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What Documents Do I Need to Open a Business Bank Account Bank of America

Just like when you open a personal bank account, your bank wants to see a driver`s license, passport, or other form of government-issued identification to prove that you are who you say you are. Your request will be processed within 1-2 business days. We`ll send you an email or letter to let you know if you`re eligible for your account. You will receive your account records within 7-10 business days by U.S. mail. As you`d expect, the requirements for opening a business bank account can vary depending on the type of business, the type of bank account you want to open, and the bank you use. However, unlike some brick-and-mortar banks, your business doesn`t need to be located in a state with a Bank of America branch to be eligible for a corporate checking account. In fact, you can use Bank of America`s website to check out fee and rate information for any of the 50 states as well as Washington, DC. The transfer will not take place until your account is approved. Please ensure that you have sufficient funds to be transferred. When you apply for a new checking account or savings account, you can deposit any amount ranging from the minimum deposit amount to a higher amount. » MORE: What you need to open a business bank account Some business bank accounts integrate with popular accounting software. This can save you time when it comes to managing your company`s finances and creating expense reports and balance sheets, as you don`t have to manually search for the information in your business bank account and enter it into your accounting software.

Once you`re established and have more money in your checking account than you might need in a month, consider adding a business savings account to increase interest and store excess money. This account allows you to store money for the long term while generating interest. To make your first deposit, you can transfer money from your account to another bank. If you`re already a Bank of America customer, you can transfer money from your existing account. You can also use a debit card, cheque or money order for your first deposit. Think carefully about the account characteristics that are essential when comparing banks. For example, do you need a business bank account with detailed analytics? Want a mobile app that lets you deposit cheques digitally? Do you need a professional debit card? Would it be helpful to receive notifications when your balance is approaching your minimum? For whom it`s fair: Large companies that need the essentials. Cash deposits: The Basic Business Advantage account includes up to $7,500 in no-fee cash deposits and the Business Advantage account includes up to $20,000 in no-fee cash deposits per month.

If you apply for a Bank of America checking account online, fax or email your additional documents to the bank after completing your application. You have 11 days after submitting your application online to submit your documents before your application is rejected and you have to resubmit it. Once Bank of America receives your application and receipts, your account can be approved and opened in as little as 24 hours. Some of these documents may vary depending on the nature of your business entity and the state in which you live (or the state in which you incorporated your business). Some banks also require more documentation than others. It`s usually easier to open a business bank account online. Bank of America offers two checking accounts for small businesses: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking (formerly Business Fundamentals™ Checking and Business Advantage Checking). Who it`s for: New businesses ready to grow while easily managing cash flow. Before opening a business bank account, you must have prepared the following documents: Maintaining a separate business bank account makes it easier to track business income and expenses. This can save you a lot of headaches when filing your taxes, and it can help you avoid problems with the IRS.

Separating your personal and business finances tells the IRS that you`re running a legitimate business and not a hobby business, which doesn`t allow for tax deductions for businesses. Location availability: Bank of America has 4,300 branches and 17,000 ATMs in 37 states and Washington, D.C. The bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, and Wyoming. Instead of maintaining a certain minimum balance, some banks won`t charge you the fees with their business checking accounts if you spend a certain minimum on a debit or credit card linked to your account, or if you use one of the bank`s other services. Business bank accounts work the same way. You`ll probably need a business checking account first, which you can use to do the basics: pay for things, collect bills, and manage your cash flow. Think about how you use your personal accounts. They use daily expense verification and to accept payments from friends and other people. You use your savings to store your remaining money and accumulate a little interest on money that you don`t necessarily need to access quickly. While each account offers ways to waive these fees, there are online and physical competitors that offer free business chequing accounts if you don`t want to meet these requirements or need to budget for these fees on an ongoing basis. If you don`t have an EIN, you can get one for free by filing the application on the IRS website, provided you have a valid Social Security number and your business operates in the United States or its territories. If you`re ready to open a business bank account, here`s what you need to do.

“Sometimes banks offer bonuses for opening a business account with them,” she said. For example, a bank may offer $300 if you open an account and maintain a certain minimum balance. These offers can be a great way to earn a little extra income, but keep in mind that these bonuses are taxable. Don`t be surprised if you get a 1099 for the bonus during the upcoming tax season. An active and eligible Bank of America Advantage bank account and a three-month average daily balance of $20,000 or more in eligible Bank of America corporate deposit accounts and/or Merrill corporate investment accounts. Company incorporation document (varies by entity type) and some form of government-issued ID for you, all owners owning 25% or more of the business and all controlling managers. Keep the following tips in mind when opening a business bank account. “No matter what type of business you own, you should always separate your personal and business finances,” said Chas Rampenthal, general counsel at LegalZoom. “The first and most important step to successfully separating your finances is to have separate bank accounts.” Eligibility requirements and documents required to open a business savings account vary depending on the type of ownership and the state in which the account is opened. Get specific information at a banking center, over the phone, or through the online application process. Once your account is set up, you can deposit money and use it like any other bank account. Your bank may require you to make a certain minimum deposit when you set up your account.

This can be cash or money that you transfer from another bank account by wire transfer or bank transfer.

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