Chase Business Checking Requirements
Chase business checking accounts require more documents than regular checking. But it shouldn't be difficult as you may have them on hand already.
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- Chase Business Checking Account Requirements Checklist:
Thinking of opening a Chase business checking account? Before diving in, it's best to have all the required documents handy so the application process will go as smoothly as possible.
Read on to learn about specific requirements depending on your business structure.
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
What is needed to set up Chase business account?
Here's a quick overview of requirements when you open any Chase business checking account.[1]
| Requirements | Sole Proprietor | Partnership | LLC | Corporation |
|---|---|---|---|---|
| Apply online | ✓ | Must apply in person | LLCs with a single member or manager only | ✓ |
| 2 IDs | ✓ | ✓ | ✓ | ✓ |
| Tax ID | SSN or EIN | EIN | EIN (single-member LLCs may use their SSN) | EIN |
| Business documents | DBA (if applicable) | Partnership Agreement | Articles of Organization | Articles of Incorporation |
| Supplemental documents/info | ✓ | ✓ | ✓ | ✓ |
Now let's go into the details.
Tax Identification Number
You will need to provide your Social Security Number (SSN) or Employer Identification Number (EIN) to open a business checking account. It depends on your business structure:
- Sole proprietor: SSN or EIN
- Partnership: EIN
- LLC: SSN (for single-member LLCs), or EIN (for multi-member LLCs)
- Corporation: EIN
- Unincorporated: EIN
For non-US citizens, provide your Individual Tax Identification Number (ITIN) instead.
Personal Identification
You'll need 2 forms of personal identification. One must be a primary government-issued ID plus a secondary ID.[2]
Accepted primary IDs include:
- US citizens: Driver's license, state-issued ID card, passport
- Permanent residents: Permanent Resident Alien Card (green card)
- Non-permanent US residents: Passport, Matricula, or U.S. Employment Authorization Card
Your secondary ID could be any of the following:
- Credit card or debit card with embossed name
- Employer ID
- Utility bill
Temporary US residents may be required to show additional identification.
Basic Business Information
Chase will ask you some basic information about your business, such as:
- Nature of your business
- Business address and contact number
- Number of business locations
- Number of employees
- Annual sales
- Where you sell products and services
- Locations of suppliers and vendors
- Types of transactions and volumes you are likely to have
Business Documents Required
Chase will also need proof that your business actually exists.
These include business formation documents to show that your business is registered with your state.
Sole proprietorship:
- Assumed Name Certificate (DBA) if applicable
Limited Liability Company:
- Articles of Organization
- Website Validation
- For LLCs registered more than 1 year ago: Certificate of Good Standing, Status Report, OR Long Form or Short Form Standing
Partnership:
- Partnership Agreement
- Joint Venture Agreement
- Website Validation
- For Limited Partnerships, Limited Liability Partnerships, and Limited Liability Limited Partnerships registered more than 1 year ago: Certificate of Good Standing, Status Report, OR Long Form or Short Form Standing
Corporation:
- Articles of Incorporation
- Website Validation
- For corporations registered more than 1 year ago: Certificate of Good Standing, Status Report, Long Form Standing or Short Form Standing
However, it is not required in these states: Hawaii, Kansas, Mississippi, Nebraska, New Mexico, Wisconsin, and Wyoming.
Other Supplemental Information
Chase may also ask you for other supplemental documents. Depending on your business category, you may need to provide:
Sole proprietorship:
- Assumed Name Application or Filing Receipt
- Published newspaper entry
- Business license
Limited Liability Company:
- Amendment to Articles of Organization
- Operating Agreement
- Meeting minutes
- Annual Report or Statement of Information
Partnership:
- Amendment to the Partnership Agreement or Joint Venture Agreement
- Meeting minutes listing the current General Partners
- Annual Report or Statement of Information
Corporation:
- Amendment to Articles of Incorporation
- Corporate Resolution
- Meeting minutes
- Annual Report or Statement of Information
There is no minimum deposit if you are opening a Chase Business Complete Banking account. For the higher-tiered accounts, such as Performance and Platinum business checking accounts, the initial deposit is $25.
Can I Open A Business Bank Account By Myself?
You can open a Chase business bank account by yourself if you are a solo business owner or a single-member LLC. For other types of businesses, the appropriate people would need to be present.
Here's who should be present when opening the business account.[3]
Sole proprietorship:
- Solo owner: The owner
- Spousal sole proprietorships: Both owners
- With Living Trust: The trustee(s)
- With a Power of Attorney: The agent
Limited Liability Company:
- Member Managed LLC: All Members
- Manager Managed LLC: All Managers
Partnership:
All general partners. If one of the General Partners is another business, an authorizing representative of that business must also be present.
Corporation:
An authorizing representative, which could be the President, Secretary, Assistant Secretary, or Acting Secretary
For a nonprofit corporation, at least 2 non-voting members must be present if there aren't any voting members.
Chase Business Checking Promotions
Chase Business Complete Banking® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
FAQ
Can you open a business bank account without an ID?
No, you cannot open a Chase business account without an ID. In fact, you need two and one of them should at least be government-issued.
Do you need an EIN to open a business bank account Chase?
Yes, an EIN is required when you open a Chase business checking account. But if you're a sole business owner or single-member LLC, SSN or ITIN is also accepted.
Do I need an ITIN number to open a business bank account?
You only need an Individual Tax Identification Number (ITIN) if you're a non-US citizen.[4] For US citizens, you can open a business bank account with your SSN (for sole proprietors or single-member LLCs) or EIN.
Why is it so hard to get a business bank account?
Opening a business bank account is often challenging due to the many requirements and information you have to provide to the bank. This is necessary due to strict federal regulations and the complex nature of business finances.
Ultimately, it is crucial for the bank to assess your business first to reduce their financial risks.
Bottom Line
Now that you know what you need to open a Chase business checking account, you can prepare them before you begin your application.
While having complete requirements does not guarantee your approval, your odds will be better because of it.
References
- ^ Chase. Business Checking Account opening information, Retrieved 9/11/2023
- ^ Chase. Acceptable Forms of Identification, Retrieved 9/11/2023
- ^ Chase. Who can open a business checking account?, Retrieved 9/11/2023
- ^ Chase. How to open a U.S. bank account for non-residents, Retrieved 9/11/2023
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