The procedure for establishing a bank account
Opening a business bank account is simple once you have all of the necessary documents.
When you’re ready to open a business bank account, you can do so online or by visiting a branch near you. It may be advantageous to consult with a business banker to determine which type of account you require: business checking, savings, or a merchant service account.
As a small business owner, it’s critical to keep your business and personal banking separate so you can monitor your company’s profitability and avoid mixing transactions. A business bank account can help you protect yourself and your company. Before you open one, make sure you know what you’ll need to start making deposits and getting the most out of your account.
In this article, you’ll learn what you’ll need to open a business bank account and why having one is so important for your company.
How do you go about opening a business bank account?
When you know what information you need to get started, opening a business checking or savings account can be simple and straightforward.
- Tax identification number
- Identification of individuals and businesses
Opening a business bank account necessitates identification for both you and your company.
Your company may also be required to provide additional materials.
Sole proprietor: You must provide your Social Security number. If your company has a DBA (doing business as) or assumed names, you must provide a certificate displaying the other name or names.
LLC: You may be required to present your EIN and proof of business registration. If you are the sole proprietor, your name should be listed.
Limited liability company: You must provide an agreement that includes the names of all partners as well as the name of the company.
When you go to open a bank account, have all of your company’s paperwork ready. You may be required to bring documents or licenses that you have filed at the state level. When speaking with a business banker, make sure to inquire about the documents required to open a business checking account.
- Initial down payment
You may need to make an initial deposit to open your account once you’ve established your personal and business identities. Initial deposits and minimum balances differ depending on the bank and account type.
Choose a business bank account with a manageable initial deposit amount and minimum daily balance for your company. Determine the amount of your initial deposit with the help of your local business banker. Inquire about any limited-time offers or deals; many banks waive initial deposits or contribute monetary incentives to qualifying new accounts.
How long does it take to get a Chase business account approved?
In some cases, Chase may take up to 30 days to make a decision. You can call (888) 338-2586 to check the status of your Chase credit card application. Postal Applications: After Chase receives your application, you will receive a decision within 7-10 business days.
