What documents and information you'll need to bring
Most banks will ask for three things before they open a business account: proof of your business identity, proof of your personal identity, and proof of your business address. The exact documents vary by bank and by what kind of business you have, but the pattern is the same across all of them.
For your business identity, you'll typically need either an Employer Identification Number (EIN) — a nine-digit number the IRS assigns to your business — or your Social Security number if you're a sole proprietor. If you've already registered your business with your state, bring that registration document. If you haven't registered yet, some banks will still open an account, but many will ask you to do it first. The registration process varies by state and by business type, so check your state's Secretary of State website to see what applies to you.
For your personal identity, bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank will verify this matches the name on your business registration or EIN paperwork.
For your business address, bring a lease, utility bill, or mortgage statement showing your business location. If you're running the business from home, a recent utility bill or property tax statement at your home address usually works.
Key Takeaways
- You will need a government photo ID, proof of your business identity (EIN or business registration), and proof of your business address before you walk into the bank.
- An EIN is a nine-digit number from the IRS that takes about 15 minutes to request online and is free; you can use your Social Security number instead if you're a sole proprietor.
- Most banks now require you to register your business with your state before opening an account, though a few will do it in either order.
- Bring originals or certified copies of documents — banks will not accept photos or digital scans for the initial account opening, though some allow them for later updates.
- Different banks have different secondary requirements, so call ahead and ask what they need rather than showing up with documents and finding out you're missing something.
Getting an EIN if you don't have one yet
An Employer Identification Number is a nine-digit identifier the IRS uses to track your business for tax purposes. You don't legally need one if you're a sole proprietor with no employees — you can use your Social Security number instead — but most banks prefer it because it separates your personal and business finances on their records.
You can request an EIN free of charge on the IRS website at irs.gov. Go to the "explore for an EIN" section and choose "explore online". The process takes about 15 minutes, and you'll receive your number when ready on screen. You can also request one by mail or phone, but online is fastest. Write down your EIN as soon as you receive it — you'll need it when you sit down with the bank.
If you're a partnership, LLC, S-corporation, or C-corporation, you must have an EIN. If you're a sole proprietor, it's optional but recommended.
Registering your business with your state
Most states require you to register your business before you open a bank account, though the name and process vary. In some states it's called a "business license", in others a "DBA registration" (Doing Business As), and in others a formal business entity registration through the Secretary of State.
The fastest way to find out what your state requires is to visit your state's Secretary of State website and look for "business registration" or "business formation". The site will tell you whether you need to register, what form to use, and what the fee is. Most registrations cost between $25 and $150 and take a few days to a few weeks to process. Some states offer expedited processing for an extra fee.
Bring the registration document or receipt to the bank. If your registration is still processing, ask the bank whether they'll accept a receipt showing you've submitted the process, or whether they need the final approval before opening the account. Different banks have different policies here.
What the bank will verify during your visit
When you sit down with the bank representative, they will check that your documents match each other. Your personal ID should match the name on your business registration. Your business address on the registration should match the address on your utility bill or lease. Your EIN paperwork should match your business name.
The bank will also run a background check on you and your business. This is standard practice and doesn't mean anything is wrong — they're checking for fraud history and making sure you're not on any government watch lists. This check usually takes a few minutes while you're sitting there.
Some banks will also ask about the nature of your business and how much money you expect to move through the account. This helps them understand the account type that makes sense for you and whether they need to file additional paperwork with the federal government. Be honest about this — banks have seen all kinds of businesses, and they're not judging.
Documents you don't need (but people often think they do)
You do not need a business plan, a lease signed by both parties, or proof of funding to open a business bank account. You do not need to have made your first sale or earned your first dollar. You do not need a business credit report or a business credit score — those don't exist yet because the account doesn't exist yet.
You do not need to bring your personal tax returns or financial statements. The bank is not lending you money, so they don't need to verify your creditworthiness. They're opening a deposit account, which is a different process.
You do not need to have a certain amount of money to deposit on day one, though most banks have a minimum opening deposit — often $25 to $100. Ask the bank what theirs is when you call ahead.
What happens after you open the account
Once the bank approves your account, you'll receive a debit card, checks, and online banking access. Most banks issue these on the spot or mail them within a few business days. Ask the bank which they do.
You'll also receive account statements — either monthly or quarterly depending on the bank — showing all deposits and withdrawals. Keep these for your business records and for tax time.
If your business structure changes later — for example, you convert from a sole proprietorship to an LLC — tell the bank. They may ask you to update your paperwork, but this is usually a straightforward form rather than closing and reopening the account.
Different requirements for different business types
Sole proprietors and single-member LLCs typically need the fewest documents: a personal ID, proof of address, and either an EIN or Social Security number. Some banks will open an account with just these three things.
Multi-member LLCs, partnerships, and corporations need more. The bank will want to see your operating agreement or partnership agreement, which spells out who owns the business and who can sign checks. They'll also want to know who the authorized signers are — the people allowed to withdraw money and make decisions about the account. Bring a list of these people with their titles and personal IDs.
Nonprofits have their own path. You'll need your nonprofit incorporation documents from your state, your IRS information letter showing you have 501(c)(3) status, and a board resolution authorizing the account opening. Some banks specialize in nonprofit accounts and make this easier than others.
Frequently Asked Questions
Can I open a business account online without going to the bank in person?
Some banks offer online account opening for businesses, but most still require at least one in-person visit to verify your identity and documents. A few banks will do video verification instead of in-person, but this is less common. Call the bank and ask whether they offer online opening before you assume you have to go in.
What if I don't have a business address yet and I'm working from home?
A home address works fine. Bring a utility bill, property tax statement, or mortgage statement showing your home address. If you're renting, a lease with your name on it works too. You don't need a commercial space to open a business account.
Do I need to register my business before I open the bank account, or can I do it after?
Most banks require registration first, but some will open the account and let you register within 30 days. Call ahead and ask your specific bank. If they require it first, you can usually complete state registration in a few days to a few weeks depending on your state.
What if I'm a sole proprietor — do I really need an EIN?
No, you can use your Social Security number instead. But most banks prefer an EIN because it keeps your personal and business finances separate on their systems. Getting one is free and takes 15 minutes online, so most sole proprietors do it anyway.
Will opening a business account affect my personal credit?
No. The bank will check your background, but opening a business account doesn't show up on your personal credit report and doesn't affect your credit score. Your business and personal finances are separate in the bank's system.