Every business needs a bank account for multiple reasons. A business bank account is important because it helps to protect the assets of the owners, by separating personal finances and business finances. Maintaining a bank account for your business also gives your brand credibility. As a business owner, it looks more professional to pay your vendors with a business check or have clients write checks to your business instead of to you as an individual.
Opening a business bank account is a standard process, regardless of where you choose to open it. You will need to bring your Driver’s License, EIN documentation, Articles of Organization/Incorporation, and Operating Agreement (if all owners are not physically present). If your business is a sole proprietorship, you will need your Driver’s License, EIN documentation, social security card and trade name registration.
The fees associated with business accounts vary depending on the level of expected revenue and activity. Most banks have a low-cost option for small businesses that require either a small monthly fee or monthly balance (to avoid the monthly fee).
