How to Open a Business Checking Account
Step-by-Step -- April 2026
Most fintech accounts open in 10-20 minutes online. Traditional banks are increasingly online too, with branch visits still needed for some entity types. Here is the exact process, documents, and timeline.
The 5-Step Process
Get your EIN (if required)
Free, 10 minutes, at irs.gov. Required for LLCs, S-Corps, C-Corps, partnerships, and sole props with employees. Sole props with no employees can use their SSN, but an EIN is strongly recommended. You receive the CP575 confirmation letter instantly -- download and save it. Banks require it and the IRS does not readily issue duplicates.
Gather your documents
See the table below for the exact document list by business structure. The most commonly forgotten documents: the Operating Agreement for multi-member LLCs (not filed publicly, but banks require it), and the CP575 EIN letter (not the state formation receipt -- the IRS letter specifically).
Pick your provider
Use the true-cost calculator on the homepage to rank accounts by your actual usage profile. Consider: cash deposit needs, transaction volume, wire frequency, balance, and whether you need QBO/Xero integration. See the comparison table for all 14 accounts.
Complete the online application
Most fintechs: 10-20 minutes online. You will be asked: business name, EIN, business address, business type (LLC, S-Corp, etc.), industry (SIC code), estimated monthly deposit volume, account purpose, and beneficial ownership information for any 25%+ owner. Some applications go to manual review -- this is normal and typically resolves within 1-2 business days.
Fund the account
Link your existing personal account via Plaid or manual ACH for the opening transfer. Most fintech accounts require a $0 minimum opening deposit -- you can fund whenever convenient. The account number and routing number are available immediately after approval; ACH can be initiated before the debit card arrives.
Documents by Business Structure
| Entity Type | EIN Required? | Documents Needed |
|---|---|---|
| Sole Prop (no employees) | Optional (SSN works) | Photo ID, SSN or EIN if you have one, business name, DBA certificate if trading under different name |
| Single-Member LLC | Yes | Photo ID, EIN letter (CP575), Articles of Organization, state filing receipt, DBA if applicable |
| Multi-Member LLC | Yes | All above + Operating Agreement, beneficial ownership (25%+ members), photo ID for each member |
| S-Corp (LLC or Inc) | Yes | All LLC docs + S-election acceptance letter (CP261), corporate bylaws if incorporated (not LLC) |
| C-Corp | Yes | Articles of Incorporation, corporate bylaws, shareholder register, EIN, beneficial ownership (25%+ shareholders) |
| Partnership | Yes | Partnership agreement, EIN, DBA if applicable, photo ID for managing partners |
| Non-Profit (501c3) | Yes | Articles of Incorporation, IRS 501(c)(3) determination letter, board resolution authorising account, officer photo ID |
How to Get an EIN (10 Minutes, Free)
- Go to irs.gov and search for "Apply for EIN online" or navigate to irs.gov/businesses/small-businesses/apply-for-an-employer-identification-number-ein-online.
- Select your entity type (sole prop, LLC, corporation, etc.).
- Answer questions about your business and provide your SSN (for the responsible party).
- Submit. You receive the CP575 confirmation letter immediately. Download and save this as a PDF immediately -- you cannot easily get a duplicate.
- The EIN is active immediately and can be used for bank account applications.
Frequently Asked Questions
How long does it take to open a business checking account?
Most fintech business checking accounts -- BlueVine, Mercury, Relay, Novo, Found, Lili, Axos -- can be opened entirely online in 10-20 minutes. Approval is often same-day or next-day. Traditional banks vary: Chase Business Complete is largely online (15-30 minutes for applications), but some entity types (multi-member LLCs, C-Corps) may require a branch visit or manual review. BofA often requires a branch visit for LLC and corporate entities. US Bank and Wells Fargo increasingly offer online applications but branch verification is still common for complex entities.
Do I need an EIN to open a business checking account?
Sole proprietors with no employees can often open an account using their Social Security Number as the tax ID. However, all LLCs (single-member and multi-member), S-Corps, C-Corps, and partnerships must have an EIN. Getting an EIN is free, takes 10 minutes on the IRS website, and you receive the CP575 confirmation letter instantly. Even sole proprietors benefit from getting an EIN: it keeps your SSN off W-9 forms you hand to clients, reduces identity theft exposure, and prepares you for any future entity upgrade or employee hire.
What is beneficial ownership information and why do banks ask for it?
Under FinCEN rules (part of the Bank Secrecy Act), financial institutions must collect beneficial ownership information from any business entity where an individual owns 25% or more. If you are the 100% owner of your LLC, you are the beneficial owner and must provide your name, date of birth, address, and SSN or passport number. For a business with four 25% owners, all four must be identified. This requirement applies to all new business account openings. Fintechs collect this digitally in their onboarding flow; traditional banks collect it on a paper or PDF form.
What if my application gets declined or sent to manual review?
Some industries trigger enhanced KYC (Know Your Customer) review at most financial institutions: cannabis, adult content, cryptocurrency, pawn shops, money services businesses, gambling, adult entertainment, some firearms businesses, and businesses with high fraud rates. Mercury maintains an explicit high-risk industry exclusion list. BlueVine and Relay also decline certain industry categories. If you are in a flagged industry, your options are: specialist fintech banking for your industry, a local credit union (often less restrictive than national banks), or a regional bank with specific industry expertise.
Can I open a business checking account without a business license?
For most sole proprietors and LLCs, no business license is required to open a checking account. Your Articles of Organization and EIN are sufficient. However, some states require a business license for DBA registration, and some municipalities require operating licenses for specific business types. If you have a DBA (doing business as), bring your DBA certificate -- many banks require it to open an account in the DBA name. For sole proprietors trading under their own legal name, no license or DBA is needed.
How long until I can use the account after opening?
Fintech accounts (BlueVine, Mercury, Relay, Novo) typically activate within 1 business day of approval. ACH payments can be initiated immediately; mobile check deposit is usually available within 24-48 hours; the physical debit card arrives in 5-7 business days. Traditional banks activate online access immediately but the physical debit card takes 7-10 business days. For urgent needs, Mercury and Relay both offer virtual debit cards usable immediately after account approval -- useful if you need to make an immediate purchase or set up a payment method.