What you need before you walk in

A business bank account requires proof that your business exists as a legal entity separate from you personally. The bank will ask for documents that show this, and the specific ones depend on what type of business you've formed. You cannot open a business account with just a personal ID and a business idea.

The core documents are: your Employer Identification Number (EIN) from the IRS, proof of your business structure (articles of incorporation, articles of organization, or a DBA certificate), and a government-issued ID. If you formed an LLC or corporation, you'll also need the formation documents filed with your state. If you're operating as a sole proprietor under your own name, you may be able to use just your Social Security number instead of an EIN, though most banks prefer the EIN.

Bring originals or certified copies, not photocopies. Banks will not accept uncertified copies of formation documents. If you don't have your EIN yet, you can request one from the IRS before you visit the bank—it takes about 15 minutes online at irs.gov, though the letter arrives by mail in one to two weeks. Some banks will let you open the account with an process receipt while you wait for the official EIN letter.

Key Takeaways

  • You need an EIN, proof of business structure (articles of incorporation or organization), and a government ID; a personal ID and business name alone are not enough.
  • Banks require original or certified copies of formation documents, not photocopies, so order certified copies from your state before you visit.
  • The account opening process takes 30 minutes to an hour in person, and the account is usually active the same day or within one business day.
  • You will need to bring a personal check or deposit to fund the account; most banks require a minimum opening deposit that ranges from $0 to $500 depending on the account type.
  • If you have business partners, the bank will ask how you want the account structured—sole owner, joint owners, or authorized signers—and this decision affects who can withdraw money.

Getting your EIN and formation documents in order

Your EIN is a nine-digit number the IRS assigns to your business for tax purposes. You can request one online at irs.gov/ein without paying a fee. The process takes about 15 minutes, and you receive a confirmation number when ready. The official letter arrives by mail in one to two weeks, but many banks will accept the confirmation number or let you open the account while you wait for the letter.

Your formation documents prove your business structure. If you formed an LLC, you need a copy of your articles of organization filed with your state. If you incorporated, you need articles of incorporation. If you're operating under a name different from your own (a DBA or "doing business as"), you need the DBA certificate filed with your county or state. These documents must be certified copies issued by your state's secretary of state office or your county clerk—not copies you print yourself. Order them online or by mail from the same office where you filed them. Certified copies usually arrive in five to ten business days and cost $5 to $25 depending on your state.

If you have not yet formed your business officially, you cannot open a business account. You must file your formation documents first. This takes one to five business days if you file online, or longer if you file by mail. Once filed, order the certified copies when ready so they arrive before your bank appointment.

What to bring to the bank

Bring originals or certified copies of: your articles of organization or incorporation, your DBA certificate if you have one, your EIN confirmation letter or number, and a government-issued photo ID (driver's license, passport, or state ID). If you have business partners, each partner who will be an authorized signer must bring their own government ID.

Bring a check or debit card to make your opening deposit. Most business accounts require a minimum deposit of $0 to $500 to open, depending on the account type and the bank. Some banks waive the minimum if you set up direct deposit or maintain a certain balance. Ask the bank about their minimum before you go so you know what to bring.

If you are not the sole owner, bring documentation showing who owns the business and in what percentage. This might be your operating agreement, partnership agreement, or corporate bylaws. The bank needs this to understand the business structure and to know who can sign checks and withdraw funds.

The account opening process and timeline

The process takes 30 minutes to an hour in person. The banker will verify your identity, review your formation documents, confirm your EIN, and ask about the account structure—specifically, who can sign checks and withdraw money. They will explain the account features, fees, and minimum balance requirements. They will then open the account, process your deposit, and issue you temporary checks or a debit card.

The account is usually active the same day or within one business day. You can begin depositing checks and making transfers when ready, though some transfers may take one to three business days to clear depending on the bank and the type of transfer. Ask the banker when you can expect your permanent checks to arrive—this typically takes five to ten business days.

If you opened the account online instead of in person, the timeline is longer. You will upload photos of your documents, and the bank will review them. This review takes one to three business days. Once approved, you will receive a confirmation email with instructions to fund the account. The account is active once you make your first deposit.

Sole proprietor, LLC, or corporation: what changes

If you are a sole proprietor operating under your own name, you may open a business account using your Social Security number instead of an EIN. You will still need a government ID and proof that you are in business—this might be a business license, a DBA certificate, or a letter from a client showing they hired you. Some banks will open the account with just your ID and a statement that you are self-employed. Call ahead to ask what your bank requires.

If you formed an LLC, you need your articles of organization and your EIN. The bank will ask whether the LLC is single-member (you alone) or multi-member (you and partners). This affects how the account is titled and who can withdraw money. A single-member LLC can be taxed as a sole proprietorship or a corporation; the bank does not care which you chose for tax purposes, but they do need to know who owns the business.

If you incorporated, you need your articles of incorporation, your corporate bylaws or a corporate resolution authorizing the account, and your EIN. The bank may ask for the names and titles of officers and directors. If you are the sole shareholder and officer, bring documentation showing this. If there are multiple shareholders or officers, the bank will ask how the account is structured—whether all officers can sign, or only certain ones.

Account structure: who can withdraw money

When you open the account, the bank will ask how you want it structured. The main options are: sole owner (only you can withdraw), joint owners (all owners can withdraw without permission from the others), or authorized signers (you own the account, but you designate other people who can sign checks or withdraw funds).

Sole owner is the simplest. Only your name appears on the account, and only you can withdraw money. This is common for single-member LLCs and sole proprietorships.

Joint owners means all owners have equal rights to the account. Any joint owner can withdraw all the money without telling the others. This is useful for partnerships where all partners need equal access, but it creates risk if one partner acts without the others' knowledge. If you have partners, discuss this with them before you open the account.

Authorized signers means you own the account, but you give other people permission to sign checks or make withdrawals. You can set limits on what they can do—for example, one person can sign checks up to $5,000, but larger checks need your signature. This is common in corporations and larger LLCs where you want employees or managers to have access without giving them ownership.

Fees, minimums, and account types

Business accounts cost more than personal accounts. Most banks charge a monthly fee of $10 to $50 depending on the account type and features. Some accounts waive the fee if you maintain a minimum balance (usually $1,000 to $10,000) or set up direct deposit. Ask the banker for a fee schedule and compare accounts before you decide.

The minimum opening deposit ranges from $0 to $500. Some banks waive it for new businesses or if you set up automatic transfers. Ask about this before you visit.

Account types vary by bank. A basic checking account is the most common and usually the cheapest. A money market account pays interest but may have higher minimums and limits on withdrawals. A sweep account automatically moves money between checking and savings to earn interest. Ask the banker which account makes sense for your business—this depends on how often you withdraw money, how much you keep in the account, and whether you want to earn interest.

Frequently Asked Questions

Can I open a business account without an EIN?

If you are a sole proprietor operating under your own name, some banks will let you use your Social Security number instead. You will still need a government ID and proof that you are in business. For an LLC or corporation, you must have an EIN—the bank will not open the account without it. You can request an EIN online from the IRS in about 15 minutes.

What if I haven't filed my formation documents yet?

You cannot open a business account until your business is officially formed. File your articles of organization, incorporation, or DBA with your state or county first. This takes one to five business days if you file online. Once filed, order certified copies from the same office. The bank will not accept uncertified copies.

Do all owners have to be present when I open the account?

If the account will have multiple owners or authorized signers, each person usually needs to be present with their government ID. Some banks allow you to add authorized signers after the account opens, so you can open it yourself and add partners later. Call your bank ahead of time to ask what they require.

How long does it take to open the account?

In person, the process takes 30 minutes to an hour. The account is usually active the same day or within one business day. If you open online, the bank reviews your documents in one to three business days, and the account is active once you make your first deposit.

Can I open a business account online?

Yes, most banks offer online account opening. You upload photos of your documents, and the bank reviews them. This takes longer than opening in person—one to three business days for approval—but you do not have to visit a branch. You will still need to fund the account by check or transfer to set up it.