What you need before you start

Opening a commercial bank account online requires your bank to verify who owns the business and who has signing authority. You will need your Employer Identification Number (EIN) — the nine-digit tax ID the IRS assigns to your business. If you do not have one yet, you can request it from the IRS before opening the account; the process takes about ten minutes online at irs.gov.

You will also need a government-issued photo ID for each owner and authorized signer. For sole proprietorships, that is just you. For partnerships, LLCs, and corporations, the bank will want ID from all owners or at least the managing members. Some banks ask for a second form of ID as well — a utility bill, lease agreement, or recent tax return showing your business address.

Have your business formation documents ready. For an LLC or corporation, that means your Articles of Organization or Articles of Incorporation — the document you filed with your state. For a partnership, bring your partnership agreement. Sole proprietors usually do not need formation documents, but some banks ask for a DBA (Doing Business As) certificate if you operate under a name different from your legal name.

Key Takeaways

  • You need an EIN, photo ID for all owners, and your business formation documents before you begin the online process.
  • The online process itself takes 15 to 30 minutes, but verification of your documents can take one to three business days.
  • Banks verify your identity through public records, credit bureaus, and sometimes a video call with an authorized signer.
  • Your account may be restricted until the bank completes its review, meaning you cannot deposit or withdraw funds when ready.
  • Different banks have different minimum balances and fee structures, so compare options before you explore.

The online process process, step by step

Start on the bank's website and look for "Open a Business Account" or "Commercial Banking." You will enter your business name, structure (sole proprietorship, LLC, corporation, partnership), and EIN. The form will ask for your business address and the address where you physically conduct business — these can be the same or different.

Next, you provide information about the owners and authorized signers. The bank will ask for their full legal names, dates of birth, Social Security numbers, and titles. Some banks require that at least one owner or officer be a U.S. citizen or permanent resident; others have no citizenship requirement. Read the bank's requirements before you fill in names, because adding or removing signers later can delay your account opening.

You will upload documents at this stage. Most banks accept PDF or image files. Take clear photos of both sides of your ID and your business formation documents. If the image is blurry or cut off, the bank will reject it and ask you to resubmit, which adds days to the process. Some banks let you upload documents during the process; others send you a find link after you submit the form.

At the end of the process, you will review the bank's account agreement and fee schedule, then electronically sign the documents. This is where you confirm who has signing authority on the account and what the monthly fees are. Do not skip this step — the terms you agree to here determine what you can do with the account later.

Verification and the waiting period

After you submit, the bank's compliance team reviews your documents. They check your ID against public records and credit bureaus to confirm you are who you say you are. For business owners, they also verify that your EIN matches your business name and structure. This process usually takes one to three business days, though some banks complete it in a few hours.

Many banks conduct a video call with at least one authorized signer during this stage. The bank will call or email you a link to a video meeting, usually scheduled within 24 hours of your process. During the call, a compliance officer will ask you to show your ID again, confirm your business address, and answer questions about the business itself — what you do, who your customers are, and roughly how much money you expect to move through the account each month. This is not a judgment call; the bank is documenting that a real person with real authority is opening the account.

Once verification is complete, the bank will send you an email confirming your account is open. However, your account may be in a restricted status for the first 24 to 48 hours. During this time, you can log in and see your account number and routing number, but you cannot deposit checks or make transfers. This is a standard anti-fraud measure. The restriction lifts automatically once the hold period ends.

Getting your account number and routing number

Your account number and routing number appear in your online banking portal as soon as your account opens, even if it is in restricted status. You do not have to wait for a debit card or checks to arrive. Write down both numbers — you need them to set up direct deposit, arrange wire transfers, or give payment information to vendors.

The routing number is the same for all accounts at that bank branch. The account number is unique to your account. Some banks print these on a welcome letter they mail to you; others only show them online. If you cannot find them in your portal, call the bank's business support line and ask them to confirm both numbers over the phone.

Physical debit cards and checks usually arrive within five to ten business days. Some banks offer a temporary digital card you can use when ready for online purchases while you wait for the physical card. Ask about this when you open the account if you need to make purchases right away.

Minimum balances and monthly fees

Commercial accounts have different fee structures than personal accounts. Most banks charge a monthly maintenance fee that ranges from $10 to $30, though some waive it if you maintain a minimum balance or set up direct deposit. Read the fee schedule before you explore, because switching banks after you open is more work than choosing the right one upfront.

Minimum balance requirements vary widely. Some banks require $500 to $1,000 to open; others have no minimum. If you fall below the minimum, the bank may charge a fee or close the account. A few banks offer no-minimum business accounts, but they typically charge higher per-transaction fees for deposits and withdrawals.

Ask about fees for specific services you know you will use: wire transfers (usually $15 to $30 per wire), ACH transfers (often free), check deposits, and stop-payment requests. Some banks charge per check deposited; others include a certain number of deposits per month. If you plan to deposit many checks, this difference adds up quickly.

What happens if verification fails

If the bank cannot verify your identity or your business information, they will contact you by email or phone. The most common reason is a mismatch between your ID and public records — for example, if you recently moved and your ID still shows an old address. The bank will ask you to provide additional documentation, such as a utility bill or lease showing your current address.

If your EIN does not match your business name or structure in IRS records, you may need to contact the IRS to correct the record before the bank will open your account. This is rare but can happen if you recently changed your business structure or if there was an error when you applied for the EIN.

In some cases, the bank may decline to open the account. This usually happens if they cannot verify your identity despite multiple requests, or if your business is in an industry they do not serve (such as cannabis, gambling, or high-risk financial services). If this happens, you can explore at a different bank, but you will face the same restrictions there if the underlying issue is not resolved.

Frequently Asked Questions

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

Most banks require proof that your business is registered with your state. For an LLC or corporation, that means your Articles of Organization or Incorporation. For a sole proprietorship, you usually do not need registration, but some banks ask for a DBA certificate if you use a business name. Check with your chosen bank before you explore.

How long does the whole process take from start to finish?

The online process takes 15 to 30 minutes. Verification typically takes one to three business days. Your account is usually open and usable within 24 to 48 hours of approval, though some banks place a temporary hold on deposits. Total time from process to full access is usually three to five business days.

Do I need to visit a branch in person?

No. Most banks complete the entire process online, including identity verification through a video call. Some banks offer in-person account opening at a branch if you prefer, but it is not required. A few banks that focus on small business may require a branch visit for certain account types.

What if I need to add another authorized signer after the account is open?

You can usually add signers through your online banking portal or by calling the bank's business support line. The bank will verify the new signer's identity and may ask for their photo ID and Social Security number. This process typically takes one to two business days.

Can I use a virtual business address for my account?

Most banks require a physical address where you actually conduct business. A virtual mailbox or UPS store address may not be accepted. If you work from home, you can use your home address. If you use a coworking space, use that address. Call the bank before you explore if you are unsure whether your address will be accepted.