How to Open a Bank Account for a Business

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Opening up a bank account for a business requires supplying the EIN number, which is assigned to each business, and forming a partnership with the bank. Build a relationship with the bank, both financially and personally, with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial adviser Patrick Munro talking about how to open a bank account for a business. Opening a bank account for a business is an excellent source of credibility. And to do so, you must have a LLC or a partnership legally formed. That's the best route to go. When you go to the bank, make sure you have your EIN number, which was given to you at your incorporation from your attorney, and this will form the basis of your signature card at the bank. You're able to open up a deposit relationship with the bank, and they will set everything up for you. And then you can essentially move forward with your relationship at the bank. Make sure that there are signing officers on the signature cards there so that if one partner's not able to sign, the other one will. This way, all partners are known to the bank, and make sure you take the time to know your bankers. You can start building a long relationship with them as soon as they see that you keep your account up in good status. This is Patrick Munro, financial adviser, talking about how to open a corporate bank account.


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