You’ll likely need business formation documents and personal ID to open a business account in addition to an EIN.
Without a Social Security number, can you open a business bank account?
If you don't have a Social Security number, you might want to use your EIN to open a business bank account.
If your business is an LLC, partnership, or corporation, your bank may not need your Social Security number as long as you have an EIN and other business formation documents.
Most of the time, though, sole proprietors need to give their Social Security numbers. If you aren't a U.S. citizen and don't have a Social Security number, banks may let you use other information to prove who you are.
For example, Relay business banking lets you apply with a passport, but you may have to answer extra questions about how your business makes money.
Bank of America, Chase, and Wells Fargo will work with non-residents who have a taxpayer identification number (ITIN).
Can someone with bad credit open a business bank account?
Yes, you can open a business checking account even if you have bad credit. Getting a bank account usually has nothing to do with your credit history.
But most banks also run a report called ChexSystems, which is like a credit check. A bad ChexSystems report could show things like bounced checks, overdraft fees, and accounts that were closed without the person's permission.
If banks think you are a high risk based on that information, they may not give you a loan.
There are banks that don't use this service, so you don't have to worry about giving personal information on a business account application. Here are some ways to open a business checking account even if you don't have a ChexSystems report.