How to Open a Corporate Bank Account

Documents Banks Typically Require

Most banks ask for a consistent set of documents to open a corporate account, though exact requirements vary by bank:

• Approved Articles of Incorporation, the state-stamped or certified document confirming your corporation legally exists.
• EIN confirmation letter, the notice the IRS issued when you applied for your Employer Identification Number.
• Corporate bylaws, which banks use to confirm how the corporation is governed and who has authority to act on its behalf.
• A board resolution or banking resolution, specifically authorizing the account and naming the officers who can open and manage it.
• Personal identification, such as a driver's license or passport, for each authorized signer.

Call ahead or check the bank's business banking page before your appointment, since some banks require an in-person visit to open a corporate account while others allow it online.

The Banking Resolution: A Corporation-Specific Document

Unlike an LLC, which banks often accept an operating agreement from, a corporation typically needs a specific banking or corporate resolution: a short document, adopted by the board of directors at a meeting or by written consent, stating that the corporation authorizes opening an account at a named bank and identifying which officers, such as the president or treasurer, have signing authority. Keep a signed copy in your corporate records in addition to giving one to the bank.

Why You Need an EIN

Every corporation needs an Employer Identification Number to open a bank account, file taxes, and hire employees, regardless of how small the business is. Apply for one free through the IRS's online application once the state approves your Articles of Incorporation; it's required information on nearly every bank's corporate account application.

Banks Verify Your Corporation's Beneficial Owners

Separate from any state or IRS filing, FinCEN's Customer Due Diligence (CDD) rule requires banks to identify and verify the beneficial owners of a legal entity customer, including a corporation, when it first opens an account at that institution. As of a February 2026 FinCEN exceptive relief order, this verification generally happens once per banking relationship rather than at every new account, so a corporation that already has an account at a bank typically doesn't need to re-verify beneficial ownership each time it opens an additional account there. Expect the bank to ask for the name, date of birth, address, and identification number of each individual who owns 25% or more of the corporation's stock, along with one individual with significant control over it.

This Is Different From BOI Reporting to FinCEN

The bank's beneficial ownership questions are separate from the Beneficial Ownership Information (BOI) report that the Corporate Transparency Act originally required many corporations to file directly with FinCEN. Under a 2026 FinCEN final rule, domestic companies, including corporations formed under U.S. state law, are exempt from that BOI reporting requirement; only certain foreign companies registered to do business in the U.S. remain subject to it. Your bank's own beneficial ownership verification at account opening still applies regardless of this change.

Who Can Be an Authorized Signer

The board resolution typically names specific officers, not every shareholder or director, as authorized signers, since signing authority over bank accounts is usually treated as an officer-level, day-to-day management function rather than a board-level or shareholder-level one. A sole owner who serves as the corporation's only officer can name themselves as the sole authorized signer.

Why a Separate Business Account Matters

Opening a dedicated account for your corporation, rather than running business income and expenses through a personal account, supports the liability protection the corporate structure is meant to provide. Commingling business and personal funds is one of the clearest ways a court can find that a corporation isn't being treated as a genuinely separate entity, which can undermine the protection against personal liability that incorporating was meant to secure.

Choosing a Bank

Compare monthly fees, minimum balance requirements, transaction limits, and whether the bank offers services your business needs, such as merchant payment processing or payroll integration. A bank that's used to working with corporations, rather than only sole proprietors, may handle your officer and resolution paperwork more smoothly.

Keep the Account Strictly for Business Use

Once opened, run all business income and expenses through the corporation's account, and avoid using it for personal purchases or informal transfers to a personal account. Consistent separation matters more over time than how the account was opened in the first place.

Update the Bank When Officers or Directors Change

If an authorized signer leaves the company or a new officer is appointed, adopt a new banking resolution and notify your bank promptly. An account that still lists a former officer as an authorized signer can create confusion or delay if that person is no longer with the business.

Online-Only Banks May Have Different Requirements

Some online-only or fintech banking platforms serve corporations with a simplified application process, but they're still subject to the same federal beneficial ownership verification rules as a traditional bank. Confirm an online bank is FDIC-insured, through its own charter or a partner bank, before relying on it for your corporation's funds.

This Isn't Legal or Tax Advice

Beneficial ownership rules, BOI reporting status, and bank-specific documentation requirements can change. Confirm current requirements directly with your bank, and talk to a business attorney if your ownership or management structure is complex.