What you need to know about opening a business bank account in 2023.

We have separated our banking suggestions into two groups: brick-and-mortar banks and virtual banks.

The Best Old-Fashioned Bank Accounts for a Limited Liability Company (With Actual Branches)

Having locations in nearly every state is convenient if you travel frequently. Check out:

  • If you're looking for a bank with a wide range of locations, look no further than Wells Fargo. Wells Fargo is where our money is kept. View a nationwide map of Wells Fargo branches here.
  • Bank of America has locations in almost every state. To see where Bank of America branches are located, please refer to this map. Please be aware that in our experience, getting in touch with a human being via phone at Bank of America can be challenging, and the wait times can be quite long.
  • Compared to Wells Fargo and Bank of America, US Bank doesn't have as many branches, especially on the east coast, but they can be found in a wide variety of other states. To see where US Bank branches are located, please refer to this map.

Wherever you are on the East Coast:

Additional Financial Services:

  • The Midwest and the Southeast are both serviced by Fifth Third Bank's branches. Please find a map below showing all of the Fifth Third Bank branches.
  • Almost every state east of the Mississippi River, with the exception of New England, is served by PNC Bank branches. Check out this map for a close-up look at all of the PNC Bank branches.
  • The states of Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont all have Citizens Bank locations. The Citizens Bank branch locations are shown below.
  • For a reliable LLC bank account, consider Santander. Only the Northeast has them. Listed below is a map of all Santander Bank locations:
  • Popularity of Truist (formerly SunTrust Bank) in the Southeast Locations associated with the Truist movement are shown below.
  • Additional banking institutions can be found conveniently located all over the nation. We suggest calling around to different banks to inquire about monthly fees and other account features. Please scroll down the page for more banking advice.

Local banking for businesses

A business checking account can be opened at a local bank if you don't have access to any of the aforementioned branches. Search "small business checking TOWN NAME" on Google or consult the map below to learn more about your local possibilities.

Tip: Regardless of which financial institution you end up selecting, you should receive excellent service and have all of your questions answered. Financial services such as business loans, bank accounts, savings plans, and investment advice should all be explained to you. It's helpful to find a bank that's open late and has multiple locations.

Virtual company checking accounts


The planet Mercury is our top pick. Some of our favorite components are:

  • There are zero commitments per month
  • Digital bank cards
  • Assistance that is useful
  • Layout that's both aesthetically pleasing and easy to use
  • Download this helpful mobile app today!
  • Excellent for foreign nationals (no need for an SSN or ITIN)
  • Analysis of Expenditures
  • Checks
  • Communications via both domestic and international wires
  • No-cost direct deposits
  • And more

The Mercury business account is simple and straightforward for us to use.

Please be aware that Mercury does not accept cash deposits; if you regularly deal in cash, you will also need to open a regular bank account. Also, if you prefer to talk to customer service representatives over the phone, a traditional bank might be a better fit than Mercury. However, Mercury does offer email support.

The Step-by-Step Guide to Establishing a Limited Liability Company Bank Account

After establishing your limited liability company (and acquiring your EIN), opening a business bank account is a necessary first step.

The main reason people form LLCs is so they can shield themselves from financial responsibility in the event of business failure.

Think of your limited liability company as if it were a separate entity from you, with its own income, expenses, and bank account.

If you don't keep your LLC's money and your own, you're "commingling" the two and opening the door for a court to "pierce your corporate veil" and hold you personally responsible for your business's debts and obligations.

Don't get the wrong idea; this doesn't preclude you from transferring funds between your personal and business accounts. It's important to keep separate cards for business and personal spending.

Furthermore, an LLC bank account is useful because:

  • simpler bookkeeping for the budget
  • simplified methods for calculating and paying tax obligations
  • defense against audits
  • simple to keep tabs on and deduct business costs
  • Credibility and professionalism gained by switching to business checks from personal ones.

Maintaining your own insurance protection against personal liability requires that you do the following:

  • Keep your personal and business finances separate.
  • Don't use your personal bank account to pay for company expenses.

I need to know what paperwork is required to open a bank account for my limited liability company.

To establish a business bank account for your limited liability company, you'll need the following documents:

Formal Organizational Documents (Articles of Incorporation)

Articles of Organization, or whatever your state calls them, are what legally establish your limited liability company.

2. EIN Confirmation/Verification Letter

Don't go to the bank until you've received your EIN Number from the Internal Revenue Service. To open an account, you'll need to provide a copy of your EIN. Please refer to getting an EIN for my LLC if you have any questions about acquiring your own EIN.

Banks will accept either of these two letters from the IRS:

  • Certificate of EIN (575 CP)
  • Certification of Employer Identification Number (147C)

Having trouble locating the EIN notification letter Obtaining a 147C EIN Confirmation Letter from the IRS is as simple as picking up the phone. The Internal Revenue Service will only send Form 147C via fax. But while you're on the phone, they'll fax it to you. For the shortest wait times, it's best to call as early as possible (7am is ideal). It is not necessary to own a fax machine in order to use any digital fax service (such as HelloFax).

I. Who You Are 3. Your Credentials

In order to enter, please bring in two forms of identification. If you don't have at least one government-issued ID (like a driver's license), you won't be able to enter. Credit/debit card, passport, voter ID, and utility bills are all acceptable alternatives for the secondary form of identification.

4.1 The Operating Agreement and Related Forms

It is not necessary to provide a copy of your Operating Agreement or Welcome/Approval Letter (if you received one) to most banks, but some may ask to see them. For the sake of caution, you should bring any and all additional LLC paperwork.

Declaratory Statement of Beneficial Ownership

The financial institution will supply a Declaration of Beneficial Ownership form. What it does is list the members of the LLC.

How do foreigners who aren't US citizens or permanent residents establish a limited liability company bank account?

LLC owners who are not US citizens have two options:

  1. You may need to travel to the United States in order to open a bank account there.
  2. Mercury allows foreigners to open online bank accounts with no US address or Social Security number (SSN) required.

If you're coming to the United States to do business, you'll need to open an LLC bank account in the state where you registered your business. It is advisable to contact the bank in advance to ensure that they are willing to open an account for a non-US resident or non-US citizen.

Mercury is a fantastic alternative to traveling if you want to stay put. You don't need a US mailing address or a Social Security or Individual Taxpayer Identification Number (ITIN). You may use either your home country's address or the one listed for your U.S. Registered Agent.

See how foreigners can open a U.S. LLC bank account for further information.

All Members of the LLC Must Be Present.

If you're forming an LLC, you probably won't be able to open a bank account unless all of the members are

We suggest getting in touch with the bank ahead of time to verify

If they request your DBA, don't be perplexed.

Lots of bank employees don't understand LLCs. It's best to avoid these reps at all costs, but if you do, be prepared to provide proof of your DBA (also known as a "Fictitious Name") registration.

Since a limited liability company can do business under its own name, a DBA is unnecessary. However, representatives often wrongly assume that an LLC must have one.

You can rest assured that it does not, and the LLC's name will simply be added to the account.

However, if your LLC needs to use a name other than the one you filed with the state (and you have a DBA), you will need to bring its approval.

In advance, please contact the bank.

When visiting a bank, it's always best to call ahead and ask to speak with the person in charge of business accounts.

Take a look at the following:

  • What forms of identification are needed?
  • Exactly what is the lowest acceptable balance that must be carried over each month?
  • What, if any, are the regular payment requirements?
  • When making that first deposit, how much do you recommend putting down?
  • Does a quorum consisting of all members of the LLC need to be present?
  • When can I expect the quickest service?
  • If there's anything else I need to know about what to bring, please let me know.

Pay Close Attention to...

Payment Schedule and Minimum Balance Requirements

There are a number of monthly banking fees and minimum balance requirements at various financial institutions.

However, there are plenty of other banks that don't impose such charges, so it's a good idea to call around before physically visiting a branch.


Try to avoid opening an account just to receive a bonus. Despite their attractive appearance, they are typically short-lived and involve ongoing monthly charges.

Separate Boxes

Business checking accounts from various banks (economy, gold, deluxe, etc.) may be offered. As a rule, the more expensive and flashy sounding plans include bloatware and higher monthly costs that you won't actually use.

Choose the bare-bones option to save cash (and time) and follow our advice. Future upgrades are always an option.

Cash Withdrawal Cards

When you open an account for your company, you'll also be issued a debit card. While some financial institutions can issue them on the spot, others may take a few days to mail them to you.

Use a separate debit card for business expenses so you can better track your spending.

Technology embedded in the majority of debit cards helps prevent fraudulent use.

Payment by credit card

Credit cards for your limited liability company can provide benefits like cash back and travel discounts in addition to the convenience of a debit card.

View the best business credit cards here.

Advice on Purchasing Checks

Business checks can be ordered soon after an account is opened. Some suggestions are provided below.

Do not perform any checks beginning with #001.

Typically, a check's number begins at 001. You risk having your business come across as "amateurish" if this continues. If you want to begin writing checks in increments of $1000, $5000, or any other amount, just tell the bank.

Don't ask for jumbo-sized pay checks

The majority of financial institutions offer "special" checks designed to boost your pride. These are the hefty, cumbersome business checks that only major corporations can afford. If you don't need to print checks (for which the larger size was intended), you can save money by ordering the standard size.

Tax Identification Numbers for Single-Member LLCs SSN

Financial institutions typically accept a single SSN for a Single-Member LLC's bank account opening, and some may even recommend doing so. For reasons of confidentiality and simpler record-keeping, we advise using your EIN instead of your Social Security number.

Following our LLC filing instructions will result in your company being issued an EIN by the IRS.

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