Banks and credit unions that let you open with zero dollars

You can open a checking account at most banks and credit unions without depositing anything upfront. Many large banks—including Chase, Bank of America, Wells Fargo, and Citibank—have no minimum opening deposit. Credit unions often have even lower barriers: you typically need only to join the credit union itself, which may require a small one-time membership fee (usually $5 to $25) but no account deposit.

Online banks like Ally, Charles Schwab, and Discover also open accounts with zero dollars down. The catch with some online banks is that they may require a small initial deposit to activate the account, but this varies by bank and changes periodically. Call or check the bank's website directly before you start the process.

If you have had banking problems in the past—overdrafts, closed accounts, or reports on ChexSystems (a banking history database)—look for second-chance checking accounts. Banks like Chime, LendingClub, and some regional banks specifically market these accounts to people rebuilding banking relationships. These also typically have no opening deposit requirement.

Key Takeaways

  • Most banks and credit unions let you open a checking account with zero dollars; no opening deposit is required at Chase, Bank of America, Wells Fargo, Ally, Charles Schwab, and most credit unions.
  • Credit unions may charge a one-time membership fee ($5 to $25) to join, but this is separate from any account deposit.
  • Online banks sometimes have lower fees and no monthly minimums, but verify their current opening deposit requirement by calling or checking their website.
  • If you have been denied banking before, second-chance checking accounts are designed for people with past overdrafts or ChexSystems records and still require no opening deposit.
  • Bring a government-issued ID and proof of address (utility bill, lease, or mail from a government agency) to open an account in person.

What documents you need to bring

To open a checking account, you will need a government-issued photo ID (driver's license, passport, or state ID) and proof of your current address. Proof of address can be a recent utility bill, lease agreement, mortgage statement, or mail from a government agency dated within the last 60 days. Some banks accept a bank statement from another institution if you have one.

If you do not have a permanent address, some banks and credit unions will accept mail sent to a shelter, a friend's address, or a PO box. Call ahead to ask what the bank accepts in your situation. Online banks may let you upload photos of your documents instead of visiting a branch.

You will also need to provide your Social Security number or Individual Taxpayer Identification Number (ITIN). The bank uses this to check your banking history through ChexSystems and to report the account to the IRS for tax purposes.

Opening an account online versus in person

Opening online is faster and requires no branch visit. You upload photos of your ID and proof of address, enter your personal information, and the account opens within minutes to a few hours. Online banks like Ally and Charles Schwab operate this way entirely. Many traditional banks also let you start online and pick up a debit card at a branch later, or have it mailed to you.

Opening in person takes longer but gives you a chance to ask questions and understand the account features before you commit. You will sit with a banker who walks through the forms, answers questions about fees, and can explain overdraft policies on the spot. This is useful if you are unsure about the account terms or want to make sure you understand how the bank handles low balances.

Hybrid approaches exist too: some banks let you open online and then visit a branch to deposit your first check or ask questions. Choose based on what matters to you—speed, personal help, or a combination.

Fees to watch for when you have no opening deposit

Banks that waive opening deposits often charge monthly maintenance fees instead. These typically range from $5 to $15 per month, though some accounts are free. The fee may be waived if you meet certain conditions: maintaining a minimum balance (often $500 to $1,500), setting up direct deposit, or making a certain number of debit card transactions per month.

Since you are opening with no money, focus on accounts with either no monthly fee or a fee that is waived by direct deposit. If you receive paychecks, unemployment, Social Security, or any regular payment by direct deposit, you can often waive the fee immediately. If you do not have direct deposit yet, look for banks that waive fees for low-balance accounts or offer a truly free checking product.

Overdraft fees are another cost to understand. If your account goes negative, the bank may charge $25 to $35 per overdraft. Some banks offer overdraft protection (linking to a savings account or credit line) or simply decline transactions instead of charging a fee. Ask about this before you open the account.

Credit unions as an alternative to banks

Credit unions are member-owned nonprofits that often have lower fees and friendlier policies toward people with little money to deposit. You join by paying a membership fee (usually $5 to $25) and may be required to open a savings account alongside checking, but neither requires a deposit.

Credit unions typically charge lower overdraft fees than banks, offer better rates on savings accounts, and are more willing to work with you if you overdraft. Many credit unions are part of shared branching networks, meaning you can use branches of other credit unions nationwide for free. If you move or travel, this can be valuable.

To find a credit union you can join, use the CO-OP Network locator or search by your employer, school, or geographic area. Some credit unions are open to anyone in a certain county or state; others require membership in a specific group (teachers, military, employees of a company, members of an organization).

What happens after you open the account

Once your account is open, the bank will issue you a debit card, usually within 5 to 10 business days. You can use your debit card to withdraw cash at ATMs and make purchases. You will also receive checks (if you ordered them) and online banking access so you can check your balance, transfer money, and pay bills.

Set up online banking and mobile banking right away. This lets you monitor your account, catch fraud quickly, and avoid overdrafts by checking your balance before you spend. Many banks offer free bill pay through their website, which saves you the cost of stamps and checks.

If you receive regular income—paychecks, benefits, tax refunds—set up direct deposit as soon as you can. This usually waives monthly fees and gets money into your account faster than depositing a check in person. Your employer or benefits administrator can set this up using your account number and routing number, which you will find on your first statement or in online banking.

If you have been denied a checking account before

Banks check your history through ChexSystems, a database of closed accounts, overdrafts, and fraud reports. If you have negative marks on your ChexSystems record, some banks will deny you. This does not mean you cannot bank anywhere—it means you need to find banks that do not use ChexSystems or that accept accounts with records.

Second-chance checking accounts are built for this situation. Chime, LendingClub, and regional banks like Axos and Customers Bank offer accounts to people with ChexSystems records. These accounts have no opening deposit and often have lower fees than traditional accounts. Read the terms carefully, as some charge higher overdraft fees or require direct deposit to waive monthly fees.

You can also request your ChexSystems report for free at www.chexsystems.com. If there are errors on your report, you can dispute them. Negative marks typically fall off after five years, so if your record is old, you may be able to open a standard account again.

Frequently Asked Questions

Do I have to deposit money on the day I open the account?

No. Most banks and credit unions let you open with zero dollars. You can deposit money later—by direct deposit, check deposit, ATM, or in-person at a branch. Some banks may require a small deposit to activate the account, so confirm this when you call or start the online process.

What if I do not have a permanent address?

Many banks accept a shelter address, a friend's address, or a PO box as proof of address. Call the bank before you visit to confirm what they accept. Online banks may be more flexible since they do not need to mail you a debit card to a specific location.

Can I open an account if I have been reported to ChexSystems?

Yes. Second-chance checking accounts are designed for people with ChexSystems records. Banks like Chime and LendingClub do not use ChexSystems or accept accounts with records. You can also request your ChexSystems report for free and dispute any errors before applying elsewhere.

Will I have to pay a monthly fee if I have no money in the account?

It depends on the bank. Some accounts are free regardless of balance. Others waive fees if you set up direct deposit, make a certain number of debit card transactions, or maintain a small minimum balance. Ask about fee waivers before you open the account.

How long does it take to open an account online?

Online accounts usually open within minutes to a few hours. You will receive a confirmation email with your account number and online banking login. Your debit card typically arrives by mail within 5 to 10 business days, though some banks offer instant digital cards you can use immediately.