In the past you had to walk into a bank with a stack of papers in hand to request the opening of a business bank account. Some banks now let you do it online. You need the same paperwork that would have to take a branch, except that the application is often faster and more efficient (especially for the busy business owner).
A business bank account is for an organization like a bank account is for one person. The main difference between the two is that in most cases the name placed on the trading account is fictitious (DBA [doing business as – doing business on behalf of]). Commercial bank accounts will also be offered to the owner different privileges such as the ability to request a debit card for an employee or big checks from customers.
When you take out a company, it is important to establish a separate reasons many commercial bank account. One is that you can manage your business finances more efficiently instead of mixing with your personal accounts. When you request a payment from a customer, you can give your business number to write on the check instead of giving your personal name, which is more professional.
Open a business bank account also has intangible benefits. Jan Norman The author says “a commercial bank account helps you psychologically to see your business like a real business and yourself as a real business owner.” As you can now begin the process of an online account is almost no reason why you could not handle this little detail of starting a business account.
Before opening a bank account, you need to register your business in the state. This includes getting your paperwork basic business registration, articles of incorporation (if you registered as a corporation), the fictitious name certificate presented and a business license (if applicable). You also need an Employer Identification Number or Social Security number, as well as official government identification to open a business bank account.
Submit your request online commercial bank account is similar to sit in front of a bank representative. Enter your business contact information (including name listed on your forms DBA fictitious name), tax identification and details on the type of business you plan to conduct. Once you finish completing the application, you must send it by fax, mail or bring it to the bank. The lender will also require you to sign a signature card to receive and then give it back by mail or fax. In some cases, you have to visit a branch in a few days to sign the card.