When you are branching off into your own business, or you are expanding your corporation into a new direction it is helpful to set up this new venture as a DBA.
DBA or Doing Business As, allows a person or corporation to use a separate name to do business under that is not their own. An example would be The XYZ Corporation d/b/a WoW Products. This allows XYZ to pursue their original business venture, add a new company and be taxed under one name. This also allows an individual to open a business without requiring them to use their personal name in the title, such as John Smith d/b/a Excellent Service Company.
To get a DBA bank account you must first file with the state your intention of using this name. This can be done by filing a fictitious name petition and registering the name of the company with the state. Most of this can be accomplished on the Internet in a short amount of time. Make sure you do a quick search prior to registering to make sure no one else is currently using that name.
Once you have filled with the state, print the confirmation page from the state site and take that with you to the bank. Once you are at the bank you will need to provide the registration information, two forms of identification and a mailing address for your company. Some banks will require you to have a minimum deposit to start a DBA account. Make sure you are aware of all the fees associated with this type of account. Many banks will offer free services to start up companies, while others have many recurring fees. Shop around for the best deal prior to opening. Your next and final step to opening a DBA account is to order checks and debit cards.
To maintain a DBA account at many banks you will be required to submit at different intervals, usually five years, proof that your business is still in existence and has been re-registered with the state to operate under this name. Since you are required by law to do this anyway to maintain your business in the state, this is no big deal at all. Opening a DBA account at any bank is really a simple process if you make sure that you have the proper paperwork and identification with you before going to the bank.