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 a huge plus if you're a frequent flyer. Check out: Wells

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 a huge plus if you're a frequent flyer. Check out:

  • Wells Fargo has more locations than any other bank, and its reach spans the entire country. Wells Fargo is where our money is kept. View a nationwide map of Wells Fargo branches here.
  • Almost every state has a Bank of America branch. 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:

  • A handful of Fifth Third Bank locations can be found in the Southeast. Fifth Third Bank Branch Locations Map
  • Almost every state east of the Mississippi River, with the exception of New England, is served by a PNC Bank branch. For a visual guide to where you can find a PNC Bank, see below.
  • 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.
  • If your company needs a bank account, Santander is a solid option. Simply put, you won't find them anywhere else but the Northeast. 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.
  • Countless additional financial institutions can be found in every state. We suggest calling around to different banks to inquire about monthly fees and other account features. Further down the page, you'll find additional banking advice.

Financial institutions serving small businesses in a rural setting

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. As an added bonus, you should look for a bank that is open late and has multiple locations.

Virtual company checking accounts


If you ask us, Mercury should be your first choice. Our favorite parts are as follows:

  • There are zero commitments per month
  • Digital bank cards
  • Assistance that is useful
  • Artistic and user-friendly layout
  • 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.

Consider your limited liability company to be a separate entity from yourself, 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.

It's important to note that 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
  • blocking of audits
  • simple to keep tabs on and deduct business costs
  • Credibility and professionalism gained by switching to business checks from personal ones.

Keep your own liability insurance in effect by doing the following:

  • Don't use business funds for personal purposes.
  • 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; Certificate of Formation, Certificate of Organization, etc.) that have been approved for your limited liability company.

Letter Verifying or Confirming Your Employer Identification Number

Don't go to the bank until you've received your EIN Number from the Internal Revenue Service. A copy of your EIN is required to open an account with them. 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 Internal Revenue Service:

  • Certificate of EIN (575 CP)
  • EIN Confirmation Letter (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. You'll have the least amount of time waiting on hold if you call in the wee hours of the morning, ideally before 7am. 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 Bank allows account opening without a Social Security number, ITIN, or a US mailing address.

Opening a bank account for your limited liability company (LLC) in the state where your LLC was formed is a necessary step if you plan to conduct business in the United States in person. Before attempting to open a bank account as a non-US resident or non-US citizen, you should call the bank to make sure they are willing to do so.

Mercury is a fantastic alternative to traveling if you want to stay put. There is no need to provide a U.S. mailing address or a taxpayer identification number (SSN or 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. Hopefully you won't have to deal with one of these reps, but if you do, be prepared to provide proof of your DBA (also known as a Fictitious Name).

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'll want to bring its approval of the new name.

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.

Verify the following:

  • Which forms of identification are necessary?
  • Exactly what is the lowest acceptable balance that must be carried over each month?
  • How much are the recurring costs each month, if any?
  • 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?
  • If you want to get your service done quickly, what time of day is ideal?
  • Is there anything else you'd like me to bring?

Pay Close Attention to...

Minimum Balance and Monthly Charges

Many financial institutions demand that you keep a certain amount in your account each month or charge you a fee.

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. Packages that sound more impressive often include extras that you won't use and/or cost more money.

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

Paying with a Debit Card

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.

The majority of debit cards also include security features to prevent unauthorized use.

Cards for Obtaining Credit

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.

In most cases, the first number on a check is 001. You risk having your business come across as "amateurish" if this continues. If you want to begin writing checks in increments of $1000, 00, or any other amount, just tell the bank.

Avoid getting absurdly large checks.

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

LLCs with One Member: Employer Identification Number SSN

In most cases, a bank will accept a Social Security number to open a bank account for a Single-Member LLC, 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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