What you need before you walk in
Banks require specific documents before they will open a business checking account. The exact list depends on your business structure — sole proprietorship, LLC, S-corp, C-corp — and the bank's own rules. Most banks want to see proof that your business exists, proof of your identity, and proof of how the business is taxed.
Start by gathering your Employer Identification Number (EIN), which the IRS issued to your business. If you are a sole proprietor, you may use your Social Security Number instead, but an EIN keeps your personal and business finances separate in the bank's system. You will also need a government-issued photo ID — a driver's license or passport — and your Social Security Number or EIN.
The third piece is proof of your business itself. For an LLC or corporation, this means your Articles of Organization or Articles of Incorporation — the document you filed with your state to create the business. For a sole proprietorship, many banks accept a DBA (Doing Business As) certificate if you operate under a name other than your own, or they may accept a business license. Some banks will open an account for a sole proprietor with just an ID and EIN, no additional paperwork.
Key Takeaways
- You will need a government photo ID, your EIN or Social Security Number, and proof your business exists — usually your Articles of Organization or a business license.
- Different business structures (sole proprietor, LLC, corporation) require different documents, so call the bank before you go in to confirm what they need.
- The bank will verify your identity and cross-check your information against IRS records, which can take a few minutes to a few days depending on the bank.
- Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the account type and the bank.
- You will sign signature cards and authorize the bank to pull your credit report, even though business checking does not depend on your personal credit score.
The documents you bring to the bank
Create a folder with originals or certified copies of the following. Banks vary on whether they need originals or copies, so call ahead and ask.
| Document | Who needs it | Where to get it |
|---|---|---|
| Articles of Organization or Incorporation | LLCs and corporations | Your state's Secretary of State office, usually available online |
| DBA certificate or business license | Sole proprietors operating under a business name | Your city or county clerk's office |
| EIN letter from the IRS | All businesses (optional but recommended) | IRS.gov, or the letter the IRS mailed you when you applied |
| Government photo ID | All business owners | Driver's license, passport, or state ID |
| Social Security Number or EIN | All business owners | Your records or IRS documentation |
| Ownership documentation (for multi-owner businesses) | LLCs and corporations with multiple owners | Your operating agreement or bylaws |
If you are opening the account as the sole owner, bring only your ID and EIN. If there are multiple owners, the bank will want to know who they are and may require them to sign the account agreement or provide their own ID. Some banks require all owners to be present; others allow one owner to sign on behalf of the others if they bring a power of attorney or written authorization.
What happens during the process
When you arrive at the bank, a business banker or account representative will review your documents and ask you to fill out a business account process form. This form asks for your business name, address, phone number, the type of business structure, your EIN, and the names and titles of owners. The bank will also ask what you plan to use the account for — payroll, vendor payments, customer deposits — because some account types are designed for specific uses.
The bank will run a background check and verify your identity against government records. This process is called Know Your Customer (KYC) verification. The bank cross-references your name, address, and ID against databases to confirm you are who you say you are. This usually takes a few minutes in the branch, but the bank may need to verify your EIN with the IRS, which can add a day or two.
You will sign signature cards — documents that show the bank which people are authorized to sign checks and make withdrawals from the account. If you are the only owner, you sign alone. If there are multiple owners, each one who will have signing authority must sign the card. You will also authorize the bank to pull your credit report, though most business checking accounts do not depend on your personal credit score.
Minimum deposits and account setup fees
Banks vary widely on opening deposits. Some require zero dollars to open a business checking account. Others require a minimum deposit of $100, $500, or more. A few large banks require $2,500 or higher for their standard business checking accounts, though they may offer lower-minimum accounts with fewer features.
Ask the bank about setup fees before you open the account. Some banks charge a one-time account opening fee of $25 to $100. Others charge nothing. Monthly maintenance fees also vary — some accounts are free, others cost $10 to $25 per month depending on your balance or activity level. A few banks waive monthly fees if you maintain a minimum balance or set up direct deposit.
If the bank requires a minimum deposit and you do not have it on hand, ask whether you can fund the account with a transfer from your personal account or another bank. Most banks allow this and will not hold the account open until the deposit clears.
Timeline from process to first use
If you open the account in person at a branch, you can usually start using it the same day or within 24 hours. The bank will issue you a temporary debit card or let you order one, and they will provide your account number so you can set up direct deposit or transfers when ready. Checks typically arrive within 5 to 10 business days.
If you explore online, the timeline is longer. You will upload your documents, and the bank will verify them — usually within 1 to 3 business days. Some online banks then require you to confirm your identity by video call or by visiting a branch in person. Once verification is complete, you can access your account online and set up transfers, but you may need to wait for a debit card and checks to arrive by mail.
If the bank cannot verify your information when ready — for example, if your EIN does not match IRS records — they may place a temporary hold on the account while they investigate. This can add several days. Call the bank if you do not hear back within the timeframe they quoted.
Multi-owner accounts and authorized signers
If your business has multiple owners, each owner can either be listed on the account or authorized to sign on it. The difference matters for liability and taxes. An owner listed on the account has legal claim to the funds; an authorized signer can access and move money but does not own the account.
The bank will ask you to specify which owners have signing authority and which do not. You can also add non-owners — employees, accountants, bookkeepers — as authorized signers without making them owners. Each person with signing authority must provide their own ID and may need to sign the signature card in person, depending on the bank's policy.
If you want to add or remove signers later, you will need to visit the bank or call and request a signature card update. Some banks allow this online; others require a visit or a notarized form.
Online versus in-person applications
Most large banks and many online banks let you start the process on their website. You upload your documents, provide your business information, and authorize the bank to verify your identity. The advantage is speed — you do not have to visit a branch. The disadvantage is that verification can take longer, and you may be required to confirm your identity by video call or in person before the account opens.
In-person applications at a branch are faster if you have all your documents ready. A banker can review them on the spot, answer questions, and often open the account the same day. The disadvantage is time — you have to travel to a branch during business hours.
Some banks offer a hybrid: you start online, upload documents, and then visit a branch to verify your identity in person. This combines the convenience of online process with the speed of in-person verification.
Frequently Asked Questions
Do I need an EIN if I am a sole proprietor?
No, but it is recommended. You can use your Social Security Number instead, but an EIN keeps your personal and business finances separate in the bank's records and makes it easier to hire employees later. Getting an EIN is free and takes about 15 minutes online at IRS.gov.
Can I open a business checking account if my business is not registered yet?
Most banks require proof that your business exists — a registration document, license, or EIN. If you have not registered your business yet, you will need to do that first. For an LLC or corporation, file your Articles of Organization or Incorporation with your state. For a sole proprietorship, you may be able to open an account under your personal name and use a DBA certificate later.
What if the bank cannot verify my EIN?
This happens sometimes, especially if your EIN is very new or if there is a mismatch between your process and IRS records. Ask the bank what information they need to complete verification. You may need to provide your IRS approval letter, correct a spelling error, or wait a few days for the IRS database to update. If the problem persists, contact the IRS directly to confirm your EIN is active.
Do I need to bring all owners to open the account?
Not always. Some banks allow one owner to open the account and add other owners later. Others require all owners to be present and sign the account agreement. Call the bank before you go in to find out their policy for multi-owner businesses.
Can I use a business checking account for personal expenses?
Legally, yes — the money is yours. But mixing personal and business expenses in one account makes taxes harder and can create liability problems if your business is sued. Most accountants recommend keeping them separate, which is why a business checking account exists.