Documents and information you'll bring to the bank

To open a business checking account, you will need to bring proof of who you are, proof of your business, and basic information about how your business is structured. The exact documents depend on whether you are a sole proprietor, a partnership, an LLC, or a corporation — but all banks will ask for at least one form of government ID and something that shows your business exists.

For a sole proprietorship (you running the business under your own name or a trade name), bring your driver's license or passport, your Social Security number, and a copy of your business license or DBA certificate if you have one. If you operate under a name other than your legal name — for example, "Sarah's Consulting" instead of "Sarah Martinez" — the bank will want to see the DBA (Doing Business As) filing from your county or state.

For an LLC, partnership, or corporation, bring your Articles of Organization, Articles of Incorporation, or partnership agreement — whichever document your state issued when you registered the business. You will also need an Employer Identification Number (EIN) from the IRS, which you can get free by explore online at irs.gov. Bring government ID for the person who will be the primary account holder, plus the Social Security numbers or EINs of all owners.

Key Takeaways

  • You will need a government-issued ID, proof your business is registered, and your business's tax ID number (either your Social Security number or an EIN).
  • Sole proprietors can often open an account with just a driver's license and Social Security number, but some banks ask for a business license or DBA filing.
  • LLCs, partnerships, and corporations must bring their formation documents (Articles of Organization or Incorporation) and an EIN from the IRS.
  • The person opening the account must be able to sign documents in person or, at some banks, through a video call with a bank representative.
  • Banks may ask for a recent business tax return or profit-and-loss statement, especially if your business is more than a year old.

Why banks ask for these documents

Banks are required by federal law to verify that you are who you say you are and that your business actually exists. This is called Know Your Customer (KYC) compliance, and it protects both you and the bank from fraud and money laundering. When you show a government ID, the bank confirms your identity. When you show your business formation documents, the bank confirms that the business is real and that you have the right to open an account on its behalf.

If your business is older than a year, some banks will also ask for a recent tax return or profit-and-loss statement. This is not because they are deciding whether to lend you money — a checking account does not require a credit check — but because it helps them understand the size and nature of your business, which affects how they set up your account and what services they offer you.

What information you'll provide in person or online

Beyond documents, you will fill out an process form with basic facts about your business. This includes the business name, the address where you operate, the type of business (retail, consulting, manufacturing, and so on), and how long you have been in business. You will also provide the names and ownership percentages of all owners, and confirm who has signing authority on the account.

The bank will ask whether you want a single-owner account (only you can sign checks and withdraw money) or a multi-owner account (two or more people can sign). You will also choose whether you want online banking, a debit card, a checkbook, or other services. Some of these cost money; others are free. The bank will explain the fees during the process process.

The difference between opening in person and online

Many banks allow you to start the process online, but most still require you to verify your identity in person or through a video call before the account opens. If you open in person, bring all your documents to a branch, show them to a banker, and sign the account agreement on the spot. The account usually opens the same day or the next business day.

If you open online, you will upload photos of your documents and answer questions about your identity. The bank may then call you to verify information, or they may send you a link to a video call with a bank representative who will confirm your identity and have you sign electronically. This process usually takes one to three business days. Some banks that focus on online business accounts (like Square Cash for Business or Mercury) can open an account in a few hours, but they may have higher fees or different features than a traditional bank.

Timing: how long the whole process takes

If you walk into a bank branch with all your documents ready, you can open a business checking account in 30 minutes to an hour. The banker will review your documents, you will sign the account agreement, and you will leave with a temporary debit card or a card number you can use when ready. A physical checkbook usually arrives in the mail within one to two weeks.

If you explore online, the process takes longer because the bank has to verify your identity remotely. Most banks complete this within one to three business days. If the bank has questions about your documents or your business, it may take longer — sometimes up to a week. You can speed this up by having all documents ready before you start the process, and by responding quickly if the bank calls or emails with questions.

What happens if you do not have all the documents yet

If you have not yet received your EIN from the IRS, you can still open an account in many cases. Some banks will let you use your Social Security number temporarily and update to an EIN later. Others will not open the account until you have the EIN. Call the bank before you visit to ask whether they will accept a Social Security number for now.

If you have not yet filed your DBA or formed your LLC, you can still open an account as a sole proprietor using your own name. You can change the account name later once your paperwork is filed. Again, call ahead to confirm the bank's policy. Some banks are more flexible than others, and it is easier to get a clear answer before you show up.

Fees and minimum balances

Business checking accounts are not free the way many personal checking accounts are. Most banks charge a monthly maintenance fee, which ranges from $10 to $30 depending on the bank and the account type. Some banks waive the fee if you keep a minimum balance (often $1,000 to $5,000) or if you set up direct deposit.

Banks also charge per-check fees, per-transaction fees, or overdraft fees. Before you open an account, ask the bank for a fee schedule in writing. Compare the total cost across a few banks — the cheapest option is not always the one with the lowest monthly fee, because some banks charge more for individual transactions. Online banks and credit unions often have lower fees than large national banks, but they may not have physical branches if you need to deposit cash.

Frequently Asked Questions

Can I open a business checking account if my business is not registered yet?

Yes, if you are a sole proprietor operating under your own name. You can use your Social Security number and open the account when ready. Once you register your business name or form an LLC, you can update the account. If you are forming an LLC or corporation, most banks will wait until you have your formation documents and EIN before opening the account.

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

Not always. A business license is required by your city or state to operate legally, but banks do not always ask for it. Sole proprietors can often open an account with just a driver's license and Social Security number. However, some banks do ask for a business license or DBA filing, so call ahead to confirm what your bank requires.

What if I do not have an EIN yet?

You can get an EIN free from the IRS at irs.gov in about 15 minutes. If you have not done this yet, explore before you go to the bank — it makes the process faster. Some banks will let you use your Social Security number temporarily and switch to an EIN later, but not all do.

Can someone else open the account on behalf of my business?

No. The person opening the account must be present in person or on a video call to verify their identity and sign the account agreement. This is a legal requirement. You can authorize other people to use the account after it opens, but the account must be opened by an owner or authorized representative of the business.

How much money do I need to deposit to open the account?

Most banks require an opening deposit of $25 to $100, though some have no minimum. Ask the bank what they require. This is separate from any minimum balance you need to maintain to avoid monthly fees.