What is Required to Open a Business Checking Account?

It’s standard for a business to have a business checking account. After all, a business needs to handle cash and pay bills. If you’re just starting a business, or even if you’re moving your business bank account to a new institution, you’ll need to show several pieces of documentation. So what is required to open a business checking account? The answer to that question is pretty similar from one bank to another.

What You Will Need to Open a Business Checking Account

Identifying Documents

Confirmation of identity is required to open a business checking account. Bring along a government issued picture ID (e.g. driver’s license, passport) to corroborate your identity with your business’ registered information.

Business Licenses

Whether you are an LLC or an individual proprietor, bank officials will typically need to see your current business license.

Legal Incorporation Documents

According to Business News Daily, it is essential to bring along state-filed articles of incorporation in order to open a business checking account. If a business has numerous owners or operates on a board-advisory basis, the bank will require documentation granting the account opener the right to access funds and transactions.

DBA Name Registration

If you are DBA, doing business as a fictitious name, the law requires you to register that name with the state. Photocopy and keep this registration for your records, as you will need it to get started with business banking.

Tax Identification Number

Your business’ employment identification number, also known as the tax identification number, is a key tool for tax management and paying employees. Make sure to bring this to your business banking appointment. If you are a sole proprietor, you can use your own social security number for business tax purposes.

These are the documents typically required to open a business checking account, though requirements may vary by state. However, by contacting your bank, you can easily determine what you need to have on hand to open your company’s checking account.

Open Your Business Banking Account at First Bank

When you choose to open a business checking account at First Bank*, you’ll be rewarded with a number of features and perks, including:

Many of our business checking accounts offer ways to Keep It Fee-Free***** so you can stop worrying about costs and focus on revenue. To open a business checking account, bring your required documents to your local First Bank branch, or contact us today.


**While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply.

***When you enroll in the MasterCard Rewards Program.

****A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits. There is a fee of $0.35 per item for each item in excess of 250 per statement cycle (or month). Transaction limits vary by account type. See the account summary table.

*****Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch.

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Sources:

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