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- 1). Contact a couple of bank officers in the business accounts department. Ask what the requirements are to open a new checking account for a new business. For instance, it may be smart to inquire about minimum deposit amounts. Walk into most branches, and you will find a knowledgeable officer or go online to get a description. Keep in mind, checking the credit score will be part of the process, especially for new clients.
- 2). Take all required documentation for the new business. For example, having a proper signature and picture ID, the State Articles of Incorporation and Social Security or tax ID verification handy will make the process smoother. Provide the bank with copies, just in case, they need to keep the documentation. Usually, the documents are kept for records. For corporations, the owner(s) must obtain a tax ID from the IRS. This can be done via phone or online in a few steps. There is not any cost to receive a number. Be sure to ask for a fax confirmation listing the number to bring as proof to the bank. It is faster than a mail out, so try to be near the fax machine to receive it on the spot.
- 3). Select the best checking account for the projected revenue. There will be accounts for large, medium and small. Choosing the appropriate one will potentially save money in fees and allow the best solution for your banking needs. Consult with the bank officer on this and see what each has to offer. Don't worry about line of credit offers at this time. Remember, most banks have a six-month waiting period before they offer lines of credit to new business accounts. Bringing a proposal or business plan may be required at the anniversary date if you are interested in credit.
- 4). Ask about special deals for new or existing clients. Typically, there is a two-year fee waiver for existing clients with a personal account. A free debit card is included, and some starter checks will be included. Some banks may offer picture verification features on the debit card, so this may be an opportunity to enhance the security of the card with your photo.
- 5). Get the contact information of the person who helped you opened the account. This person will likely be the same one who will extend credit or assist with any concerns regarding the account in the future. Stay familiar and drop by occasionally for deposits when possible. Give the bank officer your business card to be included in the file to add greater rapport. Perhaps, it may blossom into a mutually beneficial relationship.
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