What You Need to Open a Business Bank Account in 2025
Nov 5, 2024

Opening a business bank account is a critical step in establishing your company's financial foundation. While the process can seem daunting, being prepared with the right documentation can make it significantly smoother. Here's what you'll need to open a business bank account in today's banking environment.
Essential Documentation
Personal Identification
Government-issued ID such as a driver's license, state-issued ID card, or passport
For non-US citizens, a Permanent Resident Alien Card (Green Card) or passport may be required
Some banks require two forms of ID for agents opening accounts on behalf of the business
Business Information
Your business's legal name and physical address
Business phone number
Date business was established
Number of business locations and employees
Nature of your business and annual sales
Tax Identification
Employer Identification Number (EIN) or Tax ID Number1
For sole proprietors, your Social Security Number (SSN) may be acceptable if you don't have an EIN
Non-US citizens may use an Individual Taxpayer Identification Number (ITIN)
Business Formation Documents
Depending on your business structure, you'll need specific documentation:
Sole Proprietor:
Social Security Number or EIN
DBA (Doing Business As) certificate if operating under a different name
LLC:
EIN and business registration
Filed copy of Articles of Organization
Operating Agreement
Corporation:
Articles of Incorporation, Certificate of Formation, or similar document
Corporate Resolution or Bylaws
Certificate of Good Standing (some banks will obtain this for you)
Partnership:
Partnership Agreement showing all partners' names
EIN for the partnership
Additional Requirements
For Businesses Using a Different Name (DBA):
Business License, Trade Name Certificate, or Fictitious Name Certificate
Note: Some states like Kansas, New Mexico, and South Carolina don't require DBA documents
For Authorized Users:
Information for all beneficial owners (those owning 25% or more)
Details for individuals with significant management responsibility
For employee cards: full name, residential address, and date of birth
Initial Deposit
Most banks require an initial deposit to activate your account. For example, U.S. Bank requires a minimum opening deposit of $100. The amount varies by institution and account type.
The Holdings Advantage
Holdings offers a streamlined approach to business banking with:
High-Yield Interest Structure with tiered rates up to 3% APY on balances over $1 million1
Fee-Free Business Banking with unlimited free ACH and wire transactions
Integrated Accounting and Automation that reduces manual work
A simplified application process that takes approximately 15 minutes to complete
Unlike traditional banks that often require in-person visits and extensive paperwork, Holdings uses technology to verify your identity and business details efficiently, often without requiring additional documentation. This risk-based approach tailors the process to your specific business type, whether you're a tech startup or a local service provider.
By combining high-yield banking, free money movement tools, and integrated accounting solutions, Holdings provides a complete financial operating system that allows businesses to earn more on deposits while managing finances seamlessly in one place.
Partnerships
Legal Disclosures
Disclaimers and footnotes
© 2023-2024 Holdings Financial Technologies Inc. All rights reserved.
Holdings is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust and i3 Bank, Members FDIC. The Holdings Visa® Debit Card is issued by i3 Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
Funds deposited in your Holdings account are held by Evolve Bank & Trust and i3 Bank, Members FDIC. The standard deposit amount is $250,000 per depositor, per insured bank, for each account ownership category.
Through Evolve's Sweep Program, funds may be eligible for up to $5M in FDIC insurance. Find additional information about the Sweep Program here. Through i3 Bank's Sweep Program, funds may be eligible for up to $3M in FDIC insurance. Find additional information about the Sweep Program here