How to open a business bank account.
A business bank account is essential to maintaining LLC liability protection (no commingling), to receiving payments from clients, and to running clean books. Many founders waste days at branches with the wrong documents or get turned down by the wrong bank for their entity type. This guide covers what to bring, which bank fits your situation, and what to do if you are turned down.
Step by step.
EIN letter from IRS (CP-575 or 147C), Articles of Organization or Incorporation from state, operating agreement (LLC) or bylaws (corp), beneficial-owner IDs (passport or driver license), proof of address (utility bill, lease), DBA filing if operating under a fictitious name.
Online business banks (Mercury, Relay, Bluevine): fast, free or low fees, no branches. Traditional national (Chase, BofA, Wells): branches, full services, fees. Community/regional: relationship banking, often best for lending. Credit unions: lower fees, limited business services.
Most online banks: 10-20 minute application, decision in 1-3 days. Traditional banks: appointment recommended, decision same day to 1 week.
Initial deposit (often $0 for online; $25-100 for traditional). Move operating capital from personal account.
Connect Stripe, PayPal, Square, or your platform-specific processor. Set up books integration (QuickBooks, Xero, or our books).
Most online banks ship debit cards in 5-7 days. Checks rarely needed now; order only if vendors require.
If multiple owners or employees need access, add them as authorized signers. Each requires identity verification.
Get your routing and account numbers for setting up automatic deposits from clients and payment processors.
What to avoid.
Commingling can pierce the LLC veil in court. Plus your books become impossible.
Most banks require an EIN for business accounts. Sole proprietors can sometimes use SSN; LLCs and corps cannot.
Some banks refuse high-risk industries (cannabis, adult, firearms, MLM, crypto). Even legal-but-disfavored industries face frequent denials.
Branch staff often do not know all business account products. Make an appointment with a business banker.
Many small businesses never visit a branch. Online banks are typically cheaper, faster, and have better digital tools.
Common questions.
What if I am a foreign founder?
How long does it take?
Can I open an account before getting an EIN?
What documents are NOT needed?
What if I am turned down?
Should I open multiple accounts?
Do banks pull personal credit?
What about FDIC insurance?
Can I open without visiting a branch?
Recommended add-ons
Most customers add these to keep their business compliant year-round.
Registered Agent
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