Opening a US Bank Account

Jurisdiction: United States

US Bank Account

Last verified: 2026-01-25

Attorney-ReviewedUnited StatesUpdated January 25, 2026

TL;DR

• Business accounts require EIN; personal accounts typically require SSN or ITIN.
• Most traditional banks require in-person verification.
• Some fintech services allow remote account opening for businesses.
• Banks have their own policies - rejection by one doesn't mean rejection by all.
• FBAR reporting applies if you're a US person with foreign accounts over $10K.

Business vs Personal Accounts

Business Account

• Requires EIN
• LLC/Corp formation documents needed
• Operating Agreement typically required
• Some options for remote opening
• Essential for business credibility

Personal Account

• SSN preferred, some accept ITIN
• Usually requires physical presence
• Passport + visa documentation
• Proof of US address often required
• More limited options for non-residents

Typical Documentation Requirements

For LLC Business Account

[ ]Articles of Organization (certified copy)
[ ]EIN confirmation letter from IRS
[ ]Operating Agreement
[ ]Passport copies of all members/managers
[ ]Proof of business address (registered agent acceptable for some)
[ ]Resolution authorizing account opening (for multi-member LLCs)
[ ]Business description or website

Common Challenges

No US Physical Presence

Many banks require in-person verification. Options: visit the US to open accounts, use fintech services that allow remote opening, or work with banks in states where you have registered agent presence.

Bank Compliance Concerns

Banks must comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Non-resident accounts receive extra scrutiny. Be prepared to explain your business clearly.

Maintaining the Account

Some banks close accounts that appear dormant or have activity patterns they consider suspicious. Maintain regular, explainable activity and keep your contact information current.

Frequently Asked Questions

Most traditional banks require in-person verification. Some banks and fintech services allow remote account opening for business accounts with proper documentation. Personal accounts typically require physical presence.

For business accounts, you need an EIN (Employer Identification Number) for your LLC or corporation. For personal accounts, banks typically want an SSN, though some accept ITIN. Non-resident aliens without SSN/ITIN face more limited options.

Common requirements include: formation documents (Articles of Organization), EIN letter from IRS, Operating Agreement, passport copies of all owners, proof of business address, and sometimes a business plan or website.

Banks have compliance obligations (AML/KYC) and view non-resident accounts as higher risk. Without US presence, verifying identity and business legitimacy is harder. Each bank sets its own risk tolerance.

FBAR (Report of Foreign Bank Accounts) is a US reporting requirement. If you're a US person with foreign accounts exceeding $10,000 aggregate value, you must file. For non-US persons, FBAR generally doesn't apply unless you become a US tax resident.

Several fintech services cater to non-resident business owners. They often have easier onboarding but may have limitations (no check deposits, limited integrations, etc.). Research specific services for current offerings.

Sources

•Bank Secrecy Act / AML Requirements (31 U.S.C. § 5311 et seq.)
•FBAR Requirements

Cite This Entry

Standard

EchoLegal, “Opening a US Bank Account,” EchoLegal Legal Encyclopedia, v1.0 (last updated Jan 25, 2026), https://echo-legal.com/en/amerika/abdde-banka-hesabi.

Bluebook

Opening a US Bank Account, EchoLegal Legal Encyclopedia (last updated Jan 25, 2026), https://echo-legal.com/en/amerika/abdde-banka-hesabi.

Citation ID:ecl-gde-00002

This content is for general informational purposes only. Bank policies change frequently - verify current requirements directly with institutions.