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What Do You Need to Open a Business Bank Account?
Articles & Updates

What Do You Need to Open a Business Bank Account?

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Opening a business checking account is an important step in launching your business. It helps keep your business and personal finances separate, which will be a great help at tax time. And it’s not difficult to do.

Are you wondering what information you need to open a business bank account? Read on for tips on setting one up, including what documents to have on hand.

Setting up a business bank account

Business checking accounts (like the Business Ultimate Checking from Consumers National Bank) offer tons of perks to business owners, but you still need to sign up for one properly. You can open a checking, savings, and credit card account on behalf of your business whenever you’re ready to start sending or receiving payments for your business.

Make sure you choose a bank that is trustworthy, reliable, and FDIC-insured (like CNB). Low fees will help your business save money, while perks like free mobile banking and bill pay let you stay on top of your finances from anywhere.

Do I need an LLC to open a business bank account?

Note that you do not need to formally set up your business structure before opening a business bank account. You can open one as a sole proprietor using your Social Security number. This is useful for freelancers and those with a side hustle.

However, if you have already incorporated or established a partnership or LLC, bring those organizing documents with you when you apply.

What information do I need to open a business bank account?

Once you’ve decided on opening an account and picked your bank, gather the appropriate documentation and head to your nearest branch.

Documents needed to open a business bank account

  • Employer Identification Number (EIN) or Social Security Number (if you’re a sole proprietor)
  • Any organizing documents filed with the state, such as LLC paperwork
  • Business license (you can get this from municipal or state government, depending on where you live and the nature of your business)
  • Certificate of DBA (“Doing Business As”)
  • Personal identification, such as a driver’s license or passport

These documents help the bank establish who you are and what your business is, so that any payments you make or receive are routed correctly. They also help assure the bank that you are who you say you are and that you’re legally entitled to operate in your state.

When you’re ready to apply, make sure you have those documents with you, and don’t forget the funds for your initial deposit. You may use cash or even a transfer from an existing account — just be sure to bring the routing and account numbers.

For Merchant Services accounts

If you’ll be processing credit cards, you may also wish to sign up for a merchant services account, in addition to business checking and savings. If that’s the case, you’ll want to bring documentation showing your monthly credit card volume. They may also ask for bank account statements.

With these documents in hand, you’ll be prepared to apply for your business bank account. Ready to begin? Contact us or stop by your nearest branch.

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