What you need to open a bank account
To open a bank account, 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 growing number have no minimum.
Proof of address can be a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. If you do not have a current address or photo ID, you have options: some banks accept alternative documents like a passport, state ID card, or tribal ID. A few banks and credit unions work with people who have no ID at all, though the process takes longer and may require a witness or additional verification.
If you do not have a Social Security number, an ITIN (issued by the IRS to people who file taxes but are not may be able to access for a Social Security number) works at most banks. Bring the letter from the IRS that assigned your ITIN, or the tax return showing it.
Key Takeaways
- You will need a photo ID, proof of address, and a Social Security number or ITIN to open an account at most banks and credit unions.
- The initial deposit required ranges from zero to $100 or more depending on the bank and account type you choose.
- Online banks typically have lower minimums and fewer fees than brick-and-mortar branches, but you cannot deposit cash in person.
- Credit unions often have lower fees and more flexible requirements than national banks, especially if you have limited credit history.
- You can open an account in person at a branch, online, or by phone, and the process usually takes 15 minutes to a few hours.
Choosing between a bank, credit union, or online bank
A traditional bank (like Bank of America, Wells Fargo, or a local community bank) offers in-person service at branches and ATMs. You can deposit cash and checks at the counter or through ATMs. The trade-off is that monthly fees are often higher—$10 to $15 per month is common—and minimum balances to avoid fees can be steep.
A credit union is a member-owned nonprofit that typically charges lower fees and offers better interest rates on savings. Credit unions often have more flexible requirements for people with no credit history or past banking problems. The downside is that credit unions have fewer ATMs and branches than national banks, though many participate in shared branching networks that let you use other credit unions' locations. You must be a member to open an account, which usually means living or working in a certain area or belonging to a particular group.
An online bank (like Ally, Charles Schwab, or Chime) has no physical branches but offers accounts entirely through a website or app. Online banks typically have no monthly fees, no minimum balance requirements, and pay higher interest on savings. The catch is that you cannot deposit cash in person—you deposit checks by taking a photo with your phone, or you transfer money from another account. If you need cash frequently, an online bank that reimburses ATM fees (many do) can work well.
How to open an account in person, online, or by phone
In person: Walk into a branch with your ID, proof of address, and Social Security number or ITIN. A banker will ask you questions about your income, employment, and how you plan to use the account. They will run a check on ChexSystems (a banking history database) to see if you have had problems with past accounts. The account opens on the spot, and you walk out with a debit card or a temporary card number.
Online: Go to the bank's website, click "Open an Account," and fill out a form with your personal information. You will upload photos of your ID and proof of address. Some banks verify your identity by asking security questions or sending a code to your phone. Others use video verification, where you speak to a person on camera. The process takes 15 minutes to an hour, and you receive login credentials by email within hours or days.
By phone: Call the bank's customer service number and ask to open an account. A representative will walk you through the same questions as an in-person visit. You will need to provide your information verbally and may be asked to upload documents later. This route is slower than online or in-person but works if you prefer talking to a person.
What happens after you open the account
Once your account is open, you receive a debit card (usually within 7 to 10 business days if ordered by mail, or instantly if you pick it up in person). You also get online banking access so you can check your balance, transfer money, and set up bill pay. Some banks send you checks; others require you to order them separately.
Your first deposit may take a few days to clear, depending on how you deposit it. A check deposited by phone camera typically clears in one to two business days. A direct deposit from your employer or government benefit takes one to two business days. A transfer from another bank account takes one to three business days. Cash deposited in person clears immediately.
After your account is open, the bank may place a hold on your account if they cannot verify your identity or if ChexSystems shows a problem. A hold means you cannot withdraw money or use your debit card until the bank finishes checking. This usually takes a few days but can take longer. If your account is held or denied, the bank must tell you why and give you a chance to dispute it.
If you have been denied a bank account before
Banks use ChexSystems to track people who have had overdrafts, bounced checks, or fraud disputes. If you are in the ChexSystems database, some banks will deny you. You have the right to see what ChexSystems has on file about you—visit chexsystems.com or call 1-800-428-9623 to request your report for free.
If the report is wrong, you can dispute it. ChexSystems must investigate within 30 days and correct or remove inaccurate information. If the report is accurate but old (more than a few years), some banks will still open an account for you, especially if you explain what happened.
If you cannot open a regular account, try a second-chance checking account offered by some banks and credit unions. These accounts have higher fees and lower limits on deposits and transfers, but they do not require a ChexSystems check. After six months to a year of good standing, you can usually move to a regular account.
Fees to watch for
Monthly maintenance fees range from zero to $15 per month. Some banks waive the fee if you keep a minimum balance (often $500 to $1,500) or set up direct deposit. Overdraft fees (charged when you spend more than you have) typically run $25 to $35 per transaction. ATM fees for using another bank's ATM are usually $2 to $3, though many banks reimburse these fees or offer accounts with no ATM fees.
Debit card replacement fees, wire transfer fees, and foreign transaction fees vary widely. Before you open an account, check the bank's fee schedule on their website or ask a banker to walk you through it. The cheapest account is not always the best—if you need to visit a branch often, a bank with many locations near you might be worth paying a small monthly fee.
Getting your first debit card and setting up direct deposit
Your debit card arrives in the mail or you pick it up in person. Before you use it, call the number on the back to activate it. You will be asked to verify your identity and set a PIN (personal identification number) for ATM withdrawals.
Direct deposit is when your employer or a government agency (like Social Security) deposits money straight into your account instead of giving you a check. To set it up, ask your employer or benefits office for a direct deposit form. You will need to provide your account number and routing number, both printed at the bottom of your checks or visible in your online banking portal. Direct deposit usually takes one to two pay periods to start but saves you a trip to the bank and gets money to you faster than a check.
Frequently Asked Questions
Can I open a bank account without a Social Security number?
Yes, if you have an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Bring the letter from the IRS or a tax return showing your ITIN. Some banks also accept a passport or state ID in place of a Social Security number, though this varies by bank. Call ahead to ask what your local branch accepts.
What if I do not have a current address?
Some banks accept mail sent to a shelter, a trusted friend's address, or a PO box as proof of address. Others require a current residential address. Credit unions are often more flexible. Call the bank or credit union you want to use and explain your situation—they may have a workaround or can tell you which documents they will accept.
How long does it take to open an account?
In person, 15 to 30 minutes. Online, 15 minutes to an hour, with account access within hours or the next business day. By phone, 30 minutes to an hour, with access within one to two business days. The time depends on how quickly the bank can verify your identity and run a ChexSystems check.
What is the difference between a checking and savings account?
A checking account is for everyday spending—you get a debit card and checks, and there are no limits on how many times you withdraw. A savings account earns interest on your balance but limits how many times you can withdraw per month (usually six). Most people open both: checking for bills and daily expenses, savings to build an emergency fund.
Can I open an account if I have bad credit?
Yes. Banks do not check your credit score to open a checking or savings account—they check ChexSystems, which tracks banking history, not credit history. Even if you have unpaid credit card debt or a low credit score, you can open a bank account. If ChexSystems shows a problem, a second-chance account or credit union may be your best option.