The minimum to open a checking account varies by bank, but most require an initial deposit between $0 and $500, a valid government ID, and a Social Security number or ITIN.
The exact requirements depend on the bank and the account type you choose. Some banks have no minimum deposit at all, while others require $25 to $500 to start. You will always need to prove who you are with a government-issued ID — a driver's license, passport, or state ID card — and provide either a Social Security number or an Individual Taxpayer Identification Number (ITIN) if you don't have a Social Security number.
Beyond those basics, banks differ in what else they ask for. Some want a phone number and email address. Others ask about your employment or income. A few will check your banking history through ChexSystems, a system that tracks closed accounts and overdrafts at other banks. Knowing what each bank requires before you walk in or go online saves time and prevents rejection.
Key Takeaways
- Most banks require a government-issued ID, a Social Security number or ITIN, and an initial deposit ranging from $0 to $500.
- Online banks and credit unions often have lower or no minimum deposits than traditional brick-and-mortar banks.
- Some banks check ChexSystems, a banking history database, so a history of overdrafts or closed accounts may affect whether you can open an account.
- You can open an account in person, online, or by mail depending on the bank, and the process usually takes a few minutes to a few days.
What you need to bring or provide
Start with a valid government ID. A driver's license works best because it has your photo, address, and signature all in one place. A passport, state ID card, or tribal ID also work. Some banks accept a military ID or passport card. The ID must not be expired, though banks vary on how recently it expired — some accept IDs expired within the past year, others require current IDs only.
You will need to provide a Social Security number. If you don't have one, an ITIN (Individual Taxpayer Identification Number) issued by the IRS works at most banks. Bring the document that shows your number — your Social Security card, a tax return, or a W-2 form. If you have an ITIN, bring the IRS letter that assigned it to you.
Have a phone number and email address ready. Banks use these to contact you about your account and to send statements and alerts. Some banks also ask for your employment status or annual income, though this is less common for basic checking accounts and more common for accounts that come with overdraft protection or higher limits.
Minimum deposit amounts by bank type
| Bank Type | Typical Minimum Deposit | Examples |
|---|---|---|
| Online banks | $0 to $100 | Ally, Charles Schwab, Chime |
| Credit unions | $0 to $50 | Varies by credit union; often lower than banks |
| Traditional banks | $25 to $500 | Bank of America, Wells Fargo, Chase |
| Second-chance banks | $0 to $300 | Chime, LendingClub, GoBank |
Online banks and credit unions tend to have the lowest or no minimum deposit requirements because they have fewer physical locations and lower overhead costs. Traditional brick-and-mortar banks often require higher minimums, especially if the account comes with a debit card, checks, or overdraft protection.
Second-chance banks are designed for people with banking history problems — past overdrafts, closed accounts, or ChexSystems records. These banks still require an ID and Social Security number or ITIN, but they often waive the minimum deposit or set it very low. They may charge higher monthly fees in exchange for accepting customers other banks turn away.
How ChexSystems affects your ability to open an account
ChexSystems is a database that tracks banking problems: accounts closed due to overdrafts, unpaid fees, fraud, or suspicious activity. Many banks check ChexSystems when you apply. If your name appears in the system, the bank may deny your application or require a higher deposit.
You can request your ChexSystems report for free once per year at www.chexsystems.com. If there is an error or if you have resolved the issue that caused the negative mark, you can dispute it or ask the bank to consider your application anyway. Some banks will open an account despite a ChexSystems record if you explain what happened and show that you have corrected the problem.
If you have a ChexSystems record and are having trouble opening an account, second-chance banks and credit unions are more likely to work with you. Some credit unions do not check ChexSystems at all, so calling ahead to ask can save you a rejection.
Opening an account in person, online, or by mail
In-person: Walk into a branch with your ID, Social Security card or ITIN letter, and the initial deposit amount. The process takes 15 to 30 minutes. You will sign documents, set up a PIN, and usually receive a debit card on the spot or within a few business days. This method works best if you want to ask questions or if you have a ChexSystems record and want to explain your situation face-to-face.
Online: Visit the bank's website, enter your personal information, upload a photo of your ID, and transfer your initial deposit from another account. The entire process takes 10 to 20 minutes. Your account opens immediately, though your debit card arrives by mail in 7 to 10 business days. This method is fastest if you already have another bank account to transfer money from.
By mail: Some banks and credit unions allow you to print an application, sign it, and mail it with a copy of your ID and a check for the initial deposit. This takes 2 to 3 weeks and is rarely the fastest option, but it works if you cannot visit a branch or access online banking.
What happens after you open the account
Once your account is open, you will receive a debit card by mail within 7 to 14 business days. You can usually start using your account immediately through online banking or a mobile app, even before the card arrives. Set up direct deposit if your employer offers it — this is the fastest way to get paid and often comes with no fees.
Review the account agreement and fee schedule. Most basic checking accounts have no monthly fee, but some charge $5 to $15 per month if you don't meet a minimum balance or set up direct deposit. Overdraft fees vary widely — some banks charge $25 to $35 per overdraft, while others offer overdraft protection that links to a savings account or credit line.
Set up online banking and mobile alerts. This lets you monitor your balance, transfer money, and catch fraud quickly. Most banks offer these services free with a checking account.
Frequently Asked Questions
Can I open a checking account without a Social Security number?
Yes, if you have an ITIN issued by the IRS. Bring the IRS letter that assigned your ITIN. Some banks also accept a passport or other government ID from your home country, though this is less common. Call the bank ahead of time to confirm they accept ITINs.
What if I have a ChexSystems record?
Many banks will still open an account for you, especially if the issue is resolved or if you explain what happened. Credit unions and second-chance banks are more likely to approve you. Request your ChexSystems report first to see what is listed, then contact banks that specialize in second-chance accounts.
Do I need a minimum balance to keep the account open?
Most basic checking accounts have no minimum balance requirement. However, some accounts waive monthly fees only if you maintain a certain balance or set up direct deposit. Read the fee schedule before you open the account to understand what you need to do to avoid charges.
How long does it take to open an account online?
The application itself takes 10 to 20 minutes. Your account opens immediately, but your debit card arrives by mail in 7 to 14 business days. You can use your account through online banking or a mobile app right away, even before the card arrives.
Can someone else open an account for me?
No. You must be present in person or complete the application yourself online. Banks require your signature and verification of your identity. A parent or guardian can help a minor open an account, but the minor must be present.