You cannot open a bank account for your business with just an EIN. Other business documents, such as your company license or formation papers and personal identification (like a drivers license) will also be required.
Can you open a bank account for a small business with only an EIN number?
A tax ID is an EIN. This number is used by the IRS to identify your company for payroll tax and business income tax returns. Your EIN is used by banks to confirm that you are a legal entity and pay taxes.
Banks are required to confirm the identity of customers who hold these accounts. You will be required to give your full name, birth date, and address, as well as some sort of identification number, such a Social Security Number.
An EIN may not always be required. You can still open a bank account for your business if you are a single proprietorship, or a limited liability company with only one member.
Is it possible to open a bank account for a small business without having a Social Security Number?
If you do not have a social security number, it may be best to open an account at a bank with your EIN. Your bank might not ask for your Social Security Number if your company is an LLC or partnership.
Typically, sole proprietors are required to supply their Social Security number.
Banks may accept alternative information to verify your identity if you are not an American citizen or don’t possess a Social Security Number.
Relay Business Banking, for example, allows you to apply using a passport. However, you will need to provide additional information about your company’s income. Bank of America accepts non-residents with an ITIN ).
Is it possible to open a bank account for a small business with bad credit history?
You can still open a checking account for your business if you have bad credit. Your credit score will not affect whether or not you are able to obtain a bank.
Most banks run ChexSystems reports, similar to credit checks. ChexSystems reports that are negative may show bounced checks and overdraft charges, or forced account closures. If they believe you are a high-risk customer based on this information, banks may refuse to work with you.