Ask the Expert: Banking Services to Set Up When Starting a Small Business

Our experts are here to answer your questions!

Here’s West Allis–National Community President Maria Castro with insights and tips for starting a small business.

Q: I’m in the process of starting a small business—what banking services should I set up during the formation process?

As a community bank branch manager, I often meet with new business owners early in their journey. If your business is an LLC, partnership, or corporation, a business bank account is legally required. Sole proprietors aren’t always required to have one, but separating personal and business finances is still highly recommended. 

To open an account, you’ll need your formation documents, an EIN from the IRS (or Social Security number for sole proprietors), a valid ID, and any applicable business licenses or DBA certificates. 

Once you have these materials in hand, we’ll help you choose the right business checking and savings accounts to fit your needs. Our suite of tools, including digital banking, ACH services, remote deposit capture, and merchant card services, makes managing your business easier. If you’re planning to grow, we can connect you with small business credit cards and lines of credit. 

We also offer payroll solutions, fraud protection with Positive Pay, and tailored support for nonprofits and specialized industries. Everything is designed to streamline and secure your finances, so you can focus on running your business. 

Let’s connect when you’re ready. We’re here to help you build a solid financial foundation from day one.