What You Need to Bring to the Bank When You Open a Business Account

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Hi there, I'm Frankie Clayton. If you have come to my blog, you are likely feeling stuck financially. Life seems to demand that we spread so much money around, especially when health expenses are involved. For example, it can be devastating if you suddenly discover that you need a root canal to save a molar, and yet you do not have the money to pay for it. I have been in situations like these and I have discovered that there is usually some way to receive treatment for a much lower cost. For example, there are professionals who perform work as a form of charity. But because there is a lack of information on these services, I decided to create this blog to help out.


What You Need to Bring to the Bank When You Open a Business Account

5 April 2019
 Categories: Finance & Money, Blog

When you open a personal checking account, you have to bring a few items with you. The same holds true of business accounts, but the items you need to bring are different from most of the items you need for a personal account. If this is the first time that you will be opening a business account, here are the items that you will need to bring with you. 

A Cashier's Check for Ten Grand

Most business checking accounts require a big deposit to open. Usually, the amount is around ten thousand dollars. Clearly, you would not want to tote that much cash around, so bring a cashier's check for that amount. Make sure the check is made out to the name of your business so that if the check is lost, it can be traced and recovered. If you take out a business startup loan with a bank, they can open the business account and deposit the amount of your loan directly into an account with their bank. Then you do not need the check for the required opening deposit. 

Your ID

Regardless of what type of account you open, all banks now require a photo ID. Some banks require additional proof of identification, which can be a U.S. passport, your business's TIN card/number, and/or your social security number. Whenever you open an account that has a sizable deposit (e.g., a business account), some banks also require that you fingerprint everything. 

Your Business's Location, Identification, Etc.

You will need proof that your business exists. This includes rent certificates or property titles for where your office/business is located, the business's TIN, recent bills paid for utilities and/or phone and internet services at a specific location, and anything else that can prove that the business exists. If you are just starting out and you take a loan with the bank, you may not have that information yet, but the bank will have enough with your business loan that the rest will not be required at the time you open the account. You will (and should!) add that information later to secure your account against theft and/or fraud. 

Check With Your Bank Regarding Other Requirements

Some banks want to see a quarterly profits report before opening an account for you. This is somewhat unusual, but not unheard of. Your bank may have other requirements, so be sure to check with them ahead of time. 

Visit a bank near you to discuss how to get started with business account banking.