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We have all kinds of tools to manage your business and life: checking accounts, cash tools, loans, the whole package. Keeping your mind off the banking so you can work on what really matters. Your business.
At a Glance: Opening a business bank account in Virginia generally requires business formation documents, an EIN or owner Social Security number, and photo ID for each beneficial owner. Chesapeake Bank’s Basic Business Checking opens with $100, has no monthly maintenance fee, and includes a free Visa Business Debit Card, free business online banking, and free bill pay.
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Documents Required to Open a Business Bank Account in Virginia
What you need depends on how your business is structured. In general, bring your formation documents, your tax identification, and photo ID for every owner holding 25% or more of the business as well as anyone with controlling authority. The table below lists what applies to each business type.
| Business Type | Formation & State Documents | ID & Ownership Verification |
|---|---|---|
| Sole Proprietorship | Business license, fictitious name certificate (DBA) | Owner Social Security number or EIN, government-issued photo ID |
| LLC | Articles of Organization, operating agreement | EIN assignment letter, photo ID for each owner with 25% or greater equity and for the controlling party |
| Corporation | Articles of Incorporation, corporate bylaws | EIN assignment letter, corporate resolution, photo ID for beneficial owners and controlling parties |
Not sure what applies to your business? Call your local branch before your appointment and a team member will confirm what to bring.
How to Switch Business Bank Accounts
Switching business accounts is mostly a matter of sequencing, so nothing is missed while both accounts are open. Chesapeake Bank publishes a Making the Switch checklist, and a Business Relationship Officer works through it with you.
- Open your new accounts and order checks and debit cards.
- List everything that moves money in and out of the old account — incoming customer payments, automatic payments, payroll, and any card kept on file with a vendor.
- Redirect them one at a time, keeping the old account open and funded until each has cleared at least one full cycle.
- Close the old account once nothing has run through it for a complete cycle.
Download the Making the Switch checklist, or call 877-695-8239 and a Business Relationship Officer will walk through it with you.
Beneficial Ownership
Our team can provide more details about beneficial ownership and help you with all your banking needs.
Business Banking Solutions
Business
Checking
Let’s make life easier, with a cost-effective business checking account.
Business
Online Banking
Get to your accounts from anywhere, anytime. It’s like having a bank in your pocket.
Business
Cash Management
Make your money do the work for you – with our ACH service, wire transfers, and payroll solutions.
Business
Merchant Services
Accept card payments from your customers for goods and services. Payments can be processed both in-person using point-of-sale equipment or card terminals provided by Chesapeake Payment Systems, or online through integrations with websites and partners.
Business
Remote Deposit Capture
And why stand in line when you can process checks and money orders from your own computer? It’s a no-brainer.
Business Checking Accounts Compared: Minimums, Fees, and Interest
Chesapeake Bank offers five business deposit accounts. Basic Business Checking opens with $100 and has no monthly maintenance fee. Premium Business Checking, Commercial Money Market, and Trust Estate Checking pay interest above a set balance. myCommunity Checking is available to nonprofit organizations only.
| Account | Who It’s For | Minimum to Open | Monthly Maintenance Fee | Earns Interest |
|---|---|---|---|---|
| Basic Business Checking | Any business | $100 | None | No |
| Premium Business Checking | Any business | $100 | $15 monthly fee if balance falls below $20,000 | Balances greater than $20,000 |
| Commercial Money Market | Any business | $100 | None | Tiered interest based on balance |
| myCommunity Checking | Nonprofit organizations only | None | None | Balances greater than $10,000 |
| Trust Estate Checking | Trust and estate accounts | $100 | $10 monthly maintenance fee if balance falls below $5,000 | Balances greater than $5,000 |
All five accounts include free business online banking and free bill pay. Basic Business Checking, Premium Business Checking, and myCommunity Checking include a free Visa® Business Debit Card. Trust Estate Checking includes up to $20 in foreign ATM fee refunds.
myCommunity Checking is designed for nonprofit organizations, including educational and religious groups, health and human service providers, membership organizations such as homeowners associations, family foundations, and civic and charitable groups.
Beneficial Ownership Requirements Explained
Federal rules require every bank in the United States to identify the people who own or control a business before opening an account. Chesapeake Bank collects this information at account opening for all business customers.
- Who counts as a beneficial owner: any individual who owns 25% or more of the business.
- Who counts as a controlling party: one individual with significant responsibility for managing the business — an officer, managing member, or similar — regardless of how much of it they own.
- What each person provides: full legal name, date of birth, residential address, tax identification number, and a government-issued photo ID.
- Why the bank asks: federal customer due diligence rules apply to all banks, not just Chesapeake Bank. Providing this information is a requirement of opening the account, not a credit check.
Your Business Relationship Officer can tell you exactly which documents your business needs before your appointment.
Contact Us
We’re all ears and ready to roll up our sleeves. Find your local Business Relationship Officer or fill out the form below. We’re eager to talk about how we can make things happen for you.
FAQs - Frequently Asked Questions
Q: What documents do I need to open a business bank account in Virginia?
A: Business account applications generally require formation documents — Articles of Incorporation or Organization, or a fictitious name certificate for a sole proprietor — plus an EIN or owner Social Security number and photo ID for each beneficial owner and controlling party. Confirm exact requirements with the branch.
Q: How much does it cost to open a business checking account at Chesapeake Bank?
A: Basic Business Checking opens with a $100 minimum deposit and has no monthly maintenance fee. It includes a free Visa Business Debit Card, free business online banking, and free bill pay. Premium Business Checking also opens at $100 and pays interest on balances over $20,000.
Q: How do I move my business accounts to a community bank?
A: Chesapeake Bank publishes a Making the Switch checklist for moving business accounts, and a dedicated business relationship officer works with you through the transition. Call 877-695-8239 for help with the switch.
