Documents and information you'll need before you walk in

Most banks want the same core set of documents before they'll open a business account. You'll need your Employer Identification Number (EIN) — the federal tax ID for your business — or your Social Security number if you're a sole proprietor. You'll also need a government-issued photo ID, your business formation documents (articles of incorporation, articles of organization, or a DBA certificate, depending on your structure), and proof of your business address.

Proof of address can be a utility bill, lease agreement, or mortgage statement in your business name. If you're operating from home, a utility bill or property tax statement with your home address works. Some banks also ask for a business license or permit, though not all states require one. Call the bank branch you're considering before you go — requirements vary between institutions and sometimes between branches of the same bank.

If you're not the sole owner, bring documentation showing who the other owners are and their ownership percentages. Banks use this to verify the business structure and sometimes to run background checks on all owners. For corporations, you may need a corporate resolution authorizing the account opening, though many banks have moved away from this requirement in recent years.

Key Takeaways

  • You will need your EIN (or SSN for sole proprietors), a photo ID, your business formation documents, and proof of your business address.
  • Banks vary in what they require, so contact your chosen bank before visiting to confirm you have everything they need.
  • If your business has multiple owners, bring documentation of ownership structure and the personal IDs of all owners.
  • The account opening process typically takes 15 to 30 minutes in person, though some banks offer online account opening for simpler business structures.
  • You will need to fund the account with an initial deposit, which ranges from zero to several hundred dollars depending on the bank and account type.

Your EIN and why banks ask for it

Your Employer Identification Number is a nine-digit identifier the IRS assigns to your business. If you're a sole proprietor with no employees, you can use your Social Security number instead, but most banks prefer the EIN because it separates your personal and business finances in their system. Getting an EIN is free and takes about 15 minutes online through the IRS website, or you can explore by mail or phone.

Banks ask for the EIN because it's how they report account activity to the IRS and how they verify your business exists. If you don't have one yet, explore before you go to the bank. Some banks will open an account with just your SSN if you're a sole proprietor, but you'll need to provide the EIN later — it's simpler to have it ready from the start.

Business formation documents the bank will want to see

The documents you bring depend on how your business is structured. If you're a sole proprietor, you may only need your DBA (Doing Business As) certificate if you're operating under a name different from your own. If you're an LLC, bring your articles of organization. If you're a corporation, bring your articles of incorporation. If you're a partnership, bring your partnership agreement or articles of partnership.

These documents prove to the bank that your business legally exists and show the ownership structure. You don't always need the originals — a certified copy or even a photocopy is usually acceptable. Some banks will accept a screenshot of your formation documents if you filed them online with your state. Ask the bank what form they prefer before you visit.

If you filed your formation documents recently and they're not yet showing up in your state's business database, bring a copy of the filing confirmation email or receipt from your state. Banks understand that there's a lag between filing and the documents appearing in their verification systems.

Proof of identity and business address

Bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank will verify that the name on the ID matches the name on your business documents and that the ID hasn't expired. If you're opening the account as a representative of the business rather than as the owner, bring documentation showing you have authority to do so.

For your business address, a recent utility bill, lease agreement, or property tax statement works. The document needs to show your name (or your business name) and the address where you operate. If you're working from home, a utility bill with your home address is fine. If you're using a mail forwarding service or a virtual office address, some banks will accept it and some won't — call ahead to check.

Initial deposit requirements and account minimums

Most banks require you to deposit money when you open the account, though the amount varies widely. Some banks have no minimum deposit; others ask for $25 to $500 to open a basic business checking account. Premium accounts or accounts with higher service levels may have minimums of $1,000 or more. A few banks waive the minimum if you set up direct deposit or maintain a certain monthly balance.

Ask about the minimum when you call to confirm what documents you need. If the bank requires a deposit you can't make right now, ask whether you can open the account and fund it later, or whether they have a lower-tier account option. Some banks will let you open an account online and fund it within a few days, while others require the deposit at the time of opening.

What happens if you're opening an account for someone else

If you're opening the account as a representative of the business — for example, you're an employee authorized to handle banking, or you're opening it on behalf of a business you manage but don't own — bring a document showing you have that authority. This might be a corporate resolution, a power of attorney, or a letter from the business owner on company letterhead.

The bank will likely still want to verify the identity and background of the actual owner or owners, even if they're not present. Be prepared to provide their names, contact information, and sometimes their personal IDs. Some banks will require the owner to sign documents remotely or to visit the branch later to complete the account setup.

Online account opening versus in-person

Many banks now offer online account opening for business accounts, which can be faster than visiting a branch. Online opening typically works best for sole proprietors and straightforward LLCs. You'll upload photos of your documents, verify your identity through your phone camera, and fund the account electronically. The process usually takes 24 to 48 hours from start to finish.

In-person opening at a branch takes 15 to 30 minutes and gives you a chance to ask questions and understand the account features before you commit. If you have a complex business structure, multiple owners, or if the bank's online system doesn't recognize your formation documents, in-person is usually the better route. Some banks require in-person opening for certain account types or for businesses with multiple signatories.

Frequently Asked Questions

Do I need an EIN if I'm a sole proprietor?

No, you can use your Social Security number instead. However, most banks prefer the EIN because it keeps your personal and business finances separate in their system. Getting an EIN is free and takes about 15 minutes online, so it's worth doing even if it's not required.

What if I haven't filed my business formation documents yet?

File them before you open the bank account. The bank needs to verify that your business legally exists. If you're in a hurry, many states offer expedited filing for an additional fee. Once you file, you'll get a confirmation — bring that to the bank if the documents haven't appeared in the state database yet.

Can I open a business account with just my Social Security number and no EIN?

Some banks will, especially for sole proprietors. However, you'll need to provide the EIN later when you file taxes or when the bank updates your account information. It's simpler to get the EIN first and have it ready when you open the account.

What if I don't have a physical business address?

If you work from home, use your home address. If you use a mail forwarding service or a virtual office, call the bank first — some accept these and some don't. A few banks will let you use a PO box, though this is becoming less common.

How long does it take to open a business account?

In person, typically 15 to 30 minutes. Online, usually 24 to 48 hours from submission to account set up. The timeline depends on how quickly the bank verifies your documents and whether they need additional information from you.