What 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 nine-digit tax ID the IRS assigns to your business — or your Social Security number if you're a sole proprietor. You'll also need a government-issued photo ID, proof of your business address, and documentation that shows what kind of business you run.

The exact list varies by bank and by business structure. A sole proprietorship needs less paperwork than an LLC or corporation. Some banks ask for more if your business is new or if you're explore online rather than in person. Call the bank's business line before you go in — they can tell you their specific checklist and whether you need an appointment.

Key Takeaways

  • You will need an EIN (or your SSN if you're a sole proprietor), a photo ID, and proof of your business address.
  • Corporations and LLCs require articles of incorporation or formation; sole proprietors usually do not.
  • Some banks require a minimum opening deposit that ranges from $0 to $500 or more, depending on the account type.
  • Online applications move faster but may require you to verify your identity by video call or by mailing documents.
  • The whole process typically takes one to five business days if you have all documents ready.

Documents for different business structures

A sole proprietorship is the simplest. You usually need just your Social Security number, a photo ID, and proof of your business address. Some banks will ask for a DBA (Doing Business As) certificate if you're operating under a name different from your own — you can get this from your county clerk's office, though not all banks require it.

An LLC or corporation requires more. Bring your articles of incorporation or articles of organization — the document you filed with your state to create the business. You'll also need an EIN letter from the IRS (you can print this from IRS.gov if you already have an EIN, or request it by mail if you don't). Some banks ask for a corporate resolution or certificate of good standing from your state, though this is less common for new accounts.

A partnership typically needs the partnership agreement, articles of partnership, and an EIN. If you're a nonprofit, bring your 501(c)(3) information letter from the IRS along with your articles of incorporation.

How to get an EIN if you don't have one yet

You can get an EIN online through IRS.gov in minutes — no fee, no waiting. Go to the IRS's EIN process page, answer questions about your business, and you'll receive your number when ready. Print the confirmation page; some banks want to see it.

If you explore by phone, mail, or fax, it takes longer — typically two to four weeks by mail. Online is faster and the bank can usually look up your EIN in their system even if you don't have the letter yet, so start there.

If you're a sole proprietor and don't want an EIN, you can use your Social Security number instead. Many banks accept this, though some require an EIN for all business accounts. Ask before you explore.

Proof of business address and ownership

Banks need to know where your business operates. If you have a physical office or storefront, bring a lease, mortgage statement, or utility bill in the business name. If you work from home, a utility bill or mortgage statement with your home address usually works, though some banks ask for a home office declaration or a letter from your landlord confirming you can run a business there.

If you're renting a commercial space and the lease is in a different name, bring the lease plus a letter from the landlord or property manager confirming you occupy the space. Virtual office addresses and mailbox services are trickier — some banks accept them, others don't. Call ahead if that's your situation.

Opening deposits and account minimums

Most banks let you open a business checking account with no deposit, though some require $25 to $500 depending on the account tier. A few banks waive minimums if you set up direct deposit or maintain a certain balance. Read the account terms before you open — the minimum deposit is different from the minimum balance you have to keep in the account afterward.

Savings accounts and money market accounts often have higher minimums than checking. If you're opening multiple accounts, ask whether the bank combines your balances across accounts to meet the minimum, or whether each account is separate.

In-person versus online applications

Opening an account in a branch is straightforward: bring your documents, show your ID, sign paperwork, and you're done. The account is usually live the same day or next business day.

Online applications are faster to start but require extra verification steps. Most banks will ask you to verify your identity by video call with a representative, or they'll mail you a verification code that you enter online. Some ask you to mail in copies of your documents. The whole process usually takes one to five business days, but can take longer if the bank needs to follow up on something.

If you're opening an account online and the bank asks for notarized documents, you can get them notarized at a bank branch, UPS store, or through an online notary service. This adds a few days but is usually cheaper than mailing documents back and forth.

What happens after you submit everything

The bank will verify your information — checking that your EIN matches IRS records, that your business address is real, and that your ID is valid. This is where delays usually happen. If something doesn't match, the bank will call you to clarify.

Once approved, your account opens and you can start using it. You'll receive debit cards, checks, and online banking access within a few business days. Some banks offer temporary debit card numbers you can use when ready while you wait for the physical card.

If the bank denies your process, they'll tell you why — usually because of a mismatch in your information, a problem with your ID, or because they don't bank businesses in your industry. You can reapply with corrected information, or try a different bank.

Frequently Asked Questions

Can I open a business account without an EIN?

Yes, if you're a sole proprietor. You can use your Social Security number instead. However, some banks require an EIN for all business accounts, so call ahead. Getting an EIN is free and takes minutes online, so many sole proprietors get one anyway to keep their personal and business finances separate.

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

You can use your home address, a virtual office address, or a mailbox service address. Some banks accept all three; others only accept home addresses or physical offices. Call the bank before you explore. If you're using a virtual office, have the service's confirmation letter ready.

How long does it take to open an account?

In person, usually the same day or next business day. Online, typically one to five business days depending on how quickly you provide documents and complete identity verification. If the bank needs to follow up on something, it can take longer.

Do I need a business license to open a business bank account?

Not always. Most banks don't require it, though some do depending on your industry. A few states require certain businesses to have a license before opening a bank account. Call your bank and your state's business licensing office to be sure.

What if the bank rejects my process?

Ask why. Common reasons are mismatched information, an invalid ID, or that the bank doesn't serve your industry. You can reapply with corrected documents, try a different bank, or contact your state's banking regulator if you think you were denied unfairly.