How to Open a Business Checking Account
- 1). Gather all the business documents you have. Important items usually include articles of incorporation (if your business is incorporated), a business license and your Employer Identification Number (EIN) from the Internal Revenue Service (IRS).
- 2). Visit the local bank or credit union of your choice, with documents in hand. Alternatively, you can also apply online at several major national banks (see Resources below), but likely you will be asked to fax or hand-deliver essential documents proving your business status.
- 3). Tell a bank representative (if visiting a bank or credit union in person) that you wish to open a business checking account.
- 4). Complete the application with a bank employee. You will be asked for information such as your name, business name, your home address, your business address (if different), home and business telephone numbers, EIN and Social Security Number. (This is in accordance with the Patriot Act, which works to prevent illegal accounts due to September 11, 2001.) If your business is incorporated, you will be asked to provide evidence you are an officer of the corporation, which is usually found in the articles of incorporation.
- 5). Tell the bank representative the information for any additional signers you might want on your business checking account.
- 6). Deposit cash, check or money order as your business checking account's required opening deposit. Keep in mind many business accounts require as much as $2,500 to open. If this is not possible for your company or proprietorship to come up with these funds, you may wish to open a second personal checking account to be used only for business affairs.
- 7). Order any checks or debit cards while at the bank, unless you plan to print your own checks using programs such as QuickBooks.
- 8). Start using your account regularly to pay bills and make deposits. You should receive your new checks and any debit card within 7 to 10 business days.
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