Opening a business bank account online is not 100% easy. Strange, especially nowadays, when it is easy to feel almost entitled to perform the necessary financial obligations completely online. Any business owner can easily apply for a credit card or even a business loan online. Can I open a business checking account online?
How to open a bank account online in 3 easy steps?
- Find out what type of account to open
- Find options for opening bank accounts for businesses
- When you find a match, enter your information
As the owner of a small business dealing with almost everything, you are not alone if you feel incredibly frustrated by the prospect of pulling into a bank branch to open a business bank account. That is why it is certainly worth considering how to open an online bank account in the comfort of your own office or home.
What you need to open a Business Checking Online account
Opening an online account to check your business was a labor-intensive process. First of all, you had to provide a lot of documents to let the bank know that your company is reputable. There were also provisions such as the US PATRIOT Act, which required banks to ensure that the identity of their account holders is certified. This can be a long process, especially since EINs can include more than one person.
Nowadays, opening an account for checking online businesses is much smaller. To such an extent that it is now a fairly simple and quick process. However, each bank has specific requirements for what you must provide to open an online business check account. In addition, the requirements for what you must provide vary depending on the type of business entity. In general, most banks will require you to provide at least some of the information below to open an online business check account.
- Identity card (driving license, social security number)
- Provide basic business information (EIN, address)
- DBA certificate or company statute
Why you should open a Business Checking Online account
There are a few things we commonly emphasize – but one is that every business owner should separate their business and personal finances. Opening an account to check online businesses is not only easy but also smart.
And even if you decide not to open an account for checking online companies, but instead opt for a traditional landline bank – remember:
- You need a separate bank account to separate company and personal finances.
- You can refuse a loan if you don’t have one.
- The process of opening a company bank account is simple when you have documents together.
Setting up an account to check your business is so important for your company’s health – and your mental health. Having one of them will help you get a reliable picture of cash flows, provide your company with a solid paper path to future business loan applications (especially if you are looking for a SBA gold loan) and provide you with a cornerstone about which other savings accounts, CDs or business credit cards may open in the future.