Documents and information you'll need before you walk in

Most banks ask for the same core set of documents, though the exact list depends on your business structure and the bank's own rules. Have your Employer Identification Number (EIN) ready — this is the federal tax ID for your business, issued by the IRS. If you're a sole proprietor, you can use your Social Security number instead, but an EIN keeps your personal and business finances separate on paper.

Bring a government-issued photo ID for yourself and any co-owners or authorized signers. A driver's license or passport works. You'll also need proof that your business exists: a business license from your city or county, articles of incorporation or formation (for LLCs and corporations), or a DBA certificate if you're operating under a name that isn't your legal name.

The bank will want to see a recent business address — a physical street address, not a PO box. If you're working from home, that's fine; just be ready to provide it. Some banks also ask for a business plan or a letter describing what your business does, especially if you're new or if your industry is unusual.

Key Takeaways

  • You need an EIN (or your Social Security number for sole proprietors), a government photo ID, and proof your business exists, such as a business license or articles of incorporation.
  • Banks require a physical business address on file, which can be your home address if you work from home.
  • Bring documentation showing the business structure — sole proprietorship, LLC, S-corp, or C-corp — because different structures have different account requirements.
  • Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the institution.
  • The whole process usually takes 15 minutes to an hour in person, or one to three business days if you open online.

How your business structure affects what you need

A sole proprietorship is the simplest: you and your business are legally the same entity. You can open an account with just your Social Security number and a business license, though an EIN is still recommended. The bank may ask you to sign a personal may provide, meaning you're personally responsible for the account.

An LLC (limited liability company) requires articles of organization filed with your state. Bring a copy of the filed document, not just a draft. The bank will also ask for an operating agreement, which is the internal rulebook for your LLC — you may have one on file, or you may need to create one. Some banks ask for a resolution authorizing the account, which is a simple statement signed by the LLC's members saying they approve opening the account.

A corporation (C-corp or S-corp) needs articles of incorporation, a corporate resolution, and the corporate bylaws. The resolution must be signed by an authorized officer and state that the corporation approves opening the account and designates who can sign checks. This sounds formal, but most banks provide a template you can fill in.

A partnership requires a partnership agreement and identification for each partner. If you don't have a written agreement, some banks will still open the account but may ask all partners to sign the application.

Minimum deposits and account fees

The opening deposit varies widely. Some banks have no minimum; others ask for $100 to $500 to open the account. A few business-focused banks ask for $1,000 or more, but these are less common for small businesses. Ask the bank directly before you go in, because this can be the difference between opening that day or having to come back.

Monthly maintenance fees range from zero to $25 or more, depending on the bank and the account tier. Some banks waive the fee if you maintain a minimum balance (often $500 to $2,500) or if you set up direct deposit. Others charge per transaction — for example, $0.25 per check or $1 per wire transfer. Read the fee schedule before you commit; a bank with no opening minimum but high monthly fees may cost more over time than one that asks for $300 upfront.

Opening in person versus online

Opening in person at a branch takes 15 minutes to an hour. You hand over your documents, the banker verifies them, you sign the account agreement, and you're done. You can deposit a check or cash that day if you want. This route works well if you have questions or if your business structure is complicated.

Opening online is faster in theory but slower in practice. You upload photos of your documents, answer questions about your business, and sign electronically. The bank then reviews everything, which can take one to three business days. Some banks call you to verify information before they activate the account. You can't deposit cash online, so you'll need to use mobile check deposit or wait until you receive checks.

A hybrid approach is common: you start online, then visit a branch to deposit cash or to resolve any document issues. Ask the bank which route they recommend for your situation.

What happens after you open the account

The bank will issue you a temporary debit card or let you order one online. Checks usually arrive in five to ten business days. If you need checks faster, you can order them from a third-party printer and have them in two to three days, though they cost more than the bank's standard checks.

Set up online banking and bill pay right away. Most banks let you do this during the opening process or immediately after. You'll create a username and password, and the bank will send you a security code by text or email to confirm your identity. Once you're logged in, you can transfer money, pay bills, and monitor your balance.

If you have employees or plan to hire them, ask about payroll services. Some banks offer payroll through a partner, and setting it up early makes tax time easier. You'll need your EIN and your state's unemployment insurance account number to get your free guide.

Common reasons banks deny or delay account opening

Banks run a background check on you and your business. They're looking for signs of fraud, money laundering, or other financial crimes. If you have a history of bounced checks, unpaid debts, or fraud convictions, the bank may deny the account. This is rare for legitimate small businesses, but it happens.

Mismatched information is the most common delay. If your ID says "John Smith" but your business license says "John Michael Smith," the bank will ask you to clarify. If your business address on the license doesn't match your current address, bring a utility bill or lease to prove you're at the new location.

Some banks are cautious about certain industries — cannabis, cryptocurrency, firearms, and high-risk sectors face extra scrutiny. If your business is in one of these areas, call ahead and ask which banks in your area will work with you. You may need to provide more documentation or accept higher fees.

If you're opening a second account or switching banks

Switching to a new bank is straightforward. Open the new account first, then ask your old bank to close the old account. The bank will tell you when to stop using the old account number. Set up automatic transfers for any recurring payments, and update your vendors and clients with the new account number.

If you're opening a second account at the same bank for a different purpose — one for operating expenses and one for taxes, for example — bring the same documents you used for the first account. The process is faster because the bank already has your information on file.

Frequently Asked Questions

Can I open a business account without an EIN?

Yes, if you're a sole proprietor. You can use your Social Security number instead. However, an EIN is free from the IRS and keeps your personal and business finances separate, so most accountants recommend getting one before you open the account. You can request an EIN online at irs.gov and receive it immediately.

Do I need to have my business license before I open the account?

Most banks require proof that your business exists, which usually means a business license or articles of incorporation. If you haven't received your license yet, ask the bank if they'll accept a receipt showing you've applied. Some will; others will wait until the license arrives.

What if I don't have a physical business address?

Banks require a street address, not a PO box. If you work from home, use your home address. If you don't have a permanent address yet, some banks will accept a temporary address or a business center address while you get set up. Call the bank first to ask what they'll accept.

How long does it take to get checks after I open the account?

Standard checks from the bank arrive in five to ten business days. If you need them faster, you can order from a third-party printer and receive them in two to three days, though the cost is higher. You can also use the bank's online bill pay or transfers while you wait for checks to arrive.

Will opening a business account affect my personal credit?

No. The bank may do a soft credit check or review your banking history, but this doesn't show up on your personal credit report. Your business credit is separate and builds over time as you use the account and pay bills on time.