How long does it take to open a business bank account? That is the question on every business owner’s mind. In the past, you had to visit a local branch of a bank and present documentation proving your identity and ties to your business. These proofs could include your social security number or supplementary identification documents. Other documents you may be required to present include your business’s EIN number or articles of incorporation.
When it comes to business bank accounts, you need to consider the type of account you’ll need. Some of the business bank accounts have minimum balance requirements. Depending on the bank, these requirements may be daily, monthly, or both. If you plan to open several business accounts, check if each bank’s requirements are the same or different. A business bank account should also be flexible, so you can open multiple accounts without having to deal with different banks.
While opening a business bank account may seem complicated, it’s not difficult and should take just 15-30 minutes. In some cases, you may have to visit the bank’s physical offices in order to sign up for an account. If you’re looking for a convenient and hassle-free business bank account, you can go for an online bank account. Applying online for a business bank account should not take you long.