What Is Needed To Open A Business Bank Account

When opening a business checking or savings account all banks are required to obtain information verifying the business as well as the individuals associated with the business.

What is needed to open a business bank account.

Overdraft protection for peace of mind. Opening a business bank account might seem far from the most glamorous tasks that business owners need to tackle but it is essential to your business s success. It s also a vital consideration for your taxes according. Opening a business bank account can help you improve your cash flow by separating your business and personal finances.

To link your business card account to your business advantage checking account please visit your local financial center or call 888 business 888 287 4637. You ll still need identification and personal details such as your social security number and a valid government issued id. Protect your cash flow and eliminate costly overdraft charges with a business reserve line an unsecured line of credit 1 2 up to 5 000 that is linked to your u s. Having a business bank account makes you look professional to your clients keeps your business and personal funds separate and can help you qualify for financing when the time comes.

See the common fees for this account pdf. Bank branch to open a checking account. A business bank account helps you stay legally compliant and protected. Net new purchases must post to that card account to qualify.

You can visit any u s. Your business reserve line will automatically advance available funds into your business checking account whenever the balance falls below zero helping you. Effective with the fee period beginning after october 8 2020 the terms of the account are changing. Bank business checking account.

Open a business account when you re ready to start accepting or spending money as your business. You can also call a u s. To open an account you ll need to follow a six step process that includes choosing the right type of account finding the best bank for you understanding the costs gathering the required documentation submitting your application and. Bank representative at 800 398 0371 to ensure you have everything you need to open a checking account or other bank account.

What you ll need to open a business banking account depends much on your business structure and the account you open. As a sole proprietor usually you ll just need your identification such as a driver s license a social security card not just the number but the card as well and to fill out any forms required by the bank. Opening a business bank account for your new endeavor doesn t just serve to legitimize your business idea and make you a real business. Spend 2 500 or more in net new purchases each card billing cycle using a linked bank of america business credit or charge card.