A registered agent generally can’t open a business bank account for the company unless granted legal authority through documentation such as a power of attorney. Federal banking rules require banks to verify each business owner’s identity, meaning only authorized individuals can manage financial accounts on behalf of the business.
Last Updated: October 24, 2025
Starting a business comes with a lengthy list of tasks, so it’s natural for business owners to seek help. As a result, some entrepreneurs wonder if their registered agent can open a bank account for them.
On one hand, the thought makes sense. After all, the registered agent is already affiliated with the business, and the entrepreneur has already entrusted them with the critical task of accepting service of process on the company’s behalf. However, in most circumstances, a registered agent can’t open a business bank account for the company—at least not by default.
This guide explains why a registered agent generally lacks the authority to open a business bank account, the limited situations in which they might be allowed to do so, and what regulations determine who can open a business bank account.
Registered businesses, such as limited liability companies (LLCs), corporations, and nonprofits, all have to designate a registered agent. This requirement is consistent across most states, although some use alternative terms, such as “statutory agent,” “resident agent,” or “agent for service of process.”
A registered agent acts as an official point of contact for state and legal correspondence, including lawsuit notices (service of process), annual report reminders, wage garnishment notifications, and other compliance documents. Some professional registered agent services may offer additional services, like mail forwarding or compliance reminders. Ultimately, the agent’s primary responsibility is to receive specific state and government notices.
However, a registered agent isn’t automatically an authorized person for the company. This means the agent doesn’t have the legal authority to make financial decisions, enter contracts, or act on behalf of the business. The most notable exception to this is when the registered agent is also an authorized person within the company, such as when the business owner serves as their own registered agent. In most cases, if a business appoints a third-party agent, the registered agent isn’t an authorized person for the company, and their role is limited to the service of process.
Business banking law determines who’s eligible to open a business checking or savings account. Financial institutions are heavily regulated by federal statutes and must follow strict identification and verification requirements.
For example, banks are required to maintain a Customer Identification Program (CIP) to verify the identity of customers opening new accounts. At a minimum, this program requires identifying the business name, physical address, and taxpayer identification number (such as an Employer Identification Number, or EIN).
Banks must also comply with Customer Due Diligence (CDD) rules established by the Financial Crimes Enforcement Network (FinCEN) under the Bank Secrecy Act. These rules require financial institutions to identify a company’s “beneficial owners”—individuals who own 25% or more of the business or have significant control over it.
In short, banks must confirm the identities of those authorized to open and manage accounts. For business accounts, that means verifying the ownership and control structure of the company before granting access.
Real-World Examples of Verification Requirements for Opening a Business Bank Account
When a bank follows federal CIP and CDD regulations, business owners are typically required to provide documentation about themselves and their business. This may include:
Even when a business owner can open a bank account online, the same verification documents are still required.
While federal law sets the baseline for customer verification, each financial institution can set its own additional documentation standards. For example, Wells Fargo requires all business owners listed on a new account to submit identification and business formation documents tailored to the company’s structure. Sole proprietorships may need to provide a trade name certificate or business license if the business name doesn’t include the owner’s surname. By contrast, LLCs and corporations must supply formation paperwork—such as Articles of Organization or Articles of Incorporation—and ensure each listed owner either appears in person at a branch or provides notarized authorization documents.
Chase Bank has similar verification requirements. Applicants must present two forms of personal identification—one being a government-issued ID, such as a driver’s license or passport, and the other a secondary proof, such as a utility bill or embossed credit card. After identity verification, the bank requires entity documentation that varies by business type and state. At a minimum, LLCs and corporations must provide their EIN and proof of formation.
Because these requirements can differ between institutions and states, it’s best for businesses to verify documentation expectations directly with their bank before applying.
In some cases, banks may allow a third party to open a business bank account on a business’s behalf, but only if the owner has the proper documentation to grant that authority. Typically, the business must execute a legal document authorizing the third party to complete specific tasks, such as opening an account.
By default, registered agents don’t have the authority to manage banking activities for a company. However, a business can choose to grant them that power under certain conditions.
The most common way to authorize a registered agent to open a business bank account is through a properly executed power of attorney (POA). In some situations, an LLC’s operating agreement may also grant this authority; however, many banks may not accept this approach without separate documentation.
If a business decides to give a registered agent authority to open an account, the company must verify its bank’s rules for third-party applicants and submit all required documentation. Even with a valid POA, financial institutions are still required to confirm the identities of the company’s owners in compliance with CIP and CDD regulations.
While granting a registered agent this authority is possible, it’s rarely practical. Setting up POA documentation and other acceptable forms of identity verification can be very tedious. As a result, many business owners prefer to open their business’s bank account to streamline the process as much as possible.
If it’s technically possible for a registered agent to help open a business bank account, can the agent’s address be listed on the application? In most cases, the answer depends on the financial institution’s verification policies.
Federal banking regulations under the CIP require financial institutions to verify the identities of all customers. For businesses, this includes confirming a valid physical address, not just a mailing address. As a result, many banks reject applications that list a registered agent’s address as the company’s primary business location. Because a registered agent’s address typically serves as a mailing address, rather than an operational site, it may not meet physical location requirements.
That said, not all banks will automatically decline a business bank account application if it lists a registered agent address as the business address. Some institutions make exceptions if certain conditions are met. For example, Relay allows businesses to list the registered agent address in place of the business address, but only if the business also provides the personal address of each owner. These addresses have to be actual residential addresses, not virtual mailboxes or P.O. boxes.
Ultimately, banks must have a reasonable belief that they know the true identity and location of each customer. While all financial institutions are required to meet baseline federal standards, they can also establish stricter internal policies to mitigate risk.
The takeaway is simple: if a business owner wants to involve the registered agent in the bank account application process, they need to verify their financial institution’s requirements.
For many business owners, it’s simpler to open the business bank account themselves. But for those who involve a registered agent in the process, understanding common pitfalls can help avoid unnecessary delays.
First, business owners can review their bank’s verification requirements to ensure they understand what documentation is needed to confirm their identity. They also need to verify whether the bank allows a third party to apply for an account in the first place. Applications that don’t meet verification or authorization requirements are typically rejected automatically.
If a bank does permit a third party to open a business account, the company must provide formal documentation that authorizes the agent to act on its behalf. A simple email or letter isn’t sufficient. Instead, a power of attorney, operating agreement, or similar legal document is required, though each bank sets its own documentation standards.
Remember: banks don’t impose these requirements arbitrarily. They’re mandated by federal law to verify customer identities and prevent fraud under FinCEN’s CIP and CDD rules.
Additionally, business owners can’t assume that a registered agent will handle these tasks. Most professional registered agent services focus exclusively on receiving legal and compliance documents, not administrative or financial activities. Service providers that are willing to do those jobs may charge additional fees. Even when a friend or family member serves as the registered agent, they may not be comfortable managing banking tasks.
A registered agent plays an essential role in maintaining business compliance, but that authority doesn’t extend to managing finances or opening bank accounts. Federal banking laws require financial institutions to verify each owner’s identity and confirm who’s authorized to act on behalf of the company. While it’s legally possible for a business to grant a registered agent this authority through documentation such as a power of attorney, the process often adds complexity without clear benefit.
For most entrepreneurs, opening a business bank account directly is simpler and more efficient. Understanding how registered agents and banking regulations intersect helps businesses stay compliant, minimize delays, and maintain financial security from the start.
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
Written by ZenBusiness Editorial Team
The ZenBusiness Editorial Team has more than 20 years of combined small business publishing experience and has helped over 850,000 entrepreneurs launch and grow their companies. Our writers and business formation experts are dedicated to providing accurate, practical, and trustworthy guidance so business owners can make confident decisions.