Most business bank accounts can be opened online in under 30 minutes if you have your documents ready. The process is straightforward: choose a bank, gather your formation documents and ID, fill out the application, verify your identity, and fund the account. Many banks approve applications within one to three business days, and some digital-first banks approve them the same day.
What You Need Before You Start
Banks ask for roughly the same set of documents regardless of whether you apply online or in person. Having these ready before you start the application will prevent the process from stalling midway through.
- Employer Identification Number (EIN). This is the tax ID number the IRS assigns to your business. If you’re a sole proprietor without employees, most banks will accept your Social Security number instead.
- Formation documents. For an LLC, this is your articles of organization. For a corporation, articles of incorporation. Sole proprietors may need a DBA (“doing business as”) filing if they operate under a name other than their legal name.
- Ownership agreements. If your business has multiple owners, banks typically want to see your operating agreement (for LLCs) or bylaws and shareholder agreements (for corporations). These show who owns what percentage of the business.
- Business license. Not every business needs one, but if your state, county, or city requires a license or permit, the bank may ask for a copy.
- Government-issued photo ID. A driver’s license or passport for every person who will be listed as an owner or signer on the account.
Some banks also ask for your business address, phone number, estimated monthly revenue, and a brief description of what the business does. If you’re a brand-new business with no revenue yet, that’s fine. Just be upfront about it on the application.
Choosing a Bank
The biggest decision is whether you want a traditional bank with physical branches or a digital-only bank. Traditional banks let you deposit cash in person and sit down with a banker when you need help, but they often charge monthly maintenance fees. Digital-only banks tend to have lower or zero fees but may not support cash deposits at all.
To give you a sense of pricing: Chase Business Complete Banking charges a $15 monthly fee that’s waived if you keep a $2,000 minimum balance. Capital One’s Business Basic Checking has the same fee structure. On the no-fee side, Lili and nbkc both offer $0 monthly fee business checking accounts with fully online applications.
Beyond the monthly fee, look at transaction limits (some free accounts cap the number of monthly transactions or cash deposits before adding per-item charges), ATM access, integration with accounting software, and whether the bank offers business credit cards or lending you might want later. If your business handles a lot of cash, a brick-and-mortar bank is probably worth the monthly fee.
The Application Process, Step by Step
Once you’ve picked a bank, here’s what the online application typically looks like.
Step 1: Start the application on the bank’s website. Look for a “Business Banking” or “Open an Account” link. You’ll select the type of account (checking, savings, or both) and your business structure (sole proprietorship, LLC, corporation, partnership, or nonprofit).
Step 2: Enter your business information. This includes your legal business name, EIN or Social Security number, date of formation, state of formation, business address, industry, and estimated annual revenue. Some banks ask how many employees you have and what you plan to use the account for.
Step 3: Enter personal information for all owners. Federal regulations require banks to collect the name, date of birth, address, and Social Security number of every individual who owns 25% or more of the business, plus at least one person with significant control (like a CEO or managing member). This is part of what’s called “Know Your Customer” requirements, which banks must follow to prevent fraud and money laundering.
Step 4: Upload your documents. You’ll typically upload scanned or photographed copies of your formation documents, EIN letter, and photo ID. Some banks let you take photos directly from your phone’s camera during the application. Have clear, legible copies ready as PDFs or images.
Step 5: Verify your identity. This happens automatically in most cases. The bank cross-references the information you entered against public databases and credit bureau records. Some banks use instant verification that confirms your identity in seconds. Others may send small test deposits (called micro-deposits) to an existing bank account you link, typically arriving within one to two business days, which you then confirm to prove the account is yours. Occasionally a bank will ask you to upload a selfie or complete a short video verification.
Step 6: Fund the account. Most banks require an opening deposit, which can range from $0 to $100 depending on the bank. You can usually fund it by linking an existing bank account, transferring via ACH, or entering a debit card number.
How Long Approval Takes
Simple business structures like sole proprietorships and single-member LLCs often get approved the same day or the next business day. Multi-member LLCs, corporations, and businesses in industries the bank considers higher risk (like cannabis-adjacent businesses, money services, or cryptocurrency) may take a few business days while the bank reviews your documents more closely.
If your documentation is complete and nothing triggers additional review, many banks approve applications within one to three business days. If the bank needs more information, they’ll reach out by email or phone. The most common reason for delays is a mismatch between the business name on your formation documents and what you typed in the application, or an EIN that doesn’t match IRS records. Double-check these before submitting.
Once approved, you’ll receive your account and routing numbers right away through the bank’s online portal or app. A physical debit card, if the account comes with one, usually arrives by mail within 7 to 10 business days.
Sole Proprietors and Single-Member LLCs
If you’re a sole proprietor, you may not have formal formation documents because sole proprietorships don’t require state filings. In that case, banks will typically accept your Social Security number in place of an EIN, along with a government-issued ID and any DBA certificate you’ve filed. The application is shorter and approval is usually faster.
Single-member LLCs have a similarly easy time because there’s only one owner to verify. Just make sure you have your articles of organization and EIN letter handy. Even if the IRS lets single-member LLCs use the owner’s Social Security number for tax purposes, having a separate EIN makes the banking process smoother and keeps your personal SSN off more paperwork.
Non-U.S. Residents and Foreign-Owned Businesses
Opening a U.S. business bank account as a non-resident is significantly harder to do online. Most major banks require non-citizens to visit a branch in person with a foreign passport, a secondary form of ID, proof of both a foreign and U.S. address, and a foreign tax identification number. The in-person requirement exists because identity verification for non-residents involves reviewing physical documents that are harder to authenticate digitally.
A few fintech-oriented banks and platforms do offer remote account opening for foreign-owned U.S. businesses, but the options are limited and often come with higher fees or restrictions on services. If you’ve formed a U.S. LLC or corporation as a non-resident, expect to do more legwork finding a bank that will work with you remotely.
After Your Account Is Open
Once you have access, set up a few things right away. Connect your accounting software (QuickBooks, Xero, Wave, or whatever you use) so transactions sync automatically. Set up online bill pay if you have recurring business expenses. Order checks if your business needs them, though many banks now offer free digital check-writing through their apps.
Keep your business and personal finances completely separate. Deposit all business income into the business account and pay all business expenses from it. This protects the liability shield your LLC or corporation provides, simplifies tax preparation, and gives you a clean paper trail if you’re ever audited. Using your personal account for business transactions, or vice versa, undermines the legal separation between you and your business entity.