You can open most bank accounts with zero dollars

Most banks and credit unions do not require an opening deposit. You can walk in or go online, provide identification and proof of address, and open a checking or savings account with nothing in it. The account sits empty until you make your first deposit—whether that is a paycheck, a transfer from another account, or cash you bring in later.

The catch is that some banks charge monthly maintenance fees even on empty accounts, and those fees can overdraft you into the negative if you do not deposit money quickly. Other banks waive fees for accounts with no balance, or waive them if you set up direct deposit. Knowing which banks do what before you walk in saves you from opening an account you cannot afford to keep.

Key Takeaways

  • Most banks allow you to open an account with zero dollars, but some charge monthly fees that can overdraft an empty account.
  • Online banks and credit unions are more likely to have no monthly fees than traditional brick-and-mortar banks.
  • You will need a government-issued ID and proof of your current address, such as a utility bill or lease.
  • Some banks waive fees if you set up direct deposit of a paycheck, even if the deposit has not arrived yet.
  • If a bank declines you, ask why—it may be a ChexSystems report error that you can dispute and fix.

Banks and credit unions that do not require an opening deposit

Online banks almost never require an opening deposit. Ally Bank, Charles Schwab Bank, and Discover Bank all allow you to open checking or savings accounts with zero dollars. Because they have no physical branches, their overhead is lower and they can afford to waive the deposit requirement and monthly fees.

Credit unions typically do not require an opening deposit either. You must become a member first—which usually means paying a small membership fee ($5 to $25) or meeting a geographic or employment requirement—but once you are a member, opening an account costs nothing extra and requires no deposit. The National Credit Union Administration (NCUA) website has a credit union locator tool where you can search by zip code.

Traditional banks vary widely. Chase, Bank of America, and Wells Fargo do not require an opening deposit for most checking accounts, but they charge monthly maintenance fees ($12 to $15) unless you meet conditions like maintaining a minimum balance, setting up direct deposit, or using their debit card a certain number of times per month. Local and regional banks often have lower or no fees; calling ahead or checking their website takes two minutes and tells you exactly what you face.

What identification and proof of address you need

Every bank will ask for a government-issued photo ID—a driver's license, state ID card, or passport. If you do not have one, some banks will accept a tribal ID or a military ID. A few will accept a passport card or a permanent resident card (green card).

You will also need proof of your current address. A utility bill, lease agreement, or mortgage statement dated within the last 60 days works at most banks. If you do not have one, some banks accept a bank statement from another institution, a government benefit letter, or a letter from a shelter or social services agency on official letterhead stating your address and the date you arrived. Call the bank before you go in if you are unsure whether your document will work.

If you do not have a permanent address, some banks and credit unions will work with you using a shelter address, a mailing address at a trusted friend's house, or a PO box, though policies vary. Ask directly whether they accept non-residential addresses before you apply.

How to avoid overdraft fees on an empty account

An overdraft fee happens when you spend more money than you have. On an empty account, this can occur if the bank charges a monthly maintenance fee and you have not deposited anything yet. A $12 fee on a $0 balance leaves you at -$12, and the bank may charge another fee for being negative, creating a spiral.

To avoid this: choose a bank with no monthly maintenance fees, or choose one where fees are waived if you set up direct deposit. Direct deposit does not have to be active yet—many banks waive fees as soon as you authorize it, even if your first paycheck has not arrived. If you are self-employed or do not receive regular paychecks, ask whether the bank waives fees for any other reason, such as maintaining a small minimum balance ($100 to $500) or using the debit card a set number of times per month.

Once you open the account, opt out of overdraft protection if the bank offers it. Overdraft protection lets the bank charge you a fee to cover a purchase when you do not have the money—a $35 fee to cover a $5 coffee is a bad deal. You can opt out by calling the bank or logging into your online account. Without overdraft protection, your card will simply decline if you do not have the funds.

What happens if a bank denies you

Banks use a system called ChexSystems to check your banking history. If you have unpaid overdrafts, bounced checks, or fraud allegations from a previous bank, ChexSystems will flag you and some banks will refuse to open an account. This is not a credit check—it is a record of how you have handled bank accounts in the past.

If a bank denies you, ask them to tell you why. They are required to give you a reason. If the reason is a ChexSystems report, you can request a free copy of your report from ChexSystems directly (go to chexsystems.com or call 1-800-428-9623). If the report contains errors—a paid overdraft listed as unpaid, or an account you never opened—you can dispute it in writing. ChexSystems has 30 days to investigate and correct errors.

While you are disputing a ChexSystems error, you can still open an account at a bank that does not use ChexSystems. Some credit unions and online banks do not subscribe to the system. Alternatively, some banks offer second-chance checking accounts specifically for people with ChexSystems issues. These accounts often have higher fees and lower limits on debit card spending, but they let you rebuild your banking history.

How to make your first deposit

Once your account is open, you can deposit money in several ways. You can bring cash to a branch if the bank has physical locations. You can transfer money from another bank account using the routing and account numbers the bank gives you. You can deposit a check by photographing it with the bank's mobile app (mobile check deposit). You can set up direct deposit of a paycheck by giving your employer your routing number and account number.

If you are unemployed or do not have a regular paycheck, direct deposit is not an option yet. Cash or check deposits work fine. Some banks charge a fee for cash deposits at branches other than your home branch, so if you use a big national bank, deposit at the branch closest to you.

Frequently Asked Questions

Do I need a Social Security number to open a bank account?

Yes, most banks require it for tax reporting purposes. If you do not have a Social Security number, some banks and credit unions will accept an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to confirm the bank accepts ITINs before you go in.

What if I have been banned from banking before?

A bank can ban you if you committed fraud or repeatedly overdrafted. Being banned means you are listed in ChexSystems and most banks will refuse you. Credit unions and second-chance checking accounts are your best options. You can also dispute any errors in your ChexSystems report and wait—most negative items fall off after five years.

Can I open an account online if I do not have a computer?

Yes. You can use a smartphone, a tablet, or a computer at a library. You will need to upload a photo of your ID and proof of address, which you can do with a phone camera. If you cannot upload documents, call the bank and ask whether they can mail you an application or let you complete the process at a branch instead.

Will opening a bank account hurt my credit score?

No. Banks do not report checking or savings accounts to credit bureaus. Opening a bank account has no effect on your credit score. Some banks do a soft credit check (which does not show up on your credit report), but most do not check credit at all.

What is the difference between a checking account and a savings account?

A checking account is for regular spending—you get a debit card and checks. A savings account is for storing money and earns a small amount of interest. You can open both at the same time with no money. Most people open a checking account first because they need it to receive paychecks or pay bills.