Editor’s Picks Banks in New York for E-commerce Sellers in 2025

As e-commerce continues to thrive, selecting the right banking partner becomes crucial for sellers. In New York, various banks offer tailored services for e-commerce businesses. This article will provide a comparative review of banks and account types available in the state, highlighting their pros and cons, typical fees, and essential details for opening an account.

Quick Summary

E-commerce sellers in New York have several banking options to consider. Key players include:

- Chase Bank: Offers robust online banking features and a wide range of business services.
- Bank of America: Known for its user-friendly digital tools and comprehensive support for small businesses.
- Wells Fargo: Provides a variety of business accounts with flexible options for e-commerce sellers.
- TD Bank: Features convenient access and customer service, with various account types suited for online businesses.
- Capital One: Offers competitive fees and innovative digital banking solutions.

This review will delve into each bank's offerings, helping e-commerce sellers make informed decisions.

Eligibility & Requirements

Chase Bank- Eligibility: Open to any business type; must provide a DBA (Doing Business As) certificate if applicable.- Requirements: Federal Employer Identification Number (EIN), business license, and personal identification.

Bank of America- Eligibility: Available for sole proprietors and registered businesses.- Requirements: EIN or Social Security Number, business license, and personal identification.

Wells Fargo- Eligibility: Open to various business structures, including LLCs and corporations.- Requirements: EIN, business formation documents, and personal identification.

TD Bank- Eligibility: Suitable for all business types.- Requirements: EIN or Social Security Number, business license, and personal identification.

Capital One- Eligibility: Open to small businesses and e-commerce sellers.- Requirements: EIN, business license, and personal identification.

Step-by-Step Opening Process

Step 1: Choose Your BankEvaluate the options based on your business needs, such as fee structures, services, and accessibility.

Step 2: Gather Required DocumentationCollect necessary documents, including your EIN, business license, and identification.

Step 3: Complete the ApplicationVisit the bank's website or branch to fill out the application form. Ensure all information is accurate.

Step 4: Fund Your AccountOnce approved, make an initial deposit as required by the bank.

Step 5: Set Up Online BankingEnroll in online banking to manage your account effectively, especially for e-commerce transactions.

Typical Fees & Timelines

Chase Bank- Monthly Fees: $15–$30, waived with qualifying activities.- Transaction Fees: $0.40–$0.50 per transaction after a certain limit.- Timelines: Account opening can take 1–2 business days.

Bank of America- Monthly Fees: $14–$25, waived with eligible balance.- Transaction Fees: $0.25–$0.50 per transaction, depending on the account type.- Timelines: Typically, accounts are opened within 1–3 business days.

Wells Fargo- Monthly Fees: $10–$35, with waivers available.- Transaction Fees: $0.30–$0.50 per transaction after limits.- Timelines: Account opening usually takes 1–2 business days.

TD Bank- Monthly Fees: $15–$25, waived with qualifying balances.- Transaction Fees: $0.25–$0.50 per transaction, depending on the plan.- Timelines: Accounts can generally be opened within 1 business day.

Capital One- Monthly Fees: $0–$10, depending on the account type.- Transaction Fees: $0.25–$0.30 per transaction after limits.- Timelines: Opening an account typically takes 1–3 business days.

*Note: Fees may vary based on specific account features and promotional offers. Readers should verify with the respective banks for the most current fee structures.*

Alternatives & Digital Banks

E-commerce sellers may also consider digital banks, which often provide lower fees and enhanced technology. Options include:

- N26: A European digital bank expanding into the U.S., offering no monthly fees and free ATM withdrawals.
- Chime: A neobank with no monthly fees and early direct deposit features.
- Novo: Tailored for small businesses, offering no monthly fees and integrations with e-commerce platforms.
- Simple: Focused on budgeting and expense tracking, with no monthly fees.

These alternatives may provide flexibility and convenience for e-commerce operations.

FAQs

1. What is the best bank for e-commerce sellers in New York?The best bank depends on your specific needs. Chase, Bank of America, and Wells Fargo are popular choices due to their comprehensive services.

2. Are there any fees associated with business bank accounts?Yes, most banks charge monthly maintenance fees and transaction fees. These can vary widely, so it's essential to check directly with the bank.

3. Can I open a business account online?Most banks offer online account opening, but some may require you to visit a branch for verification.

4. What documents do I need to open a business account?Typically, you will need your EIN, business license, and personal identification. Additional documents may be required based on your business structure.

5. How long does it take to open a business account?Generally, accounts can be opened within 1–3 business days, depending on the bank and the completeness of your application.

6. Can I use a personal account for my e-commerce business?While possible, it is advisable to maintain a separate business account for clearer financial management and legal protection.

7. Are there any minimum balance requirements?Many banks have minimum balance requirements to avoid monthly fees, which can range from $0 to $2,500.

8. What features should I look for in a bank as an e-commerce seller?Look for features such as low fees, online banking capabilities, integrations with payment platforms, and good customer service.

Conclusion

Choosing the right bank for your e-commerce business in New York involves evaluating various factors, including fees, services, and accessibility. By considering the options outlined in this article, you can find a banking partner that aligns with your business needs.

*Disclaimer: For informational purposes only; not financial/tax/legal advice.*

Related FAQs

Sophia Tan

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.