What you need before you walk in

You need a government-issued photo ID, proof of your current address, and your Social Security number or ITIN (Individual Taxpayer Identification Number). Most banks also ask for an initial deposit, though the amount varies—some require $25, others $100 or more, and a few have no minimum. Bring these documents with you or have them ready if you open an account online.

If you don't have a Social Security number yet, you can still open an account at some banks using an ITIN, which the IRS issues to people who file taxes but aren't may be able to access for a Social Security number. Call ahead to confirm the bank accepts ITINs, because not all do.

Your proof of address can be a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. A driver's license counts as both ID and address proof if it's current. If you're homeless or don't have a permanent address, some banks and credit unions will accept mail sent to a shelter, PO box, or care-of address—ask the bank directly what they accept.

Key Takeaways

  • You need a photo ID, proof of address dated within 60 days, and your Social Security number or ITIN to open an account at most banks.
  • Banks and credit unions have different fee structures and minimum balances; comparing them before you open saves money over time.
  • Online banks often have lower fees and no minimum balance requirements, but they don't have physical branches if you need to deposit cash.
  • The account opens immediately at most banks, but it can take one to three business days for the account to be fully active for transfers and payments.
  • If you have a history of overdrafts or fraud reported to ChexSystems, some banks will deny you; credit unions are often more flexible.

Choosing between a bank, credit union, or online bank

A traditional bank has physical branches where you can deposit cash, withdraw money, and speak to someone in person. Credit unions are member-owned nonprofits that often charge lower fees and offer better rates on savings accounts and loans, but you have to be a member—membership is usually based on where you work, where you live, or a group you belong to. Online banks have no branches but typically charge no monthly fees and have no minimum balance requirements.

If you deposit cash regularly, a traditional bank or credit union is usually better because online banks don't accept cash deposits. If you rarely use cash and want the lowest fees, an online bank often wins. If you want a mix—some in-person service and reasonable fees—a credit union is often the middle ground.

Check the bank's or credit union's fee schedule before you open. Look for monthly maintenance fees, overdraft fees, ATM fees, and whether they charge you to close the account early. Some banks waive the monthly fee if you keep a minimum balance or set up direct deposit.

Opening the account in person or online

In person: Walk into a branch with your ID, proof of address, and Social Security number or ITIN. Tell the teller you want to open a checking or savings account. They'll ask you questions about your employment and income, show you the account options, and have you sign paperwork. Bring your initial deposit—cash, a check, or a debit card to transfer from another account. The account usually opens that day, though it can take one to three business days to be fully active for transfers and payments.

Online: Go to the bank's website, click "Open an Account," and follow the steps. You'll upload photos of your ID and proof of address, enter your Social Security number or ITIN, and answer questions about your income and employment. Some banks verify your identity by asking you security questions based on your credit history. Others send a verification code to your email or phone. After you complete the application, the bank tells you whether you're approved immediately or within one to two business days. You then transfer your initial deposit from another bank account or credit card.

Online accounts are faster—you can finish in 10 to 15 minutes—but you can't deposit cash immediately. In-person accounts take longer but you walk out with a debit card and the ability to deposit cash the same day.

What happens after the account opens

Your debit card arrives in the mail within 7 to 10 business days. Until it arrives, you can transfer money in and out of your account online or by phone, but you can't swipe or tap to pay. Some banks let you use a temporary digital card in your phone's wallet while you wait for the physical card.

Your account number and routing number are available immediately online or by calling the bank. You need these to set up direct deposit, pay bills by bank transfer, or receive money from someone else's account. Write them down or take a screenshot—you'll use them often.

The bank sends you a welcome packet with your account agreement, fee schedule, and information about online banking and mobile apps. Read the fee schedule carefully so you know what costs money. Set up online banking and the mobile app right away so you can check your balance, transfer money, and monitor for fraud.

If the bank denies you

Banks use a system called ChexSystems to check your banking history. If you have unpaid overdrafts, bounced checks, or fraud reported to ChexSystems, a bank may deny you. You can request a copy of your ChexSystems report for free at www.chexsystems.com. If there's an error, you can dispute it.

If you're denied, try a credit union instead—they often have more flexible policies and may overlook old problems. Some banks also offer "second chance" checking accounts for people with banking problems in their past; these accounts have higher fees but don't require a clean ChexSystems report. Ask the bank whether they offer this option.

If you have no banking history at all—you've never had a bank account—you should be approved at most banks. If you're denied anyway, call the bank and ask why. Sometimes it's a data error or a misunderstanding about your address or ID.

Setting up direct deposit and transfers

Direct deposit is when your employer or a government agency sends your paycheck or benefits straight to your bank account instead of issuing a paper check. To set it up, give your employer or benefits administrator your account number and routing number. They'll usually ask you to fill out a form or enter the information online. Direct deposit typically takes one to two pay periods to start, but once it does, your money arrives automatically on payday.

To transfer money from another bank account you own, log into your new account's online banking or mobile app and look for "Transfer" or "Move Money." Enter the other bank's routing number, your account number there, and the amount. The transfer takes one to three business days. If you need money faster, use a wire transfer—it arrives the same day or next day but costs $15 to $30.

To receive money from someone else, give them your account number and routing number. They can transfer money through their own bank, or use a service like Venmo, PayPal, or Cash App if you both have accounts there. Bank transfers take one to three business days; app transfers are usually instant.

Avoiding overdrafts and fees

An overdraft happens when you spend more money than you have in your account. If your bank allows overdrafts, they'll cover the transaction and charge you an overdraft fee—usually $30 to $40 per overdraft. Some banks charge multiple overdraft fees in a single day if you make several transactions while overdrawn.

To avoid overdrafts, check your balance before you spend, especially if you have automatic payments set up. Set up low-balance alerts in your mobile app so the bank texts or emails you when your balance drops below a number you choose. Link a savings account to your checking account so overdrafts are covered by a transfer instead of a fee—this is called overdraft protection, and it's free at most banks.

If you get hit with an overdraft fee, call the bank and ask them to reverse it. If it's your first time, they often will. If it's a pattern, they may refuse, but it's worth asking.

Frequently Asked Questions

Can I open a bank account without a Social Security number?

Yes, if you have an ITIN issued by the IRS. Not all banks accept ITINs, so call ahead or ask when you arrive. Some banks also accept a passport or other government ID from your home country in place of a US ID, though this varies by location.

How long does it take to open an account?

In person, 15 to 30 minutes. Online, 10 to 15 minutes. The account is usually active the same day, but transfers and payments may not work for one to three business days. Your debit card arrives in 7 to 10 business days.

Do I need an initial deposit to open an account?

Most banks require one, but the amount varies from $0 to $300. Online banks often have no minimum. Call the bank or check their website before you go in so you know how much to bring.

What's the difference between a checking and savings account?

A checking account is for everyday spending—you get a debit card and can write checks. A savings account earns interest on your balance but limits how many times you can withdraw money per month. Most people open both: checking for bills and daily expenses, savings for money they want to keep.

Can I close my account if I change my mind?

Yes, anytime. Call the bank or visit a branch and ask to close the account. Withdraw or transfer any remaining balance. Some banks charge a fee if you close within a certain period—usually 90 days to a year—so check the account agreement before you open.