Opening a Bank Account With No Money to Deposit

Yes, you can open a bank account without depositing money upfront

Most banks and credit unions will let you open a checking or savings account with zero dollars in it. You do not need an opening deposit to create the account — you only need to complete the application, provide identification, and pass a background check. The account sits empty until you make your first deposit, whether that happens the same day or weeks later.

The catch is that some banks charge monthly maintenance fees even on empty accounts, and those fees can overdraft you into negative balance the moment you open the account. A few banks waive fees entirely or only charge them if your balance drops below a certain threshold. Knowing which banks do this before you apply saves you from losing money you do not have.

Key Takeaways

• You can open a bank account with zero dollars; no opening deposit is required by law or by most banks.
• Monthly maintenance fees can overdraft an empty account immediately, so choose a bank with no monthly fee or a fee waiver for low balances.
• You will need a government-issued ID, proof of address, and a Social Security number or ITIN to open an account.
• Online banks and credit unions often have lower or no monthly fees than traditional brick-and-mortar banks.
• Some banks offer second-chance checking accounts specifically for people with banking history problems, and these often have no opening deposit requirement.

Banks and credit unions that do not require an opening deposit

Most major banks — Chase, Bank of America, Wells Fargo, Citibank — do not require an opening deposit. However, they charge monthly maintenance fees ($12 to $15 per month is common) unless you meet conditions like maintaining a minimum balance, setting up direct deposit, or keeping a linked savings account. On an empty account, that fee will immediately put you in the negative.

Online banks like Ally, Charles Schwab, and Discover typically charge no monthly maintenance fee at all, regardless of balance. Credit unions often have the same policy, though this varies by union. Call or visit the website of any bank you are considering and search for "monthly maintenance fee" or "account fee" — the answer should be clear. If it is not, call and ask directly: "If I open an account with $0 and never deposit anything, will I be charged a monthly fee?"

Second-chance checking accounts, offered by banks like Chime, LendingClub, and some regional banks, are designed for people who have been denied accounts or had accounts closed due to overdrafts or fraud. These accounts typically have no opening deposit requirement and no monthly fee. They may have other restrictions — like limits on how many times you can withdraw cash per month — but they are built for people starting from zero.

What you need to bring to open an account

You will need a government-issued photo ID (driver's license, passport, or state ID), proof of your current address, and your Social Security number or ITIN. Proof of address can be a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. Some banks will accept a bank statement from another institution.

If you do not have a Social Security number, you can use an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Some banks will open an account with just an ID and address if you cannot provide either one, but this is rare and usually only happens at credit unions or smaller regional banks. If you have no ID at all, call ahead — a few banks have workarounds, but most will turn you away.

You can open an account online, by phone, or in person. Online is fastest if you have a camera or scanner to upload your documents. In-person takes one visit and usually 15 to 30 minutes. By phone is slower because the bank has to mail you documents to sign and return.

What happens after you open an empty account

Once your account is open, the bank will send you a debit card and checks (if you opened a checking account) by mail, usually within 5 to 10 business days. You can start using the account immediately through the bank's app or website, even before the card arrives — you can set up direct deposit, transfer money in from another account, or receive money from someone else.

Your account will remain open as long as you do not violate the bank's terms. Most banks will close an account that sits completely unused for 12 months or longer, but this is rare. More commonly, an account stays open indefinitely even if empty. However, if the bank charges a monthly fee and your account stays at $0, you will go negative each month, and the bank may close it after repeated overdrafts.

Avoiding fees on an account with little or no money

The simplest way to avoid fees is to choose a bank with no monthly maintenance fee. Online banks and many credit unions fit this category. If you prefer a traditional bank with physical branches, look for accounts labeled "basic checking" or "no-frills checking" — these often have no monthly fee but may have fewer features than premium accounts.

If you do open an account at a bank that charges a monthly fee, ask about waivers. Many banks waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or link a savings account. If you cannot meet these conditions, transfer to a no-fee bank instead — it is free to close an account and open a new one elsewhere.

Watch out for overdraft fees. If your account goes negative — whether from a monthly fee or a debit card transaction — the bank will charge an overdraft fee ($25 to $35 per incident is standard). On an empty account, a single $12 monthly fee can trigger a $35 overdraft fee, leaving you $47 in the hole. Some banks offer overdraft protection, which links your checking account to a savings account or credit line and transfers money automatically if you go negative. This costs less than an overdraft fee but still costs money.

Opening an account if you have been denied before

If you have been denied a bank account in the past, it is usually because you appear in ChexSystems or Early Warning Services, two databases that track banking problems like overdrafts, fraud, or closed accounts due to negative balance. A denial does not mean you can never bank again — it means you need a second-chance account.

Second-chance checking accounts are specifically designed for people in this situation. Banks offering them include Chime, LendingClub, Varo, and many regional and community banks. These accounts have no opening deposit requirement and typically no monthly fee. Some have restrictions — like a daily cash withdrawal limit of $500 — but they let you build a banking history and move to a standard account later.

You can check whether you are in ChexSystems by visiting chexsystems.com and requesting your report. If you are listed, you can dispute inaccurate information. Even if the information is accurate, you can still open a second-chance account; the listing does not block you from banking, it just limits which banks will take you.

Moving money into an empty account

Once your account is open, you can deposit money in several ways: transfer from another bank account, direct deposit from an employer, mobile check deposit through the bank's app, cash deposit at an ATM or branch, or a wire transfer. The fastest is usually a transfer from another account you control — it takes 1 to 3 business days. Direct deposit takes one pay cycle. Mobile check deposit takes 1 to 2 business days. Cash deposit is immediate if you use an ATM or branch.

If you have no other account to transfer from and no paycheck to deposit, you can ask someone to send you money via peer transfer (Venmo, PayPal, Zelle) and then transfer that to your new bank account. You can also deposit cash at a branch or ATM if the bank has physical locations near you.

Frequently Asked Questions

Will opening an empty account hurt my credit score?

No. Opening a bank account does not show up on your credit report and does not affect your credit score. Banks check ChexSystems (a banking history database) and sometimes run a soft credit inquiry, but neither one damages your score. Only credit products like loans and credit cards affect your credit.

Can I open multiple bank accounts at the same time?

Yes. There is no law limiting how many accounts you can open. However, if you open many accounts in a short time, banks may flag this as suspicious activity. If you need multiple accounts, space them out by a few weeks and be prepared to explain why you need more than one.

What if I never deposit money — will the bank close my account?

Most banks will not close an account just for being empty. However, if the account has a monthly fee and stays at $0, you will go negative each month, and the bank may close it after repeated overdrafts. If you choose a no-fee bank, your account can stay open indefinitely with no deposits.

Do I need a minimum balance to keep the account open?

Not at most banks. Minimum balance requirements apply only to premium accounts or accounts that charge monthly fees. Basic checking and savings accounts at no-fee banks have no minimum balance requirement — you can keep $0 in the account permanently without penalty.

Can I open a bank account online if I have no address?

Most online banks require proof of address. If you are homeless or do not have mail, use a shelter address, a trusted friend's address, or a mail forwarding service address. Some banks will accept a government ID alone without address proof — call ahead to ask. Credit unions are sometimes more flexible than banks on this requirement.