What do I need to open a business bank account?

To open a business bank account you generally need an EIN (or SSN for a sole proprietor), your formation documents (articles of organization or incorporation), beneficial-owner information, a government photo ID, and any required business license. A dedicated business account also matters for funding — most small-business lenders underwrite on your business bank statements, so opening one is the first step toward qualifying.

What banks require to open a business account

An EIN (Employer Identification Number) — free from the IRS at irs.gov; sole proprietors can sometimes use an SSN, but an EIN is recommended
Formation documents — articles of organization (LLC) or incorporation (corporation); a sole proprietor may need a DBA/fictitious-name registration
Beneficial-ownership information — banks must collect ownership and control details to comply with FinCEN's Customer Due Diligence rule
A government-issued photo ID for each owner/signer
Any state or local business license your industry requires
An opening deposit (varies by bank and account tier)

Why a business bank account matters for funding

Beyond legitimacy and bookkeeping, a dedicated business bank account is the foundation lenders underwrite against. Revenue-based and most small-business lenders evaluate your business bank statements — average daily balance, monthly deposit volume, and consistency — far more than credit score alone. Without a business account that captures your real revenue, qualifying for funding is much harder.

Don't commingle funds

Mixing personal and business money makes your statements unreadable to underwriters and, for an LLC or corporation, can weaken your liability protection. Keep business income and expenses in the business account from day one.

Sources

The IRS issues EINs free of charge; most businesses can apply online and receive the number immediately. — IRS — Employer ID Numbers
FinCEN's Customer Due Diligence rule requires banks to identify and verify the beneficial owners of legal-entity customers when an account is opened. — FinCEN — CDD Rule
The FDIC publishes consumer and small-business banking guidance, including what to expect when opening a deposit account. — FDIC — Consumer Resources

Key takeaways

Core requirements: EIN, formation docs, beneficial-owner info, photo ID, and any required license.
An EIN is free from the IRS (irs.gov) — get one even as a sole proprietor.
A dedicated business account is the foundation for funding: lenders underwrite your business bank statements.
Never commingle personal and business funds — it hurts both underwriting and liability protection.