Ready to Open a Business Checking Account? Here's What to Bring
As a small business owner, opening a business checking account is necessary for keeping your business finances separate from your personal money. But before you schedule an appointment to open the account, you’ll want to know what documents you need to bring, who needs to be involved, and what decisions you’ll have to make about the account.
Carter Bank’s business bankers can help you understand your options and get your account set up to fit the way you run your business. Here’s how you can be prepared:
Documents to Bring
The exact documents you’ll need will vary based on your business structure. As a starting point, be prepared to provide:
- The legal business name, address, phone number, and the date the business was established
- Information about whether your business is a sole proprietorship, partnership, corporation, LLC, or another entity
- Business formation documents, depending on your business structure
- Your business tax identification number
- Information about the owners or individuals who can act on behalf of the business
- Valid identification, date of birth, mailing address, and social security number for all individuals who will be opening or signing on the account
Signers on the Account
Before your appointment, think about who will be authorized to manage the account. If you have business partners or co-owners, you’ll want to determine who should be included in the account setup. This is also a good time to think about who will actually handle your business banking from day to day. But let’s start with account signers.Your account signers are the people authorized to conduct certain transactions or otherwise act on behalf of your business account. The right setup depends on how your business is organized and who is responsible for managing its finances.
Before your appointment, consider who actually needs that authority. You don’t necessarily need to give every employee or business partner the same level of access. Your business banker can help you decide what makes sense for your business.
Business Debit Cards
Next, think about who will need to make everyday purchases for the business. You may want a business debit card for yourself, but you might also have employees or other members of your team who regularly make business purchases. Consider:- Who makes purchases for the business?
- Who needs convenient access to business funds?
- Who should be able to use a business debit card?
- How will you keep track of business spending?
Business Online Banking Access
Online and mobile banking access for business checking accounts is similar to that of personal checking accounts, so you don’t necessarily have to visit a branch to manage your money. Think about who needs online access and what they’ll need to do.For example, you may want to give certain team members access to account information while limiting who can initiate transactions or perform other banking activities. Your business banker can walk you through the online business banking tools available to you and help you determine what level of access makes sense for various members of your team.
Cash Management Services
As your business grows, managing money can involve more than simply depositing checks and paying bills. You may need tools to help with:- Electronic payments
- Direct deposits
- Wire transfers
- Remote check deposits
- Managing incoming and outgoing cash
- Other day-to-day cash management needs
Fraud Protection
Protecting your business finances from bad actors goes beyond simply keeping your account login information secure to include protecting how money moves between your business and your customers.When you meet with your business banker, consider discussing:
- Who should be able to view account balances, make payments, or make changes to your account information?
- What alerts or tools can you use to monitor account activity and flag any suspicious or unexpected transactions?
The same security habits you practice in your personal finances apply to your business finances, too. If you get an unusual payment request, verify it through a trusted contact method. Be cautious with unexpected email links and attachments. And be sure to review your business account activity regularly. Ask your business banker about additional tools that may be availanble to help you better protect your business from fraud.
Merchant Services
Think about how customers will want to pay for your goods or services. Depending on your business, that could mean accepting payments in person, online, or using mobile devices. Offering the payment options that feel more convenient for today’s customer makes it easier for people to do business with you. And that can help you increase sales.
Your business banker can help you explore customized payment processing solutions that fit the needs of your business. Options you may want to consider include point-of-sale and mobile solutions and support for credit and debit card payments. Not all banks offer the same services, so be sure to ask your business banker about the available merchant services options and how to get started.
Make Your Business Banking Appointment Easier
Opening a business checking account shouldn’t be complicated. The best way to start is by gathering the information that applies to your business and thinking through how you want to manage your money.
Whether you’re opening your first business account or moving your business account to Carter Bank, we’re here to provide a banking relationship that can grow with your business.
