Bank-Ready in 48 Hours: How to Get an EIN and Open Your Business Account Fast

You need a business bank account.

But banks require an EIN. You don’t have one yet. You’re stuck waiting.

You don’t have to wait weeks.

You can get an EIN in minutes. Open your bank account within 48 hours. Start operating your business immediately.

This guide shows you exactly how.

The EIN application process. What banks require. How to prepare. Step-by-step timeline. Common mistakes to avoid.

Read this. Get your EIN. Open your account. Start your business.

Why You Need an EIN

An EIN (Employer Identification Number) is required for business banking.

What it is: A nine-digit number the IRS assigns to your business for tax purposes.

Why banks require it:

• Banks need to identify your business for tax reporting
• Required for business accounts (not personal accounts)
• Needed for payroll if you hire employees
• Required for business tax filings

Why you need it fast:

• Can’t open business bank account without it
• Can’t accept business payments properly
• Can’t hire employees
• Can’t file business taxes

The good news: You can get an EIN in minutes online. It’s free. No waiting.

The EIN Application Process

Here’s how to get your EIN quickly:

Step 1: Gather Required Information

What you need:

• Your business name (exactly as filed with your state)
• Your business address
• Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Business formation date
• Entity type (LLC, Corporation, Partnership, etc.)
• Reason for applying (starting a new business, hiring employees, etc.)

Why it matters: Having this information ready speeds up the application.

Step 2: Apply Online

Where to apply: IRS website at irs.gov

How it works:

• Complete the online application
• Answer all questions accurately
• Submit the application
• Receive your EIN immediately

Time required: 5-15 minutes

Cost: Free

Result: You get your EIN number immediately after submission.

Step 3: Save Your EIN

What to do:

• Save your EIN confirmation letter
• Store your EIN number securely
• Keep it accessible for bank account opening

Why it matters: You’ll need to provide your EIN to the bank.

Pro tip: The IRS provides your EIN immediately online. Print or save the confirmation page. You’ll need it for your bank account application.

What Banks Require

Here’s what banks need to open your business account:

Required Documents

EIN Confirmation:

• Your EIN number
• EIN confirmation letter from IRS (optional but helpful)

Formation Documents:

• Articles of Organization (LLC) or Articles of Incorporation (Corporation)
• Operating Agreement (LLC) or Bylaws (Corporation)
• Certificate of Good Standing (some banks require this)

Identification:

• Government-issued photo ID (driver’s license or passport)
• Social Security Number
• Proof of address (utility bill, lease, etc.)

Business Information:

• Business name and address
• Business phone number and email
• Type of business and industry
• Expected monthly deposits and transactions

Additional Requirements

Some banks may require:

• Business license (if required in your state)
• DBA certificate (if using a trade name)
• Initial deposit (amount varies by bank)

Why requirements vary: Different banks have different policies. Call ahead to confirm what you need.

Pro tip: Bring all documents even if not required. It speeds up the process and shows you’re prepared.

48-Hour Timeline

Here’s how to go from EIN to bank account in 48 hours:

Day 1: Morning (Hour 1-2)

Get your EIN:

• Gather required information
• Apply online at IRS website
• Receive EIN immediately
• Save confirmation letter

Time: 15-30 minutes

Day 1: Afternoon (Hour 3-4)

Prepare documents:

• Gather formation documents
• Print EIN confirmation
• Organize identification documents
• Research banks in your area

Time: 1-2 hours

Day 1: Evening (Hour 5-6)

Contact banks:

• Call banks to confirm requirements
• Schedule appointment if needed
• Confirm what documents to bring
• Choose your bank

Time: 30-60 minutes

Day 2: Morning (Hour 7-8)

Visit bank:

• Bring all required documents
• Complete account application
• Make initial deposit
• Receive account information

Time: 1-2 hours

Result: Your business bank account is open and ready to use.

Pro tip: Some banks allow online account opening. This can be even faster than visiting in person. Check with your chosen bank.

Common Mistakes to Avoid

Here are mistakes that delay your EIN and bank account:

EIN Application Mistakes

Wrong entity type:

• Selecting incorrect entity type (LLC vs Corporation)
• Not matching your state filing

Solution: Use the exact entity type from your state formation documents.

Wrong business name:

• Using a name that doesn’t match your state filing
• Including or excluding “LLC” or “Corporation” incorrectly

Solution: Use your business name exactly as it appears on your formation documents.

Missing information:

• Not having all required information ready
• Incomplete application

Solution: Gather all information before starting the application.

Bank Account Mistakes

Missing documents:

• Not bringing all required documents
• Forgetting EIN confirmation
• Missing formation documents

Solution: Create a checklist and bring everything.

Wrong bank:

• Choosing a bank with strict requirements
• Not checking requirements in advance

Solution: Research banks and call ahead to confirm requirements.

Poor preparation:

• Not knowing your business information
• Unclear about business purpose

Solution: Prepare answers to common questions before visiting the bank.

Pro tip: Most delays come from missing documents or incorrect information. Prepare everything in advance to avoid delays.

Choosing the Right Bank

Here’s how to choose a bank for your business account:

Factors to Consider

Requirements:

• What documents do they require?
• Do they require minimum balance?
• What are their fees?

Services:

• Online banking features
• Mobile app functionality
• Business credit card options
• Merchant services

Convenience:

• Branch locations
• ATM access
• Customer service hours
• Online account opening

Cost:

• Monthly fees
• Transaction fees
• Minimum balance requirements
• Initial deposit amount

Types of Banks

Traditional banks:

• Physical branches
• In-person service
• Established reputation
• May have higher fees

Online banks:

• No physical branches
• Lower fees
• 24/7 access
• May have limited services

Credit unions:

• Member-owned
• Lower fees
• Community focus
• May have membership requirements

Pro tip: Consider your business needs. If you need in-person service, choose a traditional bank. If you want lower fees and don’t need branches, consider an online bank.

Your Next Steps

Get your EIN. Open your bank account. Start your business.

This Week:

1. Get your EIN online (15-30 minutes)
2. Gather all required documents
3. Research banks in your area
4. Schedule bank appointment or apply online

This Month:

1. Open your business bank account
2. Set up online banking
3. Order business checks if needed
4. Set up merchant services if needed

Going Forward:

1. Use your business account for all business transactions
2. Keep business and personal finances separate
3. Monitor your account regularly
4. Maintain required minimum balance if applicable

Need help? Check out our state-by-state checklist for formation requirements, our LLC formation guide for formation documents, and our registered agent guide for business address requirements.

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