How To Open A Business Bank Account Online?

Opening a business account online is one of the first steps that an business entrepreneur should take, and this guide goes through the simple steps of how to open a business bank account online:

Decide on the type of bank account and services

You need to assess your needs to choose the best option for your business. This will be based on the number of monthly transactions required, the minimum balance you can afford to retain and whether you need services such as online bill payment, lockbox, etc. While there are many types of bank deposit accounts available, you will most likely need to open at least a business checking account for daily transactions.

Collect relevant information about your business

Banks will require some basic information on businesses before they open business checking accounts. These may include your Employer Identification Number (EIN), your SSN, as well as your own prior bank statements. You can have these handy to speed up the process to open business bank account online.

Open the bank account online

Go to the URL for the bank you have chosen to open business bank account online, and look for the button indicating a new signup. Go through the account opening requirements and ensure that you order all appropriate supplies such as check books, deposit slips, etc. Also ensure that you obtain bank routing and account information on setting up bank direct deposit for any employees you may have on your payroll.

Verify Account Opening

While no face-to-face interaction is required when you open business bank account online, you should call in to your online bank 3-5 business days after submitting your request to ensure that the account has been opened, or if the bank requires any other information from your end to complete the process