A bank should measure its success on its ability to support the goals of its customers. While other banks talk about loans, at Cornerstone Bank, we talk about how to grow your business. We’re the partner to help you navigate investment decisions or the complexities of operations, like payroll, taxes, and cash flow. To take advantage of these services offered by banks, you’ll need to create a business bank account, which isn’t as complicated as you might think.
Personal Identification
Any bank you decide on will require a government-issued photo ID (driver’s license or passport) to open a business bank account (some may ask for two). You will need to give your personal mailing address and contact information, along with your date of birth and Social Security number. Businesses with multiple owners typically need to include personal details and identification for every owner with 25% or more ownership in the business.
Employer Identification Number
If your business has an Employer Identification Number (EIN), you need to provide that along with any relevant IRS documents. If your business is a sole proprietor or an LLC with only one owner, you might be able just to use your Social Security number instead of an EIN.
Business Details
The business account application will ask for your business name and address, as well as your trade name or DBA name, if applicable. Beyond that, you’ll need to list your business entity type (sole proprietorship, partnership, LLC, or corporation) and disclose the industry you’re in and the type of business you operate.
Additional Documents You’ll Need to Open a Business Bank Account
Creating a business bank account at Cornerstone Bank once you have your information together is easy! Simply go online or to a local branch to begin the process. Here are some of the most common additional documents banks ask for when opening a business bank account. Some banks may ask for more. These include:
- Your business’s formation documents
- Ownership agreements
- Business license
Don’t Forget Your Initial Deposit
Once you have all your documents together, you are ready to create a business bank account. Of course, you’ll need money to deposit. Different banks have different opening balance requirements, but on average, a bank’s minimum opening deposit tends to be $100.
Make Sure You Have the Tools & Knowledge to Optimize Your Dollar
Nowadays, banking for a business isn’t just about physical checks and writing everything down for bookkeeping. We have officially transitioned into a digital era, where technology can help make managing your company easier. Digital tools can even help mitigate risks and reduce human error.
Without full knowledge of the latest banking services, you may miss out on how to make the most out of your dollar. At Cornerstone Bank, we use our variety of services to make your company more profitable. Some of the benefits we offer for small businesses include:
- Mobile deposit
- Automatic electronic transfers
- Wire transfers
- Quick turnaround on loan requests and loan closure
- Ability to easily download records for efficient bookkeeping
Create a Business Bank Account with Cornerstone Bank Today!
Since 2001, we have been serving the Kansas City metro and the country. We take pride in watching our customers thrive, no matter who they are. More than anything, our bankers are eager to help you with all of your financial needs.
We always put our customers first. That means giving them the best experience banking has to offer. We don’t believe in simple banking. We go above and beyond to help our customers make their money work for them.
For more information, visit our Overland Park office or call us at 913-239-8100 to let us know how we can help.