The documents you'll need before you walk in
Most banks want the same core set of documents from you before they'll open a business account. The exact list varies slightly by bank and by the legal structure of your business, but you're looking at: proof of your business identity, proof of your personal identity, and proof that you own or control the business.
For proof of business identity, you'll need either your Employer Identification Number (EIN) or your Social Security Number if you're a sole proprietor. An EIN is a nine-digit number issued by the IRS; you can get one free at irs.gov or by calling the IRS. If you're operating as an LLC, corporation, or partnership, you almost certainly have one already. If you're a sole proprietor, you can use your SSN instead, though some banks prefer an EIN.
For proof of personal identity, bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank will scan or photocopy it. If you're opening the account as a representative of an LLC or corporation rather than as the owner yourself, you may also need to bring documentation showing you have authority to open accounts on behalf of the business.
You'll also need proof that your business actually exists. What counts depends on your structure. If you're a sole proprietor, a business license from your city or county usually works. If you're an LLC or corporation, bring a copy of your Articles of Organization or Articles of Incorporation — the document you filed with your state to create the business legally. These are public records; you can read them from your state's Secretary of State website if you don't have a copy.
Key Takeaways
- You need a government-issued photo ID, proof your business exists (business license or Articles of Organization), and either an EIN or your Social Security Number.
- An EIN takes about 15 minutes to get free from the IRS online, or you can use your SSN if you're a sole proprietor.
- Articles of Organization or Incorporation are downloadable from your state's Secretary of State website if you don't have the original.
- 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, or one to three business days if you open online.
Why banks ask for these specific documents
Banks are required by federal law to verify your identity and the identity of the business before they open an account. This is part of anti-money-laundering compliance, codified in the Bank Secrecy Act and implemented through a process called Know Your Customer (KYC). The bank needs to confirm that you are who you say you are, that the business is real, and that you have the authority to control the account.
The documents serve different purposes. Your photo ID proves you exist and are the person sitting across the desk. Your business license or Articles of Organization prove the business is registered with the state. Your EIN or SSN ties the business to a tax identity the IRS recognizes. Together, they create a paper trail the bank can audit if regulators ask questions later.
Opening in person versus online
If you open an account at a physical branch, bring all your documents and expect to spend 15 to 30 minutes. The banker will review everything, ask you questions about the business (what it does, how much you expect to deposit monthly, whether you'll be receiving checks or wire transfers), and then set up the account while you wait. You'll sign signature cards and agreements, and you may be able to start using the account the same day or the next business day.
Many banks also let you open online. You'll upload photos of your documents, answer questions about the business, and sign agreements electronically. The bank then reviews everything — this usually takes one to three business days. Some banks will let you start using a debit card or make transfers before the full review is complete; others make you wait until they've verified everything. Check the bank's website or call to ask what their timeline is.
Online opening is faster if you're in a hurry and you have clear, well-lit photos of your documents. In-person opening is faster if you have questions or if your documents are unusual (for example, if your business license is from a different state than where you're banking).
Minimum deposits and account fees
Some banks require a minimum opening deposit; others don't. The amount varies widely — anywhere from zero to several hundred dollars. This is the bank's money, not a fee; it sits in your account and you can spend it. But if you close the account before meeting the minimum, some banks will charge you a fee or deduct the difference from your final balance.
Ask the bank about monthly maintenance fees, per-check fees, wire transfer fees, and overdraft fees before you open. These vary dramatically by bank and by account type. Some banks charge nothing for basic business checking; others charge $15 to $25 per month. If you're writing many checks or sending frequent wire transfers, those per-transaction fees add up quickly.
What happens if your documents don't match
If your name on your ID doesn't match the name on your business license or Articles of Organization, the bank will ask for an explanation. This happens often with sole proprietors who registered the business under a different name than their legal name, or with people who changed their name after registering the business. Bring a document that explains the connection — a marriage certificate, a name-change court order, or a DBA (Doing Business As) certificate from your county.
If you don't have an EIN yet and the bank won't accept your SSN, you can get an EIN on the spot. The IRS issues them when ready online at irs.gov/ein. You'll need your Social Security Number, your business structure (sole proprietor, LLC, etc.), and your business address. Print the confirmation page and bring it to the bank.
What you don't need to bring
You don't need a business plan, financial statements, or tax returns to open a business bank account. Banks sometimes ask about your expected monthly deposits or the nature of your business, but they're asking for context, not requiring proof. You don't need a physical business location — a home address works fine. You don't need to have been in business for any length of time; a brand-new business can open an account the same day it's registered with the state.
You also don't need to bring a certified copy of your Articles of Organization. A photocopy or a printout from your state's website is fine. If the bank asks for a certified copy, you can usually get one from your state's Secretary of State office for a small fee, but most banks won't require it.
After the account opens
Once the account is open, the bank will issue you checks, a debit card, and online banking access. Checks usually arrive in the mail within five to seven business days. Your debit card may arrive when ready or within a few days, depending on the bank. Online banking is usually available the same day or the next business day.
Some banks will also ask you to set up a business tax ID with them, separate from your personal tax ID. This is optional but useful if you want to keep your personal and business finances completely separate for tax purposes. The bank can walk you through this when you open the account.
Frequently Asked Questions
Can I open a business account if I'm a sole proprietor and haven't registered with the state?
Yes. A sole proprietor can operate under their legal name without registering anything with the state. Bring your personal ID and tell the bank your business name. If you want to use a different name than your legal name, you'll need a DBA certificate from your county, which costs $10 to $50 and takes a few days to get.
What if I don't have an EIN yet?
You can get one free online at irs.gov/ein in about 15 minutes, or you can use your Social Security Number if you're a sole proprietor. If you're an LLC or corporation, you'll need an EIN. The IRS issues them when ready online; print the confirmation page and bring it to the bank.
Do I need to bring my business license if I have Articles of Organization?
No. Articles of Organization prove your business is registered with the state. A business license proves you've paid local fees and comply with local regulations. Banks usually accept one or the other. If you have Articles of Organization, that's enough.
How long does it take to open an account online?
The upload and process process takes 10 to 20 minutes. The bank's review takes one to three business days. Some banks let you use the account before the review is complete; others make you wait. Check the bank's website or call to ask their specific timeline.
What if the bank rejects my process?
Banks can refuse to open an account for various reasons — past banking problems, high-risk business types, or incomplete documentation. Ask the bank why they declined. If it's a documentation issue, you can fix it and try again. If it's a policy issue, try a different bank.