Yes, you can open a business bank account entirely online with most banks
Many banks now let you open a business account without visiting a branch. You'll upload documents, verify your identity, and fund the account from your computer. The process usually takes a few hours to a few days, depending on the bank and how quickly you gather what they need.
Not every bank offers full online opening for business accounts — some still require an in-person visit or a phone call with a banker. Before you start, check the specific bank's website to confirm they have an online business account option. The banks that do offer it typically have the process clearly marked on their business banking page.
Key Takeaways
- Most major banks and many online-only banks let you open a business account online, but you need to verify this on their website first because policies vary by bank.
- You will need your Social Security number or EIN, a government-issued ID, proof of your business address, and sometimes a copy of your business license or formation documents.
- The bank will verify your identity electronically, usually through a video call or by matching information against databases — you do not need to go to a branch.
- Funding the account happens online through a transfer from an existing personal account, and the account is typically ready to use within one to three business days.
- Some banks charge monthly fees for business accounts, while others waive fees if you maintain a minimum balance or set up direct deposit.
What documents you need to have ready
The bank will ask for proof of who you are and proof that your business exists. Have your government-issued ID (driver's license or passport) ready, along with your Social Security number or your business's Employer Identification Number (EIN). If you have an EIN, the bank may ask for a copy of the IRS letter that assigned it to you, though many banks can look it up themselves.
You'll also need to show where your business operates. This can be a lease, a utility bill, a mortgage statement, or a piece of mail from a government agency — anything that shows your business name and address. If your business is registered with your state (as an LLC, corporation, or sole proprietorship), the bank may ask for a copy of your formation documents or your business license. Some banks pull this information from state databases themselves, so ask what they can verify electronically before you upload anything.
If you're opening the account as a sole proprietor using your personal Social Security number, the process is usually faster because the bank has fewer documents to verify. If you're opening it under a business name or as an LLC or corporation, expect the bank to take a day or two longer to confirm your business exists.
How identity verification works online
Banks verify your identity through one of two methods: a video call with a banker or an automated system that matches your information against databases. If the bank uses video verification, you'll be asked to show your ID to the camera and answer questions about yourself. This usually happens within a few hours of you starting the process, and the call takes about five to ten minutes.
If the bank uses automated verification, you'll answer questions about your financial history or personal details that only you would know — things like previous addresses or loan amounts. The system checks your answers against credit bureaus and other databases. This method is faster and happens when ready, but it doesn't work for everyone. If the automated system can't verify you, the bank will ask you to do a video call instead.
Either way, you do not need to visit a branch. Have your ID in front of you and a quiet place where you can take the call or complete the questions without interruption.
Timeline from process to usable account
The fastest banks can have your account open and ready to use within a few hours. More commonly, it takes one to three business days. The main delays happen when the bank is verifying your business information with the state or when you're slow to upload documents.
Once your account is approved, the bank will give you account and routing numbers when ready. You can start using these numbers to set up direct deposit or receive transfers right away. However, some banks hold new accounts for a few days before allowing you to send money out, as a fraud prevention measure. Check with your bank about their policy on outgoing transfers from new accounts.
If you need the account faster, call the bank's business line and ask if a banker can expedite the process. Some banks will move your process to the front of the queue if you explain you need it for payroll or a time-sensitive business need.
Banks that let you open business accounts online
Major national banks including Chase, Bank of America, Wells Fargo, and Citibank all offer online business account opening. Online-only banks like Mercury, Brex, and Wise also let you open accounts entirely online, and some of them have lower minimum balances or no monthly fees.
The trade-off is that online-only banks may not have physical locations if you ever need to deposit cash or speak to someone in person. Some online banks partner with ATM networks or other banks' branches to let you deposit checks or withdraw cash, so check their website for details on what services are available in your area.
Credit unions sometimes offer business accounts online, but this varies by credit union. If you're already a member of a credit union, ask them whether they offer online business account opening. If they don't, you can still open an account in person or by phone.
Fees and minimum balance requirements
Business account fees vary widely. Some banks charge $10 to $30 per month just to keep the account open. Others waive the monthly fee if you maintain a minimum balance (often $500 to $2,500) or if you set up direct deposit of payroll.
Beyond the monthly fee, watch for transaction fees. Some banks charge you each time you make a transfer, write a check, or receive a deposit beyond a certain number per month. Online-only banks tend to have lower or no monthly fees, but they may charge for things like wire transfers or check deposits.
Before you open the account, go to the bank's fee schedule page and read what they charge for the services you'll actually use. If you plan to write many checks or make frequent transfers, a bank with unlimited transactions might save you money even if the monthly fee is higher.
What to do if the bank won't let you open online
Some banks still require an in-person visit or a phone appointment with a banker to open a business account. If the bank you want doesn't offer online opening, you have a few options: call their business banking line and ask if they can do the entire process over the phone, visit a branch in person, or choose a different bank that offers full online opening.
If you're set on a particular bank and they require a branch visit, ask whether you can do the video identity verification online and only go in person to sign documents. Some banks will let you do this, which cuts down the time you spend at the branch.
If no banks in your area offer what you need, consider an online-only bank. They have no physical locations, so they've built their entire process to work online. The trade-off is that you lose the option to walk into a branch if you have a problem, but most online banks have phone and email support available during business hours.
Frequently Asked Questions
Do I need an EIN to open a business bank account online?
No. If you're a sole proprietor, you can use your Social Security number instead. However, if you've already obtained an EIN from the IRS, most banks prefer you use it. You can get an EIN for free from the IRS website in about ten minutes, and having one keeps your personal and business finances more clearly separated.
Can I open a business account if my business isn't registered with the state yet?
Yes, but it depends on the bank. Some banks will open an account for a sole proprietorship using just your name and Social Security number, even if you haven't filed any paperwork with the state. Other banks require proof that your business is registered. Call the bank before you explore and ask what they need for your specific business structure.
What if the bank's automated identity verification rejects me?
The bank will offer you a video call with a banker instead. This is normal and happens to people with limited credit history or who have moved frequently. The video call is straightforward — you show your ID and answer a few questions. It usually takes less than ten minutes.
Can I fund the account with a credit card?
Most banks do not let you fund a business account with a credit card. They typically require a transfer from a checking or savings account you already own, or a wire transfer from another bank. Some banks also accept ACH transfers or checks deposited through mobile deposit.
How long does the bank hold funds in a new business account before I can spend them?
This varies by bank. Some banks let you spend money when ready once it arrives. Others hold new accounts for two to five business days as a fraud prevention measure. Check your bank's policy before you open the account, or ask during the process process if you need access to funds quickly.