Documents and information you'll bring to the bank
To open a business bank account, you need to show the bank who you are, who owns the business, and what legal form your business takes. The exact documents depend on whether you're a sole proprietor, partnership, LLC, corporation, or nonprofit — but every bank will ask for at least two things: a government-issued ID for each owner, and proof that your business exists as a legal entity.
For a sole proprietorship (a business with one owner and no separate legal structure), you typically need your personal ID and a document showing your business name — often a DBA filing from your county, or a business license. For an LLC, partnership, or corporation, you need the formation documents filed with your state: the Articles of Organization, Articles of Incorporation, or Partnership Agreement. The bank will ask to see the original or a certified copy.
Bring your Social Security number or Employer Identification Number (EIN). If your business is registered as an LLC or corporation, the IRS issued you an EIN — a nine-digit number that works like a Social Security number for your business. If you're a sole proprietor, you can use your Social Security number, though some banks prefer an EIN. You can request an EIN free from the IRS website before you visit the bank.
Key Takeaways
- You need a government-issued ID for each owner and proof your business exists legally — a DBA filing, business license, or state formation documents depending on your business structure.
- Bring your Social Security number or your business's EIN, which you can request free from the IRS if you don't have one yet.
- The bank will ask for your business address, the type of work you do, and expected monthly deposits — have these details ready before you arrive.
- Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the bank and account type.
- The whole process usually takes 15 to 30 minutes in person, though account approval can take a few business days.
Business information the bank will ask for
Beyond documents, the bank needs to understand your business so they can set up the right account and meet federal reporting rules. Have your business address ready — this is where the bank will mail statements and send official notices. If you work from home, that's fine; give your home address. If you rent a commercial space, have the lease or a letter from the landlord confirming you occupy it.
The bank will ask what your business does — your industry or the service you provide. They'll also ask about expected monthly deposits: roughly how much money you expect to deposit each month, and where that money comes from. This isn't a binding promise; it helps the bank understand your account activity and flag anything unusual later. Be honest and realistic. If you're just starting, say so.
Some banks ask whether you'll be accepting credit card payments, checks, or cash deposits, and whether you plan to use online banking or mobile deposits. These questions help them set up the right features for your account. If you're unsure about any answer, tell the banker — they can explain what each option means and what you might need later.
Minimum deposits and account fees
Many business bank accounts require an opening deposit — money you put in when you open the account. This amount varies widely. Some banks have no minimum; others require $100, $500, or more. The amount often depends on the type of account: a basic checking account may have a lower minimum than a money market account or a package that includes credit card processing.
Ask the bank about monthly maintenance fees before you open the account. Some charge a flat fee ($10 to $30 per month is common), while others waive the fee if you maintain a minimum balance or meet other conditions — like setting up direct deposit or keeping a certain number of transactions per month. A few banks offer business checking with no monthly fee at all.
Understand what each fee covers and what costs extra. Most banks charge per check if you order printed checks, per wire transfer, and per overdraft. Some charge for each deposit or withdrawal beyond a certain number. Read the fee schedule before you sign anything, and ask which fees matter most for how you plan to use the account.
What happens after you explore
Once you hand over your documents and information, the bank runs a background check and verifies your business formation documents. This usually takes a few business days. Some banks approve you on the spot if everything is in order; others send you a confirmation email or call within 24 to 48 hours.
The bank will mail you a debit card, checks, and account information. This can take one to two weeks. In the meantime, you can usually access your account online or through the bank's mobile app using a temporary password. Ask the banker for your account number and routing number right away — you may need these before your physical cards arrive.
If the bank rejects your process, they'll tell you why. Common reasons include a mismatch between the documents you brought and the information you provided, a problem with your business formation documents, or a flag in the background check. If this happens, ask what you can fix and whether you can reapply.
Sole proprietors versus registered business structures
If you operate as a sole proprietor — meaning you haven't filed any formation documents with your state — the bank treats you as an individual running a business under a business name. You can still open a business account, but the bank may ask more questions about how you registered your business name locally. Some states require a DBA (Doing Business As) filing; others don't. Check with your county clerk's office before you visit the bank.
If you've formed an LLC, S-corporation, C-corporation, or partnership, the bank's process is simpler because your business is a registered legal entity. Bring your formation documents, and the bank knows exactly what they're looking at. This structure also protects your personal assets if the business is sued, which is why many people form an LLC or corporation before opening a business account.
Nonprofits follow a similar path but need additional documents: your nonprofit incorporation papers and your IRS information letter (the letter confirming you're tax-exempt). If you haven't received the information letter yet, some banks will open an account with your incorporation papers alone, though you'll need to provide the letter later.
Documents checklist by business type
| Business Type | Documents to Bring |
|---|---|
| Sole Proprietorship | Personal ID, DBA filing or business license (if required in your state), Social Security number or EIN |
| LLC | Personal ID for each owner, Articles of Organization (original or certified copy), EIN, business address |
| Partnership | Personal ID for each partner, Partnership Agreement (original or certified copy), EIN, business address |
| Corporation (S or C) | Personal ID for each shareholder, Articles of Incorporation (original or certified copy), EIN, business address |
| Nonprofit | Personal ID for authorized representative, Nonprofit Incorporation papers, IRS information letter, business address |
Choosing between banks
Different banks offer different features for business accounts. A traditional bank like Wells Fargo or Bank of America has branches everywhere, which is useful if you need to deposit cash or speak to someone in person. Credit unions often have lower fees and better customer service but may have fewer branches. Online banks like Mercury or Brex have no monthly fees and strong digital tools but no physical location to visit.
Before you choose, think about how you'll use the account. If you deposit cash regularly, you need a bank with nearby branches or ATMs. If you process credit cards, ask whether the bank offers merchant services or can refer you to a processor. If you need a business line of credit later, a traditional bank may be easier to work with than an online bank.
Call or visit a few banks and ask about their business accounts. Most will explain their fees and features over the phone. Some offer special packages for new businesses or startups. Compare the monthly fee, minimum deposit, and features you actually need — not the ones that sound impressive but you'll never use.
Frequently Asked Questions
Do I need an EIN if I'm a sole proprietor?
No, but it's often a good idea. You can use your Social Security number to open a business account as a sole proprietor. However, an EIN keeps your personal and business finances separate on paper, which makes taxes simpler and protects your privacy. You can request an EIN free from the IRS website in about 15 minutes.
Can I open a business account online without visiting a bank?
Some online banks let you open an account entirely online by uploading photos of your documents. Traditional banks usually require you to visit in person or speak to someone by video call. If you prefer not to visit a branch, look for banks that offer remote account opening — they'll tell you upfront whether it's an option.
What if my business formation documents are from another state?
If your LLC or corporation is registered in one state but you're opening an account in another, bring your original formation documents and any paperwork showing you're authorized to do business in the second state. Some states require a "Certificate of Good Standing" from your home state. Call the bank ahead of time to ask what they need.
How long does it take to get my account set up and ready to use?
The in-person process takes 15 to 30 minutes. The bank's background check and approval usually takes one to three business days. You can access your account online within 24 hours in most cases. Physical cards and checks arrive by mail in one to two weeks.
What if the bank says my business documents don't match my ID?
This happens when your name on your ID doesn't match your name on the business formation documents — for example, if you've changed your name or if the documents list a slightly different spelling. Bring a marriage certificate, court order, or other legal document showing the name change, or ask the bank what other proof they'll accept.