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Employer identification number or social security number (EIN)
A passport or a driver’s license are examples of personal identity.
The name of the business and the owner’s name appear on the business license (s)
DBA Partnership agreement/certificate of assumed name with the name of the company and its partners (if a business with multiple owners)
Keeping track of papers submitted with the state
Revenue from credit cards on a monthly basis (for merchant accounts)
The criteria for opening a business bank account differ depending on the kind of company, the type of bank account you wish to establish, and the bank you choose.

The Different Types of Business Bank Accounts

Business bank accounts are divided into three categories:

Business checking account: For daily business transactions, use a business checking account.

Company savings account: A business savings account may be used to save money and earn interest.

If your company takes credit card payments, you’ll need to open a merchant account. Before the consumer pays their credit card company, merchant account providers advance you money for your sales. Before you can establish a merchant account, you must first have a business checking account.

To open a business bank account, you’ll need the following items.

What you’ll need to create a business bank account depends on the kind of business entity you have, the state you reside in, and the location of your company. In addition, some banks need more paperwork than others. Opening a business bank account online is usually easier.

To establish a business bank account, you’ll need the following items:

Employer Identification Number or Social Security Number (EIN)

You’ll need your EIN, as well as the papers the IRS provided you when your EIN was issued, to verify your business’s identification. Sole owners may be able to avoid getting an EIN by using their social security number.

Identification of the individual

Most banks will additionally need one or two pieces of personal identification to verify your affiliation with the company. You must be a company official or owner to establish a business bank account. A driver’s license, state-issued identity, or passport are all acceptable forms of personal identification.

Obtain a business license

A business license, which is issued by your state or local government, certifies that you are permitted to operate in that area. The procedures for obtaining a business license vary by city and state, so check what is required in your region.

Assumed Name Certificate

Many companies operate under a distinct trade name than their legal identity. ABC Bakery, LLC, for example, could be known as “ABC’s.” If this is the case, you must register a fake business name, commonly known as a doing business as name (DBA), with the secretary of state in your state. As evidence of your business’s trade name, the bank will want a copy of your DBA filing papers.

Agreement on Collaboration

A partnership agreement, bylaws (for companies), or operating agreement will be required for businesses with numerous owners (for LLCs).

Keeping Documents Organized

The requirements for organizing documents differ slightly by state, but they all spell out a few key aspects of your business: its name, address, owners, registered agent (the person who handles the company’s paperwork), management structure (who will be in charge of running it), and the activities it will engage in.

The articles of incorporation are a corporation’s primary organizational document. It’s known as the articles of incorporation for a limited liability company (LLC). You should keep these foundation papers secure and be prepared to present them to a bank if necessary.

Monthly Revenue from Credit Cards

Businesses seeking for merchant services accounts must provide estimates of their monthly credit card volume or their existing merchant account’s processing history and average monthly credit card revenue volume.

Additional paperwork, like as financial documents and bank account statements, is required by certain merchant account providers.

How Different Business Types’ Requirements Differ

Based on your organization type, here’s a quick rundown of everything you’ll need to establish a business bank account:

Sole proprietorships are a kind of business that is run by a single person.

Personal identity number (only for sole proprietorships) or social security number

The name of the business and the owner’s name appear on the business license (s)

DBA/Assumed Name Certificate

Revenue from credit cards on a monthly basis (for merchant accounts)

Partnerships

Personal identification number (EIN) Business license

DBA/Assumed Name Certificate

The name of the company and its partners are included in the partnership agreement.

The state has received the organizing paper (for limited partnerships or limited liability partnerships)

Revenue from credit cards on a monthly basis (for merchant accounts)

Limited Liability Corporations (LLCs)

Personal identification number (EIN) Business license

With the name of the company and its partners, a certificate of assumed name/DBA LLC operating agreement is required.

Articles of incorporation

Revenue from credit cards on a monthly basis (for merchant accounts)

Corporations

Personal identification number (EIN) Business license

Corporate bylaws/certificate of assumed name/DBA

Incorporation documents

Revenue from credit cards on a monthly basis (for merchant accounts)

Choosing a Bank Account for Your Business

If you’ve made it this far, you’ve got everything you need to establish a business bank account. The next step is to evaluate and choose the best business bank account for your organization. Here are some great small business alternatives.

BlueVine Business Banking

Companies seeking for a fee-free, interest-earning bank account that can be accessed over the internet.

Benefits: There are no fees, no starting deposit requirements, and no minimum balance restrictions.

Transactions are free indefinitely.

On balances of $1,000 or more, earns 1% interest.

Cash may be deposited at over 90,000 Green Dot outlets throughout the United States.

Vendors and invoices may be paid by ACH, wire, or cheque.

Chase Business Complete Banking℠

It’s best for: New companies looking to expand while keeping their cash flow under control.

Benefits:

Monthly service costs are low and may be eliminated in a variety of ways.

Each month, you are entitled to 20 free teller or paper transactions.

Non-wire electronic deposits are limitless and free.

There are about 4,700 branches and 16,000 ATMs.

Chase Performance Business Checking®

 Larger businesses in need of the basics.

Benefits: Low monthly service costs ($30) are eliminated if you have a daily balance of $35,000 or more.

Every month, you get 250 free transactions.

Deposits of up to $20,000 in cash each month are free.

NBKC Business Money Market Account

Companies looking for an interest-bearing savings account.

Benefits:

Invest your money in a high-yielding account.

There are no monthly costs.

There is no need for a minimum deposit or a daily average balance.

Apply online fast and simply, and manage your whole account online.

1What is the minimum amount of money required to establish a business checking account?

Banks’ minimum deposit rules will differ. Some accounts demand a minimum deposit of $50 to $100, while others do not.

2Is it possible to establish a company bank account via the internet?

Yes. Many banks, such as BlueVine and NBKC, have made it possible to establish a business bank account online by digitizing the application procedure. Remember that you’ll still need to submit all of the required papers and identifications if you apply in person.

Learn how to establish a business bank account online with the help of our tutorial.

Is it possible to establish a company bank account without having an EIN?

Without an EIN, sole owners may open a business bank account using their social security number.

Final Thoughts

Opening a business bank account may be time-consuming, but you should already have the majority of the papers on hand from when you first started your company. You may concentrate on producing sales and filling your business bank account with cash after you’ve opened your business bank account.