How to Open a Commercial Bank Account

If you are starting your own business, you will need to open a commercial bank account with your bank. You should always keep your business account separate from your personal checking account.  When it goes to tax time, your taxes will be much easier to do with the accounts separated. It will only take you a few minutes to open a commercial bank account.

1. Get together your business license to take with you to the bank where you want to open a commercial bank account. You may need this document.


2. Navigate to the IRS website and obtain an Employee Identification Number (EIN).


3. Go to the bank where you want to open the account either in person or online. Most banks will have a commercial banking division that will help you open your account.


4. Tell the bank that you want to open a commercial bank account for your business. Decide if you want to open a checking account or savings account for your business. They will talk to you and ask you some questions. You will have to provide them with your EIN, name, business name, home and business address, home and business telephone numbers.  They may also ask you for your business license.


5. Give them the deposit that is required for this type of bank account. In most cases, you will have to deposit at least $2,500.00. If you do not have this kind of money for your bank account, you can open a second personal account to be used only for your business, or wait to open the account when you do get the funds needed.