How to Open a Business Bank Account in 2026: Documents, Steps and Fees

To open a business bank account in 2026 you need four things: a tax ID (an EIN, which the IRS issues free and immediately online, or your Social Security number as a sole proprietor), your state formation or DBA document, government ID, and details on every owner. Fees start at $0 a month at online providers; Chase Business Complete charges $15 unless you keep a $2,000 minimum daily balance, as of October 30, 2026 on Chase's page.

FinanceRadar data: of the 8 business deposit accounts on our business bank accounts ranking, 4 charge no monthly fee, with figures re-read on bank pages through October 26, 2026. Across all 60 savings and checking accounts in our bank fee statistics, 12 charge a monthly maintenance fee, at a median of $6.50 (fee documents read October 27, 2026), so a $15 business fee sits at the top of that range.

Document lists read October 30, 2026 on Bank of America's and Chase's business account pages. The exact name of each formation document varies by state.

Step 1: get your EIN, after the state filing

An EIN (Employer Identification Number) is your business's federal tax ID, and the SBA says you can open a business bank account once you have one. The IRS issues it free through its online tool, and an approved application gets its number immediately. You never have to pay for an EIN: the IRS warns against websites that charge for one.

Order matters for an LLC or corporation. The IRS tells you to form the entity with your secretary of state first, because applying for an EIN before the state filing can delay the application. The online tool has limits worth knowing before you sit down: it must be finished in one session, it times out after 15 minutes of inactivity, it runs only during set hours (for example 6:00 a.m. to 1:00 a.m. Eastern on weekdays), and each responsible party can get only one EIN per day.

A sole proprietor without employees can usually bank under a Social Security number, which Chase and Bank of America both list as an accepted tax ID.

Step 2: gather formation and name documents

Banks need proof that the business legally exists, and the document they accept depends on your structure. Bank of America's list names articles of incorporation for corporations, articles of organization for LLCs, a certificate of formation in some states, a certificate of limited partnership for LPs, and a certificate of authority for a business formed in another state.

If you trade under any name other than your legal one, add the DBA filing. Bank of America describes it as the document banks use to match the account name to the legal entity behind it. Chase notes that an assumed name certificate is not required in Hawaii, Kansas, Mississippi, New Mexico, Wisconsin and Wyoming, so a sole proprietor there may need less paperwork.

Step 3: collect ID and owner details

Every signer brings identification. Chase asks for two forms of ID, at least one a primary government ID such as a driver's license or passport, with a secondary ID such as a utility bill or an embossed credit card. For an online application, Chase may ask for a digital scan of your ID.

Owner information is the step that slows most applications down. Chase asks for the legal name, address, date of birth, tax ID, citizenship and ownership percentage of every owner with 10% or more of the business. Collect those details from your co-owners before you start, so the application does not stall on a missing date of birth or tax ID.

Expect questions about the business itself too, so have rough numbers ready: Chase lists the nature of the business, annual sales, number of employees, where suppliers sit, and the types and volume of transactions you expect.

Step 4: decide online or in a branch

Online works when one person owns or controls the business; anything more complex usually means a branch visit. Chase lets single-owner sole proprietorships, single-member or single-manager LLCs with one authorizing representative, and privately held S and C corporations with one authorizing representative apply online. Multi-member LLCs, spousal sole proprietorships, nonprofits and businesses owned by another business must visit a branch, and every general partner of a partnership must be present.

Online-only providers such as Mercury, Relay and Bluevine have no branches, so the application is always digital. They are financial technology companies, not banks: Mercury's deposits sit at Choice Financial Group and Column N.A., Relay's at Thread Bank, and Bluevine's at Coastal Community Bank and its program banks, all FDIC members. If your business takes cash, check how each provider accepts cash deposits before you choose, since none has a teller window.

Step 5: compare the monthly fee and how to avoid it

Fees read October 30, 2026 on each provider's own page.

The worked cost. A new business that cannot hold $2,000 every business day pays Chase's fee in every month it dips: $180 a year if it misses every month, by our arithmetic. Holding the balance avoids the fee but parks $2,000 that a new owner might need for inventory or payroll. An online account at $0 saves that $180, at the cost of having no branch to walk into. A business that takes $2,000 a month in card payments through Chase's own processing clears the waiver without holding the cash, which is the cheaper route for a shop already using Chase.

Step 6: fund the account and add signers

Bank of America warns that an unfunded account may be closed, so make the opening deposit the bank asks for straight away. Chase lets authorized signers be pre-authorized at opening but requires them to visit a branch with ID within 30 days, and it can give employees access to transact without making them signers. Once open, link the account to your card processor and accounting software, and route all business income there.

What changed: FinCEN dropped the BOI filing for US companies

The beneficial ownership information (BOI) report that FinCEN collects is no longer required from US companies. FinCEN's interim final rule of March 26, 2025 exempted them, and a final rule issued August 11, 2026 made the exemption permanent: US companies are no longer required to file BOI reports, according to FinCEN's page.

This change applies to the separate federal filing, not to the bank. A bank still asks for owner details when you open the account, as Chase's 10% owner list shows, so gather that information even though there is nothing to file with FinCEN.

Common mistakes that delay an account

• Applying for the EIN before the state approves your LLC, which the IRS says can delay the EIN.
• Starting an online application for a multi-owner LLC, which Chase routes to a branch anyway.
• Opening under a trade name without the DBA filing that ties it to your legal name.
• Picking a branch bank account with a balance waiver you cannot meet in the first months, then paying the fee every month.
• Paying a third-party website for an EIN that the IRS issues free.

How we built this guide

We read the IRS EIN page (last reviewed October 16, 2026), the SBA's business guide, Bank of America's and Chase's account opening pages, Chase's business checking page, Mercury's and Relay's pricing pages, Bluevine's checking page and FinCEN's BOI page on October 30, 2026. Fee totals are our arithmetic on printed fees. For accounts ranked by fee and APY, see our business bank accounts ranking, our guide to business checking accounts, our Mercury vs Relay vs Bluevine comparison, and our tables of monthly maintenance fees by bank and wire transfer fees by bank. Two no-fee accounts we track are Grasshopper Small Business Checking and Axos Basic Business Checking.

Sources: IRS, get an EIN, SBA, launch your business, Bank of America, how to open a business bank account, Chase, business account information, Chase business checking, Mercury pricing, Relay pricing, Bluevine business checking and FinCEN BOI.

Financeradar may earn a commission from some links; it never affects rankings (how we make money).

This page is general information, not personalized financial advice. Confirm the documents, opening deposit and fee waivers with the bank before you apply, because requirements vary by state, business type and bank.

Cite this: FinanceRadar, "How to Open a Business Bank Account in 2026: Documents, Steps and Fees," November 2026.

FAQ

What documents do I need to open a business bank account?

A tax ID (EIN, or SSN for a sole proprietor), a state formation document such as articles of organization or incorporation, a DBA certificate if you use a trade name, government ID for each signer, and details on each owner. Chase asks for owners with 10% or more, read October 30, 2026.

Can I open a business bank account without an EIN?

Yes, as a sole proprietor. Chase and Bank of America accept a Social Security number for a sole proprietorship. An LLC, corporation or partnership needs an EIN, which the IRS issues free and immediately online once the application is approved.

How much does it cost to open a business bank account?

Opening is usually free apart from any minimum deposit. The ongoing cost is the monthly fee: $0 at Mercury, Relay Starter and Bluevine, and $15 at Chase Business Complete unless you meet a $2,000 waiver, read October 30, 2026.

Can I open a business bank account online?

Usually, if ownership is simple. Chase accepts online applications from single-owner sole proprietorships, single-member LLCs and corporations with one authorizing representative; multi-owner businesses go to a branch. Online-only providers such as Mercury and Relay take every application digitally.

Do I still need to file a beneficial ownership report with FinCEN?

Not as a US company. FinCEN's final rule of August 11, 2026 made permanent the exemption first issued March 26, 2025, so US companies no longer file BOI reports. Your bank will still ask who owns the business when you open the account.

Should I get an EIN before forming my LLC?

No. The IRS says to form the LLC or corporation with your secretary of state first, then apply for the EIN, because an EIN application filed before the state filing may be delayed.