It appears your web browser is not using JavaScript. Without it, some pages won’t work properly. Please adjust the settings in your browser to make sure JavaScript is turned on.
Get familiar with your banking options and the process for opening an account. Presented by Chase for Business.
Opening a bank account for your business is a vital step in your journey as a business owner. Along with being essential to your business operations, this account can protect your personal funds, help you avoid tax issues and simplify your accounting. And that’s just the beginning of the benefits of a business bank account. Once you’ve decided on the right bank, the next step is getting familiar with the kinds of accounts it offers and the process for opening an account.
The thought of walking into a bank to open a business bank account can be intimidating — especially if your business is new and you don’t have much cash. Whether you plan to open your business bank account in person or online, you may want to first get oriented with the process so that you can feel confident and prepared. That way, you’ll be ready to make the most of your business bank account from day one.
Before you begin the process of opening a business bank account, it’s helpful to know the common requirements and fees associated with these kinds of accounts. For example, many bank accounts require a minimum balance to avoid a fee. Some have monthly service fees. And make sure you understand ATM fees. Does your bank reimburse ATM fees charged by outside banks? If not, you’ll need to pay attention to how robust its network of ATMs is, both in your region and, if you travel for work, around the country.
Many banks offer ways for account holders to avoid some of these fees, including having a debit or credit card tied to the account or using the bank’s other services.
As with personal banking, there are several different business bank accounts. Each has its own set of benefits, so you might need more than one to help your business succeed. The types of accounts include:
In order to open an account for your business, you’ll need to first supply the bank with a series of important documents. Having these ready will help make the application process go smoothly and make you look more professional if you opt for an in-person meeting with a banker.
Documents you’ll want to gather prior to opening an account include:
One of the last steps for opening a bank account for your business is making an initial deposit. Before you start the process, make sure you’re familiar with the bank’s requirements for this initial deposit so that you can be prepared to deposit those funds on the spot. Then, once your new bank account is up and running, you can start benefiting from its features by collecting payments from customers or writing checks to vendors. You can also sync your accounting software to make tracking your business transactions a breeze.
Speak with a Chase business banker to learn more about the benefits and process of opening a business bank account, or go to our business checking page to compare accounts and find one that meets your needs.
For informational/educational purposes only: The views expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.
JPMorgan Chase Bank, N.A. Member FDIC. ©2022 JPMorgan Chase & Co.
Chase offers a wide variety of business checking accounts for small, mid-sized and large businesses. Compare our business checking solutions and find the right checking account for you.
Finance your small business with business loans from Chase. Find a variety of financing options including SBA loans, commercial financing and a business line of credit to invest in the future of your business.
Find and apply for the Ink business credit card best suited for your business. Compare the benefits of the Ink business credit cards.
Accept debit and credit cards with safe, secure, and convenient Payment Solutions from Chase anywhere you do business – online, in-store, and on-the-go. Visit our Developer Center to find Payments APIs, developer tools, and documentation.
Chase offers a variety of business savings accounts including Total Savings, Premier Savings and a business CD. Compare savings accounts and find the right business savings account for you.
More convenient than cash and checks — money is deducted right from your business checking account. Make deposits and withdrawals at the ATM with your business debit card. Save time every month with recurring payments.
Commercial Banking provides businesses with annual revenues ranging from $20 million to more than $2 billion with a range of domestic and international solutions including investment banking and asset management — designed to help you achieve your business goals.
We’re here to help with your business banking needs. From payment processing to foreign exchange, Chase Business Banking has solutions and services that work for you.
Help your employees plan, save, and invest for their future with 401(k) plan solutions. J.P. Morgan’s low cost retirement plans are built for you and your employees.
“Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
© 2022 JPMorgan Chase & Co.