What you need to open a bank account
To open a checking or savings account at a US bank, you will need a government-issued photo ID, proof of your current address, and your Social Security number or Individual Taxpayer Identification Number (ITIN). Most banks also ask for an initial deposit, though the amount varies—some require $25, others $100 or more, and a few have no minimum.
Proof of address typically means a recent utility bill, lease, mortgage statement, or government mail dated within the last 60 days. A driver's license or passport serves as your photo ID. If you do not have a Social Security number, an ITIN (issued by the IRS to non-citizens who file taxes) works instead, though not all banks accept it—call ahead to confirm.
Some banks also run a background check through ChexSystems, a banking history database. If you have unpaid overdrafts or fraud flags from another bank, you may be denied. You can request your ChexSystems report for free at chexsystems.com before you apply.
Key Takeaways
- You need a photo ID, proof of address dated within 60 days, and a Social Security number or ITIN to open an account.
- Most banks require an opening deposit ranging from $0 to $100, depending on the institution and account type.
- Banks check ChexSystems, a database of banking history; unpaid overdrafts or fraud flags can result in denial.
- Online banks typically have lower minimums and faster approval than brick-and-mortar branches, though you cannot deposit cash in person.
- The account opens immediately or within one to two business days, and your debit card arrives by mail within 7 to 10 business days.
Opening an account in person at a branch
Walk into any branch of the bank you choose with your ID, proof of address, and Social Security number or ITIN. Bring a checkbook or recent bank statement if you have one from another account—it speeds up verification. Tell the banker you want to open a checking or savings account and ask about their current promotions; many banks offer cash bonuses for new accounts that meet deposit or spending requirements.
The banker will ask you to sign documents and choose a PIN for your debit card. The account opens on the spot. Your debit card is ordered and arrives by mail in 7 to 10 business days. You can start writing checks or using online banking immediately, even before the card arrives.
Bring your initial deposit in cash or a check. If you do not have the minimum deposit on hand, ask whether the bank will waive it or let you deposit later that day—policies vary by branch and banker.
Opening an account online
Online banks like Ally, Charles Schwab, Discover, and Marcus have no branch locations but allow you to open an account entirely through their website or app. The process takes 10 to 15 minutes. You upload photos of your ID and proof of address, enter your Social Security number or ITIN, and choose your account type and PIN.
Most online banks have no opening deposit requirement or charge no monthly fees. Approval happens instantly or within one business day. You can transfer money from another bank account to fund your new account, or some banks mail you a check to deposit elsewhere first.
The trade-off is that you cannot deposit cash in person. If you receive cash regularly, you will need to visit an ATM or bank branch that accepts deposits for your online bank, or use a mobile check deposit feature if your bank offers it.
What happens after you open the account
Your account number and routing number appear in your online banking portal or app immediately. You can use these to set up direct deposit from your employer, receive wire transfers, or pay bills. Your debit card arrives by mail within 7 to 10 business days and is activated automatically or by calling the number on the back.
Most banks offer online bill pay at no cost. You can schedule payments to utilities, credit cards, or other creditors directly from your account. Payments typically post within 1 to 3 business days, depending on whether you send them electronically or the bank mails a check on your behalf.
Set up account alerts through your bank's app or website. You can receive notifications when your balance drops below a certain amount, when a large transaction posts, or when you are charged a fee. This helps you catch fraud or overdrafts early.
Fees and monthly costs
Many banks charge a monthly maintenance fee ranging from $5 to $15, though most waive it if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or use their debit card a certain number of times per month. Online banks typically have no monthly fee at all.
Overdraft fees occur when you spend more than your balance. Most banks charge $25 to $35 per overdraft, and some charge multiple fees if several transactions post on the same day. You can opt out of overdraft protection, which means transactions will be declined rather than charged a fee—ask your bank how to do this.
ATM fees apply when you withdraw cash from an ATM not owned by your bank. Most banks charge $2 to $3 per out-of-network withdrawal. Many banks reimburse these fees if you maintain a high balance or have a premium account. Online banks often reimburse all ATM fees nationwide.
If you are denied or have banking history problems
If a bank denies you, ask why. If it is because of ChexSystems, you have the right to a free copy of your report. Dispute any errors directly with ChexSystems by mail or online. Accurate negative marks stay on your report for five years, but banks vary in how strictly they enforce this rule—some will open an account for you anyway if the issue is old or minor.
If you have unpaid overdrafts, contact the bank that reported you and ask about paying the debt in full or negotiating a settlement. Once paid, ask the bank to request removal from ChexSystems. Some banks will reopen your account after you settle the debt.
Second-chance banking accounts exist specifically for people with ChexSystems issues. Banks like Chime, LendingClub, and some credit unions offer these accounts with higher fees but no credit check. They are a bridge to a standard account once your history improves.
Frequently Asked Questions
Can I open a bank account without a Social Security number?
Yes, if you have an ITIN issued by the IRS. Not all banks accept ITINs, so call ahead. Some credit unions and online banks are more likely to accept them than large national banks. You will still need a photo ID and proof of address.
How long does it take to open an account?
In person at a branch, the account opens immediately. Online, approval takes anywhere from instant to one business day. Your debit card arrives by mail in 7 to 10 business days, but you can use your account and online banking before the card arrives.
What is the difference between a checking and savings account?
A checking account is for frequent deposits and withdrawals—paying bills, receiving paychecks, everyday spending. A savings account earns interest on your balance and is meant for money you do not spend regularly. Most people open both. Interest rates on savings accounts vary widely; online banks typically pay more than brick-and-mortar banks.
Do I need a minimum balance to keep my account open?
It depends on the bank and account type. Many banks waive monthly fees if you maintain a minimum balance, but they will not close your account if you drop below it—you will just be charged a fee. Online banks often have no minimum balance requirement at all.
Can I open an account if I have been banned from banking before?
If you were banned by ChexSystems, you can still open a second-chance account at banks that specialize in them. These accounts have higher fees but no credit check. Once your ChexSystems record improves, you can move to a standard account at a regular bank.