To open a checking account, you’ll need to verify some basic facts about yourself or your business to satisfy banking legal regulations and fund the account. One of the best ways to prepare for opening a personal or business checking account is to make sure you have the required documents on hand before you go to a bank branch or online to set up the account.
So, what do you need to open a checking account? First, find out which documents banks require from you to open a checking account. Generally, you’ll need your ID and Social Security number, plus funds for the account, but some banks require additional documents. Next, follow the bank’s steps online or at a branch for how to open a bank account, such as by filling out an application. Make sure you research the best checking accounts and choose one that suits your financial situation.
Checking Account Basics
Banks offer a variety of checking accounts to meet different customers’ needs. Chase, for example, offers four different checking accounts, including student checking accounts and premium accounts that earn interest.
Many banks allow you to apply for a checking account three ways: in person, over the phone or online. Your bank or credit union’s website should provide the appropriate phone number, a link to an online application or a tool for finding a local branch to visit. Follow the instructions from the financial institution of your choice to apply for your preferred account.
Related: How to Open a Bank Account Online
How to Open a Personal Checking Account
Before you head to the bank, make sure you know the answer to the question, “What do I need to open a bank account?” You’ll be required to provide personal information and sign off on legal disclaimers. Although you don’t always need physical documents, you will need the following information:
- Current address
- Social Security number
- Account information to transfer an initial deposit or a check or cash to make the minimum opening deposit
- Information for any joint account holder
You’ll need the same information whether you apply in person, over the phone or through the financial institution’s online banking platform. You can fund your opening deposit with money from another account, cash, a check or even a credit card at some banks. Some banks offer promotional bonuses for account holders who set up direct deposit.
How to Open a Business Checking Account
Applying for a business checking account can be a lengthier process and requires additional documents. Whether you open a business checking account or business savings account, banks must provide documents to government agencies that verify your business and the people affiliated with it.
These are the documents needed to open a business bank account:
- Authorization for information and certificate of authority
- Certification regarding beneficial owners of legal entity customers
- Business license
- Tax ID
You should be prepared to submit supplemental documents, depending on the type of business. Wells Fargo, for example, requires different documentation for:
- Sole proprietors
- General partnerships
- Limited partnerships
- Limited liability partnerships
- Limited liability companies
- Civic groups
Each bank has different requirements. Here are examples of other documents — in addition to business license and tax ID — required by large U.S. banks.
|Bank||Documents Needed to Open a Business Checking Account|
|Bank of America||Depends on type of business|
|BB&T||Current bank account number, home address, SSN|
|Capital One||Proof of age 18+, proof of U.S. citizenship or permanent residency|
|Chase||Supplemental documentation listing the owner, assumed name application or filing receipt application, published newspaper entry|
|Huntington Bank||Employer identification number, assignment letter, assumed name certificate or fictitious name certificate|
|PNC||Secondary ID, SSN of owner, fictitious name registration, certificate of assumed name, registration of alternate name or assumed name registration|
|Wells Fargo||Authorization for information, certificate of authority, certification regarding beneficial owners of legal entity customers|
A valid checking account is necessary for every financially healthy business and individual. If you want to open a personal account, gather your documents before you apply. If you need to open a business account, find out exactly what your bank requires for the type of business you run.