You can acquire a business account for cashing third-party checks at any bank that offers business checking. When a check is issued to someone and signed over to another party, it is a third-party check. A check is bearer paper, meaning it is freely transferable to whoever holds the check. Once the second party writes “pay to the order of” on the back of the check, the new owner can then sign and cash it.
Choose a bank. Review the business account package for each of several banks online. Decide which has the best fees, balance requirements, interest rates and other features.
Apply for an Employer Identification Number online. The EIN is how the government identifies a business entity. It is used like a Social Security number for the business. Apply online for free to get an EIN number from the Internal Revenue Service.
Call the bank with the preferred business account. Ask a representative what paperwork is necessary to open an account. Verify the bank accepts third-party checks and ask if an appointment is needed.
Prepare the paperwork. Gather all the paperwork needed to prove your business exists. Copy the Articles of Corporation, the EIN print-out, your state driver’s license and any other paperwork listed by the representative.
Go to the bank. Bring all the paperwork requested by the bank. Review the terms and conditions at the bank, and sign the paperwork. Receive a copy of the terms and the new business bank account number.