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Open a Business Bank Account Online

Before Opening a Business Bank Account Online let us discuss three major type of business in the United States

  1. Sole Proprietorship : Business own by a single person who is responsible for all liabilities be it financial or legal.
  2. Limited Liability Company : Liabilities are not limited to the owners, but the company. Can have the benefits of corporate in terms of taxation and other financial obligations. Can have more than one owner.
  3. Incorporation (Inc) : Most of the stable businesses falls under this category. These companies issue shares which if the board of directors want can go public by issuing IPOs.

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If you have arrived to this page, there is probability that you do not have much time to visit a bank, wait, and do all the paper works. Its like wasting a day which can be use for some productive work. It is understandable how hard it is to manage time in the early days of starting a business. You need to be almost like a super human and do the multi tasking.  

Sole Proprietorship can only obtain business bank account online and others need to go to brick and mortar traditional branches, however, they can initiate the process online and can fix an appointment. 

Open Online Business Bank Account

Best Business Bank Account - Online Accounts

  1. BOFI Federal Bank
  2. BBVA Business Checking
  3. First Internet Bank
  4. Capital One Bank

BOFI Federal Bank : Their online bank account consists of basic business checking, business interest checking and analyzed business checking. Basic business checking account is one of the best option for sole proprietorship and is consists of

  • Opening Amount : $1000
  • Monthly fee : $0
  • Number of transactions : 200
  • Online Check deposit : Yes
  • Phone Banking : Online and mobile
  • Business Debit Card : Authorized Signers
  • Online Payments : Yes

Open an account with BOFI Federal Bank

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BBVA Bank : Clear Connect Business Checking Account is the best online checking account for sole proprietorship. The bank offers other business checking and savings account as well. Here are few features

  • Opening Amount : $25
  • Monthly fee : $15, can be waived by maintaining $5,000
  • Number of transactions : 250 per month
  • Online Check deposit : Yes
  • Phone Banking : Online and mobile
  • Business Debit Card : Authorized Signers
  • Online Payments : Yes

Open an account with BBVA Business Checking

First Internet Bank : They offer several online banking products and services, here are the details -

Online Business Checking Account - It consists of Small Business Checking, Commercial Premium Checking and Commercial Analysis Checking. Features of online small business checking account are as follows  

  • Opening Amount : $500
  • Monthly Fee : $25, can be waived by maintaining $10,000 monthly balance
  • Number of transactions : Unlimited
  • Online Check deposit : Yes
  • Phone Banking : Online and mobile
  • Business Debit Card : Authorized Signers
  • Online Payments : Unlimited transactions

Open an account with First Internet Bank

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Capital one Bank :  One of the best bank in the USA to bank with. You can open Spark Business Savings which can give you upto 1.75% APY with the following other features

  • Opening Amount : $1
  • Monthly Fee : $0
  • Number of transactions : Unlimited
  • Online Check deposit : Yes
  • Phone Banking : Online and mobile
  • Business Debit Card : Authorized Signers
  • Online Payments : Unlimited transactions

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  2. Best Free Online Checking Accounts
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Open an account with Capital One Bank

How to open a business bank account online

It is not very difficult, however, there are few steps involved which needs to be taken care.

  • Business Account Information : It consists of all the basic details to identify and verify your business with government authorities which consists of
  1. Business Name
  2. Federal Employer ID
  3. Category
  4. Business Website Address
  5. City
  6. State
  7. Zip Code
  8. Country
  9. Email Address
  10. Phone Number
  11. Date of incorporation as per the document
  12. State of incorporation 
  • Authorized Signer Information : The authorized person who is responsible the liabilities both legal and financial needs to provide the following details
  1. Name
  2. Social Security Number
  3. DOB
  4. DL
  5. Address
  • Account Type Information : You need to mention your requirement as per you need. You can open an online checking account, savings account, CD, also you may need to provide bank details if you choose to go for CD, certificate of deposit.
  • Expected Account Use : You need to provide information on how would be using the online business bank account for your business.
  • NOC
  • Terms and conditions : You need to agree with the terms and conditions of the respective bank.

Who should open a business account online?

Online business accounts are not mean for every business, these accounts have limitations and is not suggested to everyone. If you are a sole proprietor and number of business transactions is less and you want it for sometimes then you can go for it. If your business is well settled, you must explore traditional business accounts and compare features such as APY, charges and fees, accessibility, etc. This way you can choose the best bank for your business.

Most of the banks do not accept online business account applications because of the security and guidelines. However, as technology is evolving day by day it is for sure, every bank will issue online business accounts, it is just a matter of time. But as of now due to limited options it is very hard to find a satisfactory account online.

Why to choose a traditional bank account over online?

Online banks are reliable no doubt as you don't need to go to a branch to open one and you can get it by few clicks and filling up some fields. Who doesn't want it, but the issue is again limited number of banks provide online business accounts and also business something we do with others, so, it means it consists of a niche and people related to that niche. Business may get started from a single room or a garage but once it grows bigger it expands. An online bank account may not be able to tackle such variations with many customers and employees. 

Best traditional business Bank accounts 

However, Bank L List suggest you to explore options other than online because there are hundreds of banks which may be suitable for your business's financial requirements. All you need is to invest few hours to visit a bank, here is a list of best banks for small business

  1. JP Morgan Chase Bank
  2. Wells Fargo Bank
  3. Bank of America
  4. Sun Trust Bank
  5. Capital One Bank
  6. US Bank
  7. PNC Bank
  8. BBVA Compass Bank
  9. M&T Bank
  10. BMO Harris Bank

 

About the Author
Paul William
Author: Paul William
I am an American Economist (Ph.D. MIT). Over 1981-88, I was an Assistant Professor of Economics at the City University of New Work. I have also assisted the Republic Government of USA I have worked in several countries in Europe and Africa as a consultant. I have also been a consultant for a variety of U.S. agencies. These include the D.C. Public Service Commission, the D.C. Department of Energy and Wind and Solar Energy California.

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