What you need before you walk in

A commercial bank account requires more paperwork than a personal account because the bank needs to verify who owns the business and who can sign checks. You will need your Employer Identification Number (EIN) — a nine-digit number the IRS assigns to your business. If you do not have one yet, you can get it free from the IRS website or by calling 1-800-829-4933; it takes about 15 minutes by phone.

You will also need proof that your business exists. What counts depends on your business structure. A sole proprietorship needs your Social Security number and a driver's license. An LLC, partnership, or corporation needs the formation documents you filed with your state — usually called Articles of Organization, Articles of Incorporation, or a Certificate of Formation. You can request copies from your state's Secretary of State office if you have lost yours.

Bring a physical ID to the bank. A driver's license works. Some banks also ask for a second form of ID, such as a passport or state ID card. If you are opening the account on behalf of the business but are not the owner, bring a document showing you have authority to do so — typically a board resolution or operating agreement that names you as authorized.

Key Takeaways

  • You need an EIN from the IRS, your business formation documents, and a government-issued ID before the bank will open the account.
  • Different business structures (sole proprietorship, LLC, corporation) require different documents, so confirm with the bank which ones explore to you.
  • The bank will ask how you plan to use the account and may require a minimum deposit, which varies by bank and account type.
  • The account usually opens the same day, but checks and debit cards arrive by mail within one to two weeks.
  • If the bank denies you, ask why in writing — some banks have stricter policies on business type or credit history than others.

What the bank will ask you

The bank will ask what your business does, how long it has been operating, and how much money you expect to move through the account each month. Be honest. Banks use this information to assess fraud risk, not to judge whether your business is worthwhile. A startup moving $5,000 a month is not a red flag; a startup claiming to move $500,000 a month with no documentation is.

The bank will also ask who the owners are and who is authorized to sign checks or make withdrawals. If there are multiple owners, the bank may require all of them to be present or to sign a resolution authorizing one person to open the account. Some banks ask for personal credit information on the owners, though this is less common for commercial accounts than for personal ones.

You may be asked whether you have been denied a bank account before or whether you have any outstanding liens or judgments. Answer truthfully. Banks check public records anyway, and lying on a bank process can result in account closure and referral to law enforcement.

Minimum deposits and account fees

Most commercial accounts require a minimum deposit to open, typically between $500 and $2,500, though some banks have no minimum. The deposit becomes part of your account balance — it is not a fee. Ask the bank what the minimum is before you go in so you know how much cash or a check to bring.

Commercial accounts charge monthly maintenance fees that personal accounts do not. These range from $10 to $50 per month depending on the bank and account type. Some banks waive the fee if you maintain a minimum balance (often $5,000 to $10,000) or if you set up direct deposit. Ask about fee waivers before you open the account; they can save you hundreds of dollars a year.

You will also pay per-transaction fees for things personal accounts include for free: wire transfers ($15 to $30), ACH transfers ($1 to $3), and depositing checks. Some banks charge per check deposited; others charge a flat monthly fee for unlimited deposits. If you plan to deposit many checks, ask about this specifically.

Timeline from process to first deposit

The account itself opens the same day you visit the bank, assuming your documents are in order and the bank does not flag anything for review. You will receive a temporary debit card or checks to use when ready, though the bank may limit how much you can withdraw or transfer on the first day.

Permanent checks and a debit card arrive by mail within one to two weeks. If you need checks sooner, you can order them from a third-party printer (not the bank) for a lower cost, though the bank's routing and account numbers must be correct. Ask the bank for these numbers before you leave.

If the bank needs to verify information — for example, if your business formation documents are unclear or if the bank's fraud system flags your process — the process can take three to five business days. The bank will call you if this happens. Do not assume silence means approval; call the bank after two business days if you have not heard back.

What happens if the bank says no

Banks can deny a commercial account for several reasons: incomplete or unclear documentation, a mismatch between what you told the bank and what public records show, a history of fraud or financial crime, or straightforward because the bank does not serve your industry (some banks avoid cannabis businesses, for example, even in states where it is legal).

If you are denied, ask the bank for the reason in writing. Federal law requires banks to provide this if you ask. Common fixable reasons include missing documents or a typo in your EIN. If the reason is unfixable — for example, the bank does not serve your industry — try another bank. Different banks have different risk tolerances and policies.

If you have been denied by multiple banks, the problem may be your personal credit history or a public record issue (a judgment, lien, or fraud report). You can check your credit report free at annualcreditreport.com and dispute any errors. You can also search your name in your county's court records to see if there are outstanding judgments. Resolving these issues before explore again will improve your chances.

Sole proprietorships, LLCs, and corporations have different requirements

A sole proprietorship is the simplest. You need your Social Security number, an EIN (if you have employees or file certain tax forms), and a government ID. Some banks ask for a "Doing Business As" certificate if you operate under a name different from your legal name, though this is not always required.

An LLC requires your Articles of Organization from your state, the EIN, and the ID of the person opening the account. The bank may ask for an operating agreement showing who owns the LLC and who is authorized to manage it, though many banks do not require this.

A corporation requires Articles of Incorporation, the EIN, and usually a board resolution authorizing someone to open the account. If you are opening the account as the president or treasurer, bring a document showing that is your title. Some banks ask for corporate bylaws, though this is less common.

If you are unsure which documents your bank needs, call ahead. Most banks have a checklist for each business structure and can tell you exactly what to bring.

Frequently Asked Questions

Can I open a commercial account without an EIN?

Some banks will let a sole proprietor use a Social Security number instead of an EIN, but most commercial banks require an EIN. Getting one takes 15 minutes by phone and is free. If a bank refuses to open an account without an EIN, that is a sign to try another bank — the requirement is not universal.

What if I do not have my Articles of Incorporation yet?

You cannot open a commercial account for an LLC or corporation until you have filed formation documents with your state and received confirmation. If you have filed but have not received the official copy, call your state's Secretary of State office and ask them to email or fax a certified copy to the bank. This usually takes one business day.

Do I need to be present in person to open the account?

Most banks require at least one owner or authorized person to be present with a government ID. Some banks now offer remote account opening through video verification, but this is not yet standard. Call the bank and ask whether you can open the account online or by mail before you visit.

Can my accountant or lawyer open the account for me?

No. The bank needs to verify the identity of an owner or someone with documented authority. A power of attorney or board resolution can authorize someone else to open the account, but the bank will still want to see ID from that person and will likely call you to confirm. Bring the authorization document with you.

What if the bank asks about my personal credit?

Commercial banks sometimes pull personal credit reports on business owners to assess risk. This is legal and common. If your personal credit is poor, some banks may deny the account or require a higher minimum balance. If this happens, try banks that specialize in small business or startups — they often have more flexible credit policies.