What You Need to Open a Business Bank Account Online (No Branch Visit)

What You Need to Open a Business Bank Account Online (No Branch Visit)

Opening a business bank account used to mean scheduling an appointment, printing stacks of paperwork, and sitting across from a banker at a local branch. Not anymore.

Today, entrepreneurs can open a business bank account entirely online—often in less than an hour—without ever stepping into a physical branch. Whether you’re launching a side hustle, running a growing LLC, or managing a fully remote company, online business banking has become faster, simpler, and more accessible than ever.

But while the process is easier, banks still require specific documentation and information. If you’re not prepared, you can hit delays or even face rejection.

In this complete guide, you’ll learn:

• Exactly what you need to open a business bank account online

• How requirements differ by business structure

• What documents you must upload

• Identity verification steps

• Common mistakes to avoid

• Tips to get approved faster

• How major banks handle online applications

Let’s break it down step by step.

Why Open a Business Bank Account Online?

Before diving into the requirements, it’s important to understand why separating your business finances matters.

Opening a business bank account:

• Keeps personal and business finances separate

• Simplifies tax filing

• Builds business credit

• Protects liability (especially for LLCs and corporations)

• Makes you look more professional to clients and vendors

• Helps you qualify for loans and merchant services

Financial institutions like Chase Bank, Bank of America, Wells Fargo, Bluevine, and Novo now allow fully online applications for many business accounts.

However, the required information is largely the same as if you were applying in person.

What You Need to Open a Business Bank Account Online

Here’s a comprehensive checklist of what most U.S. banks require.

1. Your Legal Business Name and Details

You’ll need to provide:

• Legal business name (exactly as registered)

• DBA (Doing Business As), if applicable

• Business address (must be a physical U.S. address)

• Business phone number

• Business email

• Industry type

• Date business was formed

Make sure your information matches your official registration documents exactly. Even small discrepancies can trigger review delays.

2. Employer Identification Number (EIN) or SSN

Most banks require an EIN issued by the Internal Revenue Service.

When You Need an EIN

You need an EIN if your business is:

• An LLC (single or multi-member)

• A corporation (C-Corp or S-Corp)

• A partnership

• A business with employees

When You Can Use an SSN

If you’re a sole proprietor without employees, many banks allow you to use your Social Security Number instead of an EIN.

However, even sole proprietors often prefer getting an EIN to avoid sharing their personal SSN.

3. Business Formation Documents

Your required documents depend on your business structure.

Sole Proprietorship

Typically requires:

• SSN or EIN

• Business license (if applicable)

• DBA certificate (if operating under a trade name)

LLC

You’ll need:

• Articles of Organization (filed with your state)

• Operating Agreement (some banks require it)

• EIN confirmation letter (CP 575)

Corporation

You’ll need:

• Articles of Incorporation

• Corporate bylaws

• EIN confirmation

• Board resolution authorizing account opening (sometimes required)

Partnership

You’ll need:

• Partnership agreement

• EIN

• Formation documents filed with your state

Banks may request digital uploads (PDF or scanned copies) during the application.

4. Personal Identification for All Owners

Under federal law, banks must verify identities due to Know Your Customer (KYC) regulations.

Each beneficial owner (usually anyone with 25% or more ownership) must provide:

• Full legal name

• Date of birth

• Social Security Number

• Residential address

• Government-issued ID (driver’s license or passport)

You may need to upload photos of your ID and take a live selfie for identity verification.

5. Beneficial Ownership Information

U.S. regulations require banks to collect beneficial ownership information.

You’ll need to disclose:

• All owners with 25%+ ownership

• One individual with significant control (even if ownership is below 25%)

This is required under federal anti-money laundering laws.

Be prepared to enter ownership percentages precisely.

6. Initial Deposit

Many banks require an opening deposit, though some online fintech platforms do not.

Typical minimum deposits:

• Traditional banks: $25–$100

• Some premium accounts: $1,000+

• Fintech platforms: Often $0

The deposit is usually made via ACH transfer from an existing bank account.

7. U.S. Physical Address Requirement

Most banks require:

• A physical U.S. address (not just a P.O. box)

• Business must be registered in the United States

Some online banks allow virtual office addresses, but others may flag them for review.

Step-by-Step: How the Online Application Process Works

Here’s what typically happens when applying online:

Step 1: Choose the Bank and Account Type

Select checking, savings, or both.

Step 2: Enter Business Information

You’ll input your legal name, EIN, address, and structure.

Step 3: Add Owner Information

Provide details for all beneficial owners.

Step 4: Upload Documents

Upload formation documents and ID.

Step 5: Identity Verification

You may be asked to:

• Upload ID photos

• Take a selfie

• Answer security questions

Step 6: Fund the Account

Transfer initial deposit if required.

Step 7: Approval

Approval may be:

• Instant (minutes)

• Same day

• 1–5 business days (if manual review is required)

Requirements by Business Structure (Detailed Breakdown)

Let’s explore structure-specific nuances.

Sole Proprietor

Easiest structure to open online.

You’ll typically need:

• SSN or EIN

• Personal ID

• DBA certificate (if applicable)

Approval is often fastest for sole proprietors.

Single-Member LLC

Very common for online entrepreneurs.

Required:

• Articles of Organization

• EIN

• Owner ID

Some banks may request your Operating Agreement.

Multi-Member LLC

More documentation required.

• Articles of Organization

• Operating Agreement

• EIN

• All members’ IDs

• Ownership breakdown

Every member with 25%+ ownership must complete verification.

Corporation (S-Corp or C-Corp)

Most documentation-intensive.

Required:

• Articles of Incorporation

• EIN

• Corporate bylaws

• Board resolution

• IDs of officers

Some banks still require in-branch visits for corporations, though this is changing.

What Can Delay Your Approval?

Even online applications can get stuck. Here are the most common reasons:

1. Information Mismatch

Your EIN name must match exactly what’s registered with the IRS.

2. Incomplete Documents

Missing Operating Agreement or board resolution.

3. Suspicious or High-Risk Industry

Some banks restrict industries like:

• Crypto

• Cannabis

• Adult entertainment

• Gambling

4. Virtual Address Issues

Some banks flag UPS mailboxes or virtual offices.

5. Credit or Identity Issues

If identity verification fails, your application may require manual review.

Traditional Banks vs. Online-Only Banks

Understanding the difference can help you decide.

Traditional Banks (Online Application Available)

Examples:

• Chase Bank

• Bank of America

• Wells Fargo

Pros:

• Branch access

• Larger lending products

• Merchant services

Cons:

• More documentation

• Slower approval

• Higher fees

Online-Only Banks / Fintech Platforms

Examples:

• Bluevine

• Novo

Pros:

• Fast approval

• Lower fees

• No branch visit

• Modern integrations

Cons:

• No physical branches

• May lack advanced lending products

Do You Need Good Credit?

For most business checking accounts:

• Personal credit check is soft or not required

• Poor credit rarely prevents approval

However:

• Overdraft protection may require credit review

• Business credit cards require stronger credit

How Long Does It Take?

Approval times vary:

• Fintech platforms: 10 minutes to 24 hours

• Traditional banks: 1–5 business days

• Complex corporations: Up to 2 weeks

Preparation significantly reduces delays.

Tips to Get Approved Faster

1. Ensure EIN confirmation letter matches IRS records exactly
2. Upload high-quality scans
3. Double-check spelling
4. Have all owners available to verify
5. Use a physical address
6. Avoid mismatches between formation documents and application

Frequently Asked Questions

Can I open a business bank account without an EIN?

Only if you are a sole proprietor and the bank allows SSN usage.

Can I open an account without a U.S. address?

Most U.S. banks require a U.S. physical address.

Can non-U.S. residents open one online?

It’s difficult. Most banks require a U.S. SSN and address.

Is it safe to upload documents online?

Yes, major banks use encrypted systems and identity verification tools.

Final Checklist Before You Apply

✔ Legal business name
✔ EIN or SSN
✔ Formation documents
✔ Operating agreement (if applicable)
✔ Government-issued ID
✔ Beneficial ownership details
✔ Physical address
✔ Initial deposit

Final Thoughts

Opening a business bank account online—without stepping into a branch—is now standard practice across the United States. Whether you choose a traditional institution like Chase Bank or a modern fintech option like Bluevine, the core requirements remain the same.

Preparation is everything.

Have your documents ready, ensure consistency across your records, and understand your business structure’s requirements. With the right preparation, you can open your account quickly, avoid unnecessary delays, and set your business up for financial success.

If you're launching a new business, this is one of the most important foundational steps you’ll take.

Separate your finances. Protect your liability. Build your credibility.

And best of all—you can do it all from your laptop.