Most banks and credit unions let you open a checking account with no money at all
You do not need a deposit to open a checking account at most banks and credit unions. Many institutions have zero minimum opening deposit requirements, meaning you can walk in or apply online and start the account with $0. Some banks waive the deposit entirely but charge a monthly fee unless you meet other conditions — like setting up direct deposit or maintaining a certain balance.
The real costs come after you open the account, not before. Monthly maintenance fees, overdraft fees, and out-of-network ATM charges are where most people end up paying. A few banks charge nothing for any of these; others charge $10 to $15 per month just to keep the account open.
Key Takeaways
- Most banks and credit unions have no minimum deposit to open a checking account, so you can start with zero dollars.
- Monthly maintenance fees range from $0 to $15 depending on the bank, and many waive the fee if you set up direct deposit or keep a minimum balance.
- Overdraft fees, returned-check fees, and out-of-network ATM charges are the hidden costs that add up over time.
- Credit unions and online banks typically charge lower or no monthly fees compared to large national banks.
- You will need a government ID and proof of address to open an account, but no money is required upfront.
Opening deposit requirements by bank type
National banks like Chase, Bank of America, and Wells Fargo generally have no minimum opening deposit. You can open most of their basic checking accounts online or in branch with just your ID and proof of address. However, these banks often charge $10 to $15 monthly maintenance fees unless you meet conditions like direct deposit, maintaining a $500 balance, or having a linked savings account.
Online banks like Ally, Charles Schwab, and Chime typically have zero opening deposits and zero monthly fees. Because they have no physical branches, their overhead is lower, and they pass that savings to customers. Many online banks also reimburse out-of-network ATM fees, which saves money if you do not have access to their ATM network.
Credit unions usually have no opening deposit requirement and often charge no monthly fees at all. Some credit unions do charge a small monthly fee ($3 to $5), but many waive it if you set up direct deposit. Credit unions are member-owned, so they tend to prioritize lower fees over profit margins. The trade-off is that credit unions have fewer ATMs and branches than national banks.
Monthly fees and how to avoid them
Monthly maintenance fees are the most common ongoing cost. A bank charges this fee simply to keep your account open, regardless of how much money is in it or how often you use it. Fees range from $0 to $15 per month, depending on the institution.
Most banks waive the monthly fee if you meet at least one of these conditions: set up direct deposit, maintain a minimum balance (often $500 to $1,500), keep a linked savings account, or use a debit card a certain number of times per month. Some banks waive fees for customers over 65 or under 18. Read the account terms carefully, because the waiver conditions vary widely.
If you cannot meet the waiver conditions, choose a bank with no monthly fee from the start. Online banks and many credit unions fall into this category. Paying $12 per month in fees adds up to $144 per year — money you can keep by switching to a no-fee account.
Overdraft and returned-check fees
These fees hit when your account balance goes negative. An overdraft fee is charged when you spend more money than you have in the account. Banks typically charge $25 to $35 per overdraft, and some charge multiple fees per day if you stay overdrawn. A returned-check fee (also called a bounced-check fee) is charged when a check you write cannot be processed because there is not enough money in the account — usually $25 to $40.
Some banks offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraw, the bank automatically transfers money from the linked account instead of charging a fee. This costs nothing unless you actually use it, and then you may pay a small transfer fee ($1 to $3) instead of a large overdraft fee.
The cheapest way to avoid these fees is to set up account alerts. Most banks let you receive a text or email when your balance drops below a certain amount — usually free. Knowing your balance before you spend prevents overdrafts in the first place.
ATM fees and network access
Using an ATM outside your bank's network typically costs $2 to $3 per withdrawal. If you withdraw cash twice a week from out-of-network ATMs, that is $16 to $24 per month. Over a year, out-of-network ATM fees can exceed $200.
National banks have large ATM networks, so you can usually find a branch or ATM nearby without paying a fee. Online banks and smaller credit unions have fewer ATMs, but many reimburse out-of-network fees automatically. Chime, for example, reimburses all out-of-network ATM fees with no limit. If you choose an online bank or credit union, check whether they reimburse ATM fees before opening the account.
Alternatively, you can avoid ATM fees by using your debit card at grocery stores and retailers that offer cash back. Most stores let you withdraw cash for free when you make a purchase.
Documents and information you need to open an account
You will need a government-issued ID (driver's license, passport, or state ID) and proof of your current address. Proof of address can be a utility bill, lease, mortgage statement, or bank statement dated within the last 60 days. Some banks accept a government check or tax return as proof of address.
You will also need your Social Security number so the bank can run a background check and report the account to credit bureaus. If you do not have a Social Security number, some banks and credit unions offer accounts for non-citizens using an Individual Taxpayer Identification Number (ITIN).
If you are opening the account online, you may be able to upload photos of your documents or verify your identity through a video call. In-branch openings usually take 15 to 30 minutes. Online applications can be completed in 5 to 10 minutes, and the account is often active within one business day.
Comparing costs across account types
| Bank Type | Opening Deposit | Monthly Fee | ATM Network | Best For |
|---|---|---|---|---|
| National Bank (Chase, Bank of America) | $0 | $10–$15 (waivable) | Large | People who want branch access and can meet fee waivers |
| Online Bank (Ally, Chime) | $0 | $0 | Limited (fees reimbursed) | People who rarely need cash and want no fees |
| Credit Union | $0 | $0–$5 | Small to medium | People who want low fees and community banking |
Frequently Asked Questions
Do I need money to open a checking account?
No. Most banks and credit unions have zero minimum opening deposit. You can open an account with $0 and deposit money later. However, some banks charge a monthly fee if your balance stays below a certain amount, so read the account terms.
What is the cheapest checking account?
Online banks and credit unions typically offer the cheapest checking accounts, with $0 monthly fees and $0 overdraft fees in some cases. Ally Bank, Chime, and many local credit unions have no monthly maintenance fees and no minimum balance requirements.
Can I avoid overdraft fees?
Yes. Set up balance alerts so you know when your account is running low, link a savings account for overdraft protection, or choose a bank that does not charge overdraft fees. Some banks like Chime and Charles Schwab do not charge overdraft fees at all.
What happens if I cannot meet the fee waiver conditions?
Switch to a bank with no monthly fee. Paying $12 per month to keep an account open is unnecessary when many banks charge nothing. Online banks and credit unions are good alternatives if you cannot maintain a minimum balance or set up direct deposit.
Do I need a Social Security number to open a checking account?
Most banks require a Social Security number for background checks and credit reporting. If you do not have one, ask whether the bank accepts an Individual Taxpayer Identification Number (ITIN). Some banks and credit unions offer accounts for non-citizens using an ITIN.