The documents and information banks require before you can open

Banks need three categories of things before they will open a business checking account: proof that your business exists as a legal entity, proof of who owns and controls it, and proof of your identity. The exact list depends on your business structure—a sole proprietorship needs less paperwork than an LLC or corporation—but every bank will ask for at least one document from each category before money can move through the account.

The process is not complicated, but it is specific. Banks follow federal rules about verifying identity and ownership, and they will not skip steps or accept substitutes. Knowing what to bring saves you a trip back to the branch or a frustrating email chain with the bank's account opening team.

Key Takeaways

  • Sole proprietors need an EIN letter from the IRS, a government ID, and proof of address; LLCs and corporations need articles of organization or incorporation plus an EIN letter.
  • The bank will verify your identity in person or by video call, and will ask for a Social Security number or ITIN for every owner with more than 20 percent stake in the business.
  • Proof of address can be a recent utility bill, lease, or mortgage statement—anything dated within the last 60 to 90 days with your name and street address on it.
  • Some banks require a minimum deposit to open the account; others do not, but the amount varies by bank and account type.
  • The entire process typically takes 15 minutes to an hour in person, or one to three business days if you explore online.

What you need for a sole proprietorship

If you operate under your own name with no separate legal entity, you need an EIN letter from the IRS, a government-issued ID, and proof of your current address. The EIN letter is the document that proves the IRS recognizes your business for tax purposes. You can get one free from the IRS website (irs.gov) by filling out Form SS-4 online; the system issues the number when ready and lets you print a confirmation letter on the spot. Some banks will accept a screenshot of that confirmation, but bring a printed copy to be safe.

For your government ID, bring a driver's license, passport, or state ID card. For proof of address, bring something dated within the last 60 to 90 days with your name and street address: a utility bill, lease agreement, mortgage statement, or bank statement. A cell phone bill works if it shows your address. The bank is verifying that you actually live where you say you do.

What you need for an LLC or corporation

If your business is registered as an LLC, S-corp, C-corp, or partnership, bring your articles of organization (for an LLC) or articles of incorporation (for a corporation). These are the documents you filed with your state to create the legal entity. You can get a certified copy from your state's Secretary of State office, usually for a small fee, or bring an uncertified copy if the bank accepts it—call ahead and ask. Some banks will take a screenshot of the document from your state's online filing system.

You also need an EIN letter from the IRS, the same document a sole proprietor needs. If your business is brand new and you have not yet received an EIN, you can explore for one online at irs.gov and print the confirmation when ready. Some banks will open the account with the confirmation letter and update the EIN in their system once the official letter arrives.

Finally, bring government IDs and proof of address for every owner with more than 20 percent ownership stake in the business. If you are the sole owner, that is just you. If you have partners or multiple shareholders, each one needs to show up in person or verify their identity by video call, depending on the bank's process.

Proof of identity and ownership verification

The bank will ask for a government-issued photo ID from every person who owns more than 20 percent of the business. This is a federal requirement under anti-money-laundering rules. The ID can be a driver's license, passport, state ID card, or military ID. The bank will photocopy it or scan it into their system.

If you cannot appear in person, many banks now offer video verification. You will show your ID to a camera, answer questions about your ownership stake and role in the business, and sign documents electronically. The process takes 10 to 15 minutes. Some banks require this to happen before the account opens; others do it after.

The bank will also ask for a Social Security number or ITIN (Individual Taxpayer Identification Number) for every owner. This is how they report account activity to the IRS and how they screen against lists of sanctioned individuals. If an owner does not have a Social Security number, they can get an ITIN from the IRS by filing Form W-7.

Proof of address and what documents work

Banks need to verify that you live at the address you claim. The document must be dated within the last 60 to 90 days (the window varies by bank) and show your name and street address. Acceptable documents include:

  • Utility bills (electric, gas, water, internet, cell phone)
  • Lease agreement or rental agreement
  • Mortgage statement or property tax bill
  • Bank or credit card statement
  • Government mail (tax return, voter registration card, driver's license renewal notice)

A PO box does not work as proof of address. If you use a mailbox service, bring a lease agreement for your residential address instead. If you are new to an area and do not yet have a utility bill in your name, ask the bank what they will accept—some will take a signed lease agreement or a letter from your landlord on letterhead.

Minimum deposits and account setup fees

Whether you need money in the account before it opens depends on the bank and the specific account type. Some banks have no minimum deposit requirement; others require $100 to $500 to open. A few require $1,000 or more, particularly for premium business accounts with higher transaction limits or added services.

Ask the bank about their minimum before you go in, because it affects whether you can open the account that day. Many banks also charge a monthly maintenance fee ($10 to $30 is typical), though some waive it if you maintain a minimum balance or set up direct deposit. Some offer the first month or first year free. These terms vary widely, so compare a few banks before you decide.

Timeline: how long the process takes

If you walk into a branch with all your documents, the account can open in 15 minutes to an hour. The banker will verify your identity, scan your documents, and set up the account while you wait. You will leave with a debit card process (which arrives in 7 to 10 business days) and temporary check-writing access if you need it.

If you explore online, the timeline is longer. You will upload photos of your documents, verify your identity by video call, and sign documents electronically. The bank then reviews everything, which typically takes one to three business days. Once approved, the account opens and you can transfer money in when ready, though checks and debit cards still take a week or more to arrive.

Some banks offer same-day approval for online applications if you complete everything before a certain time in the afternoon. Others have a standard three-day review window. Call the bank or check their website to see which applies.

Frequently Asked Questions

Can I open a business checking account without an EIN?

Most banks require an EIN, but a few will open an account for a sole proprietor using only a Social Security number. This is less common and usually only available in person. Call your bank first to ask if they offer this option. If you need an account when ready and do not have an EIN yet, this may be your fastest route.

What if I do not have a government ID?

You will need one. A driver's license, passport, or state ID card are the standard options. If you do not have any of these, you can get a state ID card from your state's DMV even if you do not drive. Bring proof of address and your Social Security number or ITIN to the DMV.

Do all owners have to show up in person?

Not necessarily. Owners who cannot appear in person can verify their identity by video call with the bank. Some banks require this before the account opens; others do it within a few days after. Ask the bank about their process when you call to schedule your appointment.

Can I use a business address instead of a home address for proof of address?

Some banks will accept a business address if you own the building or have a lease. Others require a residential address. Call ahead and ask what the bank will accept, especially if your business is home-based or you operate from a shared office space.

What happens if the bank rejects one of my documents?

The banker will tell you what is missing or what they cannot accept. Common issues are documents that are too old (outside the 60 to 90 day window), documents without a street address, or articles of organization that are not certified. Ask what alternative documents they will accept, and bring those on your next visit or upload them online.