What documents do I need to open a business bank account?

The documents required depend on your business type. All businesses typically need a government-issued photo ID and EIN (or SSN for sole proprietors). LLCs add Articles of Organization and Operating Agreement. Corporations add Articles of Incorporation and Bylaws. DBAs require a fictitious business name certificate. Online banks generally require fewer documents and can open accounts in 10–20 minutes.

Can I open a business bank account online?

Yes. Online banks like Relay, Mercury, and Novo open business checking accounts entirely online in 10–20 minutes. Traditional banks (Chase, Bank of America, Wells Fargo) also offer online applications, but some account types may require an in-person visit to verify identity or for certain business structures. Credit unions typically require in-person opening.

Do I need an EIN to open a business bank account?

Usually yes, but not always. Sole proprietors operating under their own legal name can often open a business account using their Social Security Number. However, any LLC, corporation, or business with employees must have an EIN. Even if not legally required, having an EIN before opening is recommended — you can get one free from the IRS in minutes at IRS.gov.

What if my business bank account application is denied?

Banks can deny applications for several reasons: ChexSystems report showing past account closures, outstanding balances owed to other banks, identity verification issues, or business structure not meeting the bank's requirements. If denied: request the specific reason, check your ChexSystems report (free at consumerdebit.com), and try a second-chance account (offered by some online banks) or a credit union (generally more flexible underwriting).

How to Open a Business Bank Account 2026 — Documents, Steps, and Tips

Opening a business bank account takes 10–30 minutes if you have the right documents ready. Most online banks open instantly with just your EIN, formation documents, and a photo ID — no minimum deposit, no monthly fee. Here’s exactly what you need by business type and how the process works.

Documents Required by Business Type

Business Type	Required Documents
Sole proprietor (own name)	Photo ID, Social Security Number or EIN
Sole proprietor (DBA)	Photo ID, SSN or EIN, fictitious business name certificate
Single-member LLC	Photo ID, EIN, Articles of Organization, Operating Agreement
Multi-member LLC	Photo ID, EIN, Articles of Organization, Operating Agreement, list of members
S-Corp / C-Corp	Photo ID, EIN, Articles of Incorporation, Bylaws, corporate resolution
Partnership	Photo ID, EIN, Partnership Agreement
Nonprofit	Photo ID, EIN, Articles of Incorporation, IRS determination letter (501(c)(3))

EIN (Employer Identification Number): Apply free at IRS.gov — you receive your EIN immediately at the end of the online application. Takes about 10 minutes.

Step-by-Step: How to Open a Business Bank Account

Step 1 — Get Your EIN First

Before you apply for any business account, get your EIN from the IRS. It’s free and instant online. Go to IRS.gov EIN application and complete the form — you’ll receive your EIN immediately as a PDF.

Exception: Sole proprietors running under their own legal name (not a DBA) can use their SSN instead, but getting an EIN protects your SSN from being shared with vendors and clients.

Step 2 — Gather Business Formation Documents

Pull your Articles of Organization (LLC) or Articles of Incorporation (corporation) — these were filed with your state when you formed the business. You should have received a copy from your state filing.

Your Operating Agreement (LLC) or Bylaws (corporation) were drafted when you formed the business — if you formed through LegalZoom, Incfile, or a similar service, these were included. If you formed your LLC yourself and skipped this, draft a basic one-page Operating Agreement before applying.

Step 3 — Choose Your Bank

Fastest opening (fully online, 10–20 minutes):

Relay — No monthly fee, up to 20 sub-accounts, strong QuickBooks integration
Mercury — No monthly fee, excellent for tech startups, no minimum balance
Novo — No monthly fee, strong invoicing tools, integrates with Stripe and Square

Traditional banks (in-person or online, 1–3 days):

Chase Business Complete — Best branch network; $15/month fee waivable at $2,000 balance
Bank of America Business Advantage — Good for existing BofA customers; relationship banking perks
Wells Fargo Business Choice — Solid for small businesses with cash transactions

Credit unions (in-person, best rates):

Local credit unions typically offer lower fees and more personal service, but membership eligibility varies

Step 4 — Apply Online or In Person

Online application process:

Visit the bank’s website and select “Open Business Account”
Enter your personal information (name, SSN or ITIN, date of birth)
Enter business information (legal business name, EIN, address, type of entity)
Upload required documents (usually PDF or photo)
Complete identity verification (some banks use instant verification; others require a knowledge-based quiz)
Fund the account (ACH from personal account, or skip if $0 minimum required)

Online banks typically approve and open the account the same day. If additional document review is needed, expect 1–3 business days.

In-person application process:

Schedule an appointment at a branch (reduces wait time significantly)
Bring originals and copies of all required documents
A banker completes the application with you — typically 30–60 minutes
Account is opened same day in most cases

Step 5 — Set Up Your Account for Day One

Once open:

Order debit/check cards immediately — you’ll need them before they arrive (allow 7–10 business days)
Connect to accounting software (QuickBooks, Wave, FreshBooks) — most banks offer direct bank feeds
Set up bill payment for recurring vendor invoices
Create a tax savings bucket — move 25–30% of each revenue deposit to a savings account earmarked for quarterly estimated taxes

What to Do If Your Application Is Denied

Business bank account denials are more common than people expect. Here’s what to do:

1. Find out why. Ask the bank for the specific reason. Common reasons:

ChexSystems flag — a history of unpaid overdrafts or account closures. Request your free ChexSystems report at consumerdebit.com to see what’s reported.
Identity verification failure — your documents didn’t match. Try in-person application at a branch.
Business structure issue — some banks won’t open accounts for certain entity types or recently-formed LLCs.
High-risk industry — cannabis, adult entertainment, cryptocurrency, and some cash-heavy businesses face higher scrutiny.

2. Try a different type of institution:

Online banks often have more flexible underwriting than traditional banks
Credit unions are member-owned and generally more accommodating
Some banks offer “second chance” checking accounts with limited features

3. Address the underlying issue. If ChexSystems is the problem, pay off any outstanding bank balances — many banks will remove the flag once you pay. ChexSystems reports clear after 5 years.

Online vs. Traditional Banks: Which Is Right for You?

Feature	Online Banks (Relay, Mercury)	Traditional Banks (Chase, BofA)
Monthly fee	$0	$15–$35 (often waivable)
Opening time	10–20 minutes online	1–3 days
Cash deposits	Not accepted	Yes (at branches/ATMs)
Branch access	None	Extensive
Accounting software integration	Excellent	Good
Business loan access	Through partners	Directly through the bank
Best for	Tech businesses, no cash, startup	Cash businesses, relationship banking

Cash businesses (restaurants, retail, service businesses accepting cash): You need a bank with physical branches or ATM deposit capability. Online-only banks can’t receive cash deposits.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy