What you need before you start

A corporate bank account requires the bank to verify your business exists and that you have authority to open the account on its behalf. You will need an Employer Identification Number (EIN) from the IRS — this is a nine-digit number that identifies your business for tax purposes, separate from your personal Social Security number. If your business is a sole proprietorship, you can use your Social Security number instead, though most banks prefer an EIN.

You will also need to bring a government-issued photo ID, proof of your business address, and documentation showing the structure of your business. What that documentation looks like depends on whether you are a sole proprietor, partnership, LLC, S-corp, or C-corp. A sole proprietor might bring a business license or DBA (doing business as) certificate. An LLC or corporation needs the articles of organization or incorporation filed with your state, plus a resolution or certificate authorizing you to open the account.

Some banks also ask for an initial deposit before they open the account. This amount varies by bank and account type — it might be $100 or $25,000 depending on the product. Call ahead to confirm what the bank requires so you do not make a trip unprepared.

Key Takeaways

  • You need an EIN from the IRS, a government photo ID, proof of business address, and documentation of your business structure before any bank will open a corporate account.
  • The documentation required changes based on whether you are a sole proprietor, LLC, partnership, or corporation — call the bank first to confirm what they need from you specifically.
  • Most banks require an initial deposit to open the account, and the amount varies widely, so ask before you visit.
  • The process usually takes one to three business days once you submit all documents, though some banks offer same-day opening for online applications.
  • You will need to bring the original documents or certified copies — banks do not accept photographs or scans for the initial opening.

Getting an EIN if you do not have one yet

If your business is structured as an LLC, partnership, S-corp, or C-corp, you need an EIN. You can get one free from the IRS at irs.gov by filling out Form SS-4. The fastest way is to explore online through the IRS website — you receive your EIN when ready after you submit the form, and you can use it right away.

If you explore by mail or fax, the IRS typically issues the EIN within four business days. By phone, you can speak to an IRS representative who will issue the number on the call. Sole proprietors can use their Social Security number instead of an EIN, but getting an EIN keeps your personal and business finances separate and is worth the five minutes it takes.

What to bring to the bank in person

Bring originals or certified copies of all documents — banks will not accept photographs or PDF scans for the account opening itself. You need your government-issued photo ID (driver's license, passport, or state ID), your EIN notice from the IRS (the letter they send you, or a printout from their website), and proof of your business address. Proof of address can be a utility bill, lease, or mortgage statement in the business name, or a commercial real estate agreement.

For the business structure documentation, bring the document that shows you own or control the business. For an LLC, bring a copy of your articles of organization filed with your state. For a corporation, bring the articles of incorporation. For a partnership, bring the partnership agreement. For a sole proprietor, a business license or DBA certificate works, though some banks will open an account with just your ID and EIN.

If you are not the sole owner, bring a corporate resolution or certificate of authority showing that you have the power to open bank accounts on behalf of the business. Many banks have a template for this — ask when you call to schedule your appointment.

Opening the account in person versus online

Most banks offer both options. Opening in person takes one to three business days from the time you submit documents. The bank verifies your identity on the spot, confirms the documents are legitimate, and usually opens the account before you leave. You walk out with a debit card and account number, though the card itself may arrive by mail a few days later.

Online opening is faster for some banks — you upload photos of your documents, and the account opens within hours or the same business day. However, the bank still needs to verify the documents are genuine, so you may receive a call or email asking for clarification or additional proof. If the bank cannot verify something online, they will ask you to come in person or send certified copies by mail, which adds time.

If you need the account open quickly, call the bank and ask whether they can open it same-day in person. Some branches can, especially if you bring all documents and make an appointment. Online is not always faster than walking in.

Fees and minimum balances

Corporate bank accounts typically cost more than personal accounts. Monthly maintenance fees range from $10 to $50 depending on the bank and account type. Some banks waive the fee if you maintain a minimum balance — this might be $1,000, $5,000, or $25,000 depending on the account. Others charge per transaction: $0.50 to $2 for each check you write, each wire transfer, or each ACH payment you send.

Ask the bank for a fee schedule before you open the account. Compare what you will actually pay based on how many checks you write and how many transfers you make each month. A bank with a $25 monthly fee might be cheaper than one with no fee but $1 per check if you write 50 checks a month.

The initial deposit requirement also varies. Some banks require $100 to $500 to open a basic business checking account. Others require $10,000 or more for premium accounts with higher transaction limits or better interest rates. Confirm this before you visit so you bring the right amount.

What happens after you open the account

Once the account is open, the bank issues you a routing number and account number. You use these to set up direct deposit for payroll, to pay vendors by ACH or wire transfer, and to receive payments from customers. The bank also issues you checks and a debit card, though these arrive by mail within five to ten business days.

You can start using the account for electronic transfers when ready — you do not have to wait for the physical checks to arrive. If you need checks sooner, you can order them from a third-party printer like Deluxe or BasicChecks, which usually deliver within three to five business days and cost less than ordering through the bank.

Keep your EIN letter and articles of organization in a safe place. Banks sometimes ask for these documents again if you need to add signers, change account permissions, or resolve disputes later.

Common reasons banks reject corporate account applications

Banks may decline to open an account if the documents do not match, if the person opening the account does not appear on the business registration, or if the business address cannot be verified. If the bank asks for more information, respond quickly — many banks hold applications for only 30 days before closing them.

If a bank declines you, ask why in writing. Common reasons include a mismatch between the name on your ID and the name on the business registration, a business address that does not exist or does not match your documents, or a problem with your personal credit or banking history. If the issue is your personal history, you may have better luck with a bank that specializes in second-chance business accounts, though these often charge higher fees.

Frequently Asked Questions

Can I open a corporate account online without going to the bank?

Some banks allow fully online opening, but most require you to verify your identity in person or send certified copies of documents by mail. Even if the bank says "online opening," call first to confirm whether they will actually need you to visit a branch. Online opening is not always faster than in-person opening.

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

Not always. An LLC or corporation registered with your state does not need a separate business license in most states. A sole proprietor or partnership may need one depending on your state and industry. The bank will tell you what documents they need — if you are unsure, bring your business license if you have one.

What if I do not have a physical business address yet?

Most banks require a physical address, not a PO box. If you do not have one, you can use a virtual office address, a coworking space address, or your home address. Bring a utility bill or lease showing that address in your name or the business name. Some banks accept a notarized statement from a landlord confirming you can use the address.

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

Only if they have written authority from you. Bring a corporate resolution, power of attorney, or certificate of authority showing that person has the right to open accounts. The bank will verify the document and may call you to confirm. The person opening the account still needs their own government ID.

How long does it take to receive checks and a debit card?

Debit cards and checks usually arrive by mail within five to ten business days. You can use the account for electronic transfers (ACH, wire, direct deposit) when ready. If you need checks faster, order them from a third-party printer — they cost less and arrive in three to five days.