What You Need to Open a Business Banking Account

Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But, before you head down to your local First Bank,* grab these key documents so your application goes smoothly.

Bring These Documents to Open a Business Banking Account

Every financial institution has a procedure for business owners who want to open a bank account. Because businesses make more withdrawals and deposits than the average customer, there are a few documents that a financial advisor will need to see during the application process.

Business Licenses

Bring along your official license to practice your profession or skill. This extends from everything from law to construction. If your license is in process, ask for an official document stating so from the licensing source.

Registration of Business

Before opening your business, you probably had to register with the city or state. Be sure to bring the official name and registration information along with you to the bank. This will improve your credibility during the application process.

Documentation of Account Holders

If your business banking account will be accessed by more than one person, thorough identification will be required of each party. For most applications, a driver’s license, passport or other government picture ID will suffice. It is helpful for all account owners to be present during the application process.

Deposit Amount

Business banking accounts usually require an initial deposit to be opened. Deposits should be made in cash or in money order form and should meet or exceed the minimum required.

Once you have gathered the necessary documents and banknotes, you can arrive fully prepared for a business banking account application.

Choosing a Business Banking Institution

First Bank business banking solutions are designed for convenience and security. We offer a comprehensive range of business banking accounts designed to meet the unique needs of your company. Contact us today to learn more.

*Member FDIC.

———

Sources:

Business News Daily: http://www.businessnewsdaily.com/6477-business-bank-account-documentation.html

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Yellow we are hiring sign on blue background

How LinkedIn is Changing the Way You Recruit What’s a hiring manager to do? Disappointed with the applicant pool, you turn to LinkedIn to identify the best possible candidates, even if there’s no indication that those people are actively looking for a new job. And it works! Not only do you find professionals with the skill set you need, but several of them are willing to discuss the position with you. 4 min read

What You Need to Open a Business Banking Account Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But, before you head down to your local First Bank,* grab these key documents so your application goes smoothly. Bring These Documents to Open a Business Banking Account Every financial institution has a procedure for business owners who want to open a bank account. Because businesses make more withdrawals and deposits than the average customer, there are a few documents that a financial advisor will need to see during the application process. Business Licenses Bring along your official license to practice your profession or skill. This extends from everything from law to construction. If your license is in process, ask for an official document stating so from the licensing source. Registration of Business Before opening your business, you probably had to register with the city or state. Be sure to bring the official name and registration information along with you to the bank. This will improve your credibility during the application process. Documentation of Account Holders If your business banking account will be accessed by more than one person, thorough identification will be required of each party. For most applications, a driver’s license, passport or other government picture ID will suffice. It is helpful for all account owners to be present during the application process. Deposit Amount Business banking accounts usually require an initial deposit to be opened. Deposits should be made in cash or in money order form and should meet or exceed the minimum required. Once you have gathered the necessary documents and banknotes, you can arrive fully prepared for a business banking account application. Choosing a Business Banking Institution First Bank business banking solutions are designed for convenience and security. We offer a comprehensive range of business banking accounts designed to meet the unique needs of your company. Contact us today to learn more. *Member FDIC. ——— Sources: Business News Daily: http://www.businessnewsdaily.com/6477-business-bank-account-documentation.html 2 min read

Fraud Prevention Checklist Arm yourself with the knowledge to fight back against scammers with our 2024 fraud prevention checklist. Empowering you to be informed, cautious, and proactive in avoiding fraud. 7 min read

Four Tips Before Starting Your Business According to research from the SBA.gov in a 2020 report of small businesses, North Carolina had a total of 934,604 small businesses. And despite everything the last year threw at us, the number of new businesses in the state continues to grow as many have been tapping into their creativity\, making the leap from side business or unemployment to self-employment. If you’re exploring the idea of starting a business, you should know that in the first two years of a business’ life, an average of 68% survive. Then after five years, 49% of those are in business, and 34% make it to that 10-year mark. The trick to being one of those survivors? Be well prepared with the right financial tools. To help, we collected the following 4 tips to help you start your business off on the right foot. Consider where you want your business to go. Before you start, think about your daily life and understand your market. Why do you want to start your own business? Do you understand your industry or your customer base? What is your daily activity like? Do you have extra income? Think about your long-term goals. What risks are you willing to take? Then, think about your business idea. Do you have a business plan? How will you purchase necessities you will need to start out? Do you have a plan for growth? Answers to these questions will be different for every potential business owner, but making a decision on these topics may lead you to tip number two. 2. Get your finances in order. Start by making a budget for your business. Things to include might be the cost of supplies, equipment, rental fees for your storefront, travel, or anything else that is a requirement for your startup. Next, consider your initial financial goals for your new business. Establishing financial goals (annual, monthly, weekly, and even daily) can keep you on track if you are planning to open or accept customers in the near future. Need help sticking to the plan? Take our financial course on creating a budget, which teaches you strategies and tips to help you stay on track. 3. Consider how you will fund your business. Once you 5 min read

What You Need to Open a Business Banking Account

Ready to talk to an expert?

Bring These Documents to Open a Business Banking Account

Ready to talk to an expert?

You may be interested in...