What you need to open a bank account
To open a bank account, you 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 some have no minimum at all.
You can open an account in person at a branch, online through a bank's website, or by phone. In-person is slowest but lets you ask questions. Online is fastest—many accounts open in minutes. By phone, you'll speak to a representative who walks you through the process, though you may still need to visit a branch or mail documents later to complete it.
The entire process usually takes one business day to one week, depending on the bank and whether they need to verify your identity by mail. Some online banks complete it instantly and send you a debit card within five to seven business days.
Key Takeaways
- You need a photo ID, proof of address, and your Social Security number or ITIN to open any bank account.
- Opening online is fastest for most people; opening in person takes longer but lets you ask questions in real time.
- Initial deposits range from zero to $100 depending on the bank, and some accounts have monthly fees while others do not.
- Your account is usually active within one business day, though your debit card may take five to seven business days to arrive by mail.
- If you have a history of overdrafts or fraud, some banks will deny you, but credit unions and second-chance banking programs exist for that situation.
Documents to bring or upload
Have your photo ID ready—a driver's license, passport, or state ID card all work. The bank will scan or photograph it to verify your identity. Bring or upload a recent utility bill, lease, mortgage statement, or bank statement showing your name and current address. The document usually needs to be dated within the last 60 days.
Write down your Social Security number or ITIN. If you do not have either, some banks and credit unions will open an account using an ITIN alone, or will accept a passport number plus additional identity documents. Call the bank before you go in if you are unsure whether your documents will work.
If you are opening an account for a child under 18, bring the child's birth certificate and your ID as the parent or guardian. Some banks require both of you to be present; others let you open it alone.
Choosing between banks, credit unions, and online-only accounts
Traditional banks have physical branches where you can deposit cash, speak to a teller, and get a debit card immediately. They usually charge monthly fees ($10 to $15) unless you keep a minimum balance or set up direct deposit. Chase, Bank of America, Wells Fargo, and Citibank are the largest, but thousands of smaller regional banks exist.
Credit unions are member-owned nonprofits that often charge lower fees and offer better interest rates on savings. You must be a member to open an account—membership is usually based on where you work, where you live, or a group you belong to. Credit unions have fewer branches than big banks, but many participate in shared branching networks so you can use other credit unions' ATMs and tellers.
Online-only banks like Ally, Charles Schwab, and Discover have no physical branches but charge no monthly fees, pay higher interest on savings, and reimburse ATM fees nationwide. They are fastest to open and cheapest to maintain, but you cannot deposit cash in person—you deposit by mail, mobile app, or transfer from another account.
What happens after you open the account
Once your account is open, you will receive a debit card by mail within five to seven business days. You can use your account to receive direct deposits from an employer, set up bill payments, transfer money to other accounts, and withdraw cash at ATMs. Some banks let you start using a temporary digital card in their mobile app before the physical card arrives.
Your bank will send you a welcome packet with your account number, routing number, and instructions for online banking. Write down or save these numbers—you need them to set up direct deposit or receive wire transfers. Your routing number is specific to your bank; your account number is unique to you.
If you overdraw your account (spend more than you have), the bank will either decline the transaction or charge you an overdraft fee, usually $25 to $35 per transaction. Some banks charge multiple fees per day; others cap it at one or two. Read the fee schedule before you open the account if overdraft costs matter to you.
If a bank denies you
Banks check ChexSystems, a database of banking history, when you apply. If you have unpaid overdrafts, bounced checks, or fraud on your record, a bank may deny you. You can request your ChexSystems report for free at chexsystems.com to see what is listed.
Second-chance banking programs exist specifically for people with banking history problems. Banks like Chime, LendingClub, and some credit unions offer accounts with lower fees and no overdraft charges, though they may require a smaller initial deposit or have spending limits. Regional banks and credit unions often have their own second-chance programs—call and ask.
If you were denied, ask the bank which reason they cited. If it is a ChexSystems error, you can dispute it directly with ChexSystems. If it is a legitimate overdraft or fraud, you will need to resolve that debt or wait for it to age off the report (usually three to five years) before mainstream banks will accept you.
Setting up direct deposit and online banking
Once your account is open, log into your bank's website or app using your account number and a password you create. You will see your account balance, transaction history, and options to transfer money, pay bills, or set up alerts.
To receive a paycheck by direct deposit, give your employer your routing number and account number. Your employer's payroll department will set it up, and your first direct deposit usually arrives within one to two pay periods. Direct deposit is free and faster than a paper check.
To pay bills online, go to your bank's bill pay section, enter the company's name and address, and schedule a payment date. The bank will mail a check or transfer the money electronically, depending on the payee. Bill pay is usually free and takes one to three business days.
Fees and features to compare
Before opening an account, check the fee schedule. Monthly maintenance fees range from zero to $15. Overdraft fees are usually $25 to $35 per transaction. ATM fees outside the bank's network are typically $2 to $3, though some banks reimburse them. Wire transfer fees are usually $15 to $25 to send money and free to receive.
Compare interest rates on savings accounts—online banks often pay 4% to 5% annual percentage yield (APY), while traditional banks pay 0.01% to 0.5%. If you keep a large balance, the interest difference matters. If you keep less than $1,000, it does not.
Look for features that matter to you: mobile check deposit (photograph a check with your phone), early direct deposit (paycheck arrives a day or two early), overdraft protection (automatic transfer from savings to cover overdrafts), and customer service hours. Some banks offer 24/7 phone support; others are business hours only.
Frequently Asked Questions
Can I open a bank account without a Social Security number?
Yes. If you have an ITIN (Individual Taxpayer Identification Number), most banks will open an account using that instead. Some banks also accept a passport number plus additional documents. Call ahead to confirm the bank accepts your documents before you visit.
How long does it take to get my debit card?
Physical debit cards arrive by mail in five to seven business days. Many banks let you use a temporary digital card in their mobile app immediately after opening the account, so you can make purchases online or in stores right away.
What is the difference between a checking and savings account?
A checking account is for frequent deposits and withdrawals—you get a debit card and can write checks. A savings account earns interest but limits how many withdrawals you can make per month. Most people open both: checking for daily spending, savings for money they want to keep.
Do I have to keep a minimum balance?
It depends on the bank. Some accounts have no minimum. Others waive the monthly fee if you keep $500 or more, or if you set up direct deposit. Read the fee schedule to see what applies to the account you are opening.
What if I lose my debit card?
Call your bank immediately—the number is on the back of your card or on your statement. The bank will freeze the card so no one else can use it, and will mail you a replacement within five to seven business days. Most banks do not charge for a replacement card.