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