What you need to bring to open a business account

Bank of America requires different documents depending on your business structure — sole proprietorship, partnership, LLC, or corporation. The fastest path is to start with what you have and let the banker tell you what's missing, rather than guessing.

For any business account, bring a government-issued photo ID. You'll also need an Employer Identification Number (EIN), which is a nine-digit number the IRS assigns to your business. If you're a sole proprietor with no employees, you can use your Social Security number instead, but an EIN keeps your personal and business finances separate — which matters for taxes and liability.

Bring proof of your business address: a lease, utility bill, or mortgage statement with your business name or address on it. If you're working from home, a piece of mail to your home address works. You'll also need to show what your business does — this can be as straightforward as a business license, articles of incorporation, or even a description you write down. Bank of America will ask you to sign resolutions or authorization documents that say who can sign checks and make decisions on the account.

Key Takeaways

  • Bring a photo ID, your EIN or Social Security number, proof of your business address, and documentation of your business structure (license, articles of incorporation, or a written description of what you do).
  • You can open an account in person at a branch, by phone, or online depending on your business type — sole proprietorships are easiest online, while LLCs and corporations usually need a banker's help.
  • Bank of America offers different account types for different businesses: the Business Advantage Checking account is the standard option, with no monthly fee if you maintain a minimum balance or set up direct deposit.
  • The account opens within one to three business days if you explore in person or by phone, or within five to seven business days if you explore online.
  • You'll need to fund the account with an initial deposit, which can be as little as $100 for some account types, though Bank of America may require more depending on your business profile.

Opening in person at a branch versus online

Opening in person takes longer but solves problems faster. Walk into any Bank of America branch with your documents, ask for a business banker, and they'll walk you through the paperwork. If something is missing or unclear, they fix it on the spot. This usually takes 30 to 45 minutes, and your account can be ready the same day or by the next business day.

Opening online works if you're a sole proprietor using your Social Security number. Go to bankofamerica.com, select "Open an Account," then choose "Business," and follow the steps. You'll upload photos of your ID and any business documents, answer questions about your business, and sign electronically. This takes 10 to 15 minutes, but approval takes five to seven business days because Bank of America reviews everything after you submit.

If you have an LLC or corporation, you'll likely need to call 1-800-933-6262 (Bank of America's business phone line) or visit a branch. These structures require more documentation, and a banker needs to verify your articles of incorporation or operating agreement. Phone applications take about 30 minutes, and the account opens within one to three business days.

What happens after you submit your process

Bank of America will verify your identity and business information. They run a background check and may contact you if they need clarification on anything — for example, if your business address doesn't match your ID, or if they need to confirm your business is real and operating.

Once approved, you'll receive your debit card and checks in the mail within 7 to 10 business days. Your account is active before the physical cards arrive, so you can start using it online or at an ATM as soon as you get the confirmation email or call.

If you opened in person, ask the banker for your account number and routing number before you leave. Write these down — you'll need them to set up payroll, receive payments from customers, or link the account to accounting software.

Monthly fees and minimum balance requirements

Bank of America's Business Advantage Checking account has no monthly maintenance fee if you maintain a minimum balance of $1,500 or set up direct deposit of at least $500 per month. If you don't meet either requirement, the fee is $15 per month.

Other account types have different rules. The Business Advantage Money Market account requires a higher minimum balance (usually $2,500) but earns interest. The Business Advantage Savings account is meant for holding money rather than daily transactions.

Ask the banker which account fits your situation. If you're just starting out and expect to keep less than $1,500 in the account, the $15 monthly fee may be worth it rather than keeping money locked up. If you expect regular payroll deposits, direct deposit will waive the fee automatically.

Setting up online banking and transfers

Once your account is open, you can log into Bank of America's online banking portal using your Social Security number or EIN and a password you create. From there, you can check your balance, transfer money between accounts, pay bills, and read statements.

If you want to connect your business account to accounting software like QuickBooks or Xero, Bank of America supports these connections. You'll authorize the software to read your account information, and transactions will sync automatically. This saves time on bookkeeping and reduces errors.

You can also set up automatic transfers to a savings account or to pay yourself. Many business owners transfer a set amount each week or month to a personal account — this is normal and Bank of America's system supports it.

Adding authorized users and signers

If you have employees or a business partner who needs to access the account, you can add them as authorized users or signers. A signer can withdraw money and make decisions about the account. An authorized user can see the account but may have limited ability to move money, depending on what you set up.

To add someone, log into online banking or visit a branch with that person's ID. Bank of America will have them sign a resolution form that lists what they can and cannot do. This takes about 10 minutes and costs nothing.

You can remove someone at any time through online banking or by calling the business line. This is important if an employee leaves — remove them when ready so they can't access the account.

Frequently Asked Questions

Can I open a business account if I don't have an EIN yet?

Yes. You can use your Social Security number temporarily, and Bank of America will let you update to an EIN later once you have one. If you're a sole proprietor, you may never need an EIN — the IRS only requires one if you have employees or certain business structures. But getting one is free and takes 15 minutes online at irs.gov, so many business owners do it anyway for privacy.

How much do I need to deposit to open the account?

Bank of America's minimum opening deposit is usually $100, but some account types require more. Ask the banker when you explore. You can deposit by check, transfer from another bank, or cash if you're opening in person. The deposit doesn't have to stay in the account — you can withdraw it when ready if you want, though you'll then owe the monthly fee if you don't meet the minimum balance requirement.

What if I'm opening a business account but I'm not incorporated yet?

You can open as a sole proprietor using your Social Security number and your business name. Bank of America will let you operate this way indefinitely. When you do incorporate or form an LLC later, you can convert the account or open a new one — the banker can walk you through which makes sense for your situation.

Can I open a business account online if I have an LLC?

Most LLCs need to open by phone or in person because Bank of America wants to see your articles of organization or operating agreement. Call 1-800-933-6262 and have those documents ready. The process takes about 30 minutes, and the account opens within one to three business days.

What if Bank of America denies my process?

Bank of America will tell you why — usually it's a background check issue, an address mismatch, or concerns about the business itself. Ask them what you can fix. If it's a background issue, you may be able to explain it or wait a period of time and reapply. If it's about your business, they may ask for more documentation about what you do or how you operate.