You can open a Bank of America business account online, but the process stops short of full completion
Bank of America lets you start a business account process on their website, but you cannot finish it entirely online. You can fill out the initial information, upload documents, and get most of the way through—but you will need to speak with a representative by phone or visit a branch to verify your identity and complete the account opening. This is standard across major banks for business accounts, because they need to confirm who you are and review your business structure in real time.
The online portion takes about 15 to 20 minutes if you have your documents ready. The phone or branch step typically takes another 15 to 30 minutes. The entire process from start to finish usually takes one to three business days once you have submitted everything.
Key Takeaways
- You can begin your business account process online at bankofamerica.com, but you must complete verification with a representative by phone or in branch.
- You will need your Social Security number or EIN, business license or formation documents, and a government-issued ID before you start.
- Bank of America requires a minimum opening deposit that varies by account type—typically $100 to $500 for most business checking accounts.
- The entire process from online process to active account usually takes one to three business days.
What documents you need before you start
Gather these items before you open your browser. Bank of America will ask for them during the process, and having them ready means you will not have to stop and search halfway through.
For the business itself, you need proof of formation or registration. This is your Articles of Incorporation (for a corporation), Articles of Organization (for an LLC), or a business license or registration certificate from your state. If you are a sole proprietor, you may need a DBA certificate if you operate under a name different from your legal name, though some states do not require this.
For yourself as the owner or authorized representative, you need a government-issued photo ID—a driver's license, passport, or state ID card. You also need your Social Security number. If your business has an Employer Identification Number (EIN) from the IRS, have that ready too, though it is not always required for sole proprietors.
Bank of America may also ask for a recent business address, your business phone number, and the nature of your business (what you do). If you are opening the account as a representative of the business rather than the owner, you may need documentation showing you have authority to do so.
The online process step
Go to bankofamerica.com and look for the business account section. You will see options for different account types—checking, savings, or money market accounts. Select the one that fits your needs. Most small businesses start with a business checking account.
The form will ask for your business name, structure (sole proprietor, LLC, corporation, partnership), and the state where it is registered. You will enter your personal information as the owner or authorized representative, including your name, address, phone number, and Social Security number. You will also provide your business address and phone number.
At this point, you will upload images of your business formation documents and your government ID. Bank of America's system will guide you through this—you can use your phone camera or upload files from your computer. Make sure the images are clear and all four corners of the document are visible.
Once you submit the online portion, Bank of America will review what you sent. This usually takes a few hours to one business day. You will receive an email or phone call asking you to complete the verification step.
The phone or branch verification step
A Bank of America representative will contact you, or you can call them to finish the process. During this call or visit, they will confirm your identity by asking security questions based on your credit history or other information on file. They will also review your business documents and ask questions about your business—what you do, how long you have been operating, expected monthly transaction volume, and who will have access to the account.
If you choose to visit a branch instead, bring the same documents you uploaded online plus your government ID. The representative will verify your identity in person and ask the same questions. This step usually takes 15 to 30 minutes.
Once verification is complete, the representative will confirm your opening deposit amount and payment method. You can fund the account by debit card, wire transfer, or ACH transfer from another bank account. The account is typically active within one to three business days, though you may be able to use it the same day in some cases.
Minimum deposit and account fees
Bank of America requires a minimum opening deposit for business accounts. The amount varies by account type, but most business checking accounts require $100 to $500 to open. Some accounts have no minimum, but they may have higher monthly fees if you do not maintain a certain balance.
Monthly maintenance fees for business checking accounts typically range from $10 to $15, though the fee may be waived if you maintain a minimum balance (often $1,500 to $2,500) or meet other requirements like setting up direct deposit or maintaining a linked savings account.
Bank of America also charges per-transaction fees for certain activities—wire transfers, ACH transfers, and checks deposited beyond a certain number per month. These fees vary and change periodically, so ask the representative for the current fee schedule when you open your account.
What happens if you cannot complete verification online
If Bank of America cannot verify your identity during the phone call—for example, if your credit history is too thin or your documents do not match their records—they may ask you to visit a branch in person. This is not a rejection; it is a verification requirement. Bring your original documents and government ID to the branch, and a representative will complete the process on the spot.
If your business documents are unclear or incomplete, Bank of America may ask you to resubmit them or provide additional paperwork. This can add a few days to the timeline. If you have a recent business license, formation certificate, or tax return, those documents usually resolve any questions quickly.
In rare cases, if Bank of America cannot verify your information or has concerns about your business, they may decline to open the account. This is uncommon for legitimate businesses, but it can happen if there are red flags in your background or if the business structure is unclear. If this occurs, you can ask why and whether you can provide additional information, or you can open an account at another bank.
Timeline from start to active account
The fastest path takes one to two business days. This happens when you submit a complete online process with clear documents, the bank verifies you by phone the next day, and your opening deposit clears when ready. Your account is then active and ready to use.
A more typical timeline is two to three business days. You submit the process on a Monday, the bank calls you on Tuesday for verification, and your account is active by Wednesday or Thursday. If you visit a branch instead of doing the phone verification, the timeline is usually the same—one to three business days from submission to active account.
If there are any issues with your documents or verification, add two to five additional business days. For example, if your business formation documents are unclear and you need to resubmit them, or if the bank needs to contact you multiple times to confirm information, the process stretches to five to eight business days total.
Frequently Asked Questions
Do I need an EIN to open a business account at Bank of America?
No. Sole proprietors can open an account using their Social Security number. Partnerships, LLCs, and corporations should have an EIN, but if you do not yet, you can explore for one at irs.gov before opening the account, or you can open the account and add the EIN later once you receive it.
Can someone else open the account on behalf of the business?
Yes, but you will need documentation showing that person has authority to do so—typically a corporate resolution, partnership agreement, or power of attorney. Bank of America will ask for this during the verification step.
What if I do not have a physical business address yet?
You can use your home address or a virtual office address. Bank of America accepts both. If you use a virtual office, have the agreement or lease ready to show during verification.
Can I open multiple business accounts at Bank of America online?
Yes. Once your first account is open and verified, opening additional accounts is faster because Bank of America already has your information on file. You can often complete the second account entirely online.
What if my process is denied?
Bank of America will tell you why. Common reasons are unclear business documents, inability to verify your identity, or concerns about the business itself. You can ask what information would help and reapply, or you can open an account at another bank.