![]() ![]() ![]() If you’re a sole proprietor or don’t have a separate business address, you may want to invest in a PO box or alternate address. This should be the same address you used to license your business. The bank will use this tax id to ensure your business is legitimate. Your Employer Identification Number (EIN) (if you’re an LLC or corporation).If you’re a sole proprietor, you may need a fictitious business name certificate or a doing business as (DBA) certificate. Your legal business name as it appears on documents filed with your state or the IRS.Your basic contact information, including your company phone number, website, and email address. ![]() Here’s what any business entity will need: Opening a bank account of any type requires some personal information, and a business bank account is no different. įor further information, read on to learn about the requirements, different types of business bank accounts, and their benefits. Look for banks that offer fund protection and insurance.įor example, established banks such as Bank of America and Chase and online banks like QuickBooks Checking and QuickBooks Money are all FDIC insured up to $250,000.įinally, make sure your new account integrates seamlessly with your accounting software to streamline your bookkeeping and organize your expenses. Protection: You should feel confident that your business funds are in good hands.If you choose an online-only option, make sure you can contact help when you need it. Convenience: Look for financial institutions with physical locations in your area, plenty of ATMs, and mobile banking options.Special offers: Many banks offer enticing introductory offers, cash bonuses, and rewards for new accounts.As you shop around, keep a few things in mind: If you have a personal account in good standing, they might be inclined to offer you a better deal on a business account.Ĭredit unions, financial service providers, and online banking providers tend to offer the same services and protections as traditional banks, so don’t rule them out. Start by reaching out to the financial institutions or lenders you know and like. It’s important to choose the right bank for your business. By doing further research, you can avoid signing up for a bank that has unsatisfactory customer service or unexpected fees. You’ll want to look at customer reviews and shop around to find the best fit for you and your needs. Narrowing down the type of account you’re looking for will help you find the right service provider. Next, determine what kind of bank account is the best option for your business. Identifying what you need from your business bank account will help you determine which type of account is the right fit for you. Do you prefer the convenience of online banking?.Do you prefer to visit a physical branch location and work with a teller?.Will you need to send checks or handle cash?.Then, consider what type of services will be the most useful to your business. You’ll need a few pieces of documentation and information to get started, including your: Gather the required documents and information Read on to explore each of these steps in more detail. It’s important to be prepared and have all of the information you need. Gather the required documents and information.Opening a business bank account is simple and often just takes a few minutes. ![]() How to open a business bank account in 5 steps ![]()
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