What documents do i need to open a business bank account chase

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What Do I Need to Open a Business Bank Account?

1. Social security number or employer identification number (EIN)
2. Personal identification, such as a passport or driver’s license
3. Business license with the name of the business and the owner’s name(s)
4. Certificate of assumed name/DBA
5. Partnership agreement with the name of the business and its partners (if a business with multiple owners)
6. Organizing documents filed with the state
7. Monthly credit card revenue (for merchant accounts)

Types of Business Bank Account

There are three main types of business bank accounts:

• Business checking account: Use a business checking account for everyday business transactions.
• Business savings account: Use a business savings account to store surplus cash and build interest.
• Merchant services account: Use a merchant account if your business accepts credit card payments. Merchant account providers front you payment for your sales before the customer pays their credit card company. You need to have a business checking account before you can open a merchant account.

What You Need to Open a Business Bank Account

What you need to open a business bank account will vary depending on your type of business entity, the state you live in, and where your business was established. Some banks also ask for more documentation than others. It’s typically simpler to open a business bank account online.

Here’s what you need to open a business bank account:

To prove your business’s identity, you’ll need to provide your EIN, as well as the documents that the IRS sent you when issuing your EIN. Sole proprietors may be able to use their social security number in lieu of an EIN.

Personal Identification

Most banks will also ask you for one or two forms of personal identification to prove that you are connected with the business. To open a business bank account, you must be an officer or owner of the company. Valid forms of personal identification include a driver’s license, state-issued identification, or passport.

Business License

Issued by your state or local government, a business license shows you are authorized to operate by that jurisdiction. The processes for getting a business license differs by city and state, so it’s best to see what your area requires.

Certificate of Assumed Name

Many businesses operate under a trade name that is different from their legal name. For example, ABC Bakery, LLC, might operate as “ABC’s.” If this is true in your case, you’ll need to file a fictitious business name, also known as a doing business as name (DBA), with your state’s secretary of state. The bank will ask for a copy of your DBA filing documents as proof of your business’s trade name.

Partnership Agreement

Businesses with multiple owners will need to supply a partnership agreement, bylaws (for corporations) or operating agreement (for LLCs).

Organizing Documents

The requirements for organizing documents vary a bit by state, but at their core, they spell out a few crucial components of your company: business name, address, owners, registered agent (the person who handles a company’s paperwork), management structure (who will be in charge of running the company), and the activities it will engage in.

The main organizational document for a corporation is called the articles of incorporation. For an LLC, it’s called the articles of organization. You should store these founding documents in a safe place and be ready to show them to a bank.

Monthly Credit Card Revenue

Businesses applying for merchant services accounts will need to supply estimates of their monthly credit card volume or the processing history and average volume of monthly credit card revenue of their current merchant account.

Some merchant account providers ask for additional documentation as well, such as financial statements and bank account statements.

How Requirements Vary for Different Business Types

Here’s a basic overview of what you’ll need to open a business bank account based on your entity type:

Sole Proprietorships

• Social security number (okay for sole proprietorships only) or EIN
• Personal identification
• Business license with the name of the business and the owner’s name(s)
• Certificate of assumed name/DBA
• Monthly credit card revenue (for merchant accounts)

Partnerships

• EIN
• Personal identification
• Business license
• Certificate of assumed name/DBA
• Partnership agreement with the name of the business and its partners
• Organizing document filed with the state (for limited partnerships or limited liability partnerships)
• Monthly credit card revenue (for merchant accounts)

Limited Liability Companies

• EIN
• Personal identification
• Business license
• Certificate of assumed name/DBA
• LLC operating agreement with the name of the business and its partners
• Articles of organization
• Monthly credit card revenue (for merchant accounts)

Corporations

• EIN
• Personal identification
• Business license
• Certificate of assumed name/DBA
• Corporate bylaws
• Articles of incorporation
• Monthly credit card revenue (for merchant accounts)

Choosing a Business Bank Account

Okay, if you’ve made it this far, it means you have everything prepared to open your business bank account. From here, the next step is to compare and choose the right business bank account for your company. Here are some excellent options for small businesses.

Checking Account

Bluevine Business Banking

Great For: No monthly fees and 1.50% interest checking

• Min to Open

  $0

• Signup Bonus

  $0

• Monthly Fee

  $0

• No Fee Balance

  $0

Who it’s right for: Businesses looking for a fee-free, interest-earning, online-based bank account

Benefits:

• No fees, no minimum opening deposit, no minimum balance requirements
• Unlimited free transactions
• Earns 1.5% interest on account balances up to and including $100,000; terms apply
• Deposit cash at over 90,000 Green Dot locations across the U.S.
• Pay vendors and bills by ACH, wire, or check

Checking Account

Chase Business Complete Checking℠

Great For: New businesses looking to open an account with a traditional bank.

• Min to Open

  $0

• Signup Bonus

  $300

• Monthly Fee

  $15

• No Fee Balance

  $2000

Who it’s right for: New businesses that are ready to grow while easily managing their cash flow.

Benefits:

• Low monthly service fees that can be waived multiple ways
• 20 free teller or paper transactions per month
• Free, unlimited non-wire electronic deposits
• Access to over 16,000 ATMs and more than 4,700 branches

Checking Account

Chase Performance Business Checking®

Great For: Mid-sized businesses looking for more transaction and deposit allowances

• Min to Open

  $0

• Signup Bonus

  $300

• Monthly Fee

  $30

• No Fee Balance

  $35000

Who it’s right for: Bigger companies that need the essentials.

Benefits:

• Low service fees ($30 per month) that are waived with a daily balance of $35,000
• 250 free transactions per month
• Monthly deposits of up to $20,000 in cash are free

Savings Account

NBKC Business Money Market Account

Great For: Interest-earning business savings account that can be managed on the go.

• Min to Open

  $0

• APY

  1.01%

• Monthly Fee

  $0

• No Fee Balance

  N/A

Who it’s right for: Businesses that want an interest-bearing savings account

Benefits:

• Earn high-yield interest on your savings
• No monthly fees
• No minimum deposit or daily average balance requirement
• Apply quickly and easily online, manage the whole of your account online

Frequently Asked Questions

1. How much money do you need to open a business checking account?

Minimum deposit policies will vary by bank. Some accounts require $50 to $100, while others have no minimum deposit requirement.

2. Can I open a business bank account online?

Yes. Many banks, like Bluevine and NBKC, have digitized the application process to let you open a business bank account online. Keep in mind that you will still need to provide all the necessary documents and identifications as you would when applying in-person.

Use our guide to learn more about how to open a business bank account online.

3. Can I open a business bank account without an EIN?

Sole proprietors without an EIN can register for a business bank account using their social security number. For other entity types, however, an EIN is typically required.

The Bottom Line

Opening a business bank account can require a lot of paperwork, but you should already have most of the documents on hand from when you set up your business. Once you open your business bank account, you can focus on generating sales and filling that account with cash.

Contributing Writer at Fundera

Brian O'Connor

Brian O’Connor is a contributing writer for Fundera.

Brian writes about finance, business strategy, and digital marketing. He is the former director of digital strategy at Morgan Stanley, and has worked at Foreign Affairs magazine, Student Loan Hero, and as a partner of a small consulting firm, too. Combined, these experiences allow him to offer a unique perspective on the challenges small business owners face.

Read Full Author Bio