Most providers ask for the same five things: your EIN or Social Security number, formation documents for your entity, a government-issued photo ID for every signer on the account, beneficial ownership information if anyone owns 25% or more of the business, and proof of your business address.
What counts as a "formation document," and how the EIN requirement actually gets satisfied, changes by entity type and by who you're banking with. That's where most of the confusion starts.
This piece breaks the checklist down two ways: by entity type (sole proprietorship, LLC, corporation, partnership) and by provider type (traditional bank vs. fintech), then covers the mistakes that slow an application down and the questions people search most on this topic.
The core requirements checklist
Every business bank account application asks for some version of the following. Exactly which documents satisfy each item depends on your entity type, covered in the next section.
Tax ID. An Employer Identification Number (EIN) for most entities. Some sole proprietorships can use a Social Security number instead.
Formation documents. Proof your business legally exists: Articles of Incorporation, Articles of Organization, a partnership agreement, or a DBA/fictitious name filing, depending on entity type.
Government-issued photo ID for each signer. A driver's license, state ID, or passport for every person who'll have signing authority on the account.
Beneficial ownership information. Names, addresses, and ownership percentages for anyone who owns 25% or more of the business, plus one individual with significant management control. This isn't a bank-specific quirk. It comes from FinCEN's Customer Due Diligence Rule, which every US financial institution has to follow when it opens a new business account.
Proof of business address. A lease, utility bill, or the address already listed on your formation documents.
Initial deposit. Some providers require one, some don't. More on the actual dollar figures below.
Here's the catch: two applicants with the same entity type can still see different requirements, because the documents that satisfy "formation documents" and "tax ID" aren't identical across providers. That's the part worth mapping out before you apply.
How requirements vary by entity type
Entity type | Tax ID | Formation document typically required |
|---|---|---|
Sole proprietorship | SSN, ITIN, or EIN, depending on the bank | None, or a DBA/fictitious name certificate if you're operating under a name other than your own |
LLC | EIN | Articles of Organization or Certificate of Formation (the exact name varies by state) |
Corporation | EIN | Articles of Incorporation or Certificate of Incorporation |
Partnership | EIN | A partnership agreement; limited partnerships also need a Certificate of Limited Partnership |
A few things that trip people up in this table. Bank of America and Chase both confirm, on their own published requirements pages, that some sole proprietors can open a business account with just their Social Security number, no EIN required. Ramp's published guidance says the same thing, while adding that "banks often prefer" an EIN even from sole props, since it's free and takes about 15 minutes to get from the IRS site directly.
Any entity operating under a name that isn't its legal name, an LLC doing business as something else, for instance, needs a DBA or fictitious name registration on top of its formation documents, regardless of entity type.
How requirements vary by provider type
The document list looks similar whether you're applying at a 150-year-old bank or a five-year-old fintech. Where things actually diverge is in what satisfies each requirement, and who gets an account at all.
Traditional bank | Fintech | |
|---|---|---|
EIN documentation | Required at application in most cases; a few allow sole proprietors to substitute an SSN | Varies by provider; some accept an EIN application confirmation in place of the finished EIN |
Entity types served | Sole proprietorships, LLCs, corporations, and partnerships | Varies by provider; some serve only incorporated businesses |
Where you apply | Online or in a branch | Fully online |
Rho is one example of what that looks like on the fintech side. Rho doesn't serve sole proprietorships. The business has to be incorporated to open an account. Eligibility on Rho's standard application requires a US-incorporated entity, plus either a US operating address or a business owner in the US with a valid Social Security number.
Rho's standard banking application doesn't require the EIN letter itself upfront. An IRS-issued SS-4 confirmation, the notice you receive immediately after applying for an EIN rather than the EIN letter itself, satisfies the requirement. You can deposit money into the account right away, but you can't move money out until the EIN itself is uploaded.
That's a narrower on-ramp than a traditional bank offers (no sole proprietorships), paired with a faster path through one specific document (the EIN). Neither is universally better. It depends on whether you're incorporated yet and how quickly you need the EIN itself in hand.
Common mistakes that slow an application down
Assuming a sole proprietorship needs no paperwork. It still needs a DBA filing if you're operating under any name other than your own, and some providers, including some fintechs, don't open accounts for sole props at all.
Waiting on the mailed EIN letter. The IRS's own SS-4 confirmation, generated the moment you apply online, is often enough to get an application moving. Don't assume you need to wait for paper mail.
Missing a beneficial owner because they're under 25% on paper but linked through another entity. FinCEN's ownership calculation can require looking through holding structures, not just the cap table on its face.
Business address mismatch. If the address on your formation documents doesn't match what you list on the application, expect a manual review delay.
Choosing where to bank
If you're incorporated and evaluating where to bank, Rho's standard application asks for the same core documents covered above: an EIN or SS-4 confirmation, formation documents, ID for each signer, and beneficial ownership information for any 25%+ owner, all submitted online. You can see what that process looks like at rho.co/product/business-banking. Sole proprietors, and anyone still comparing providers before committing, can see how traditional banks and fintechs stack up in Rho's roundup of the best business bank accounts.
FAQs
An EIN or Social Security number, formation documents specific to your entity type, government ID for every signer, beneficial ownership information for any 25%+ owner, and proof of your business address. Some providers also require an opening deposit.
For LLCs, corporations, and partnerships, yes, in almost every case. Some sole proprietorships can use a Social Security number instead, per Chase's and Bank of America's own published requirements. Rho's standard banking application doesn't require the EIN letter itself upfront. An IRS-issued SS-4 confirmation, the notice you receive immediately after applying for an EIN rather than the EIN letter itself, satisfies the requirement. You can deposit money into the account right away, but you can't move money out until the EIN itself is uploaded.
No. Sole proprietors can open a business account too. Most traditional banks accept a Social Security number in place of an EIN for a sole proprietorship. Fintechs vary: Rho doesn't serve sole proprietorships. The business has to be incorporated to open an account.
Yes. Common reasons include failing identity verification, submitting formation documents that don't match the application, operating in an industry the provider doesn't bank, or triggering the anti-money-laundering screening every financial institution runs under the Bank Secrecy Act. None of this is unique to one bank. It's baked into federal requirements every provider has to follow.
Not for a basic checking account. A checking account doesn't extend you a line of credit, so most providers don't run a personal credit check just to open one. Some banks disclose that they can as part of underwriting when a credit product is involved: Wells Fargo's own account materials note that it may obtain a consumer report from a credit reporting agency during that process. What's more likely to come up is a check of your banking history through ChexSystems, not your credit score. A past overdraft or an account closed for unpaid fees can slow down an application even if your credit is otherwise strong.
It depends on the provider. U.S. Bank's Business Essentials application states a $25 minimum opening deposit. Ramp states no minimum. Bank of America doesn't publish a minimum figure but warns that an account left unfunded may be closed. Chase states only that the amount varies by account type, with no dollar figure given.
You can, but it's generally not a good idea past the earliest days of a sole proprietorship. Commingling personal and business funds makes bookkeeping harder, complicates taxes, and can undercut the liability protection an LLC or corporation is supposed to provide.
The friction is mostly procedural, not financial. You need formation documents, a tax ID, and beneficial ownership information on file before a provider will open the account, and a mismatched business address can trigger a manual review delay. Some providers charge a monthly fee or require a minimum balance to avoid an inactivity closure. And if you're not incorporated yet, your options narrow: some fintechs, including Rho, don't serve sole proprietorships at all.