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How do I open a bank account?

Short answer

To open a bank account, pick a bank or credit union and an account, gather a photo ID, your SSN or ITIN and a US address, then apply online or in a branch and make the opening deposit. Without an SSN or ITIN, plan on a branch visit with your passport.

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By · Founder of ITIN Club

Updated

Five steps to an account

  1. 1

    Choose a bank or credit union

    Both offer checking and savings accounts. consumer.gov suggests comparing a few on their websites or in person, and asking what fees each account charges. Make sure the bank is FDIC-insured or the credit union NCUA-insured.

  2. 2

    Pick the account

    A checking account is for everyday spending, bills and your debit card. A savings account holds money you don't plan to use soon.

  3. 3

    Gather your documents

    Every bank must collect your name, date of birth, street address and an ID number under the Customer Identification Program rule. In practice that means a photo ID plus your SSN or ITIN. A non-US person can give a passport number and country instead.

  4. 4

    Apply online or in a branch

    Online is fastest if you have an SSN or ITIN. Huntington says its online application takes 5 to 10 minutes. Some banks limit online opening: BMO needs an SSN and US citizenship online, so non-citizens apply by phone or in person. In a branch, Wells Fargo accepts a foreign government ID from customers without a US taxpayer number.

  5. 5

    Make the opening deposit

    The amount depends on the account: Huntington checking has no minimum, while Chase says some accounts need a minimum deposit when you apply. Bank On certified accounts, listed by the St. Louis Fed, open with $25 or less.

After it opens

  • Set up direct deposit. Ask your employer if it offers direct deposit. consumer.gov notes it can help you avoid some fees.
  • Use your own bank's ATMs. Other banks' machines can charge a fee.
  • Decide on overdraft coverage. The FDIC explains a bank can't charge you an overdraft fee on ATM or debit card transactions unless you opt in first.

Want the full picture?

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How to open a US bank account as a non-resident

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Related questions

Sources

  1. consumer.gov: opening a bank accountconsumer.gov
  2. 31 CFR 1020.220: Customer Identification Programecfr.gov
  3. Huntington: checking accountshuntington.com
  4. BMO: checking accountsbmo.com
  5. Wells Fargo: identification required to open Everyday Checkingwellsfargo.com
  6. Chase: what you need to open a bank accountchase.com
  7. St. Louis Fed: Bank On account standardsstlouisfed.org
  8. FDIC: deposit accountsfdic.gov

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