Documents and information you'll need before you walk in

Most banks want the same core set of documents: your Employer Identification Number (EIN) or Social Security Number if you're a sole proprietor, proof of your business address, a government-issued ID, and your Social Security Number for a personal credit check. Some banks also ask for a business license or articles of incorporation, depending on your business structure.

The exact list varies by bank and by what kind of business you're running. A sole proprietorship needs less paperwork than an LLC or corporation. A brand-new business with no history may face more questions than an established one. Call the bank's business banking line before you go in — they can tell you exactly what they want to see, and you won't waste a trip.

Have your documents ready in one folder. Banks move faster when you show up prepared, and you're more likely to walk out the same day with an account number instead of being told to come back.

Key Takeaways

  • You need an EIN (or your SSN if you're a sole proprietor), a government ID, proof of your business address, and your Social Security Number for the credit check.
  • Corporations and LLCs usually need articles of incorporation or formation; sole proprietors often do not.
  • Call your bank's business line before visiting to confirm what documents they specifically require — requirements differ by institution.
  • Bring originals or certified copies, not photocopies, unless the bank tells you otherwise.
  • The whole process typically takes 15 to 30 minutes if you have everything, or several days if the bank needs to verify your EIN or business license.

How to get an EIN if you don't have one yet

If you're not a sole proprietor operating under your own name, you need an EIN — a nine-digit number the IRS issues to identify your business for tax purposes. You can get one free from the IRS the same day you apply, either online at irs.gov or by phone at 1-800-829-4933.

The online application takes about 15 minutes. You'll answer questions about your business structure, location, and what you do. The IRS gives you your EIN immediately on screen, and you can print it or write it down. If you apply by phone, you get the number during the call. You do not need to wait for anything in the mail.

Sole proprietors who operate under their own legal name can use their Social Security Number instead of an EIN, though many banks prefer an EIN anyway because it keeps your personal and business finances separate on their systems.

Proof of business address and identity

Banks need to know where your business is located. If you have a physical office or storefront, bring a recent utility bill, lease agreement, or property tax statement showing your business address and your name or business name. If you work from home, a utility bill with your home address works fine.

For personal identity, bring a driver's license, passport, or state ID card — something with your photo and signature. The bank will photocopy it. If you're opening the account as a representative of an LLC or corporation rather than as the owner, bring documentation showing you have the authority to open accounts on behalf of the business, such as a board resolution or operating agreement.

Business structure documents

What you need depends on how your business is organized. A sole proprietorship typically requires nothing beyond your ID and SSN. An LLC requires your articles of formation (the document you filed with your state to create the LLC). A corporation requires articles of incorporation. A partnership requires a partnership agreement.

If you haven't filed these documents yet, you can't open a business account under that structure — you'll have to use your personal account or your SSN as a sole proprietor until the paperwork is complete. Filing takes one to two weeks in most states, though some states offer expedited filing for an extra fee.

If you've already filed but don't have a copy, you can request one from your state's Secretary of State office, usually online. It costs $5 to $25 and arrives within a few days. Some banks will accept a certified copy from the state; others will accept a printout from the state's online database.

What happens after you hand over your documents

The bank will verify your EIN with the IRS, check your personal credit history, and sometimes verify your business license or articles of incorporation with your state. This verification usually takes a few minutes to a few hours while you wait, though some banks do it after you leave and call you back if there's a problem.

If everything checks out, you'll sign signature cards and account agreements, choose your account type and deposit method, and get your account number on the spot. You can start using the account immediately, though checks and debit cards take 5 to 10 business days to arrive.

If the bank can't verify your EIN or finds a discrepancy in your documents, they'll tell you what's wrong and ask you to fix it. This usually means a phone call to the IRS or your state, then coming back with corrected paperwork. It adds a few days to the process.

Minimum deposit and account fees

Most business checking accounts require an opening deposit, usually $100 to $500, though some banks waive it if you set up direct deposit or maintain a minimum balance. Ask about this before you open the account — the fee structure varies widely between banks, and some charge monthly maintenance fees while others don't.

The bank will tell you the deposit requirement and any monthly or per-transaction fees when you apply. If you don't like the terms, you can walk away and try another bank. There's no penalty for comparing offers before you commit.

Frequently Asked Questions

Can I open a business account if my business isn't registered yet?

Not under a business name or LLC structure. You can open a personal account and use it for business, or register your business first (one to two weeks in most states) and then open a business account. Some banks let you open a business account with just an EIN application in progress, but this is rare — call ahead to ask.

Do I need a business license to open a checking account?

Not always. Most banks don't require it, though some do, especially for regulated industries like food service or childcare. Call your bank to ask. If you need one, your city or county issues it, usually for $50 to $500, and it takes one to three weeks.

What if I'm opening an account for an LLC but I'm not the owner?

You need written proof that you have authority to open accounts on behalf of the LLC — usually a board resolution, operating agreement, or power of attorney signed by the owner. Bring this along with your ID and the LLC's articles of formation.

Can I use a PO box as my business address?

Most banks will not accept a PO box as your primary business address. They want a physical street address. If you don't have one, use your home address or a virtual office address from a service like UPS Store or Regus.

How long does it take to open a business checking account?

If you have all your documents and everything verifies cleanly, 15 to 30 minutes in person. If the bank needs to verify your EIN or business license with a government agency, add one to three business days. If documents are missing or incorrect, add time for you to get them and come back.