To open a bank account for an LLC, you need three things: an Employer Identification Number from the IRS, your state formation documents, and a government-issued photo ID for every owner or manager who will be on the account. Most banks can finish the process in one branch appointment of 30 to 60 minutes, and many now accept online applications with document uploads. The steps below walk through what to gather, how to pick the right bank, and the trip-ups that send people home to try again.
Get an EIN First
Your EIN is the nine-digit number the IRS assigns to your LLC for tax purposes. Banks need it to open a business account, report interest income, and verify your LLC against federal records.1Internal Revenue Service. Employer Identification Number
The fastest route is the free online application at irs.gov, which issues the number immediately upon approval.2Internal Revenue Service. Get an Employer Identification Number You can also submit Form SS-4 by fax or mail, though those methods take days or weeks.1Internal Revenue Service. Employer Identification Number Register your LLC with your state before you apply. The IRS expects the entity to already exist.
A single-member LLC without employees isn’t technically required to have an EIN for federal tax purposes. The IRS allows you to use your Social Security Number instead.3Internal Revenue Service. Single Member Limited Liability Companies In practice, almost every bank requires an EIN to open a business account, so get one before your appointment.
Gather Your Formation Documents
Banks need proof your LLC legally exists. The core document is your Articles of Organization, called a Certificate of Formation in some states, which you filed with your state’s secretary of state office. Bring the stamped or certified copy. The bank will check that the legal name on the account matches this document exactly. A missing comma or an abbreviated “LLC” versus “L.L.C.” can delay approval.
Most banks also ask for a copy of your operating agreement, even in states that don’t require one for formation. The agreement tells the bank who owns the LLC, how decisions get made, and who has authority over the company’s finances. Bank representatives read it to decide which individuals can sign checks, authorize transfers, or close the account.
If your LLC does business under a name different from its legal name, you need a DBA (doing business as) registration. Banks require this certificate before they will accept deposits made out to the trade name. You typically register the DBA with your state’s secretary of state or county clerk’s office.4U.S. Small Business Administration. Register Your Business
Finally, the bank needs a written banking resolution showing that your LLC’s members formally authorized specific individuals to open and manage the account. Many banks hand you their own template to fill out on the spot; others accept authorization language built into your operating agreement. Either way, the document needs signatures and a date. An unsigned resolution is a common holdup.
Prepare Identification for Everyone on the Account
Federal anti-money-laundering rules require banks to verify the identity of every person who opens an account.5eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks Each LLC member or manager involved in the account needs a current government-issued photo ID. A passport or driver’s license works. Be ready to provide each person’s full legal name, date of birth, home address, and Social Security Number or Individual Taxpayer Identification Number.
Banks have traditionally been required to identify anyone who owns 25% or more of the company, plus anyone who controls day-to-day operations, under the federal Customer Due Diligence rule.6eCFR. 31 CFR 1010.230 – Beneficial Ownership Requirements for Legal Entity Customers In February 2026, FinCEN granted financial institutions temporary relief from collecting this ownership information at account opening.7Financial Crimes Enforcement Network. CDD Final Rule Most banks still ask for ownership details under their own internal policies, so come prepared.
Decide before your appointment who will handle day-to-day banking, including deposits, wires, and online access. Each authorized signer goes through the same identity verification as owners. Adding a signer later usually means another branch visit, so put everyone on the account from the start.
One boundary worth noting: if you’ve heard about the Corporate Transparency Act’s beneficial ownership reporting requirement, as of March 2025, FinCEN exempted all entities formed in the United States from those filings. The reporting obligation now applies only to foreign-formed entities registered to do business here.8Financial Crimes Enforcement Network. Beneficial Ownership Information Reporting The Treasury Department has announced it will not enforce penalties against U.S. citizens or domestic companies.9U.S. Department of the Treasury. Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act A domestic LLC does not need to file a beneficial ownership report with FinCEN. The bank-level identification requirement is separate.
Choose a Bank and Account Type
Business checking is where virtually every LLC starts. It’s the account you’ll use to pay vendors, receive customer payments, and run payroll. If you want reserves that earn modest interest, open a business savings account alongside it.
When comparing banks, focus on four things: monthly maintenance fees, transaction and cash deposit limits, wire transfer costs, and whether the bank offers integrated merchant services if you accept card payments. Online-only banks tend to charge lower fees and process applications faster. A local branch matters more if you deposit cash regularly or want a banking relationship that helps when you apply for a business loan later.
The Application Itself
Bring everything to your appointment or have it ready for upload:
- EIN confirmation letter or online notice from the IRS
- Articles of Organization (stamped or certified)
- Operating agreement signed by all members
- DBA certificate, only if you operate under a trade name
- Banking resolution, or be ready to sign the bank’s template
- Photo ID for every owner and authorized signer
At a branch, a business banker reviews your documents, scans IDs, and has each authorized signer complete a signature card. Expect 30 to 60 minutes if your paperwork is in order. Online applications require high-resolution uploads of the same documents plus photos of each signer’s ID; a system runs an automated review before a bank representative gives final approval. Either path, name mismatches between your Articles of Organization and the application are the single most common reason things stall. Double-check spelling before you submit.
Once approved, you fund the account with an opening deposit. Minimums vary from about $25 to several hundred dollars depending on the bank and account tier. Online banking access usually activates immediately, while debit cards and checkbooks arrive by mail within a week or two.
Why Applications Get Denied
The most common reason is a negative report in ChexSystems, a reporting agency that tracks closed accounts, bounced checks, and other derogatory banking history tied to the LLC’s owners. ChexSystems is not a credit check; it tracks how you’ve handled bank accounts in the past, and a negative record stays on file for five years.10ChexSystems. Answers to Frequently Asked Questions If you suspect you have a record, request a free copy of your consumer file before applying.
Document mismatches are the second biggest culprit. Some banks reject filings outright when the legal name on the application doesn’t exactly match the Articles of Organization, rather than asking for a correction.
Certain industries face higher scrutiny. Businesses involved in cannabis, cryptocurrency, firearms, or adult entertainment have historically struggled to find willing banks, though a 2026 proposed federal rule aims to prevent banking regulators from pressuring institutions to deny services to lawful industries based on perceived reputation risk.11Federal Register. Prohibition on Use of Reputation Risk or Other Supervisory Tools To Encourage or Compel Banking Organizations To Engage in Politicized or Unlawful Discrimination If your LLC operates in one of these spaces, expect to provide extra documentation and start your search with banks that specialize in your industry.
Fees to Weigh Before You Sign
Business checking accounts aren’t free at most traditional banks. Monthly maintenance fees at major institutions run roughly $16 to $30, and you can often waive the fee by maintaining a minimum combined balance, typically $5,000 to $15,000 across linked business deposit accounts, or by meeting a monthly spending threshold on your business debit card.12Bank of America. Fees at a Glance
If your business handles cash, watch for deposit limits. Many accounts allow $5,000 to $10,000 in cash deposits per month at no extra charge, then add a fee of about $0.30 per $100 after that.13PNC Bank. Business Checking Accounts and Related Charges Restaurants, retail shops, and other cash-heavy businesses should look for accounts with higher thresholds or analysis accounts that price cash handling differently.
Wire transfers carry their own costs. Domestic outgoing wires typically run about $30, international outgoing wires cost $45 or more, and incoming wires generally cost around $15.14Bank of America. Business Schedule of Fees If your business sends wires regularly, these add up quickly and deserve weight in your comparison.
When an Owner Lives Outside the U.S.
Foreign LLC members face extra hurdles. Without a Social Security Number, a non-resident owner needs an Individual Taxpayer Identification Number, which you apply for by filing IRS Form W-7.15Internal Revenue Service. U.S. Taxpayer Identification Number Requirement Most banks require a valid passport as the primary form of identification for non-U.S. persons.
The bigger obstacle is physical presence. Many traditional banks require all account signers to appear in person at a branch, which creates an obvious problem for someone living abroad. A growing number of banks and fintech platforms now support remote account opening for international owners, though the options are narrower and vetting takes longer. If your LLC has a foreign member, research banks that serve international clients before committing to a platform or scheduling a trip.