Opening a business bank account is one of the most important steps when you're running a business in the U.S. — it separates your personal and business finances, makes tax time cleaner, and adds credibility with clients and vendors. The good news: you don't need a Social Security Number to do it.
The short answer
To open a business bank account without an SSN, you need two numbers: your ITIN (to identify yourself as the owner) and an EIN (Employer Identification Number — the tax ID for the business). The EIN is free from the IRS, takes about 10 minutes online, and you can get one using your ITIN. Once you have both, most major banks will work with you.
Step One: Get an EIN (Free, Takes 10 Minutes)
An EIN (Employer Identification Number) is the business equivalent of a Social Security Number — it identifies your business for tax purposes. Banks require it to open a business account because they need a tax ID for the business entity itself, separate from yours as the owner.
You can get an EIN directly from the IRS for free at irs.gov, and you can apply using your ITIN as the responsible party's tax ID. There are no fees and no waiting period — the IRS issues your EIN immediately at the end of the online application.
How to apply for an EIN
Go to irs.gov and search "EIN online application" or "Form SS-4." Select the online EIN assistant for immediate issuance. You'll need your ITIN, your name, your business name (if you have one), business type (sole proprietor, LLC, etc.), and a U.S. mailing address. The process takes about 10 minutes and you receive your EIN at the end of the session.
Keep your EIN confirmation letter (CP 575) — banks will ask to see it. If you lose it, you can call the IRS Business & Specialty Tax Line at 1-800-829-4933 to get a replacement letter (147C).
Sole Proprietor vs. LLC — Does It Matter?
The type of business structure you have affects what you'll need at the bank:
- Sole proprietor (no formal registration): Some banks will open a business account with just your ITIN and an EIN, but requirements vary. You may be able to use a DBA ("doing business as") name registered with your county or state.
- LLC: You'll also need your Articles of Organization (the document your state issued when you formed the LLC) and your Operating Agreement (an internal document describing how the LLC is run). The bank may also ask for your state registration number.
- Corporation or partnership: Additional formation documents are required — Articles of Incorporation, bylaws, or partnership agreement depending on the entity type.
Form your business in the right state
You don't need a green card or SSN to form an LLC in most U.S. states. Many ITIN holders form LLCs in their home state. Some states (Wyoming, Delaware, New Mexico) are popular for lower fees and privacy. You do not need to be a U.S. citizen or resident to own a U.S. LLC. Consult a business attorney or accountant if you have questions specific to your situation.
Documents to Bring to the Bank
Gather these before visiting a branch. Requirements vary by bank and branch — call ahead to confirm what they'll ask for:
- Your ITIN letter (the physical IRS letter showing your ITIN number)
- EIN confirmation letter (CP 575 or 147C)
- Government-issued photo ID — passport, foreign consular ID, or driver's license
- U.S. address verification — utility bill, lease, or bank statement in your name
- Business formation documents — Articles of Organization (for LLC) or DBA registration (for sole proprietors)
- Operating Agreement (for LLCs — some banks require this, others don't)
- Initial deposit — minimum varies by bank and account type ($25–$100 typical)
Banks That Accept ITIN for Business Accounts
Chase Business Complete Banking
One of the most ITIN-friendly business accounts. If you already have a personal Chase account, opening a business account at the same branch tends to be a smoother process.
✓ No monthly fee with $2,000 min balance or qualifying activity ✓ Strong mobile and Zelle business support ✗ Branch visit required — cannot open online with ITINBank of America Business Advantage
Accepts ITIN for business accounts at many branches. Works well if you already have a personal BofA account. Policy can vary by location, so call ahead.
✓ Large branch network ✓ Fee waivable with qualifying balance ✗ Requirements vary branch to branchWells Fargo Business Checking
Wells Fargo has accepted ITIN for personal accounts for years and applies similar flexibility to business accounts. Call your branch before visiting to confirm their current requirements.
✓ Wide branch availability ✓ Good integration with personal accounts ✗ Monthly fee unless balance maintainedLocal Credit Unions
Many local and regional credit unions are more flexible than large banks when it comes to ITIN-based business accounts. If you're already a member, this is worth asking about.
✓ Often lower fees ✓ More personalized service ✗ Fewer branches and ATMsCall ahead before your visit
Business account policies — especially for ITIN holders — can vary significantly between branches of the same bank. The same Chase or BofA branch that opens one person's business account may ask a different set of questions for another applicant. Always call the specific branch first, ask what documents they need, and confirm they can open a business account for someone using an ITIN. This saves you a wasted trip.
Step-by-Step: Opening the Account
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1
Get your EIN from the IRS
Apply online at irs.gov using your ITIN. It's free and instant. Print or save your EIN confirmation (CP 575). This is the most important step — don't skip it.
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2
Form your business (if you haven't already)
Sole proprietors can sometimes skip this, but LLCs and other entities need Articles of Organization. File with your state's Secretary of State office. Costs vary by state ($50–$500).
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3
Call the branch before visiting
Ask specifically: "I have an ITIN and an EIN — can I open a business checking account?" Confirm what documents they'll need and whether an appointment is required.
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4
Gather all documents
Bring your ITIN letter, EIN letter (CP 575), photo ID (passport or driver's license), proof of U.S. address, and your business formation documents. Bring more than you think you need.
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5
Visit the branch in person
Business accounts typically cannot be opened online for ITIN holders — an in-person visit is usually required. The banker will review your documents and may process the account the same day.
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6
Fund the account
Most business accounts require a minimum opening deposit. Have cash or a check ready. Keep the account above any minimum balance thresholds to avoid monthly fees.
Why a Separate Business Account Matters
Mixing personal and business finances is one of the most common mistakes small business owners make. A dedicated business account:
- Makes it much easier to track business income and expenses at tax time
- Protects your personal assets if your LLC is ever sued (maintaining the "corporate veil")
- Allows you to accept payments under your business name
- Builds a banking relationship that may help with business loans or credit lines later
- Looks more professional to clients, vendors, and partners
ITIN + EIN Together
Think of it this way: your ITIN identifies you as a person to the IRS and to banks. Your EIN identifies your business. When you open a business account, the bank needs both — your ITIN to verify who you are as the owner, and the EIN to set up the account under the business's tax identity. Having both is what makes the whole process possible without an SSN.