What Do You Need to Open a Business Checking Account?

At some banks, opening a business checking account can be intimidating. They’ll ask for multiple forms of identification and documentation, making the process of opening an account over-complicated and stressful. With Grasshopper, opening a checking account for your business is made easy. We simplify the application process and strip down the requirements to a bare minimum, in order to maximize your time. Applying for an Innovator Business Checking Account can take as little as 5 minutes, allowing you seamless access to a multitude of digital banking tools that make managing your business’s finances easier.

Here’s everything that you’ll need to open a business bank account with Grasshopper.

What personal information is needed?

As the business owner, we’ll need some basic information about you. This information includes:

• Your name
• Your date of birth
• Your contact information, including your email address and phone number
• Your primary address (note: a P.O. box will not be accepted)
• Your Social Security Number

This information is utilized simply to confirm that you really are who you say you are and to help avoid fraud.

What business information is needed?

Along with information about yourself, we’ll ask for some basic information regarding your business. Here’s everything you’ll need to know about your business when applying:

• The industry your business operates in
• The business type
• Your business tax ID (if your business is a sole proprietorship, this will be an SSN)
• The date your business was established (If your business is registered with the state, you can use your Registration Date.)
• Your business contact information (including a business phone number and business email address)

Additionally, there’s optional information you can supply to help with the business verification process, such as a DBA (the name your business is doing business as) or your business’ website.

What funding is needed?

To open a business checking account, you’ll need to put some money into it. When applying for a Grasshopper account, we require a minimum initial deposit of $100. This deposit can be made through an external debit card or ACH. 

Your money can be seen posted to the account within 2-3 business days. Additionally, the deposit will be held for 5 business days for your security.

Additional documentation

If any additional information is needed to confirm you or your business’s identity, the Grasshopper team may request additional documentation. For examples of documents that could possibly be requested, refer to our previous blog on the topic.