Since banks have physical locations that take up space and employ staff, there is a limit on how many they can have. This leads some people to wonder if it’s still possible to open an account at a bank without going in person and speaking with someone in person. The answer is yes, but not all banks offer this feature yet.
What Are Online Business Bank Accounts?
The rise of internet banking has made it easier than ever to manage your money. What were once time-consuming tasks are now just a few clicks away.
Why Do You Need an Online Business Bank Account?
As a business owner, you need to keep your finances organized. And if you run your business on a shoestring budget, managing your money can be tricky without proper software. That’s why business owners shouldn’t put off opening a bank account online.
Steps to open an online business bank account:
- Choose a bank. This may seem obvious, but it’s important to make sure that you like what your bank has to offer. It would help if you compared a few different options before making your choice.
- Make an appointment. Once you’ve chosen a bank, it’s time to set up an appointment to open your business bank account.
- Open your account. If everything goes smoothly, you should be able to walk out of your appointment with a new business bank account. The whole process should take no more than an hour or two.
- Activate your account.
Setting up an e-business bank account takes on average 3–4 weeks, but it may take longer in some cases. Therefore, it’s best to begin preparations well before you intend to start accepting payments for your goods or services.
Which Banks Support the E-Business Option and How to Open It
Find a bank that offers online business banking services. Banks such as Chase, Wells Fargo, and Bank of America provide full-service business checking accounts for startup companies. Most of these banks are open 24 hours a day, seven days a week, via their website.
What Documents Do I Need When Opening an E-Business Bank Account:
- Letterhead with company name, address, and phone number
- Articles of incorporation for businesses LLC, Corporation, or LLP.
- Business license for businesses LLC, Corporation, or LLP.
- A bank statement for two months to validate that you are indeed a natural person.
- A recent pay stub (less than three months old) proves that you earn enough money to maintain an account with them.
According to the experts at SoFi Invest, “Some banks may require an actual signature (rather than an e-signature) and will send you welcome documents in the mail that you can sign and send back.” The type of business you operate will also determine how you want to manage your bank account.
Online bank accounts are convenient because they allow you to do your banking anywhere. Many of them also offer additional services that traditional brick-and-mortar institutions don’t provide, such as bill payments and paperless statements.