, and your Social Security number or EIN to open the account in person.
- Most banks require a minimum deposit to open the account, which ranges from $0 to $500 depending on the bank and account type.
- You can open an account online, by mail, or in person; online is usually fastest and requires the same documents scanned or photographed.
- The account is typically active within one to three business days, though some banks activate it the same day if you open it in a branch.
- You will need to decide whether to add other signers (co-owners, employees, accountants) before opening, because adding them later requires their presence or notarized paperwork.
Opening in person at a bank branch
Walk into any branch of a bank where you want to open the account and ask for the business banking desk. Bring your documents, your ID, and your Social Security number or EIN. The banker will ask you questions about your business — what it does, how much you expect to deposit each month, whether you need a credit line — and will show you the account options available.
The whole process usually takes 20 to 45 minutes. At the end, you will sign signature cards (forms that tell the bank which people can sign checks), and the banker will give you temporary checks or a debit card. The account is often active the same day if you open it before 2 p.m., though some banks wait until the next business day to process it.
Bring a second form of ID if you have one — a passport, business license, or utility bill with your name and address. Banks are required to verify your identity under federal law, and having a second document speeds up the process.
Opening online or by mail
Most large banks and many smaller ones let you open a business checking account on their website. You will upload or photograph your business formation documents, your driver's license, and proof of your business address (a utility bill, lease, or business license). The bank will ask the same questions about your business that a banker would ask in person.
Online applications usually take 10 to 15 minutes to complete. The bank will then review your documents — this step takes one to three business days. Once approved, the account opens and you can log in to transfer money or set up automatic payments. Checks and a debit card arrive by mail within five to ten business days.
Opening by mail is slower. You print the application, sign it in front of a notary public, and mail it with copies of your documents. The bank receives it, processes it, and mails you back a confirmation. This route takes two to four weeks total and is rarely necessary — online is faster and just as secure.
Minimum deposits and account fees
The minimum deposit to open a business checking account ranges from $0 to $500, depending on the bank and the account type. Some banks waive the minimum if you set up direct deposit or maintain a certain monthly balance. Others charge a monthly fee ($10 to $30) if your balance falls below a threshold, or if you do not meet a minimum number of transactions per month.
Ask the banker or check the bank's website for the full fee schedule before you open the account. Look for what the bank charges for overdrafts, wire transfers, stop payments, and returned checks — these fees vary widely and can add up if your business has cash flow problems. Some banks offer the first month free or waive fees for new business accounts for the first 90 days.
Adding other signers and authorized users
You can add other people to the account when you open it, or add them later. If you add them at opening, they need to be present in person (if you are opening in a branch) or sign the application electronically (if you are opening online). If you add them after the account is open, most banks require them to come to a branch in person with their ID, or you can mail the bank a notarized authorization form.
Decide before you open whether you want a co-owner (someone with equal rights to the account) or just an authorized user (someone who can sign checks or make withdrawals but does not own the account). Co-owners are harder to remove later, so most business owners use authorized users instead. The bank will ask for the signer's name, address, and Social Security number or ID number.
What happens after the account opens
Once the account is active, the bank will send you checks, a debit card, and online banking login information. You can start depositing money and paying bills immediately through the online portal, even if your physical checks have not arrived yet. Most banks let you set up bill pay, automatic transfers, and payroll processing on the same day.
Log into your online account and set up alerts for low balances, large transactions, or failed deposits. These alerts help you catch problems early. If you plan to use the account for payroll, ask the bank about their payroll processing service or whether they work with third-party payroll providers like ADP or Gusto.
Choosing between banks
Large national banks (Chase, Bank of America, Wells Fargo, Citibank) offer business checking at most branches and online. They have many locations and strong online tools, but their monthly fees are often higher ($15 to $30) and their customer service can be slow. Credit unions and smaller regional banks often have lower fees and faster service, but fewer locations and fewer online features.
Online-only banks (Novo, Mercury, Brex) have no monthly fees and fast account opening, but no physical branches and sometimes stricter rules about who can open an account. If you need to deposit cash regularly, a bank with physical branches is more practical. If you mostly transfer money electronically, an online bank can save you money.
Compare the monthly fee, minimum balance requirement, overdraft fees, wire transfer fees, and whether the bank offers the services you need — payroll processing, merchant services, business credit cards, or loans. Most banks let you see their fee schedule online before you open an account.
Frequently Asked Questions
Do I need an EIN to open a business checking account?
Not always. Sole proprietors can use their Social Security number instead. LLCs, S-corps, and C-corps usually need an EIN, but some banks will open the account with your Social Security number and let you add the EIN later. Call the bank before you go in to confirm what they require.
How long does it take to get checks after I open the account?
Most banks mail checks within five to ten business days. You can order additional checks through the bank's website or a third-party printer like Deluxe or Costco, which is often cheaper. You can also use the debit card or online transfers while you wait for checks to arrive.
Can I open a business checking account if I do not have a business license yet?
Yes. You do not need a business license to open the account — you just need your business formation documents (Articles of Organization or Incorporation) or proof that you are operating as a sole proprietor. Some banks ask for a business license if you have one, but it is not required.
What if I want to change banks later?
You can close the account and open a new one at any time. Before you close it, set up automatic transfers for any recurring payments and notify customers or vendors of your new account number. The old bank will usually let you keep the account open for 30 days after you stop using it, in case a check clears late.
Do I need a separate business checking account, or can I use my personal account?
You should use a separate business account. Mixing personal and business money makes taxes harder, can complicate loan applications, and may not protect your personal assets if the business is sued. A business account also looks more professional to customers and vendors.