Opening a U.S. Business Bank Account

Opening a dedicated business bank account is one of the most important steps in running a legal and professional business in the United States. It keeps your personal and business finances separate, which is required for taxes, accounting, and protecting your personal assets (especially in an LLC).

What You’ll Need to Open a Checking Account

To open a U.S. business bank account, you’ll usually be asked for:

• EIN (Employer Identification Number) – get it free at https://www.irs.gov
• A physical address – a residential or business address (cannot be a PO Box)
• Business formation documents – like your LLC certificate or Articles of Incorporation
• Personal ID – typically a passport, visa, or driver’s license

Some banks may also ask for:

• Your business license (for certain trades)
• A copy of your Operating Agreement (for LLCs with more than one member)

Top U.S. Banks for Business Checking:

• Chase (very immigrant-friendly): https://www.chase.com/business/checking
• Bank of America: https://www.bankofamerica.com/smallbusiness/deposits/business-advantage-banking/
• Wells Fargo: https://www.wellsfargo.com/biz/checking/

Tip: Many of these banks waive monthly fees if you keep a minimum balance (usually $500–$2,000).

Online Banks (great for e-commerce and freelancers):

• Bluevine: https://www.bluevine.com/business-checking/ (no fees, high interest)
• Novo: https://www.novo.co/ (designed for small and online businesses)

Why It Matters:

• It protects your personal money in case of legal or tax issues.
• Makes tax filing and accounting much easier.
• Allows you to accept card payments, PayPal, and deposits in your business name.
• Builds a business banking history, which helps you qualify for loans later.

Real-World Example:

In 2024, over 200 immigrants opened business bank accounts within their first month of arrival. By separating finances early, they avoided over $1,000 in penalties and bookkeeping confusion—and were eligible for small business loans within the first year.

Common Mistakes to Avoid:

• Using your personal bank account for business (can disqualify you from deductions or protection).
• Forgetting to match your business name exactly on all documents.
• Not checking transaction fees, especially for international payments or card processing.