🇺🇸 United States · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
To open a U.S. business bank account you generally need an EIN, your formation documents, ownership / beneficial-owner information, and ID for the signers. Banks run KYC (identity) and anti-money-laundering checks. Requirements vary by bank, business structure and owner residency. Non-residents can often open an account, but some banks require a U.S. address, a U.S. phone number, or an in-person visit. Personal accounts follow similar identity checks but use personal ID and a Social Security Number (SSN) or ITIN.
The U.S. has no single national account-opening registry. Banks are chartered and supervised by the OCC (national banks), the Federal Reserve (bank holding companies) and the FDIC (which insures deposits), alongside state regulators; the CFPB handles consumer complaints. FDIC insurance covers eligible deposits up to a standard limit of $250,000 per depositor, per insured bank, per ownership category — it does not cover stocks, bonds, mutual funds, crypto or other investments.
- Common account types: business checking (daily payments, payroll, ACH and wires), business savings (operating reserves), merchant services (accepting card payments), plus business debit/credit cards and online banking.
- An EIN (Employer Identification Number) is the federal tax ID for a business; most business accounts require one. It is issued by the IRS and is free to obtain.
- Banks must verify the identity of legal-entity customers and their beneficial owners under FinCEN customer due-diligence (CDD) rules, and monitor the relationship on an ongoing basis.
- FDIC insurance applies to deposit accounts (checking, savings, money-market deposit, CDs) — not to investment products. The standard limit is $250,000 per depositor, per insured bank, per ownership category.
- Non-resident / foreign-owned businesses: a U.S. LLC does not guarantee remote account opening. Banks may require beneficial-owner verification, a passport, a U.S. address/phone, proof of business activity, or an in-person branch visit. Fintech account providers are often more accessible to non-residents.
- Fintech "accounts" are usually held at partner banks — confirm whether and how deposits are FDIC-insured, and that the provider is the right fit for wires, multi-currency and merchant needs.
- Personal bank accounts: individuals typically open an account with government ID and a Social Security Number (SSN), or an ITIN if not SSN-eligible; non-residents may need a passport, proof of address and sometimes an in-person visit. The same KYC checks apply.
- For problems with a bank or financial product, complaints can be submitted to the CFPB.
Step-by-step
- 1
Register your U.S. business
Form an LLC, corporation, branch or subsidiary in your chosen state.
- 2
Get an EIN from the IRS
Apply for the free federal tax ID; most banks require it to open an account.
- 3
Prepare formation & ownership documents
Articles of organization/incorporation, operating agreement/bylaws, beneficial-owner details and owner ID.
- 4
Choose a bank or fintech provider
Compare fees, wire/ACH support, multi-currency, branch access and non-resident eligibility.
- 5
Complete KYC & beneficial-owner verification
Provide identity documents and answer source-of-funds / business-activity questions.
- 6
Fund the account & set up payments
Make the initial deposit, then enable ACH, wires, cards and merchant services as needed.
Checklist
- Employer Identification Number (EIN)
- Articles of Organization / Incorporation
- Operating Agreement or Bylaws
- Business license (if applicable)
- Owner passport or government ID
- U.S. business address
- Beneficial-owner information
- Proof of business activity
- Initial deposit
Official authorities
- SBA — Open a business bank account
Official small-business guide to opening an account.
- IRS — Employer Identification Number (EIN)
Apply for the free federal tax ID.
- FDIC — Deposit insurance
What is and isn't covered, and the $250k limits.
- OCC
Regulator of national banks and federal savings associations.
- Federal Reserve
Bank holding companies, payments system, monetary policy.
- FinCEN — Customer Due Diligence (CDD) rule
Beneficial-owner identification requirements for banks.
- CFPB — Submit a complaint
Consumer financial protection and complaints.
Frequently asked questions
Can a foreigner open a U.S. business bank account?
Often yes, but it depends on the bank. Many banks verify beneficial owners and may require a U.S. address, a U.S. phone number, an EIN, business documents, or an in-person visit. Fintech providers are frequently more accessible to non-residents.
Do I need an EIN to open a business bank account?
Most U.S. business bank accounts require an EIN. It is the federal tax ID for a business, issued free by the IRS and used for tax filing, payroll, licenses and account opening.
Can I open a U.S. bank account remotely?
Sometimes. Some banks and most fintech providers support remote onboarding, but others require an in-person branch visit, especially for foreign owners. Always confirm the bank's current policy.
Is my business deposit FDIC insured?
Eligible deposits at an FDIC-insured bank are covered up to $250,000 per depositor, per bank, per ownership category. Investments such as stocks, bonds, mutual funds and crypto are not FDIC-insured.
What is the difference between ACH and a wire transfer?
ACH is a low-cost batch network for domestic payments (payroll, vendor payments) that typically settles in 1–2 business days. A wire transfer is sent individually, usually same-day, and is used for larger or international payments — usually at a higher fee.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Top Commercial Banks
- 1 JPMorgan Chase Bank, NA Megabank
Largest U.S. bank by assets; retail, commercial, and investment banking.
- 2 Bank of America, NA Megabank
Second-largest U.S. bank; nationwide branch and ATM network.
- 3 Citibank, NA Megabank
Strong global and cross-border banking; one of the largest U.S. credit-card issuers.
- 4 Wells Fargo Bank, NA Megabank
One of America's Big Four; leading in mortgage and consumer banking.
- 5 U.S. Bank, NA (U.S. Bancorp) Megabank
Fifth-largest U.S. commercial bank; strong in corporate payments and trust services.
- 6 Goldman Sachs Bank USA Commercial
Investment-banking leader; retail banking via the Marcus brand.
- 7 PNC Bank, NA Commercial
Major Mid-Atlantic and Southeast retail and corporate bank.
- 8 Capital One, NA Commercial
Technology-forward bank; one of the largest U.S. credit-card issuers.
- 9 Truist Bank Commercial
Formed from BB&T and SunTrust merger; Southeast and Mid-Atlantic focus.
- 10 Charles Schwab Bank Commercial
Brokerage-led bank with no ATM fees; popular with investors.
- 11 TD Bank, NA Commercial
U.S. subsidiary of Canada's TD Group; strong retail presence on the East Coast.
- 12 Citizens Bank, NA Commercial
New England–headquartered regional bank; consumer and business banking.
- 13 Fifth Third Bank Commercial
Midwest-based; strong in commercial lending and treasury management.
- 14 M&T Bank Commercial
Mid-Atlantic community and commercial bank known for relationship banking.
- 15 Huntington National Bank Commercial
Midwest-focused retail and small-business bank.
- 16 KeyBank, NA Commercial
Midwest and Mountain West retail and corporate bank.
- 17 Regions Bank Commercial
South and Midwest consumer and corporate banking.
- 18 Ally Bank Digital
Online-only bank known for high-yield savings and no monthly fees.
- 19 First Citizens BancShares Commercial
Expanded significantly after acquiring Silicon Valley Bridge Bank in 2023.
- 20 New York Community Bancorp (Flagstar) Commercial
Multi-state bank formed from NYCB–Flagstar merger; strong in multifamily lending.
Bank ordering: FDIC Statistics on Depository Institutions (public domain). Ordered by approximate total assets.
Credit Cards
JPMorgan Chase
3× dining & travel points; flexible redemption via Chase Travel; strong sign-up bonus.
Annual fee: $95/yr
JPMorgan Chase
3× travel & dining; $300 annual travel credit; Priority Pass lounge access.
Annual fee: $550/yr
American Express
5× on flights booked via Amex Travel; extensive airport lounge access; hotel status perks.
Annual fee: $695/yr
American Express
4× at restaurants; 4× at U.S. supermarkets (up to $25k/yr); $120 dining credit.
Annual fee: $250/yr
Citibank
Flat 2% cash back on every purchase (1% on buy, 1% on pay).
Annual fee: $0
Capital One
2× miles on every purchase; 5× on hotels and rental cars via Capital One Travel.
Annual fee: $95/yr
Wells Fargo
Flat 2% cash rewards on all purchases; no category restrictions.
Annual fee: $0
Discover
5% on rotating quarterly categories; 1% on all other purchases; first-year cash-back match.
Annual fee: $0
JPMorgan Chase
5% on office supplies and internet/phone/cable (up to $25k/yr); no annual fee.
Annual fee: $0
American Express
5× on flights and hotels via Amex Travel; lounge access; 35% points rebate on business-class.
Annual fee: $695/yr
Cards: Editorial overview of widely-known products. Not a recommendation — verify terms at issuer sites.
Tools & platforms
Government portals
- The White House — Official residence and office of the US President — executive orders, policy briefings, press releases
- U.S. Department of State — US passport and visa services, travel warnings, embassy information worldwide
- Internal Revenue Service (IRS) — Federal tax filing, refund status, ITIN/EIN applications, and Free File program
- USCIS — Green card, H-1B and work visas, naturalization, immigration benefits, and case status