F.A.Q.
Small Business Checking Frequently Asked Questions
1. Where can I open a Small Business Checking Account?
You can open a small business checking account at nearly all major banks including Bank of America, Capital One, WellsFargo, Chase, CitiBank and Wachovia who have locations througout the country. Also local banks in rural areas should allow you to open small business checking and savings accounts.
2. What is required to open a Small Business Checking Account (ie.. paperwork, ID)?
Requirements are pretty standard from bank to bank. First, a Tax Identification Number is needed for all types of business. This is how the IRS keeps track of your business. If you are operationg a Sole Proprietorship or soley owned LLC you can use a Tax Identification Number or the owners Social Security Number. Second, If you are doing business as another name (DBA) you are required to have a Assumed Name Certificate. Third, for Corporations, Partnerships and LLC’s you will need the Articles of Incorporation (Corporations), Articles of Organization (LLC), or Partnership Agreement (Partnerships). Fourth, its also a good idea to bring your Drivers License or state issued ID for identification purposes.
3. Is a Social Security Number required to open a Small Business Checking Account?
Yes, every person who opens an account is required to show a Social Security Card.
4. How much time will it take to open a Small Business Checking Account?
The time it takes to open a Small Business Checking Account will vary from bank to bank depending wait times, amount of staff on hand and how well you have your paperwork in order. You should expect at least thirty minutes to an hour and maybe less if there is no wait and plenty of bank staff to help you.
5. Is Online Banking available with Small Business Checking Accounts?
Yes, most if not all major banks have some type of Online Banking available.
6. What is the minimum amount needed for deposit when opening a Small Business Checking Account?
Most Small Business Checking Accounts can be opened with a minimum of $100 although it will vary from bank to bank.
7. Can I open my Small Business Checking Account online?
Yes, most major banks allow you to open your small business checking account online through their website.
8. Is there more than one type of Business Checking Accounts?
Yes, banks usually offer a variety of checking accounts options to suit your small to medium size business needs. Most banks offer a Basic Business Checking Acccount, Small Business Checking Account and Commercial Checking Accounts for larger businesses. As your business grows your classification and/or account should be upgraded to reflect the size of your business.
9. Are there Banks offering Free Small Business Checking?
Yes, most banks offer Free Business Checking if your account keeps a minimum balance of money at all times.
10. When I open a Small Business Checking Account Will I receive Business Checks and a Business Check Card?
Yes, most banks will offer you the option of Business Checks and/or a Business Check Card at the type of the account opening.