Opening A Business Checking Account

When you’re ready to open a business checking account for your small business and have gone through the exercise of reviewing banks and their offerings, one of the most convenient ways of opening an account will be to do so online. However, if it’s a traditional bank with branches, make sure there’s a convenient branch near you and be prepared to take a trip over and/or schedule an appointment with a bank representative/specialist to open your business checking account.

Sometimes trying to open an account online may be more troublesome than doing so at your local branch especially if you are a startup or a small business with little to no previous business or commercial banking history. Some banks will want to exercise additional due diligence and meet with the business owners, in-person, to better understand their business and banking needs before opening an account. Some banks may simply do this over the phone.

Be sure to have all your business information and documentation on standby. Whether you apply online or in-person at your local branch, you’ll need this information. The bank should provide a list of pertinent information and documents you will need to have in order to open a business checking account. If the bank doesn’t provide the information and/or you cannot find the information on their website, be sure to ask a bank representative. The required documents may vary depending on the type of business entity and how the entity is structured. If you are applying for a business account in-person, also find out who needs to be present during the account opening.