It is common for businesses to have a separate business checking account to handle cash and pay bills. However, if you are a new business or are making the switch to a new bank/credit union, then you will be required to show various types of documents.
With that being said, you may be wondering What Are Business Checking Account Requirements? If you’re interested in finding out then keep reading!
Table of Contents
With opening anything, the bank/credit union will need to confirm your identity. Therefore, make sure that you bring along a government issued picture ID such as a driver’s license, passport, etc. Also read up on some Simple & Reliable Solutions for Your Business!
Legal Incorporation Documents
If your business has multiple owners or functions on a board-advisory basis then the institution will require documentation granting the account opener the right to access funds and transactions. So, it is crucial that you bring along your state filed articles of incorporation in order to open your business checking account. Also, whether you are an LLC or an individual proprietor, bank officials will typically need to see your current business license. Make sure to also check out Ways to Get the Most Out of Your Bank!
DBA Name Registration
If you intend to do business under a different name other than your own legal name, or if you are incorporated under one name and want to operate under another name, you’ll also need to bring the proper documentation of your Doing Business As (DBA) name. So, if you’re interested in making the switch, make sure to read up on our How to Switch Banks.
Tax Identification Number
Your business’ employment identification number, also known as the tax identification number, is a key tool for tax management and paying employees so make sure to bring this to your business banking appointment. If you are a sole proprietor, you can use your own social security number for business tax purposes.
Business Card Options
See example of this section Here!
The Chase Ink Business PreferredSM Card offers 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
You'll earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year; 1 point per $1 on all other purchases - with no limit to the amount you can earn. Furthermore, points are worth 25% more when you redeem for travel through Chase Ultimate Rewards.
This card does come with a $95 annual fee but does not have any foreign transaction fees.
The Chase Ink Business CashSM Card offers $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
You'll earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, & % cash back on all other card purchases with no limit to the amount you can earn.
This card comes with no annual fee. You'll be able to take advantage of employee cards at no additional cost & the 0% introductory APR for 12 months on purchases.
The Ink Business UnlimitedSM Credit Card offers $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
You'll earn an unlimited 1.5% cash back on every purchase made for your business and you'll receive employee cards at no additional cost.
This card carries no annual fee and you'll have the opportunity to take advantage of a 0% introductory APR for 12 months on purchases
There are many Advantages of a Business Checking Account so take the steps above in order to open yours! There are various steps required to open your account, however it is crucial that you have a separate account for your business.
Also, if you are not interested or looking for other alternative options, find more of the Best Business Bank Bonuses from our list of nationwide savings accounts! If you’re interested in what more Chase has to offer, see our list of the Best Chase Credit Card Deals & Chase Promotions!
|Chase Business Complete BankingSM: Earn $300 bonus when you open a new Chase Business Complete BankingSM account and deposit $2,000 or more in new money within 20 business days & maintain that balance for 60 days, and complete 5 qualifying transactions within 60 days. Chase offers financial products and services that let you bank when and how you want. Get Coupon---Chase Business Checking Review|
|Huntington Unlimited Plus Business Checking: Earn $750 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 60 days of account opening. The $750 bonus will be deposited into your account after all requirements are met. This account is for larger businesses with high monthly transaction volume. Apply Now---Huntington Unlimited Plus Business Checking Review|
|Huntington Unlimited Business Checking: Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make total deposits of at least $5,000 within 60 days of account opening. The $400 bonus will be deposited into your account after all requirements are met. This account is for businesses with higher checking activity and greater cash flow needs. Apply Now---Huntington Unlimited Business Checking Review|
|Huntington Business Checking 100: Earn $200 bonus when you open a Huntington Business 100 Checking account and make total deposits of at least $2,000 within 60 days of account opening. The $200 bonus will be deposited into your account after all requirements are met. This account is ideal for start-ups and small businesses with lower balances and checking activity. Apply Now---Huntington Business Checking 100 Review|
|Axos Bank Basic Business Checking: Earn $100 bonus when you open a new Axos Bank Basic Business Checking Account and have average daily balance of the account must be at least $2,500 in the first two months after account opening. Business must be incorporated after 6/01/2020 and application must be submitted before 11:59pm on 3/31/2021 to qualify.
Apply Now---Axos Bank Business Checking Review