24 steps across 4 sections

1. Documents Needed To Open An Account

Government-issued photo ID (driver's license or passport)
Employer Identification Number (EIN) from the IRS
Business formation documents (see below)
Business license (if applicable)
U.S. mailing address
Personal information: date of birth, Social Security number, email, phone number
Business name registration certificate (DBA/fictitious name filing)
Business license
Partnership agreement
Business name registration certificate

2. How To Open An Account

Get your EIN first — you can apply for free at IRS.gov and receive it immediately online.
Gather your documents — collect all formation documents, IDs, and licenses.
Choose a bank — compare fees, features, branch access, and online capabilities.
Apply — online applications take about 15 minutes. Approval is sometimes immediate but typically takes 1-2 business days.
Make your initial deposit — ranges from $0 (some online banks) to $100 (typical traditional banks) to $1,000+ (premium accounts).

Monthly maintenance fees — $0-$30/month, often waivable
Transaction fees — some banks charge after a free transaction limit (e.g., $0.40/transaction over 20)
Wire transfer fees — $15-$30 domestic, $35-$50 international
Cash deposit fees — some online banks charge for cash deposits via third parties
ATM fees — out-of-network ATM fees typically $2.50-$3.00

Startups/freelancers: Online banks with no fees (Mercury, Bluevine, Relay)
Retail/cash-heavy businesses: Traditional banks with branch access for cash deposits (Chase, Wells Fargo)
Growing businesses: Banks with lending relationships and treasury management (Chase, Bank of America)
Multi-state operations: National banks with broad branch networks