What a business bank account requires before you walk in
A business bank account separates your personal money from your company's money. Banks require proof that your business exists as a legal entity, proof of your identity, and usually an initial deposit. The exact documents depend on whether you are a sole proprietor, partnership, LLC, S-corp, or C-corp — each structure has different paperwork requirements.
Most banks will ask for an Employer Identification Number (EIN), which the IRS issues to identify your business for tax purposes. If you are a sole proprietor, you may be able to use your Social Security Number instead, though many banks now require an EIN regardless. You will also need a government-issued ID showing your name and address, and a document proving your business exists — this might be articles of incorporation, a certificate of formation, a DBA (Doing Business As) registration, or a partnership agreement.
The initial deposit amount varies by bank and account type. Some banks have no minimum; others require $100 to $500 to open the account. A few business accounts aimed at larger companies may require $5,000 or more, but those are not the norm for new businesses.
Key Takeaways
- You will need an EIN from the IRS, a government-issued ID, and a document proving your business structure (articles of incorporation, certificate of formation, or DBA registration).
- Sole proprietors can sometimes use their Social Security Number instead of an EIN, but most banks now require an EIN for all business accounts.
- Different business structures (LLC, S-corp, partnership, sole proprietor) require different paperwork, so confirm with the bank which documents they need before you visit.
- Initial deposit requirements range from zero to $500 at most mainstream banks, though some specialty business accounts may ask for more.
- You can open an account in person, by mail, or online depending on the bank, but in-person visits often move faster because the bank can verify documents on the spot.
Getting an EIN if you do not have one yet
An EIN is a nine-digit number the IRS assigns to your business. You can request one free of charge through the IRS website at irs.gov, by phone at 1-800-829-4933, or by mailing Form SS-4 to the IRS. Online applications are processed when ready and you receive your EIN the same day. Phone applications take about 15 minutes and you get the number right away. Mail applications take two to four weeks.
If you have already registered your business with your state (filed articles of incorporation or a certificate of formation), the state may have assigned you an EIN automatically, or you may have received one when you filed. Check any paperwork from your state filing first. If you have not registered your business yet, you can still request an EIN before or after state registration — the order does not matter for the IRS.
Sole proprietors who have not hired employees and do not plan to can use their Social Security Number instead of an EIN, but this is becoming less common. Most banks now require an EIN even for sole proprietors, so requesting one before you open the account saves a trip back to the bank later.
Documents you need based on your business structure
| Business Structure | Documents the Bank Will Ask For |
|---|---|
| Sole Proprietor | Government-issued ID, EIN (or Social Security Number), DBA registration if you use a business name different from your legal name |
| Partnership | Partnership agreement, EIN, government-issued ID for each partner (or at least the one signing), proof of business registration with your state |
| LLC | Certificate of formation from your state, EIN, government-issued ID for the owner or authorized representative, operating agreement (some banks ask for this, some do not) |
| S-corp or C-corp | Articles of incorporation from your state, EIN, government-issued ID for the owner or authorized representative, corporate bylaws (some banks ask for this) |
Call the bank before you visit or explore online. Tell them your business structure and ask which specific documents they need. Banks vary — some ask for bylaws or operating agreements, others do not. Some require certified copies from your state; others accept photocopies. A five-minute phone call prevents you from gathering the wrong paperwork and having to start over.
Opening the account in person, by mail, or online
Most banks offer all three routes. In-person is fastest because the bank can verify your documents on the spot and answer questions about fees, minimum balances, and features. You walk out with a debit card and access to online banking the same day. This route works well if you have all your documents ready and a bank branch near you.
Online applications are convenient but slower. You upload photos of your documents, and the bank reviews them over the next few days. If anything is unclear or missing, they email you and ask for more. This back-and-forth can add a week to the process. Some banks open the account provisionally while they verify documents, so you can start using it before everything is fully confirmed.
Mail applications are the slowest and least common now. You print the process, gather certified copies of your documents, and mail everything to the bank's processing center. The bank receives it, verifies it, and mails you information about your new account. This typically takes two to three weeks. Use this route only if you cannot visit in person and the bank does not offer online opening.
What happens after you submit your documents
The bank verifies your identity and your business documents. They check that your EIN matches your business name, that your state registration is current, and that the person opening the account has authority to do so. This verification usually takes one to five business days for in-person applications and three to ten business days for online or mail applications.
During this time, the bank may contact you by phone or email if they need clarification on anything. They might ask for a clearer photo of a document, confirmation of your address, or proof that you are the authorized representative of the business. Respond quickly — delays in your response delay the account opening.
Once verification is complete, the bank funds the account and sends you login credentials for online banking. If you opened in person, you already have a debit card. If you opened online or by mail, the bank mails your debit card and account information to the address on file. Debit cards typically arrive within five to ten business days.
Fees and account features to compare
Business accounts charge monthly maintenance fees that range from zero to $25 or more, depending on the bank and account type. Some banks waive the fee if you maintain a minimum balance (often $500 to $2,500) or set up direct deposit. Others charge the fee regardless. Compare the fee structure before you choose a bank — a $15 monthly fee adds up to $180 a year.
Check how many transactions you can make per month without extra charges. Some accounts limit free transfers or withdrawals; others are unlimited. If you process a lot of checks, ask whether the bank charges per check deposited or offers unlimited check deposits. Ask about wire transfer fees, ACH transfer fees, and overdraft fees — these vary widely and can be expensive if you use them frequently.
Ask whether the bank offers merchant services (the ability to accept credit card payments) and what the rates are. If you plan to accept payments from customers, this matters. Also ask about invoice and accounting software integrations — some banks connect directly to QuickBooks, Wave, or other tools, which saves time on bookkeeping.
Bringing a co-owner or authorized representative
If your business has multiple owners or you want someone else to manage the account, the bank needs to know. For partnerships and LLCs with multiple members, bring all owners if possible, or bring the operating agreement or partnership agreement showing who has authority to open accounts. For corporations, bring the corporate bylaws or a board resolution authorizing the account opening.
If you cannot attend in person, you can authorize someone else to open the account on your behalf. The bank will ask for a power of attorney document signed by you, notarized in most cases. This is slower than opening it yourself, so do this only if you truly cannot be present.
If you want to add someone to the account after it is open, you can do so later. The bank will ask for their government-issued ID and may require a signature card. This takes a few days to process.
Frequently Asked Questions
Can I open a business account if I have not registered my business with the state yet?
Yes, but the bank will ask for proof that your business exists. If you have not filed articles of incorporation or a certificate of formation, bring a DBA registration, a business license, or a letter from a client or vendor showing your business name and address. Some banks will open the account with just an EIN and your government ID, though this is less common.
What if I do not have an EIN yet and the bank requires one?
Request an EIN online at irs.gov before you open the account — you get it the same day. If you are opening the account in person and do not have an EIN, ask the bank whether they will accept your Social Security Number temporarily while you request an EIN. Most will not, so get the EIN first.
Do I need to bring the original documents or can I bring copies?
Call the bank and ask. Most accept photocopies or photos of documents for online applications. For in-person applications, they usually want to see the original to verify it is real, but they will not keep it — they will photocopy it and return it to you. Certified copies from your state are rarely required unless the bank specifically asks.
How long does it take to use the account after I open it?
If you open in person, you can use online banking and your debit card the same day. If you open online or by mail, you get login credentials within one to five business days, but your debit card arrives by mail in five to ten business days. You can transfer money and pay bills online before the card arrives.
Can I change banks later if I do not like the fees or service?
Yes. You can open a new account at a different bank and transfer your balance. Notify anyone who sends you money (clients, customers, payroll) of your new account number. Close the old account once everything has moved over. This usually takes a week or two.