How to Open a Business Checking Account

Man and woman discussing business finances

After choosing a credit union or bank for your business banking, you will need to fill out an application and submit the required documentation to open an account. Be sure to block out some time to discuss your needs with the Branch Manager or Relationship Manager. These meetings can last anywhere between 30 minutes and an hour.

Depending on the structure of your business, the application to set up your account can include:
  • Your Social Security Number or Business Tax ID
  • Legal business name and DBA (“doing business as”) name
  • Date of establishment
  • Personal identification, such as a Driver’s License or passport
  • Certificate of assumed name
  • Business formation documents
  • Ownership agreements
If you are moving your accounts from another financial institution, consider bringing any relevant statement activity so the branch manager can assess how to best serve you. For example, during your discussion you may realize a need for merchant services to process credit card and debit card transactions. To add this service, you should be prepared to estimate the average monthly volume for your business. Statements can also be useful in evaluating how potential fees may impact your business.
Time is the most valuable asset you have, and we respect that. With financial solutions built for your business, we can deliver the resources you’ll need to manage cash flow, grow your wealth, expand locations, and more. For nearly 60 years, Hudson Valley Credit Union has delivered more than just bank accounts to Hudson Valley residents. From transactions as complex as commercial mortgages and as simple as business checking accounts, we’ve had hands-on experience with thousands of businesses. Meet with an HVCU Branch Manager and open a business account today.

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