Why this matters
Banks can't open a business account on your word. Federal know-your-customer rules require them to verify the entity and the people behind it. Missing paperwork means a second appointment and another week without an account, stalling every step after this one.
What "done" looks like
- State-stamped articles of organization (LLC) or incorporation (corporation) in hand
- Your EIN confirmation letter (CP 575) from the previous step
- A signed operating agreement or corporate bylaws
- Any DBA certificate and required licenses, plus photo ID for every owner the bank must verify
How to do it
- Download your stamped articles from your state's business filing portal, or request certified copies if the bank asks.
- Pull the EIN letter you saved earlier. Banks match its legal name against the articles.
- Sign your operating agreement or bylaws. Banks often ask even where the state doesn't require one. It proves who can open accounts.
- Collect DBA certificates and licenses if you use a trade name or work in a licensed trade.
- Line up owner identification. Banks generally identify each individual owning 25% or more, plus one controlling person. Bring photo IDs, and confirm the bank's current checklist.
- Scan everything into one folder so online applications take ten minutes.
Common mistakes
- Name mismatches: an EIN letter, articles, and DBA that don't line up exactly
- Skipping the operating agreement because the state didn't require it, then stalling at the bank
- Forgetting that co-founders with 25%+ ownership may need to be identified too
Real-world examples
- Under FinCEN's Customer Due Diligence rule, US banks generally verify beneficial owners holding 25% or more of a legal-entity customer and one controlling person.
- Bank checklists commonly ask for formation documents, EIN, and ownership identification. Missing documents can cause online applications to be held for review.
From a founder's point of view
Paperwork friction is a one-time tax: pay it in one organized afternoon, or pay it again at every bank, lender, and investor who asks for the same folder.
Rule of thumb
If articles, EIN letter, operating agreement, and every 25%+ owner's ID come out of one folder in under a minute, you're ready to confirm your bank's current checklist.
