What you need to bring and where to go
You can open a bank account at a traditional bank, credit union, or online bank. Each type has different requirements, but all of them need proof of identity and proof of address before they'll let you deposit money. The fastest route is usually your nearest branch of a bank you've heard of — they can finish the paperwork in 15 to 30 minutes while you wait.
Bring a government-issued photo ID (driver's license, passport, or state ID card) and a document showing your current address. A utility bill, lease, or recent bank statement works for the address. If you don't have an address yet — you're homeless or living with someone temporarily — some banks will accept a shelter letter or a statement from a social service agency instead. Call ahead and ask what they accept.
Online banks skip the branch visit but take longer to verify you. They'll ask you to upload photos of your ID and address proof, then wait 1 to 3 business days while they check them. You won't get a debit card immediately; most mail it to you within 5 to 10 business days after approval.
Key Takeaways
- You need a government photo ID and proof of your current address; a utility bill or lease works for the address.
- Banks, credit unions, and online banks all have different fees and minimum balances, so compare before you choose.
- Opening at a physical branch takes 15 to 30 minutes; opening online takes 1 to 3 days for approval plus 5 to 10 days for your debit card to arrive.
- If you have a history of overdrafts or fraud, some banks will reject you; ChexSystems is the system banks use to check your history, and you can request your report for free.
- You can open a second account at a different bank while your first account is pending, so don't wait for approval before exploring other options.
Banks, credit unions, and online banks — what each one costs
A traditional bank charges a monthly maintenance fee (usually $5 to $15) unless you meet a minimum balance or set up direct deposit. They offer in-person service, thousands of ATMs, and a physical debit card you can use immediately. The downside is the fees and the fact that you have to visit a branch.
Credit unions are member-owned and typically charge lower fees than banks — many have no monthly fee at all. They also tend to offer better interest rates on savings accounts. The catch is that you can only join if you meet their membership requirements, which vary by credit union. Some are open to anyone in a geographic area; others require you to work for a specific employer or belong to a specific organization. Search for credit unions near you at CO-OP.org or Alliant.org to see which ones you can join.
Online banks have no physical branches and no monthly fees. They offer higher interest rates on savings accounts than traditional banks because they have lower overhead. The tradeoff is that you can't deposit cash in person and you can't talk to someone face-to-face if something goes wrong. Most online banks reimburse ATM fees nationwide, so you can withdraw cash at any ATM without paying extra.
What happens if a bank rejects you
Banks use a system called ChexSystems to check your banking history. If you've had too many overdrafts, written bad checks, or committed fraud, you'll be flagged and rejected. You have the right to request your ChexSystems report for free at chexsystems.com. The report shows what banks see about you, and you can dispute any errors.
If you're rejected, you have options. Some banks offer second-chance accounts designed for people with banking problems — they come with higher fees and lower limits, but they're real accounts that build your history. Credit unions are sometimes more lenient than banks. Online banks often have lower rejection rates because they focus less on ChexSystems and more on your current income and employment.
You can also open an account at a prepaid card company or a money services business, though these are not banks and don't offer the same protections. A prepaid card lets you load money onto a card and spend it, but you don't earn interest and you have fewer fraud protections than a real bank account.
The difference between checking and savings accounts
A checking account is for money you spend regularly. You get a debit card and checks, and you can make unlimited withdrawals and transfers. Most checking accounts earn no interest on your balance.
A savings account is for money you want to keep. You earn interest on your balance, but you're limited to six withdrawals per month (this rule varies by bank). You don't get a debit card for a savings account; you transfer money to your checking account when you need to spend it.
Many people open both at the same bank. You can transfer money between them instantly online, and the bank treats them as one relationship for fee purposes. Some banks waive monthly fees if you have both a checking and savings account, or if you maintain a combined minimum balance across both accounts.
How to fund your account after it opens
Once your account is open, you can deposit money in several ways. At a physical bank, you can walk in and hand cash or a check to a teller. At an ATM, you can deposit cash or checks (most ATMs have an envelope slot for checks). Online, you can transfer money from another bank account using your routing number and account number, or you can mail a check to the address the bank gives you.
Your first deposit doesn't have to be large. Most banks have no minimum deposit to open an account, though some online banks require $25 or $100. If you're opening an account with direct deposit (your employer or government benefit sends money straight to your account), the bank may waive monthly fees even if your balance is low.
If you're transferring money from another bank, the transfer takes 1 to 3 business days. If you're depositing a check by mail, it takes 5 to 10 business days. Cash deposits are available immediately.
What to do if you need an account but have no address
Homelessness or temporary housing doesn't automatically disqualify you. Many banks will open an account if you bring a letter from a shelter, a social service agency, or a transitional housing program. The letter should confirm your name and that you're currently staying there. Some banks also accept a PO box as a mailing address, though they may require a physical address for verification.
If a traditional bank turns you down, try a credit union or an online bank. Online banks sometimes skip the address verification step if you can verify your identity another way. You can also ask the bank what specific document they need — sometimes a case manager's letter or a government ID with an old address will work if you explain your situation.
Once you have an account, you can use it to build a history and eventually move to a bank with better terms. Many people in unstable housing keep their account open even after they move, because closing and reopening accounts can hurt your ChexSystems record.
Timeline from start to first withdrawal
At a physical bank branch, you can walk out with a temporary debit card the same day and start using it immediately. Your permanent card arrives by mail in 7 to 10 business days. Checks take 2 to 3 weeks to print and arrive.
At an online bank, approval takes 1 to 3 business days. Your debit card is mailed and arrives in 5 to 10 business days. Until it arrives, you can transfer money out of your account to another bank account you own, but you can't withdraw cash or spend it.
If you need cash before your card arrives, ask the online bank if they offer a temporary virtual card number you can use at ATMs. Some do; most don't. Your other option is to transfer money to a friend's account or to a PayPal or Cash App account and withdraw from there, though this takes an extra day or two.
Frequently Asked Questions
Can I open a bank account without a Social Security number?
Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN). If you don't have either, some credit unions and online banks will open an account with just a passport or state ID. Call ahead and ask; don't assume you'll be rejected.
What if I'm under 18?
You can open a joint account with a parent or guardian at any age. Some banks also offer teen accounts that let you open an account at 13 or 16 with parental consent. The parent has to be present and sign the paperwork. Once you turn 18, you can convert it to an account in your name alone.
Do I have to keep a minimum balance?
It depends on the bank and the account type. Many banks waive the minimum if you set up direct deposit or if you maintain a combined balance across checking and savings. Online banks almost never require a minimum. Read the account terms before you open; the monthly fee is usually waived if you meet one of several conditions, not just one.
What if I lose my debit card or it gets stolen?
Call your bank immediately. They'll cancel the card and mail you a replacement, usually within 5 to 7 business days. In the meantime, you can use your account number to transfer money online or set up bill pay. If someone used your card fraudulently, report it to the bank and they'll investigate; you're not liable for unauthorized charges if you report them promptly.
Can I open multiple accounts at different banks?
Yes. There's no rule against it, and many people keep accounts at two or three banks for different purposes. Each account is separate, so fees and minimum balances apply to each one individually. Having multiple accounts can actually help you — if one bank has a problem, your money is still safe at the others.