How to Open Your Business Checking Account at a Bank

Opening a business checking account is not complicated.

If you are in the process of establishing your own business, one of the most important steps is setting up a business checking account. It's important to keep your personal accounts separate from your business accounts for tax purposes, and it is relatively easy to set up your business checking account. Take the time to review the options available to you through your local bank as well as through online banks.

Things You'll Need

• Business license
• Assumed business name document
• Initial deposit

Instructions

1. Obtain a business license or register your assumed business name. You will need to present documentation for one of these two items to the bank in order to open a business checking account.

2. Research the different options various banks offer. Each bank has different features and incentives -- such as interest checking or free business checking -- so weigh the account features to choose the one that is right for you.

3. Search online for a business checking account. You may be able to get a better deal or additional Web-based features at online banks as opposed to traditional brick-and-mortar banks. Keep in mind what features will be most useful to your business operation.

4. Go to the bank, if it is local, taking your business documentation with you and the funds required to finance the account. You will sit down with a bank representative who will help you open you business checking account.

   Submit your online application for an Internet bank, and upload any necessary documentation. The application may include information for funding the account via electronic transfer. Be sure to ask for assistance if you have any questions.

5. Purchase checks for your new business checking account if your bank does not include them. This usually is done during the process of opening your account, and any cost can be deducted from your initial account deposit.

Tips & Warnings

• If you will be doing a lot of deposits, you will also receive deposit bags from the bank.

References

• Entrepreneur; Establishing a Business Bank Account; Amy Rauch Neilson; July 2002
• Inc.; How to Choose the Right Bank for Your Small Business; Christine Lagorio; March 2010