How to Open a US Business Bank Account Online in 8 Easy Steps – Who would have thought that opening a bank account could be so easy? Thanks to the internet, you can open up an account in just minutes, without ever leaving your home or office. Below is how to open a US business bank account online in eight easy steps.
Step 1: Choose the Type of Bank Account
When you’re ready to open a business bank account, the first step is to decide which type of account is right for your business. The most common types of business bank accounts are business savings accounts, business checking accounts, and merchant services accounts.
Step 2: Fill Out the Necessary Account Opening Paperwork
Before you can open a business bank account, you’ll need to have the following paperwork:
1. Your business’s Employer Identification Number (EIN)
2. A completed Certificate of Formation or Articles of Incorporation
3. A DBA (Doing Business As) certificate, if you’re using a trade name
4. A government-issued ID, such as a driver’s license 5. Proof of your Social Security number
6. Proof of your residency in the state where you’re opening your business bank account 7. If applicable, proof that you are authorized to work in the US
8. Photos and signatures for all owners/partners and authorized signers on the new account \9. Documentation showing the company is doing business in its state
10. Documents proving the company has assets
Step 3: Call up your Financial Institution
Now that you have an EIN, you’re ready to open up a business bank account. This is an important step because it will help you keep your personal and business finances separate. Plus, it will make it easier for you to track your expenses and income. To open a business bank account, you’ll need to call up your financial institution and let them know that you’re ready to open an account for your business. They’ll likely ask for your EIN, so have that handy.
Step 4: Deposit Funds and Verify Your Identity
The next step is to deposit funds into your account. You can do this by transferring money from another account or by using a debit or credit card. Once the funds have been deposited, you’ll need to verify your identity. This can be done by providing your Social Security number, driver’s license, or passport.
Step 5: Change Over Your Bank Account Transactions
You will need to change over all of your transactions from your personal account to your new business account. This includes setting up any recurring payments you have set up, as well as transferring any money you have already saved. To do this, you will need to log into your old bank account and cancel any automatic payments. Then, you will need to set up your new business account with the same vendor and re-enter your payment information. Finally, you will need to transfer any money you have saved into your new account.
Step 6: Comply with Bank Account Operational Requirements
In order to open a business bank account online, you’ll need to comply with some operational requirements. The first requirement is that you have a business entity registered with the state in which you want to open your account. The second requirement is that you have an Employer Identification Number (EIN) from the IRS. The third requirement is that you have a physical address for your business. The fourth requirement is that you have a website for your business.
Step 7: Keep an Eye on Your Bank Account Statements
Once you’ve opened your business bank account online, you’ll need to keep an eye on your statements. This will help you keep track of your spending and make sure that everything is running smoothly. Here are a few things to look out for -Bounced checks: These could be a sign that there’s something wrong with the account, so it’s best to contact the bank as soon as possible.
-Unusual activity: For example, if you suddenly start getting many ATM withdrawals or checks written against the account when this wasn’t happening before, it could be because someone has taken over access to the account without your knowledge. Contacting the bank right away can help stop unauthorized transactions from taking place.
Step 8: Complain if Necessary
If you encounter any problems along the way, don’t hesitate to reach out to customer service. Hopefully everything will go smoothly, but it’s always better to be safe than sorry. Knowing how to open a business bank account online is a valuable skill for any entrepreneur. With a little bit of effort, you can be up and running in no time. Use these steps as your guide to opening a US business bank account online.