What you need before you walk in

A business bank account is separate from your personal account and holds money that belongs to your business, not you. Banks require proof that your business exists and that you have the legal right to open an account in its name. The documents you bring depend on what kind of business structure you have — sole proprietorship, partnership, LLC, corporation, or something else.

Start by gathering your business documents before you contact any bank. You will need a government-issued ID with your current address. You will also need proof that your business name is registered or that you are operating under your legal name. If your business is registered with your state, bring the registration paperwork. If you are a sole proprietor operating under your own name, a driver's license may be enough.

Many banks also ask for an Employer Identification Number, or EIN. This is a nine-digit number the IRS assigns to your business. You can get one free from the IRS website or by calling their business line. Some banks will open an account without one if you use your Social Security number instead, but having an EIN keeps your personal and business finances more clearly separated.

Key Takeaways

  • Different business structures (sole proprietorship, LLC, corporation) require different documents, so confirm what your bank needs before you visit.
  • You will need government ID, proof your business exists, and usually an Employer Identification Number or your Social Security number.
  • Bring originals or certified copies of documents like articles of incorporation or LLC formation papers — banks do not accept photocopies for legal documents.
  • Business accounts have different fees and features than personal accounts, so compare what each bank charges for monthly maintenance, transfers, and checks.
  • The whole process usually takes one visit to the bank, though approval can take a few business days if the bank needs to verify information.

Documents for each business structure

A sole proprietorship is a business you run by yourself under your own name or a registered business name. If you use your legal name only, bring your government ID and Social Security number. If you registered a business name with your state or county, bring that registration certificate. Some states call this a "DBA" (Doing Business As) certificate or a fictitious name registration.

A partnership requires documents showing both partners exist and have agreed to the partnership. Bring a copy of your partnership agreement, government ID for the partner opening the account, and the EIN the IRS assigned to the partnership. If the partnership is registered with your state, bring that registration as well.

An LLC (Limited Liability Company) requires your Articles of Organization, which is the document you filed with your state to create the LLC. Bring an original or certified copy — banks will not accept a photocopy. You will also need the EIN assigned to the LLC and government ID for the person opening the account. Some banks ask for a resolution or authorization letter showing that the person opening the account has permission to do so on behalf of the LLC.

A corporation requires your Articles of Incorporation, which is the document you filed with your state to create the corporation. Bring an original or certified copy. You will also need the EIN, government ID for the authorized person, and often a corporate resolution or board authorization showing who can open and manage the account. Ask the bank what they need before you visit.

Where to open the account

You can open a business account at a traditional bank, a credit union, or an online bank. Each has different requirements and different costs. Traditional banks and credit unions usually require you to visit in person and may ask more questions about your business. Online banks often have lower monthly fees but require you to deposit checks by photograph or mail.

Call ahead before you visit. Tell the bank you want to open a business account and ask what documents they need for your specific business structure. Banks vary in what they require — some will open an account the same day, others will take your documents and call you back in a few days. Knowing what they need prevents a wasted trip.

If you are opening an account at a credit union, you may also need to become a member first. Credit unions are member-owned, so there is usually a small one-time membership fee and a minimum deposit to open a savings account alongside your checking account. Ask about this when you call.

What happens during the account opening visit

Bring all your documents in originals or certified copies. The bank will ask you to verify your identity and will review your business documents to confirm they are real. They will ask basic questions about your business — what you do, how long you have been operating, how much money you expect to move through the account each month. These questions help the bank understand your business and set up fraud protections.

You will sign paperwork that explains the account terms, fees, and your responsibilities as the account holder. Read this carefully. It will tell you the monthly maintenance fee, what you pay for checks, what you pay for wire transfers, and what happens if your account goes negative. Some banks charge per transaction; others charge a flat monthly fee. Some offer the first year free.

The bank will give you a temporary debit card or checks, though the permanent ones may take a week or two to arrive. Ask when you can start using the account — some banks let you deposit money the same day, others wait for approval. If you need to deposit money when ready, ask whether you can do that before the account is fully approved.

Fees and features to compare

Business accounts cost more than personal accounts because banks assume you will do more transactions. Compare the monthly maintenance fee across banks — this ranges widely and some banks waive it if you keep a minimum balance or set up direct deposit. Ask what that minimum is.

Ask about transaction fees. Some banks charge per check written, per deposit, or per wire transfer. Others include a certain number of transactions per month and charge only for extras. If you plan to write many checks or make frequent transfers, this cost adds up fast.

Ask about online banking and mobile deposit. Most banks now let you photograph a check with your phone instead of visiting in person to deposit it. Some charge for this; others include it free. If you will be depositing checks remotely, make sure the bank's app works on your phone.

Ask whether the account includes a business debit card and what you pay for it. Ask about overdraft protection — what happens if you spend more than you have, and what the bank charges. Ask whether you can set up automatic bill payments and whether there is a fee.

After the account opens

Once your account is approved, the bank will give you account information you need for deposits and payments. You will get a routing number and an account number. Write these down and keep them safe — you will need them to set up direct deposit, to receive wire transfers, and to pay bills online.

Set up online banking right away. This lets you check your balance, transfer money, and pay bills without visiting the bank. Most banks let you set this up on the same day you open the account or within a few days. You will create a username and password and may need to answer security questions.

If you plan to accept credit card payments from customers, ask the bank about merchant services. This is a separate service that lets customers pay you by card. The bank can set this up, or you can use a third-party processor like Square or Stripe. Ask what the bank charges and what the third-party processors charge — fees vary.

What to do if the bank says no

Banks sometimes decline to open a business account if they cannot verify your business exists or if there are concerns about your personal credit history or banking history. If this happens, ask the bank why. They are required to tell you the reason.

If the reason is that your business is not registered, register it with your state and try again. If the reason is related to your personal credit or banking history, you may need to wait or try a different bank. Some banks have stricter requirements than others. Credit unions and smaller community banks sometimes have more flexible policies than large national banks.

If you are a sole proprietor and the bank will not open an account under your business name, you can open a personal account and use it for business. This is legal, though it makes accounting and taxes more complicated. A business account is still worth pursuing once you have resolved whatever issue the bank identified.

Frequently Asked Questions

Do I need an EIN or can I use my Social Security number?

You can use your Social Security number if you are a sole proprietor, and some banks will open an account this way. However, an EIN keeps your personal and business finances more separate and is required if you have employees or operate as an LLC or corporation. Getting an EIN is free and takes about 15 minutes on the IRS website.

Can I open a business account online or do I have to visit the bank?

Some online banks and larger national banks let you open a business account entirely online. You upload photos of your documents and verify your identity through the app. However, many banks still require an in-person visit. Call the bank first to ask whether they offer online account opening for your business structure.

How long does it take to open a business account?

The visit itself usually takes 30 minutes to an hour. The bank may approve you the same day, or they may take a few business days to verify your documents and business information. Ask when you can start using the account — some banks let you deposit money when ready, others wait for final approval.

What if I do not have all my business documents yet?

Register your business with your state first. This takes a few days to a few weeks depending on the state. Once you have your registration certificate or Articles of Organization, you can open the account. If you are a sole proprietor operating under your own name, you can open an account when ready with just your ID.

Can I add other people to the account later?

Yes. You can authorize other employees or partners to use the account after it opens. The bank will have you sign paperwork adding them as authorized users or signers. They will need to provide government ID and may need to sign documents themselves. Ask the bank what their process is.