Open a Business Bank Account
Make your life easier when you open a business checking account
It's best not to mix business with pleasure—especially with your bank accounts. If you're a small business owner, you know that keeping business and personal expenses separate can be difficult, but with business banking solutions, it can be done.
Learn the benefits of a business bank account
A business bank account can not only help you stay organized, but it can also help you build a positive financial history for your business. Small business bank accounts offer a variety of options for small business owners, including:
- Online Services: When you open a business checking account, your expenses and credits are available 24/7 with online account statements.
- Convenience: Online banking allows you to make ends meet a lot easier and faster with services such as automatic bill pay and transfers. Plus, convenient branch and ATM locations will allow you to make deposits and withdrawals at any time and place.
- Rewards: Opening a business bank account may provide eligibility to business debit cards rewards and/or bonus rewards on personal checking accounts for business owners.
- Track Tax Deductions: When it comes to doing your taxes, having separate accounts for personal and business expenses really pays off. Keeping your business finances separate from your personal expenses means you won't be left guessing if a lunch from six months ago was a business-related, deductible expense. So, by paying for your business expenses with your business account, much of your work around tax time is already done for you.
- Professionalism: Business checks and a business bank account are more professional than using your personal account for business. Small steps can lead to big leaps in making your business appear legitimate and help you continue growing your business. Whether you are a running a deli or a small consulting business, using professional business checks is important.
The cost of maintaining a business bank account
There may or may not be an annual fee when you open a business checking account. Do your research and check with your bank about the costs of maintaining an account and about the features and benefits available to you. And remember, the benefits you get by opening a business bank account may well be worth the monthly fee. So, while it's good to watch your spending when starting a business, it's not good to cut corners on something that can really help your business grow.
What do you need to open a business checking account
You can expect most banks to require similar documents in order to verify your small business. When opening your account, plan to bring:
- Fictitious name certificate: If you are the sole proprietor and the name on the account is a name other than your own, you'll need a certified copy of your fictitious name certificate. This certificate will also help you to verify your standing with the company's account.
- Identification: You may also be required to provide two forms of identification when you are opening a business bank account.
- Taxpayer identification card: Regardless of ownership structure, a taxpayer ID card is an important piece of information for the bank to verify the legal proceedings within your company.
- IRS Ruling on Exemption: In addition to the taxpayer identification card, your bank may also require you to submit a copy of the IRS Ruling on Tax Exemption if your company is tax-exempt. If you're a nonprofit organization, an employer identification number may also be required.
Open a business bank account with Citizens Bank
Whether you have a long standing business or you're starting a new one, Citizens Bank has great banking options for small businesses. To learn more about Citizens Bank business checking and other banking options for your small business, call 1-800-4BUSINESS to speak with one of our customer service representatives.