Quick Answer
Yes — Chase and U.S. Bank list an ITIN as accepted on their business account checklists, so you can open a business account without an SSN. Sole proprietors and single-member LLCs can use the ITIN itself; other businesses also need a free EIN from IRS.gov, which you can get online with your ITIN. Bank of America and Wells Fargo ask business owners for an SSN.
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.
How Do I Get an EIN With an ITIN?
Apply online at IRS.gov using your ITIN as the responsible party — it's free and the EIN is issued instantly. An EIN is a 9-digit business tax ID banks require to open a business account; the entity needs its own ID separate from yours. Save the CP 575 confirmation letter the IRS sends.
You can get an EIN directly from the IRS for free at irs.gov 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. Undocumented immigrants paid an estimated $96.7 billion in federal, state, and local taxes in 2022.
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).
Does It Matter Which Business Structure You Use With an ITIN?
Yes — the business structure decides what the bank asks for. A sole proprietor can sometimes open with just an ITIN and EIN (plus a DBA filing if operating under a trade name), while an LLC needs its state registration documents — articles of organization and, at many banks, an operating agreement. The 2 paths differ at the counter:
- 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.
What Documents Do I Need to Bring to the Bank?
Gather 4 things before visiting a branch: your ITIN (with the CP565 letter as backup), your EIN confirmation letter (CP 575), a government-issued photo ID such as a passport, and your business formation documents if you have an LLC. Requirements vary by bank and branch — call ahead to confirm:
- Your ITIN — the number is what the bank needs; bring your CP565 IRS letter as backup since some branches ask to see it
- 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)
Which Banks Accept ITIN for Business Accounts?
Chase and U.S. Bank say yes in writing: Chase's business checklists list an ITIN as a tax ID for owners and single-member LLCs, and U.S. Bank's checklist accepts an SSN or ITIN from the applicant. Bank of America's checklist asks for an EIN or SSN plus each owner's SSN, and Wells Fargo requires an SSN from every signer.
Here is what each bank's own account-opening page says. Sources: Chase's business checklist, U.S. Bank's application checklist, Bank of America's business checking page, and Wells Fargo's required-documents page. Every option still needs your business documents, and approval isn't guaranteed:
| Bank / option | Accepts ITIN for business? | What the bank says | Notable detail |
|---|---|---|---|
| Chase Business Complete Banking | Yes | Sole proprietors: "SSN, ITIN (Non-U.S. Citizens), or an Employer Identification Number (EIN)"; LLC owners: "SSN, ITIN, FTIN" | $15 monthly fee, waived with a $2,000 minimum daily balance or 4 other options |
| U.S. Bank business checking | Yes | Applicant: "Social Security number (SSN) or Individual Taxpayer Identification number (ITIN)" | $25 minimum opening deposit |
| Bank of America Business Advantage | SSN required | Asks for an EIN or SSN plus "SSN and DOB" for everyone on the application; ITIN not listed | No monthly fee for 12 months, then $16 unless you meet a waiver |
| Wells Fargo business checking | SSN required | "Every signer on an account must provide a Social Security number" | Its personal accounts do accept an ITIN |
| Local credit unions | Varies | Each credit union sets its own rules | Ask before you apply; membership rules apply |
Chase Business Complete Banking
Yes. Chase's checklists list an ITIN for sole proprietors, single-member LLCs and owners. Owners who aren't permanent residents can show a passport, matrícula consular or U.S. work permit as primary ID, along with a second ID.
✓ $15 fee waived with a $2,000 minimum daily balance ✓ Single-owner businesses can apply online ✗ Businesses with more than one owner or manager apply at a branchU.S. Bank
Yes. U.S. Bank's application checklist accepts an SSN or ITIN from the applicant, and a sole proprietor or single-member LLC can use an ITIN as the business tax ID.
✓ $25 minimum opening deposit ✓ Online or branch application ✗ Branch requirements may differ from onlineBank of America Business Advantage
Its "What you'll need to apply" list asks for an EIN or SSN as the business tax ID and "SSN and DOB" for everyone on the application. ITIN isn't listed, so an ITIN-only owner should choose Chase or U.S. Bank.
✓ No monthly fee for the first 12 months ✓ Large branch network ✗ Checklist asks every owner for an SSNWells Fargo business checking
No. Wells Fargo's small business FAQ says every signer on a business account must provide a Social Security number, even though its personal accounts accept an ITIN.
✓ Wide branch availability ✓ Accepts a passport as primary ID ✗ Requires an SSN from every signerLocal Credit Unions
Credit unions set their own rules, and some that accept an ITIN for personal accounts also open business accounts. If you're already a member, start there.
✓ Often lower fees ✓ More personalized service ✗ Fewer branches and ATMsCall ahead before your visit
At banks that don't publish an ITIN policy for business accounts, the answer can depend on the branch. Call first, ask what documents they need, and confirm they can open a business account for an owner using an ITIN. This saves you a wasted trip.
How Do I Open a Business Bank Account Step by Step?
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1
Get your EIN from the IRS
The process takes 5 steps and usually 1 branch visit: get your free EIN from irs.gov using your ITIN (instant — save the CP 575 confirmation), form your business entity if needed, call the branch ahead, gather your documents, and apply in person. The EIN 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
If the online application won't take your ITIN, or your business has more than one owner, apply in person. 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 Do I Need a Separate Business Account?
Mixing personal and business finances is one of the most common mistakes small business owners make. A dedicated business account keeps tax-time bookkeeping clean, preserves the liability protection of an LLC (courts can "pierce the veil" of commingled accounts), and builds a banking history your business needs for loans later. The 3 biggest benefits:
- 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.
Related: start an LLC with an ITIN and compare business credit cards that accept an ITIN.
Frequently Asked Questions
Can I open a business bank account online without visiting a branch?
Sometimes. Chase lets single-owner sole proprietorships and single-member LLCs apply online, U.S. Bank takes online applications from business owners, and Bank of America says business checking can be opened online. If an online form won't take your ITIN, apply at a branch. Relay asks every owner for an SSN or passport number and doesn't mention an ITIN.
Can I use a personal bank account for my business?
Technically yes, but it's not recommended. Mixing personal and business finances makes tax filing more complicated, can jeopardize your LLC's liability protection, and looks unprofessional to clients. Most banks also prohibit using personal accounts for business purposes in their terms of service.
How long does it take to get an EIN?
If you apply online through the IRS EIN assistant, you receive your EIN immediately at the end of the application — usually within 10–15 minutes. If you apply by fax, it takes about 4 business days. By mail, it takes 4–5 weeks. The online method is strongly recommended.
Do I need an LLC to open a business bank account?
No. You can open a business bank account as a sole proprietor without forming an LLC. However, you typically still need an EIN (or in some cases your ITIN alone if you're a sole proprietor with no employees). An LLC is recommended for liability protection but is not required to get a business account.