How to Set Up a Business Bank Account
The first move after formation. What documents you need, which banks fit small businesses, and what fees to watch out for.
You need a business bank account the week your entity is formed — for your liability shield, your bookkeeping, and any future loan. Bring EIN + formation docs + operating agreement + ID. Most online business banks let you apply in 10 minutes.
What banks ask for
- EIN (Employer Identification Number). From the IRS. See our EIN guide.
- Formation documents. Articles of Organization (LLC) or Articles of Incorporation (Corp), filed with your state.
- Operating agreement / bylaws. See our Operating Agreement guide.
- Government ID for all 25%+ beneficial owners. Driver's license or passport. Required under FinCEN BOIR rules.
- Business address. Physical address, not a PO box for most banks. Registered agent address works.
- Initial deposit. $0–$25 for online banks, $25–$1,500 for traditional banks.
Comparing common business banks
Fees and features as of 2024–2025. Verify before opening — banks change terms.
Fees to watch for
Monthly maintenance
$0–$25/mo. Often waivable by minimum balance or activity. Online banks usually skip this entirely.
Wire transfer fees
$25–$50 outgoing domestic at traditional banks. Free at most online banks. International wires are $40–$70.
Cash deposit limits
Most online banks don't accept cash. Traditional banks usually free up to a threshold ($5K–$10K/mo), then $0.25–$0.50 per $100 over.
ACH limits
Daily or monthly caps. Mercury: $100K/day default. Chase: $5K/day default but raisable.
Why this matters beyond convenience
A separate business account is one of the cleanest ways to maintain the legal separation between you and your LLC/Corp. Without it, courts can pierce the corporate veil in a lawsuit — and your personal assets become fair game. See our Separate Business Finances guide for the full picture.
Common mistakes when opening
Using your personal SSN instead of EIN.
Get the EIN first. Banks will let you open with an SSN sometimes, but you lose tax clarity and 1099 issuance.
Opening at a bank that doesn't support your operations.
If you take cash, online banks won't work. If you need international wires, check the fee schedule. Don't learn this after switching.
Skipping the operating agreement.
Most banks require it for LLCs. Without one, you'll be turned away or asked to come back.
Listing your residence as the business address.
Acceptable but exposes your home address on public bank records. Use your registered agent address if you want privacy.
Open a business account in 5 minutes.
Pixelbase Business Banking is built for new businesses. No monthly fee, free domestic wires, physical and virtual cards, and full integration with bookkeeping, invoicing, and payroll — so every transaction is already categorized for tax time.