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How to open a free business checking account online with no deposit

DNBC Team DNBC Team

Feb 27, 2023

Table of Content

Opening a business checking account really matters to keep your personal
and business funds separate. As a business owner, you have tons of things
to worry about, including how to open a free online checking account.

For business owners, maximizing profits and minimizing expenses are of
prior concern. In which, free business checking accounts can work well for
growing businesses in a cheap and cost-effective manner.

This article will show how to open a free business checking account online
with no deposit and everything you need to know about a free online
checking account.

Benefits of free online business checking accounts

It’s a great decision to open a business checking account online nowadays.
Although they may not own a local branch, many of them will reimburse you
for ATM fees or offer some free ATM transaction.

Here are some reasons why you need to open a business checking account:

This account can be used to deposit money from a small business loan.

It’s easier to plan your expenses for tax activities.

Your staff can get access to the account for daily operations.

So, as a business owner, it’s wise to separate your business finances from
your personal checking account.

How to open a free business checking account online with no
 deposit


How to open a free business checking account online with no deposit

What to consider when choosing a free business checking account

Before opening a bank account, you should take into consideration whether a
minimum opening deposit is required or not.

In addition to choosing a business bank account without charging a monthly
service fee and minimum balance limits, consider the following features for
your business needs.

Account balance requirements

Sometimes, free doesn’t always mean free. Some banks require owners to
maintain a monthly balance. To avoid fees, ensure you can maintain the
minimum required balance on time.

Opening deposit requirements

Banks can also require some funds as an initial deposit. The funds can vary
depending on each bank/financial institution. So, make sure to double-check
carefully.

Monthly transaction caps

Some business checking accounts are free because it takes minimal effort
from the banks to maintain the account.

These accounts can have a maximum transaction limit. Look for a bank
account fitting your business’s transaction amount.

Physical location

Having a physical branch nearby really matters to you. If you regularly
make deposits and withdrawals, it’s more convenient to reach a physical
branch.

If you want to manage your business funds online, online-only banks will
help a lot.

Other banking services

Does your business get wire transfers so often? Do you want to make cash
and check deposits? If the answer is yes, search for a bank with these
features at lowest cost.

How to open a business bank account without a deposit?

Gone are the days when you opened a business checking account in person.
Some banks are still applying this way, but you can save a lot of time by
opening an account online.

Once opening your business checking account, you’re required to offer
several legal documents and information. Some of them include: Social
Security number (SSN) or Employer Identification Number (EIN), personal
identification, business license, and organizing documents.

In general, here’s how to open a business bank account:

Provide detailed information on your business

When getting started with applying online for a business checking account,
you’ll be required to provide your name as the business owner, name,
address, email address, and phone number in the name of your business. If
you’re not a sole owner, you’ll also need to provide your partners’ names.

If your business is acting as sole proprietorship, it’s required to provide
your SSN which is your tax identification number in your business.

The bank can require you to upload a copy of your driver’s
license/government-issued photo ID.

If your business is acting as a corporation or a limited liability company,
you’ll be asked for your EIN instead of your SSN.

If you don’t have an account yet, you can update an EIN on the IRS website.
A photo ID can be required to identify your information.

Provide your business structure documents

Through the form of your business, some certain documents need providing to
prove that it’s formed as a business:

Sole proprietorship

Providing your business license is a must. Also, if your business name
doesn’t consist of your legal first and last name, you need a legally
assumed name certificate or statement of that name.

Partnership

Again, offering your business license is a must, you need to provide a
certificate or statement of your assumed name. If you have a limited
partnership, a certificate/document of limited partnership is needed.

With a limited liability partnership, you need a statement of qualification
or a limited partnership document.

LLC

You’re required to provide your articles, certificate of organization, or
certificate of formation.

Corporation

Your articles of incorporation/a certificate of good standing is
compulsory.

They are general documents required by the bank, it’s not a full list. Each
bank can have different requirements, so check carefully before applying
what they require.

After being approved, download the mobile app

Online banks/institutions have no physical branches, so the institution’s
mobile app is the only way to deposit physical checks.

If there is no mobile app, you can get the services in terms of your mobile
browser. Try to learn the features of the mobile app. You should know how
to send money
between accounts, review your balance and schedule bill payments online.

More about DNBC Financial Group

DNBC Financial Group is a financial institution in the Fintech industry,
supplying online payment solutions all around the world, especially for
online accounts for business and personal purposes. You can

open an online business account

for free.

DNBC Financial Group has become a trustworthy payment provider in the world
since 2017 with payment solutions at fair fee and

comparative exchange rate

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Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.